Flipkart

Sachin Bansal and Binny Bansal – both alumni of IIT Delhi and formerly worked for Amazon, formed Flipkart in October 2007. Initially, the business concentrated on online book purchases and country-wide delivery. Flipkart steadily rose in popularity after its launch; by 2008, it was generating 100 orders a day.

Bansal Duo concentrated on building a powerful backend with simple to use functionality. This became Flipkart’s USP in its early days. Initially, only in Bangalore, they sold books but later spread the company in other Tier 1 cities.

Their first investment was from Accel Partners in 2009 and, since then, have raised a total of US$ 3 trillion in various funding rounds.

Why start a business as an online seller?

By cutting through the distance barrier, many retailers have switched to market their goods online, recognizing the broader scope an e-store would offer. The thing today is to become an online trader, but in this arena, there is still a tremendous rivalry.

Flipkart and other popular stores’ success stories have also been inspiring and you need to make sure you get the right start if you plan to be an online seller.

When you are searching for answers to how to start an online seller business, there are some basics you must remember. First and foremost, it is important to have a business strategy in place and any aspect that may be crucial to the future of the online sale business should be carefully integrated into the plan.

The purpose of an online seller

An online seller’s goal should be to feel the customer’s nerve by giving him or her unique product options, timely support, and personalized shopping ideas. You will have a duty for your workers as an online vendor and would aspire to provide them with a good work atmosphere where they can learn and improve on the job, a secure workplace, and equal pay.

You will have to find out what are the trending products in India. As an online seller, you should find out a plan of fool-proof promotions that can set you apart from your rivals. Create a strong picture of your brand and decide how, using the effective methods of SEO, social media, and blogging, you can express it to your customers.

You would also need to take care of the finances. Finance is a vital aspect of any organization because, without a definite financial plan, no business plan can be complete. Projected cash flow, revenue needs, and projected benefit and loss projections are derived from forecasts.

Top 10 Ways To Increase Your Sales On Flipkart

We are all well aware of Flipkart and its growing day-by-day success. Flipkart has been selected by many reputed and well-known businesses as their most reliable means of online selling of their goods. Have you opted for it yet? If yes, then the huge increase in visibility and sales of your product online must have been noticed.

If you’re a new vendor on Flipkart, get ready to feel the all-new taste of your product’s improved total sales. But no seller wants to restrict their growth and opportunities to boost profits in the online market. Here are some ways by which you can accelerate your growth on Flipkart.

Improving the catalogs

In the e-commerce website, the catalog represents your commodity and plays a prime role in affecting consumers. It is important to provide a well-crafted catalog with a crisp overview of your goods to turn the traffic on your products into sales.

Remember, most individuals buy online to save time, and they can be impressed with your product summary without making them waste any time attempting to comprehend your product.

Adding your goods into the correct category and sub-category is another essential aspect in cataloging that will help you boost your sales. This will help customers quickly search for the merchandise and add to the flow.

Product Images

Photos are the nearest the consumer can come to the look and sound of the actual product on a digital medium, making it a crucial factor for online sales.

The pictures of your product should be high definition and clarity in any aspect. What looks nice sells better, so ensure the product photos are well photographed to attract attention from customers.

Product Listing Ads

You need to first push the targeted traffic to your product in immense numbers to maximize your revenue on Flipkart. The more clicks you get for your products, the more ways there will be to sell your items. The fastest way to get more clicks on flipkart.com for your product is through Product Listing Ads.

This is how you work with product listing ads:

• Pick a product on flipkart.com and create an Ad campaign for it.
• On the related pages of the web, Flipkart lists these items as “featured products.”
• When looking for the items consumers want, they see and click on your ad.

This allows you to make your goods more recognizable and eventually boost your profits. Via this, as customers browse to select a specific product, the product comes into the greater spotlight.

Good Quality Packaging

The first thing that leaves an impact on the consumer with your service and goods is the way the product is packaged before the product is shipped to the customer. This is the first thing any buyer observes as they get the package from the vendor or open it, which really affects the experience of the buyer.

A good product packaging protects the product from destruction in shipping, but more than that, it tells something about the service and the quality of the product, which in turn will improve the popularity of the brand, the buyer’s interest, and your profits. You will seriously get positive results by investing in high-quality packaging.

Participating in Spike Sales

With its thrilling shopping activities, which are also called spike sales, Flipkart gives sellers diverse ways to boost their sales. Flipkart provides very exciting offers to almost any group during the spike sales, drawing a vast number of viewers and pushing massive traffic to its website or smartphone app.

In this way, engaging in the spike sales gives retailers the excellent ability to market their goods as much as they can during a specific spike sales period all in a single go.

Become an Advantage Seller

There are several benefits to the Flipkart Advantage program. You will take advantage of our best-in-class delivery centers with this program. Everything you need to do is store your goods with us, and from packaging your products to managing refund requests, we will take care of the rest.

In addition to storage space, Flipkart Advantage provides you with expert quality control of your items, quicker distribution, and much more. This will suggest optimum revenue, minimum refunds, and greater experience with the customer.

On-time Delivery

So if you are a serious vendor and really want to sell your goods on Flipkart to improve sales, then you have to make sure that your products are shipped easily and on schedule.

In terms of both efficiency and execution, you must satisfy the standards of the customer. Often, delivering the return or swap orders on time builds the confidence of the buyer and a great experience with the buyer.

Customer Satisfaction

You should still work towards spreading happiness to your buyers to boost your profits and becoming a good seller on Flipkart. It is important to devote to satisfying your clients to the best of your abilities to fulfill their high standards.

As a vendor, in order to grasp their issues and address them easily, you sometimes need to step into your clients’ shoes. Recognizing input and striving to provide them with quality support would give them more reasons for smiling.

Follow The Rules

The sale policies and market practices of Flipkart are intended to improve the confidence of customers in Flipkart sellers like you and help you get better ratings and feedback.

Buyers buy more for strong scores and feedback from sellers. It will win you many happy Flipkart customers by following all our sales policies and not indulging in dishonest sales practices such as selling false goods and delivering empty boxes to the buyer.

Apart from these 10 things, there is another thing that a lot of sellers don’t realize but helps in improving sales on Flipkart

Stock Up Inventory

Stock is a vital feature of every retail organization and an eCommerce shop. If you are such a company owner, you must bear in mind that you must continue to restock your goods with numerous variations to satisfy the customers ‘ demand as quickly as possible.

It also means that you are ready for a shopping festival or other upcoming shopping events.

Conclusion

By following these 10 tips, we are sure you would build a really successful online selling business for yourself on Flipkart. Being a Flipkart seller can be really profitable if done correctly. We have given you all the necessary details you should know before you start selling on Flipkart.

A) With a maximum online presence and maximum credibility, Flipkart is the pioneer in Indian e-commerce.

We are the best partner to deliver the goods to consumers across India with more than 10 crore registered customers, 10 million daily page visits, and 80 lakh shipments per month to over 1000 cities.

Frequently Asked Questions (FAQs)

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In this article, we will learn how to get a Patanjali franchise but before that, let us know Patanjali Ayurved as a brand and business.

Patanjali Ayurveda

Patanjali Ayurved Limited is an Indian consumer goods company based in the Haridwar, Uttarakhand industrial district, with production units and headquarters, though its registered office is in Delhi. The company produces mineral and herbal products. Patanjali is the fastest growing FMCG firm in India, according to CLSA and HSBC.

It’s estimated value is at about 3,000 crores (equivalent to about 35 billion or 490 million USD in 2019). Estimate sales for fiscal 2015-16 was of about 5,000 crores (700 million USD).

Patanjali announced that its 2016-17 annual turnover was valued at approximately 10,216 crores ( US$ 1.4 billion). As of 2018, it was ranked 13th in the list of most trusted Indian brands (The Brand Loyalty Report) and ranks first in the category of FMCG.

Why go for Patanjali Franchise?

In the region, Patanjali has now become a household commodity. And so, it’s the brand that is growing fastest. Baba Ramdev started Patanjali and, through its assured premium goods, is now successfully earning trust.

Patanjali products are available in approximately 3 lakh+ shops, and there are around 5000+ franchise stores manufacturing more than 1000 + products. In several other districts, Patanjali Ayurveda is ready to add more and more franchisees, distributors, and dealers. You can find Patanjali items online too.

Other than its freshness and purity, the USP (Unique Selling Point) of Patanjali goods is the appreciation it has received from the Indian Government. It also encourages franchisees to successfully market the merchandise.

Together with Acharya Balkrishna, Yog Guru Baba Ramdev created such quality goods for a healthy life. With a turnover of more than 10,000 crores in 2016-17, it is one of the fastest rising brands/companies.

In an interview, Baba Ramdev claimed that Patanjali’s profits go to charity. Bear in mind, however, that goods from Patanjali are organic, of good quality, and available at an affordable price.

Opportunity in becoming a Patanjali franchise

Patanjali will be tapping the franchise model to develop its network with the goal of extending pan-India. As Patanjali franchise outlets can be seen opening rapidly, the brand has had a great response from rural and urban areas alike.

One has to spend between about Rs 7-15 lakh and an area of about 300 to 1,000 sq.ft to open a Patanjali franchise outlet. The shop can also be set up by a franchisee in a rural, semi-rural or urban area. Recently, the company has also opened 12 mega stores that are mostly open in metro cities.

On the Indian market, Patanjali Ayurvedic medicines have excelled so much that it has exceeded the annual breaking revenue of 1000 crores. With its most valued goods, it has improved the FMCG market.

You need to determine the annual benefit, revenue & loss whether you are to take a Patanjali franchise or sales rights of a product, and then decide whether or not you can get the sale rights of the respective product.

There are several retailers who have taken Patanjali’s distribution rights. And, they gladly announce that after being allies with Patanjali, their monthly profit has doubled.

They don’t really have to advertise because, the Patanjali label is still in demand with the general public for its cost-effectiveness and purity of the goods.

Patanjali Products Dealership

The number of Patanjali Ayurved Ltd. dealerships is currently a lot in India. The quick speed at which Patanjali dealerships are rising demonstrates how lucrative it is to invest in the company. Patanjali dealers receive merchandise at very low prices because there is no intermediary involved in the delivery process.

The goods are directly supplied by the producers. By spending a relatively low sum of capital, an investor will achieve attractive returns.

There are three ways a person may apply for a dealership in Patanjali. The first approach is to go to the official website of the organization and fill out a Patanjali distributorship form requesting a Patanjali dealership.

 Another approach is to contact the support staff of the organization via email and ask them for assistance in getting a Patanjali products dealership. The last resort, if nothing works, is to directly visit the Patanjali office in Haridwar.

Difference between Dealership and Franchise?

A franchise is a business concept that in its chain looks like any other corporation. In general, it is a turnkey process in which the franchisee buys a whole store with certain improvements of his or her choosing. As a franchisee, you usually use the franchiser in your service as the primary source of merchandise for sale.

A dealership is an arrangement to be able to market a commodity or service in particular. Dealerships also do not have a very detailed market design and the contract may or may not be territorially dependent exclusive.

How to take a Patanjali Franchise

Lets see the requirements to open the store, where to download the forms, steps to apply for the franchise and cost of store setup.

Requirements to open a Patanjali Mega Store franchise

• Investment of Rs 1 crores.
• Minimum 2000sqft of area for the megastore.
• A security deposit of around Rs 5 lacs in the name of Divya Pharmacy and Patanjali Ayurveda Ltd.
• It has to be located in a busy and prime area.
• The minimum distance for a megastore should be 2.5 K.M. Existing Mega Store in Metro City & 3.5 Km in Non-Metro City shape & minimum range of 1 km. From the new Patanjali Chikitsalaya & Kendra Arogya.
• Submit the following documents along with the application form:
  • Photos of the location,
  • PAN card,
  • Passport size photographs of the franchisee,
  • Identity Proof,
  • Address Proof,
  • Copy of sales registration,
  • Mega Store possession or leasing deed.
• The institute with assign a Vaidya at the Mega Store, and the store operator will have to supply Vaidya with medical instruments. The megastore retailer would plan the store’s seating, food, bathroom, etc. services.
• Only products from Divya Pharmacy, Patanjali Ayurved, and products certified by the Institute will be sold at the Mega Store.

Patanjali Franchise Online Forms

You can find the online forms of Patanjali Mega store, Patanjali Chikitsalaya, Arogya Kendra and Gramodhyog Nyas in both Hindi and English on the official website of Patanjali.

Follow the steps to apply for the franchise-

• Go to patanjaliayurved.org to get the forms for the franchise.
• Find the downloadable application forms which are present in both Hindi and English.
• Download the form and fill in all the information correctly.
• Attach the scanned copies of the documents mentioned in the website.

Cost of opening the stores

The cost of opening up a Patanjali dealership store and a retail store is a minimum of Rs 50,000. The cost goes higher for opening a distributorship which is Rs 1 lacs and for Mega Store it is a minimum of Rs 1 crore.

The rates are for opening the shop, as mentioned above, while the cost of the Patanjali Franchise starts from 5 lakhs for a small store to 2 crores for Mega Stores. The cost quoted is inclusive of interiors, set-up, and inventory. The Mega Stores of Patanjali can have a minimum area of 300 to a maximum of 2000 sq. ft. in prime city/town areas.

As Patanjali Ayurvedic Limited is an Indian Fast Moving Consumer Good (FMCG) company, the Ayurvedic franchise owner could acquire approximately twice the amount spent on investment. It depends, though, on the place where the shop is situated. Before starting the franchise, even an analysis of the location & individuals must be investigated.

More consumers, though, purchase their regular FMCG items from Patanjali stores; more customers are likely to get them, so you can see the brand flourish tremendously.

Conclusion

There are several retailers who have taken Patanjali’s distribution rights are more than pleased with the distribution of Patanjali. And, as stated above, there are many who have doubled their monthly profit since becoming allies with Patanjali.

They do not really have to advertise because, whatever it is, the Patanjali label is still in demand with the general public for its cost-effectiveness and purity of the goods. The franchisee should have an operating benefit of about 20 percent.

The Patanjali brand is a really smart business to invest in. Having a Patanjali product dealership is an amazing business strategy. We hope you gathered all the information from this article.

Frequently Asked Questions (FAQs)

Is it worth to invest in Patanjali?

Patanjali has made a huge impact in India and has a huge brand value. Investing in taking up a franchise of Patanjali will surely help you make good profits.

Does Patanjali only sell Medicines?

No, Patanjali deals in a wide variety of products like medicines, groceries, juices etc.

Who owns Patanjali?

While Baba Ramdev is the face of Patanjali Acharya Balkrishna owns 98% of Patanjali Ayurveda.

Where can I download the forms of the Patanjali Ayurveda franchise?

The forms for all sorts of the franchise are available at patanjaliayurved.org

The post How To Apply For Patanjali Franchise? appeared first on Growthonomy.

He or she is searching for every possible way to operate the organization smoothly and raise sales, i.e., the overall objective is profitability. Company ideas of low spending and high income are addressed in this article.

Instead of working with someone else, the young and dynamic people of today want to launch their own business. With large turnover, they search for small-scale openings. In setting up some form of firm,’ return on investment’ or ROI has become a prevailing consideration. It’s a measuring scale that determines eventually whether or not to go forward.

A common misunderstanding is that, in the form of capital, labor, machinery, etc., earning huge profits requires serious investment. If one is conscious of the multitude of market ideas that can be started with minimal investment, that is surely not the case. Today’s world has completely changed. People do not require huge investments to start the most profitable businesses in India.

7 Business Ideas With Low Investment and High profit

It can be a daunting challenge to start your own business. Yet, one of the world’s greatest emotions is no longer doing the everyday and monotonous 9-5 workplace schedule and make all choices yourself.

But not all are able to fulfill the dream of operating a corporation, usually because of inadequate funds. But no more! You can now start your own business and turn your passion into a career with some small investment business ideas, which also produce decent profits.

Some of the best business ideas with low investment and high profit are:

Fitness Centers

About 65 percent of the population of India is less than 35 years old. Teenagers are a health-conscious community and all of them are members of a gym or fitness center. They enjoy visiting the gym and burning a hundred calories in abundance.

A lot of fitness lovers and health-conscious individuals still make up the remaining 35%. A fitness center can be started by someone who has qualified in the fitness field. Space or assets and services can be rented or acquired. As individuals tend to come into the exercise center at all times of the day, the room can be used for about 16 hours a day.

A business venture of minimal investment is the idea of opening a wellness center. Even if it can not be afforded by the entity involved in opening this facility, he has many options at his disposal to take advantage of a small business loan.

Social Media Agency

Most businesses want to invest their marketing budgets on ads through digital platforms and via paid social media campaigns in the digital age.

You could launch your own company to help businesses build a strong digital footprint if you have good knowledge of marketing, communications, branding, online presence management, and social networking.

 An office, a few laptops, some trained practitioners are all you need and you’re ready to start. Are funds a challenge to begin with? You don’t need to fear, since there are several ways to launch a web / social media agency using a small business loan.

Dropshipping

Dropshipping is one of the most promising ideas these days for small companies. It is a form of retail fulfillment where you can open an online store but without stockpiling any stock.

Thus, you do not spend a penny in inventory and can start a limited-fund business. The merchandise is bought by a third-party if the shop makes a deal and sent directly to the customer. Simply placed, you make a sale, pass the order to the provider, and on your behalf, he ships it to the client.

It is a low-investment company model in which you can still test the competition to find the right one before investing and releasing your own goods.

Online Fashion Boutique

As individuals becoming more trend-conscious, India’s fashion and lifestyle industry is on the rise. The online fashion trade in India is projected to grow by the end of 2020 to $14 billion.

Therefore, one such small, viable business concept that you might suggest is an online fashion boutique. You may not really need to be a fashion designer, just a fan of fashion. Make money by selling your online sense of style! The launching of an online fashion boutique is very easy. It’s possible to start at home.

Create the brand across single or several product niches, from dresses to hats and boots to jewelry. The consistency of the goods, customer service, and distribution methods will play a major role here, in particular.

Courier Agency

Starting a company in the courier sector, being one of India’s fastest-growing markets, is yet another low-cost business concept with high benefit.

Inevitably, a recent change in the eCommerce market has allowed the courier service sector to expand at an unprecedented pace. You might start taking a license from a well-established delivery firm at the point of beginning the business right from scratch, which may cost a lot.

The franchise is sold at a minimum price by several reputed delivery firms. In addition, you can also get access to their resources related to technologies and training and development.

Coaching Classes

All you will need to start teaching a topic is a space, some tables, a chart, marker, and duster. If you’re familiar with a foreign language, such as French, Spanish, or German, you can easily teach such languages and start a small business without a major investment.

There is still a market from students and academics for foreign language courses, so you don’t need to think about drying up the pipeline as an entrepreneur. The principle is not only about low investment and high returns, it also has a certain sense of predictability of cash inflow and demand.

You can start with a very small business loan for such firms, too, and there is no lack of avenues from which you can get a simple loan to start this form of business.

Handcrafted Products

Through switching from artists to practitioners, the internet and the introduction of technologies have opened the doors for artisans to expand their horizons. Handcrafted firms make goods in-house, unlike department stores that purchase their products from different outlets.

Their main emphasis is on supplying customers with a personal touch that no other organization would provide. You are in a position to start a unique company, whether you are making candles, soaps, pottery, and even sauces. Here, the production and acquisition of goods are in your hands, very simply. Candles, for example, are no longer seen exclusively during power losses.

Today, they are more of a home decor piece and are still commonly used for numerous occasions as presents. Consumers choose to purchase candles with different fragrances. They enjoy buying items that are exclusive and personalized. The situation for other things is close.’

Conclusion

There are many Business ideas with low investment and high profit. One only needs to look around.

India is the world’s third-largest start-up hub. In the year 2019 in India, over 1300 new start-ups, including 7 unicorns, were added. The knowledge illustrates the determination of the people of India to start their own company.

You should also try beginning the start-up with low investment and high-profit market models. What it takes is a solid definition. And if properly executed, you will be a good company owner.

Frequently Asked Questions (FAQs)

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Retail

Retail is basically the sale of products/services from a business to a customer for his/her own use. A retail transaction handles small quantities of products whereas wholesale deals with the purchasing of products on an outsized scale. Do not confuse Retail transactions with online transactions; goods must be sold from one point on to a consumer for his or her end users.

A retailer may be a person or business that you simply purchase goods from. Retailers do not always produce their own items. Instead, they purchase goods from a producer or a wholesaler and sell these goods to customers in smaller quantities. Retailing is the distribution process of a retailer obtaining goods or services and selling them to customers to be used. This process is explained through the availability chain.

Types of retails

There are many different types of retails but there is no specific answer as to which retail type is better as it may depend on business to business. Some types of retails are:

1. Independent retailer– An independent retailer is someone who builds their business from the bottom up and from the scratch. Usually, the owner does it all, but he/she may have assistants or hire a helping staff to help him carry out the functions of the business.
2. Franchise– A franchise is an existing business plan, including a trademarked name, and already determined set of products, and established business strategies. If a retailer wants to become a part of a franchise, they are granted permission to use all of the above elements. The tradeoff to buying the rights to a franchise is that there typically are ground rules and processes that one has to follow so as to retain rights to the franchise. And, the retailer also has pay a fee to the franchise owner.
3. Dealership– A dealership may be a mixture between a franchise and an independent retailer. A retailer who works with a dealership has the authority to sell a brand of products. Unlike a franchise, there are not any fees to the licensor.
4. Existing retail business– An existing retail business is, because the name suggests, a retail business that’s already running smoothly. Mostly, someone inherits an existing business and takes over all the ownership.
5. Network Marketing– Network marketing, or multi-level marketing, maybe a business model where the selling of products depends on the people within the network. On the one hand, an individual is selling products, but at the same time, other salespeople are also recruited to sell the same goods.

eCommerce

Ecommerce, also referred to as electronic commerce or internet commerce, refers to the buying and selling of products or services using the web, and therefore the transfer of cash and data to execute these transactions.

It is commonly referred to as the sale of physical products online, but it also can describe any sort of commercial transaction that’s facilitated through the web.

The history of eCommerce began with the most primary online sale on August 11, 1994. A person sold a CD by the band “Sting” to his friend through his website. This is often the primary example of a consumer purchasing a product from a business through the planet Wide Web—or “eCommerce” as we commonly realize it today.

Since then, it has evolved to form products easier to get and buy through online retailers and marketplaces. Freelancers, small businesses, and gigantic corporations have all reaped the benefits from e-commerce. It enables them to sell their goods and services at a scale that was not even possible with traditional offline retailing methods. Global retail eCommerce sales are projected to earn $27 trillion by 2020.

Types of eCommerce

There are mainly 4 types of eCommerce models that can describe the proper functionality:

1. Business to Consumer (B2C): When a business sells an honest or service to a private consumer (e.g. you purchase a pair of shoes from a web retailer).

2. Business to Business (B2B): When a business sells an honest or service to a different business.

3. Consumer to Consumer (C2C): When a consumer sells an honest or service to a different consumer.

4. Consumer to Business (C2B): When a consumer sells their own products/services to a business.

Now let us get to the talk of the hour!

Can eCommerce save retail?

A digital presence has certainly been an advantage for many retailers in recent years. Online grocery sales incremented to $7.2 billion USD a month this summer, rising from $1.6 billion USD last summer. Consumers have experimented a lot with new shopping methods like taxi pickup and delivery apps.

These adaptations are dependant on existing trends, as retailers are moving further into the digital universe. The research suggests that, for several customers, digital can never fully replace the social and physical aspects of shopping.

Even within the midst of an outbreak, people want to physically experience many forms of products before committing to buy them. Shoppers want to touch fabrics, assess colors without the filter of a screen, and test the comfort of furniture. Stores know this and do everything they will to urge customers back within the door, from mask requirements and fever checks to shopping by appointment.

As they stress cleanliness, close-fitting rooms, and discourage touching the merchandise, stores are taking a page out of the Zappos playbook and lengthening return policies so people can get a pity for the product reception.

Shopping is additionally an intrinsical group action. People browse stores in groups, peruse online reviews from fellow customers, and text their friends for advice on what to shop for. Customers create their shopping experiences through interactions with employees, forming relationships with their favorite bartender or store manager.

While a number of the social aspects of shopping now happen online – from Yelp reviews to “unboxing” videos – they continue to be rooted in experiences with real people and products.

Conclusion

It is still a little dicey to say that eCommerce is promoting and helping retailers expand their businesses. At certain times there are a few things that a customer wants to enjoy at the store like trying on clothes for fittings or selecting the freshest fruit possible. Even though online retail marketing holds a really important position, it is still not okay to say that all retailers might want to switch to eCommerce.

The post Can eCommerce Save Retail? appeared first on Growthonomy.

In the modern world, reselling has seen major growth and people are getting more and more inclined towards this concept. But why are people opting for reselling? The answer is simple.

Reselling offers you to have a quick and easy expansion of business. It is timesaving as you do not have to wait for the products to arrive and it is also cost-saving because you do not require a high margin and can set your own price.

But before we move on to the main topic of this article, let’s understand what reselling actually means:

What is reselling?

Reselling, in simple words, is the practice of buying and selling for profit.

A big example of reselling can be found in the telecommunications industry. The companies buy excess of calling time from different carriers and sell it to smaller carriers.

A reseller mostly acts as a retailer. The selling price for a reseller is not that different from that of the manufacturer’s listed price. But down the line, the main goal for everyone is to fetch the maximum profit per sale.

Well, online reselling is a pretty wise move for people who are just starting with their entrepreneurship journey and are ready to put in the efforts.

Resellers mostly conduct their businesses through the internet. A reselling business is a profitable and easy way to start for young entrepreneurs. In a reseller business, you can virtually sell anything you want to. You can pick any trendy niche or an evergreen product and then you can sell those as a reseller online.

The Only Drawback

When it comes to reselling, the only drawback is that the reseller cannot be sure of the quality of the product he/she is sending to the consumer as they are nowhere involved in the chain of packaging or delivery.

Because of this, as a reseller, you need to have a really good relationship with the manufacturer. You must make sure that the goods being delivered are of good quality and packaging.

Why you should start reselling?

Now that we know a little about reselling, let us talk about why you should start your own reselling business:

1. No need for Inventory– From an e-commerce perspective, an inventory is just a collection of finished products used in production which is held by a company. Now the good part about reselling is that you do not need to have an inventory. You can use reseller dropship model where you resell goods without having to bulk buying inventory in advance.
2. Save your time–  You can start a reselling business really easily and you do not have to spend all of your time on it. Managing your business is really easy because a lot of stuff that goes on in reselling is automated. You save a lot of time when you do not have to pack and ship the products to the consumer.
3. Set your own price– Unlike a wholesaler, in the business of reselling you have your freedom of setting up your own prices for the products according to the profits that you want. The cost of a lot of products is low so resellers can set their price near the industrial standards of pricing and reap the maximum benefits.
4. Wide range of products– It is not necessary for the reseller to deal with only one niche of products. As your business expands, you can diversify your range of products. For example, If you have a reselling business of clothes, you can also start dealing with jewelry, shoes, and accessories in the coming time.
5. Minimal financial risks– The cost of setting up a reselling business is very low, making it the perfect business for budget-conscious potential entrepreneurs. Since you do not have to bulk buy inventory and not even have to ship and package the products, you are hardly investing any finances in this business and reaping the maximum profits.

When it comes to reselling, there are a few companies like Meesho, Poshmark, Chairish, Letgo, and many others who have already made a mark in the Indian reselling industry but one company, in particular, is GlowRoad.

What is GlowRoad?

GlowRoad is an Indian eCommerce company that connects manufacturers with resellers and uses drop shipping to keep the overhead expenditures low. It is a networking website to help women become entrepreneurs by exploring profit-making opportunities from home.

Glowroad was started with the simple goal of giving housewives and stay-at-home mothers a way to start their own business in the field of reselling.

The company is a firm believer in providing women with low risk and low investing opportunities so they can be a part of their reselling business. Some of the resellers in GlowRoad keep inventories at home but most of the product is just shipped directly from manufacturer to consumer.

The biggest niche of GlowRoad’s is Indian ethnic fashion, cosmetics, and even jewelry. The majority of the selling takes place through WhatsApp or in-person and GlowRoad has even claimed that the resellers complete around one thousand transactions every single day.

It is even claimed by GlowRoad that it is operational in more than 2000 cities, has more than 20,000 suppliers, and more than 1,80,00,000 buyers from all around India.

Founders

GlowRoad was founded in the year 2017 by Dr. Sonal Verma. She was also the founding member of HealthcareMagic which was supported by Accel Partners. Kunal Sinha, Nitesh Pant, Shekhar Sahu, and Nilesh Padariya are the co-founders of GlowRoad and have helped take the business to new heights in just 3 years.

Fundings

• In its starting years, GlowRoad got Series A funding of $2 million from Accel Partners in 2017.
• GlowRoad further managed to raise a Series B funding of $10 million from China’s CDH Investments, and then
• Another Series B+ funding of $11.5 million from Korea Investment Partners and Vertex Ventures.

Vision

It follows the vision of #BeYourOwnBoss by giving resellers access to a virtual shop with millions of products to choose from at wholesale prices. In today’s time, financial freedom means everything and almost every working professional is striving for it.

Everyone wants to work for themselves and according to their own conditions without taking orders from others around them. GlowRoad allows the college graduates and stay-at-home mothers and housewives to become financially independent and have an experience of what it means to be your own boss.

How is GlowRoad different from any distributor business?

A Distributor usually buys products from the manufacturer and sells them to the end consumer or has a lot of resellers working for him/her. Distributors buy a lot of inventory most of the time to stock up the supply and try to maintain a really close relationship with the manufacturer as compared to the reseller.

Being a distributor, you have to hold on to a lot of stock. This makes them start feeling pressurized because you have to sell all of it. They often look for higher margins from the manufacturers.

However, when it comes to resellers, they do not need to hold on to any inventory stock. They are just a middleman of manufacturer and consumer.

How to make money on GlowRoad?

The main goal of every reseller on this website is to make sales and profits fast. There are many strategies you can use to maximize your reselling business:

1. Pricing– While selling your products, it is necessary to take into account that pricing your products well can help you get more sales and maximize your profits. As long as your product rate stays within the market limits, there is no need for you to underprice your products.
2. Create Ads– While doing business as a reseller, you need to make sure that people know about the product you’re dealing with. You have to create urgency amongst the crowd to buy your product. Spending on advertisements is not a compulsion if you are just starting with your reselling business. But, it is definitely a good idea to invest in advertisements if you have the budget to increase your sales.
3. Content creation– Whether it is video content or blogging, can definitely help you elevate your sales and brand presence in people’s minds. If you are a reseller, you can create a lot of blogs and videos which promote your niche. Also, this can help you draw more people towards yourself and increase sales and profits.

Reselling niches for your business on GlowRoad:

If you are on GlowDark, you will notice that you can literally start dealing with anything. There are wide options for potential resellers to choose from. Let’s see what you can choose according to your interests:

1. Clothes– The clothing niche is the most popular on GlowRoad. You can already find a lot of manufacturers and resellers who deal with both women and men’s clothing. Clothing is an evergreen field in the reselling business and you can start dealing in clothes as well as jewelry, accessories, shoes, etc.
2. Cosmetics– There are a huge supply and demand existing in the field of reselling for cosmetics. You can find all sorts of face wash, moisturizers, makeup kits, etc on GlowRoad. Reselling is easy with products which have a wide variety because every person prefers different brands of cosmetic for their skin.
3. Pet Supplies– It is no lies that Indians are fond of having pets so GlowRoad has tonnes of options to choose from when it comes to pet supplies. Fish food, dog collars, aquarium medicines, there is nothing you cannot find here.

Now that you know about the active niches on GlowRoad, we would request you to explore your options so you can deal with the niche you like and make good money out of it!

Visit Glow Road Website to get started!

Frequently Asked Questions (FAQs)

The post All about GlowRoad – How it works, funding, owners, earning model and more appeared first on Growthonomy.

We found a few articles that give the steps to sell Meesho Products on Amazon. BEWARE of such sites!

If any website or anyone tells you that you can sell Meesho products on Amazon by simply copying the images and details and listing them on Amazon, stay away from them. NO, you can not use this method. Your Amazon Account will get suspended for sure!

In this article we will tell you where you can sell the Meesho Products, is it possible to sell Meesho products on Amazon and how.

Let us start by understanding how Meesho and Amazon works.

How Meesho Works?

Meesho is a Reselling App. It is one of the most cost effective option for selling products. You can start reselling products with zero startup investment while working from home.

Sellers or Manufacturers list their products on the Meesho App at wholesale rate along with MRP. Anybody who is registered as a reseller can choose any product to resell without investing in purchasing the inventory. Resellers market them to earn a profit or commission on every sale without the need to invest in inventory, storage or shipping.

For more details, read [What is Meesho App and How it Works]

How Amazon Works?

To sell on Amazon, a seller or reseller requires brand authorization letter from the brand whose product you want to sell.

Also, you need to purchase the inventory from the manufacturer, distributer or other genuine supplier with a proper invoice mentioning all details of the exact products purchased as well as contact information and GST details of the supplier.

Only then, you can list the products on Amazon.

Amazon can ask you for these documents at any time and if you fail to provide these documents, your account will be suspended and it will hold up any balance that you may have in the account.

So, if this is the condition, is it possible to sell Meesho products on Amazon?

Can We Sell Meesho Products on Amazon?

Yes and No.

Ideally No. We would not advice it.

Selling Meesho Products on Amazon is a Really Bad Idea! You can even end up losing money and the ability to sell on Amazon ever again in future.

However, if you would still like to go ahead, make sure you have read all policies of Amazon, before you start selling from Amazon. Amazon has very strict policies and will suspend you account if you violate them and you will never be able to sell on Amazon again.

However, There is one way to sell Meesho Products on Amazon. However, we would not advice it as it is still risky.

Know more about Amazon Account Suspension

How to sell Meesho Products on Amazon

Selling Meesho Products on Amazon is basically a form of dropshipping which is technically allowed on Amazon but with conditions.

1. You require Brand Authorization from the brand owner.
2. You must be able to show invoices when Amazon asks from them. The invoice should clearly reflect the name of the products & quantity of products as listed on Amazon
3. The invoice shipped with the product to the customer should be in your name, not the seller or manufacturer who listed the product on Meesho.
4. Also, since the customer is buying from Amazon, they will expect an invoice from Amazon.

These are the basic requirements for drop shipping. And as per our understanding, to fulfill these conditions, you will have to have a tie up with the manufacturer, brand or seller.

If you can establish such a setup, then YES, you can go ahead and list your Meesho products on Amazon. Otherwise NO. Do not try to sell Meesho Products on Amazon.

Major reasons selling Meesho Products on Amazon is not Feasible

1. Brand Authorization Letter and Invoices required to sell on Amazon – Not all sellers would be willing to provide such documents. And if you fail to provide these documents to Amazon when asked, Amazon will suspend your account .
2. Quality of Products – It is not feasible to quality check each and every product that is shipped to the customer when a third party is handling it. And Amazon is absolutely customer friendly. If there are any complaints from the customers regarding the quality of products, Amazon will give you notice of selling inauthentic products. And multiple such instances can again lead to account suspension.
3. Shipping Time is crucial – For Amazon, shipping time is crucial. You have to ship the products within a given time frame.
4. Returns – Amazon has a customer friendly return policy. If the customer does not like the product and returns it, you will have to refund the entire amount paid by the customer. Moreover, you have to pay a return fee as well. So, you will end up paying out of your pocket.

Where can we sell Meesho Product?

There are many other ways to promote Meesho Products.

1. Social Media like facebook and Instagram
2. Promote on Youtube channel
3. Affiliate links through blog
4. Whatsapp and word of mouth.

Conclusion

Unless you know the manufacturer or seller really well and have the brand authorization letter, and you are absolutely sure you can get the invoices when required, DO NOT TRY TO SELL MEESHO PRODUCTS ON AMAZON!

Amazon has really strict policies and you will can end up losing money instead of earning. Once your Amazon account is suspended, there is no going back!

The post How To Sell Meesho Products On Amazon appeared first on Growthonomy.

The lockdown declared by the government in view of the COVID19 pandemic, resulted in small retailers closing shutters and consequent huge job losses especially amongst the lower and mid-level store and sales executives.

Per recent reports based on the data collected from primary sources like companies, job portals and Linkedin, almost more than one lakh people are looking for jobs. And the numbers continues to grow unabated.

However, like the other side of the coin, good news is that e-commerce sector is able to absorb a large part of this talent at the entry and mid-levels in delivery/logistics and at warehouses. Some of the entry level talent is also willingly turning into delivery boys for e-commerce players per a recruitment agency.

According to reports, the surge in job seekers is the highest at the level of middle operational managers from the physical (brick & mortar) retailers, as the sales figures have almost evaporated compared to the pre-Covid monthly figures as well as uncertainty surrounding the revival. They are rightly worried if their current employers will be able to sustain them for long.

Pandemic enforced lockdown has contributed in significantly enhancing the prospects of digital commerce because while on one hand Digital retail and supply chain companies have stepped in to fill the gap left by brick-and-mortar retail, the customers have also been forced to opt for this new way of shopping and getting used to it.

Someone’s loss is other’s gain, as they say, for E-commerce companies like Flipkart, Amazon and Udaan are on a hiring spree and picking up these aspirants. Given the evolving scenario, even senior executives have also moved over to these digital platforms, though in smaller numbers.

We are on a hunt for talent too. Want to grow your skills as a content writer? We are currently looking for content writer interns.

The post E-commerce helping jobless entry, Mid-Level Retail Talents appeared first on Growthonomy.

What is Meesho App?

Meesho is an Indian born mobile/ laptop portable reselling and shopping application that is rapidly changing the face of doing online business in India.

It enables small entities and individual resellers to start their virtual stores and sell their products via social media channels such as WhatsApp, Facebook, and Instagram etcetera.

How Meesho Application was born?

It all started in mid of 2015, when two dynamic Indian origin IIT Delhi graduates Vidit Aatrey and Sanjeev Barnwal came up with the idea of FashNear, an application of hyperlocal fashion discovery and commerce.

Progressing further by the end of 2015, they pivoted to a more customer oriented application and named it Meesho, shorten for “Meri shop” (meaning My Shop). That is how the Meesho online shopping app came in to existence.

Initially, the Meesho app worked for enabling the physical stores to make their goods available online and sell them through various social media channels. Soon after, Meesho revamped again, morphing into India’s first-ever online distribution channel for long-tail products.

Vision and Mission of the Meesho App

With the insight of the first venture that the makers noticed the lack of footfall at the shops, the images of the products were shared on social media to gain customers.

The traditional business structure for small and medium enterprises was showing signs of disruption and was trying to climb the online model without proper ladder. Meesho entered as a strong ladder and the game changed forever.

Though earlier it was designed keeping in mind the targeted audience as the shop owners reducing their capital needs, it is homemakers who are now the flag bearers of the Meesho business.

Aims and objectives of Meesho Company

Meesho’s objective are clear that it targets at soothing the pain points of the WhatsApp commerce world by shifting most of the buying experience towards its dedicated mobile shopping app known as the Meesho.

The customers have been given the navigation ease where they can browser ‘carousels’ of the products, enquire about it from the party, and make payments digitally via a simple clickable URL if they prefer to do a cash or bank transfer.

Aiming at “financial independence of women” Meesho has been able to achieve some unparalleled benchmarks in the socio-commercial world.

About Meesho App’s Business model

Providing varied varieties of products like Amazon and Flipkart, Meesho has given a wide range to choose from, to its customers. Business model is clearly to become a competitor with e-commerce. The delivery time, customer base and the ease of reach makes it a good alternative for the e-commerce sites.

There are 4 parties involved in the mechanism of selling/ reselling at the Meesho app; namely–

1. The supplier/seller; or the first party
2. The reseller/ App users (anyone with the Meesho app can become a Meesho reseller).
3. Meesho Application
4. End-User or the final consumer of the product. They have no direct interaction with the Meesho platform.

What is Meesho App about?

The Meesho app provides a cost effective option for selling goods as no start-up investment is required by the sellers. Meesho is an online marketplace that connects sellers and resellers to relevant customers with the help of business men’s social media space.

In the words of Google “Meesho is a business for empowerment; the innovative app that enables you to work from home, Meesho provides products at wholesale prices that you can resell to earn a profit and commission.”

How Meesho works?

Basically, anyone willing to work on the Meesho platform shall have to share the products listed on Meesho through their various social media handles within their network of friends. If any of the products get sold, they get to earn an additional profit margin for it.

The willing sellers/ resellers need to follow the below-mentioned steps to get associated and earn with Meesho reselling and shopping app:

1. The entrepreneur/ supplier/ seller needs to register their business/ individual details on the Meesho application.
2. A virtual store is created on it.
3. Next they need to list their products on the virtual store along with some images of the product description, and the selling price
4. Meesho app user browses the app and if he finds an appealing product he shares it further.  This way he becomes a Meesho reseller of the product.
5. The reseller shares the images of this particular product in his or her network through social media platforms like WhatsApp Facebook and Instagram etcetera with a message stating the product details and the price (usually at a price higher than the quoted selling price by the original seller)
6. If anyone from the network wishes to buy the product they shall have to send a message to the app user regarding the same. This way this person shall become the ultimate end-user of the product.
7. The user of the Meesho App shall process the order further to the seller by stating his or her additional profit margin and shall list the address of the end-user and thereby placing the order.
   In case the sellers directly get a customer, the additional profit margin of resellers is saved.
8. After the seller accepts the order and it is processed for delivery to Meesho. Meesho shall pick up the order and deliver it to the end-user within the specified time at an Invoice price as quoted by the reseller.
9. The end-user shall pay the invoice price to Meesho App.

Earning structure for the Meesho sellers and resellers

The division of money is carried out by Meesho. The money left after paying the originally quoted price to the original seller and keeping a minimal amount of delivery charge the rest is transferred to the Meesho App user’s account.

The reseller or the person who has placed the order shall receive a commission on every order placed. Reselling with Meesho is similar to earning by drop shipping or affiliate marketing as the resellers earn without actually physically holding any kind of inventory.

It is basically a Win-Win situation for all – sellers, resellers, and the ultimate customers.

Revenue Model of Meesho

Meesho earns by charging from its users for every order they receive. The revenue model is kept to focus on volumes of sales and not on the margins of profits.

• In case of delivering an order – Meesho earns by taking a 10- 20% commission based on the nature of the product along with the delivery charges for the product.
• In case of product return – Meesho charges a hefty penalty for the product returns. Customer satisfaction is the given topmost priority and sales returns are dealt with very strictly.

The Meesho journey so far…

Meesho Application came into existence in December 2015. Its headquarter is situated in Bangalore and ever since the app is gaining wide popularity among the women entrepreneurs, housewives preferring to work from home, college students, small and medium business owners, B2B traders, or anyone for the fact looking for a passive source of income.

It has raised $125 million in a new financing round to expand its business in the country and change the way millions of consumers now shop online.

Feathers in the Meesho cap

Meesho has been able to perform exceptionally well and put some medals to its shoulder. Let us have a look at them-

• With 90 lakh+ products sold and Rupees 80 Crore + Income generated; Meesho has gained the trust of more than 50 lakh Resellers across 5000+ towns and enabled them to earn money digitally by working from home, making the Meesho App India’s number 1 reselling application.
• Meesho is the first app that has first been featured in Play Store on Women’s Day by Google India and later was highlighted in the Independence Day spotlight. This is the recognition of a real impact at scale at a mass level.
• Meesho was one of the three Indian companies to be selected for Y Combinator in the year 2016.
• Meesho added another feather in its cap by being a part of the first batch of Google Launchpad – Solve for India program.
• Later in June 2019, Meesho became India’s first startup to receive an investment from the social media platform Facebook.
• The five-year-old start-up entity has raised $190 million to date. It filled a revenue of Rupees 84.88 crore for the Financial Year ending 2019

The quality and quantity of Meesho business

The products available on the Meesho app are mostly in the stream of lifestyle and fashion. The range of products have varied but the quality has not been compromised. The quality products in ‘n’ number of quantity has been the most striking factor of the Meesho App.

With lakhs of products being hosted on the platform, the company has been able to ensure high standards of quality with its strict and stringent rules and regulations on the benchmark of products.

This uncompromised quality assurance is the most striking feature of the Meesho Application that binds the trust of its customers.

Other Reseller Concepts Like Meesho

With Meesho being successful it is important to know the platforms which work on more or less same kind of business model as that of Meesho Application-

• The Social Distribution Model For Farmers, enabling to bridge the social gaps of the farmers. This concept is somewhat similar to Meesho, but it indirectly serves a social purpose as well, and adds a little depth to the business model. 
• Concept of social commerce called seCommerce, this is a very unique online commercial business model with redefined user navigation.

Meesho shopping App turns the mobile in to money machine

With earning made as simple as sharing on Facebook, Instagram, and Whatsapp, Meesho has successfully turned the mobile device into a money-making tool for common people. The Meesho App turns out to be a boon for many people as it has enabled many of them to earn their first income, particularly the homemakers.

The mobile economy has been given a new definition for otherwise seen as the non-economically contributing section of the society by the Meesho Application.

Impact on the Social fabric

• Where women facing struggles to create their own identity; Meesho has come up with a very innovative and first of its kind platform to provide financial independence to the females of the society.
• Meesho provides an excellent career opportunity to develop an Internet business especially to the women who are unable or unwilling to step out of their homes without having to build any website or app of their own. We can put it under the banner of social commerce.
• It is one of the best earn- money App for the Android world. Eighty percent of Meesho’ s user base is female. The very core societal problem leading to is being addressed by the new-age digital reselling and buying app Meesho.
• Meesho started with an educational section in the Meesho App called as the “Meesho Business Academy”. It includes a series of videos making it easier for new users to use and navigate the Meesho App. The advantage associated with this App is the flexibility of working, the time of working, the removal of friction of starting any business, and the convenience of working from home.

Meesho Selling App Stands Out Of The League

Meesho is an exception, in the world where online giants are killing the middle men. It has made every individual app user a middle man. Just that, instead of buying the product the Meesho App gives the user feature to share the image to Whats App or other social media profile. Plus the earning is easier as when anyone orders the product the Meesho user will get his margin.

With Meesho being one of a kind it is able to set its own unique benchmarks and outperform them every now and then. Within the short span of its life it has become a blue-eyed boy of the economy.

The Application promises a great future for the socio economy. Looking forward to witness its own standards and records getting broken by setting even higher benchmarks.

Official Website

You may also be interested in:

• Can I Sell Meesho Products on Amazon?

The post What Is Meesho App And How It Works appeared first on Growthonomy.

In order to thrive and promise the smooth functioning of the business, it is extremely important to keep a handy checklist of foolproof accounting in place. It not only ensures that anything important is not missed by the business and as well promotes the practice of keeping a complete and an all-inclusive financial records in place which helps in streamlining the tax preparation.

It becomes indispensable for any kind of business to keep a proper team of accountants on hand so as to determine whether it is in a profitable state or not. Furthermore, accounting is also extremely important in order to understand which areas of the business are doing well, and which ones need more attention. A book keeping function ensure that every transaction of the business is properly recorded.

Normally, most big companies have a dedicated accounting section to cater to accounting needs it is of equal importance for small businesses to keep a checklist on tips for having a seamless accounting experience.

Although most big companies have separate units for various sectors of finance and accounting like cost accounting and retail accounting etcetera; it would be in favor of small businesses to keep a composite accounting record.

Small Business Accounting Checklist

Let us take a look at a handy checklist that shall help the small entrepreneurs to keep their accounting in place and setting up a robust accounting strategy!

1. Checking the daily Cash flow

Cash liquidity is extremely crucial in order to ensure the day to day operations of the business enterprise. The business should always study and analyse the expected payments to creditors, vendors and cash inflow from debtors to evaluate any particular trend if exists.

By daily checking the cash flows so the entities can keep a track of avoidable and unavoidable expenditure, and is, therefore, one of the most important tenets of the accounting checklist for business start-ups.

2. Day to day recording

A business should record all the transactions that happen during the course of normal business cycle. This shall help in ensuring that all the functions like the customer billing, vendor payment and cash receipts etcetera are in place and there is no room for embezzlement or fraud.

Although this can be done manually but a lot of accounting software and accounting applications help the owners to ease this recording function like the MS Excel or the QuickBooks.

A day to day recording in the chronological order makes the owner have a strong hold over the businesses’ accounting functions.

3. Documentation

A proper invoice always ensures that the documentation process is in place. This makes the recording of transactions complete and to the point. It also makes the audit trail complete and easier to trace.

Nowadays the businesses prefer to issue and accept digitized invoices thereby reducing any clutter. In case of any theft or fraud, the documented processes are easier to trace the whereabouts.

The documents must be generated as and when the transactions occur in order to prompt and accurate record generation.

4. Time management

It is inevitable to keep a prompt system of payment and receipts. This helps in building the credibility and goodwill in the market. A delay in payment is like a bane to the business.

The small business owners should always keep a track of their accounts payable and ensure that enough funds are available at all the time and have been earmarked to pay their suppliers on time.

This, would ensure that friendly relationships are maintained with the vendors and shall avoid any late fees. A business that pays on time also has better chances to receive on time.

5. Check on financial statements

A close check on the financial statements ensures that the financial health of the company is in fact in place. The unpaid vendors, expected cash inflows and outflows, projected earnings statements etcetera are some of the indicators about the good financial health of the company.

A check on statements requires close scrutiny for all the to and fro transactions. This would cover up checking the cash flow statements, income and expense statement, and the balance sheet.

This helps the company to know the limits of the credits, loans and the deadline meeting criteria. This would also help the business in the long run by making a better-informed decisions.

6. Reconciling the pass book and cash book

An accurate reconciliation of cash records as per the books of accounts and as per the bank statement is very helpful in knowing the position of the cash liquidity, the cheques in transit and charges of the bank in particular.

A reconciliation done after every 2 months helps in cross-checking whether or not the creditors have actually deposited money in the bank for repayment. This also makes it easier to correct errors or find omissions which can then be looked into and corrected

7. Physical Inventory check

The inventories must be verified physically from time to time at a fixed interval. This helps in calculating the economic order quantity needs and the reorder needs. It also helps in locating and regulating the pilferage, leakage or theft if any. This is extremely important in case where the operating cycle is high and the goods are of perishable nature. This helps in knowing the authenticity of the store keeper as well.

The business may fix either 15 days or 1 month for checking; depending on the length of operating cycle of the business. Even a surprise visit shall add more security.

8. Tax and other legal paper work

It is extremely important to keep all the legal documents in check. Keeping an up to date paperwork with respect to tax, payroll, foreign laws, licences and trademarks (if needed) and the documents needed to start the business as per the country law has no other option.

This shall ensure the company is complying with all the laws and regulations with respect to federal, state, or other local taxes. It is helpful for avoiding unnecessary legal implications and attracting any unwanted legal attention from the government.

In India a company is required to pay tax annually, with advance tax every quarter (may change subject to relevant amendments from time to time)

9. Receivables Ledger

This act as a life jacket in the time of financial crunches. Sometimes, due to unforeseen circumstances, the business might not get paid back in time. Therefore, always maintaining a ledger separately to record all past-due invoices can help to keep a track of how much money is owed to the company and from whom.

This shall make reaching out to the people who owe the money much more easily. The debtors can be contacted at appropriate time intervals.

It is also helpful in knowing the amount collected, the amount due, the portion of the amount that remains uncollected. This shall further help in estimating the percentage of bad debts and the amount of provision which the business needs.

This shall also help in maintaining the finances promptly. It would be in favour of the business to check the receivables ledger every quarter.

10. Variance calculation

Variance refers to the difference between the budgeted and actual amounts. It is crucial to correlate the current year’s profit & loss statements with what was budgeted at the start.

This is always a way to assess if the company is moving rightly in the direction it initially thought it would. Whether the company’s goals and objectives are met or not can be ensured with the help of variance calculation.

An entrepreneur can check historical profit-loss statements to compare yearly performance while finding out problem areas in the business. Comparing it against what was budgeted is also extremely useful in finding out how close the company is sticking to its goals.

The study of variance also tells how much the basis on which the goals have been initially formed needs revision. It is recommended to do it semi-annually.

11. Horizontal and Vertical comparisons

By comparing the balance sheet on an interval smaller than one year for the same time period for the previous year, a better clarity of how the assets and liabilities are performing can be evaluated.

By looking out for significant trends and changes, the company can predict much better future outcomes, and take necessary actions as and when necessary. This also helps in finding what new the company can introduce in a particular month or quarter to boost up the profits.

A cost accounting comparison of the products shall give better and deeper insights of how the company should take the product further. A comparison on quarterly basis shall be really beneficial.

12. Making the reports as per the country and industry

Every business enterprise function as per the laws of the industry and the economy in which it is operating. The entity needs to be sure about complying with the needs of reporting as per the norms as laid down.

If the legal frameworks require submitting some of the reports on a specified time interval it should be well aware of and must be complied with.

The time period whether it is monthly, quarterly or semi -annually must be checked and the reports must be submitted accordingly.

13. Filling out requisite forms

The business unit must be well aware of the forms it is needing to fill as per the national and international standards. In order to avoid the penalties, proper knowledge of various deadlines is a must.

Setting a yearly remainder shall be like a savior for the business.

To better manage the time, e-filing services available online shall be used. This is a very efficient and effective way of saving time and cost as well.

In India a company usually requires, before registration

• Aadhaar Card
• PAN Card
• Bank account
• Registered office proof
• DSC – Digital Signature Certificate
• Form – 1 for Incorporation of Company in India
• Form-32 for particulars of managers, secretary, and proposed directors
• Director Identification Number of all proposed company directors
• Original copy of the formal letter which is published by ROC about company name availability
• Form- 18 for address or situation of the proposed company.

There are significant changes from time to time in the requirement of forms which should be adhered to and completed in keeping pace with the changes.

14. Dedicated accounting wing

Accounting is one of the most crucial function of the business. Whatever the business earns if not properly accounted shall go in vain. It is extremely crucial to keep a dedicated accounting wing to take responsibility of the same.

There are a lot of legal and procedural compliances which the business needs to adhere to. This means that there must be at least one dedicated person who is well versed and fully aware of how and when to do it.

Most of the big businesses are required by law to keep a Chartered Accountant which is not a compulsion for businesses up to a certain turnover limit; so usually they avoid keeping an accounting unit as well.

Though a lot of big businesses are doing it; efforts should be made by the small units as well to promptly maintain a dedicated wing for it. Even if the manpower resource is limited a small business unit must keep at minimum one dedicated staff for accounting.

A company needs to be profitable in order to survive. It is extremely important in order to maintain the records of its profitability. Any number if missed from book keeping can turn the business upside down.

Small business can accelerate their wheels of success at a fast pace if they have a good accounting function maintained. The business in their growing phase can take the help of qualified chartered accountants and various available QuickBooks online.

A good bookkeeping and accounting function ensure the loopholes are reduced to a minimum and the enterprise is greased from time to time for proper functioning.

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In order to sell their product online, sellers must register themselves on the Flipkart to get the seller’s account. There is a set of criteria from Flipkart, which must be fulfilled by the sellers in order to sell anything online.

We are going to discuss here how to register on Flipkart. But before that, we need to understand why it is so important for the sellers to register on Flipkart.

Why Register as a Seller on Flipkart

Flipkart is one of the biggest e-commerce platforms in India and if you are selling online but not on Flipkart, then you are missing out on a big opportunity. [Know all about Flipkart]

But, in order to sell anything on Flipkart, sellers must get registered on the online portal. After registration sellers get their seller’s account login id and password.

Online registration for Flipkart’s sellers account is also important because it gives sellers recognition and authenticity. From Flipkart’s perspective, it is important to distinguish between sellers and buyers.  Seller’s registration on the seller portal serves that purpose.

Flipkart Seller Registration – Requirements

To create a seller account on Flipkart, you have to go to seller.flipkart.com.

On the registration portal, the following credentials will be needed:

• Email id
• Phone no. for the OTP
• Full Name
• Password
• The agreement needs to be checked.

Documents required at the time of Registration:

• GSTIN.
• PAN Card Registration.
• Bank Account no. with KYC.
• Canceled cheque of the account used
• Address and Pickup address.

How to Register on Flipkart – Step-by-Step Process

After having a glimpse of Flipkart’s seller account requirements, let’s see the registration details through the following illustration.

Step 1 – Start the Registration Process

• Go to the link seller.flipkart.com on your browser.
• You will see a portal with login and registration options.
• Enter your mobile number and click on ‘Register now’
• An OTP will be sent to your mobile number and you will be redirected to the signup form.

Step 2 – Verify Mobile No., Email Id to Create Account

• In this form you have to submit your – Email Id, Mobile Number, OTP, and Full Name.
• OTP remains valid for 10 minutes.
• Choose a password that is at least 5 characters long and click on sign up.
• You will receive a verification link on your email. Click on the link to verify your account.

Step 3 – Give your Pickup and Address details

• Enter your pickup Pin Code and click on continue. This is the pin code of your warehouse or address where you are keeping your inventory.

• Flipkart will verify your pin code for the eligibility of pickup.
• Once your pin code is successfully verified, you will be asked to submit your business address.
• Enter your Pickup Adress and click on continue.

Step 4 – Give Your Business Details

• If you have a GSTIN number, submit your GSTIN number and click on continue.
• If you don’t have GSTIN or your GSTIN application is in process, you can select “I have applied/will apply for a GSTIN” option and continue.
• If your category doesn’t require GSTIN, you can select “I will only sell in GSTIN exempt categories like books”
• After Submission, Flipkart will verify your GSTIN, if you have provided it.

Step 5: Submit Business Details

Submit the following Business Details:

• Business Name
• PAN Number
• Business type – Proprietor or Private Company.
• Business Address with Pin Code.
• Your scanned Address Proof via upload option
• Your scanned signature via upload option or digitally signed  

Note: You can skip uploading of address proof and signature by checking “I will upload address proof and signature later”. However, you still have to do it later before you can start selling.

After submitting all the details, click on continue.

Step 6 – Give your bank details.

• Enter Account Holder’s Name. This should be exactly as your Name on the Bank Account.
• Submit your Account Number
• If you do not have a bank account yet or want to submit the information later, you can select “I have applied/will apply for Bank Account in my registered business”
• Click on Continue

Your Registration Process for Flipkart Seller Account is complete and you will be redirected to the Seller Dashboard.

On the dashboard you can check all important details about everything which is required to sell a product on Flipkart.

Complete Your Flipkart Seller Account Profile

In order to make your profile 100% verified and complete, you have to check the following details.

Details Status

You will see all the pending actions on your seller dashboard. The items will get dissolved, once you have submitted all the required details.

Update your Store Details

You will see a window with the option of updating the store details.

Submit your store Name, address, and other details in the form. On the right side, you can check where this description will be displayed.

Check your signature details

After the store details, you will see the section for Signature.

Check your Signature details and update it accordingly.

Bank Details

When you scroll down further, you can see the section to update your bank details.

If you did not submit the details at the time of registration, here you have to submit your Name and Account number. Your IFSC code will also get verified here.

Upload a canceled cheque

Scan a cancelled cheque or take a picture of it and click on ‘upload’ to upload the picture.

Cancelled cheque should be of bank account whose details were submitted to Flipkart in previous step.

Note:

• Image size should be less than 20 MB.
• Allowed file formats are png, jpeg, jpg and pdf.
• Image should have white background.

Upload your Address

If you haven’t submitted your address at the time of registration, you have to do it here in order to complete your seller profile.

Upload the scanned image of your address proof.

• Allowed file formats for the image are: png, jpeg, jpg and pdf.
• Picture with only white background are allowed.
• Size of Image should not be more than 20 MB.

Product Listings

With this option, a seller can list items to sell on Flipkart.

You can either search already listed products on Flipkart to sell them or you can list your own products.

You can take the help of the video provided on the right of this section to understand the process of listing.

Note: In case you are unable to list the products, leave this step. Once you complete all other steps, a Flipkart agent will call you to help you with product listing.

Verify Your Account through Email.

If you haven’t checked your mail for the verification code, you can resend the verification code from here as well.

A verification code is valid for 24 hours only. If it expires, account verification can be completed later on as well.

With Flipkart seller’s registration, you get the authority to sell anything online. You can list your products on the marketplace and start doing your business online. The seller’s dashboard helps sellers to organize their products and get every detail about their business.

The dashboard serves as a mode of communication between sellers and Flipkart. A 24X7 support is also provided to the sellers for their queries. The seller support team solves their queries in the least possible time period.  This also proves that Flipkart is also a seller centric e-commerce platform.

FAQ (Frequently Asked Questions)

Still have doubts regarding Flipkart Seller Registration or completing details of your Flipkart Seller Account? Ask in the comments below and we will answer your concerns.

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