Category: Sales

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Sales

5 E-commerce Conversion rate Tips that will double your Sales

ecommerce

Whether you are an entrepreneur, solopreneur, or a businessman looking to boost sales through e-commerce websites, welcome to the real world of real challenges! Where having a business website appears all breezy, let us tell you the truth- a lot goes into designing, building, and launching an e-commerce website.

Though you may feel that your job ends there, the matter of fact is that your real task of attracting customers to your website begins right from that point. Not just that, you would also want your customers to buy your products.

Whether you are an entrepreneur who is just starting up, a solopreneur who is running the whole show yourself, an e-commerce manager, or a marketing director who has some massive goals to hit and KPIs to achieve, this theory applies to everyone.

In an increasingly competitive digital world of buying, when it comes to encouraging customers buying behavior, there are some critical dos and don`ts.

If you are planning to build, expand, and increase your business revenue, a good conversion rate is necessary.

So what is an e-commerce conversion rate?

The percentage of your visitors that land on your website and completes the desired action by purchasing your product or subscribing to your service, this whole act is defined as the conversion rate. The average e-commerce conversion rates are 1%-2%.

However, even if you have smart strategies and doing everything right, the conversion rate will turn around 2% of the time.

But how can you improve and double up your conversion rate? Here are 5 amazing tips that will help you double your e-commerce sales:

  1. Persuasive Website Design

A visually appealing website is the first step towards doubling your conversion rates. If your business website is not designed in a manner that keeps users engaged and to move forward with call-to-action, then nothing else will work out.

Visual persuasiveness is essential to pull your visitors! Hence, create a website that is simple, organized, and offers an interactive user experience.

  1. Need for Speed

No, we are not talking about the super-popular game! There are only a few things in the world that are more frustrating than waiting for a website.

According to Google Marketing Platform a slow website that takes more than two seconds to loads, can make you lose around 53% of your customers. Even a delay of a single second in website loading can result in a 7% reduction in customers.

  1. Check your Hosting Plan

If your site offers distinct hosting levels, always ensure that you have subscribed for the highest performing version. The extra money that you will spend on a hosting plan for your e-commerce website will be worth it if it helps you to boost your conversion rate.

  1. Use Optimize Images

No excuses! Why? Because optimized images can help to increase the number of visitors to your website. Many tools are available online and you can opt for both free and paid tools. Always ensure that your images are not killing your website`s performance.

  1. Pay attention to SEO & CRO

Search Engine Optimization (SEO) & e-commerce websites are like best friends! SEO can increase both traffic & conversion on an e-commerce website. While SEO optimizes content for search engines to rank your website higher, CRO (Conversion rate optimization) optimizes content for customers and users to drive them to finish the call-to-action.

If you are looking to double up your conversion rates, each of the bullets above is worth a guide all their own. However, there are more creative ways to attract and engage your customers on your website and make them buy your products or services.

Learn more with our Everything About Entrepreneurship Program that will boost your sales. Increase your conversion rate by 2X now! Click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

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MSME Sales Startup Strategy

4 Successful Tips to Run Discounts & Special Offers For Your Business Ahead of Christmas 2020 & New Year

Discounts, Special Offer
Discounts, Special Offer (Photo Credits: Pixabay)

Mumbai, December 24: 2020 was an extremely difficult year for most sectors due to the lockdown amid the coronavirus outbreak. However, towards the latter end of the year, green shoots of recovery were seen as the economy started to open up.

So far, the festivals have been lacklustre in India because of several other factors, including people not willing to spend on unnecessary things. However, the sentiment has picked up and there is a momentum in sales as we approach the year-end.

If you have an online business or a store, then you can offer some discounts to entice your customers for Christmas and New Year. However, promotions and discounts should be given in such a manner, so that they don’t eat up the profit margin and help you in increasing sales.

Lifetime Membership | All Courses Free by Dr Vivek Bindra

Define your objective: 

Before you start any promotional offer, you should define the objective. What is the purpose of running this sales offer? Is it to get new customers or target the existing customers? Is it to increase sales or hook them to your brand. Be clear in your head with these answers.

Should have a fixed timeline:

Sales, discounts and any offers should be there for only a limited time period. The promotion of your brand should clearly mention the start time and the end time.

Market well:

If you are running a sale and your customers are not only aware of it, then the entire purpose fails. Therefore, make sure to advertise your promotional offers, incentives properly. Promote the news of your sales on social media. Spend money to run promotional campaigns and target audience based on your location and TG.

Track Your Results:

After any campaign, it is very important to track your results. This will help you to understand your customer behaviour, which segments are responding better to your campaigns or which type of campaigns are more effective. You need to study the results and this will help you to run your next campaign

We hope that these tips will come in handy for your business and you run successful marketing campaigns.

 

Categories
Sales Startup

December 2020 Shubh Muhurat Dates: Auspicious Dates Which You Can Refer to Before Starting Your Business or Setting Up a Factory

Shubh Muhurat
Shubh Muhurat (Photo Credits: File Image)

Mumbai, December 4: Indians believe in doing any important work be it marriage, opening a shop, setting up a factory or starting a new business, by looking at the auspicious timings which are referred to as the Subh Muhurat. It is usually believed that if you follow these dates, your work will go smoothly and you won’t face any hindrances.

Setting up a business is a big task and many businesses have been forced to shut after they faced losses and were unable to operate. 2020 has been one of the most difficult years owing to the coronavirus pandemic. There have been job losses, factories were shut and people were shown pink slips due to the COVID-19 induced lockdown. As the economy shows signs of revival with respective states easing their restrictions, people are slowly starting their own businesses. Diwali 2020 Shubh Mahurat: Auspicious Time and Dates to Open New Shop, Office and Factory This Festive Occasion.

In case you are wondering to start your business, here are a few auspicious dates which you can consider in the month of December 2020:

Auspicious Dates For starting a new business:

December 5 2020, (Saturday)

December 9 2020, (Wednesday)

December 10, 2020 (Thursday)

December 11, 2020  (Friday)

December 17, 2020 (Friday)

December 24, 2020 (Friday)

December 27, 2020 (Sunday)

Here are some auspicious dates for Bhumi poojan:

December 5, 2020 (Saturday)

December 10, 2020 (Thursday)

December 11, 2020 (Friday)

So these are some of the auspicious dates which you can follow as per your convenience. Here’s hoping the day on which you plan to start your new venture turns lucky.

Categories
Finance Sales Startup

Diwali 2020 Shubh Mahurat: Auspicious Time and Dates to Open New Shop, Office and Factory This Festive Occasion

Shubh Mahurat (Photo Credits: File Photo)

In Hinduism, when we start something new, be it a new business, office, or any new venture, it is to be done on an auspicious occasion or ‘Shubh Mahurat’. The five-day Diwali festival started on November 12 under the shadow of COVID-19. Traditionally, the ‘auspicious time’ by Hindus is being valued since time immemorial as it is believed that starting something during the auspicious time provides many benefits and help the business flourish. It is believed that any business, office, shop or factory that is started at a ‘shubh mahurat’ always open up new business opportunities for the entrepreneur.

If one starts the business at an ‘shubh’ time, the business will become a great success with speedy growth. Let us see when are these auspicious days in November 2020 according to astronomy.

November 12, 2020 (Thursday): Dwadashi Tithi and Hast Nakshatra falls on this day and it is a good time to start a new office.

November 13, 2020 (Friday): Chhatra Nakshatra falls on this day and is the best time to start any new business on the day of Dhantrayodashi.

November 15, 2020 (Sunday): This is an auspicious time which will open up new avenues as Amavasya and Anuradha Nakshatra falls on this day.

November 19, 2020 (Thursday): This is also an auspicious time for setting up and anew business as Panchami Tithi and Uttarashada Nakshatra fall on this day.

Other auspicious dates in November 2020:

Any shop or factory or new office can be inaugurated on November 12 and 13. Both the days are the best date to start a new shop or office.  Amritasiddhi is an auspicious time which is formed by the special combination of war, date and constellations. This shubh time is very auspicious and fruitful. Any work that has starts at this mahurat will reach new height and will proper and flourish in the years to come.

Categories
Finance Sales

Planning to Start a New Business? These Dates Are Auspicious for the Opening of Shop, Office and Factory in November 2020

Hindu Puja (Photo Credits: Pexels)

If you are setting up a new business, you will always consider an auspicious time to start the venture or a firm. It is believed that the ‘auspicious time’ known as ‘mahurat’ followed by Hindus before starting any kind of new business, small or big, can provide many benefits and help the business flourish. Any work, office, shop or factory that is started at a ‘shubh mahurat’ always open up new business opportunities for the entrepreneur. If one starts the business at an ‘shubh’ time, the business will become a great success with rapid growth. Let us see when are these auspicious days in November 2020 according to astronomy.

In November 2020, a new shop, new office or factory can be inaugurated in these auspicious times-

  1. November 8: If you wish to open a new shop, November 8, 2020 is an auspicious day as it is Saptami Tithi and Pushya Nakshatra on that day.
  2. November 12: On 12 November 2020, Dwadashi tithi will be observed which is considered to be auspicious for starting or opening new office as the day falls on Hasta Nakshatra, which is lucky.
  3. November 13: It is a Friday and it is an auspicious time to start trading as Trayodashi and Chitra Nakshatra fall on the same day.
  4. November 15: Sunday, November 15, 2020 is an auspicious day for opening shop due to Amavasya and Anuradha Nakshatra.
  5. November 19: On Thursday, November 19, 2020, Panchami Tithi and Uttarashada Nakshatra are auspicious to start business.
  6. November 20: On Friday, Shashthi Tithi will be auspicious for shop Opening due to Uttarashada Nakshatra.
  7. November 25: Ekadashi falls on November 25, 2020, which is a Wednesday. The date is auspicious and lucky for office opening due to Uttarabhadrapada nakshatra.
  8. November 27: On 27 November 2020, Dwadashi Tithi and Ashwini Nakshatra are beneficial for the beginning of any trading in business.
  9. November 30: Rohini Nakshatra with full moon on Monday is auspicious for starting a new business.

The Auspicious time for shop-factory-office opening as per Sarvarthasiddhi Yoga are: November 12, November 13, November 25, November 27, November 30. The auspicious time for opening of shop or office – November 8, 12, 13. With the onset of the festive season, people are now gearing up to bring their business to normalcy after being severely hit by the coronavirus pandemic. In the new normal, entrepreneurs are now gearing up to look for opportunities to revive their businesses.

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Marketing Sales

COVID-19 Impact: Meeting Customer Expectations Top Challenge for Indian SMBs Amid Pandemic

New Delhi, October 15: Amid the coronavirus pandemic in India, the small and medium businesses (SMBs) have been finding it challenging to bring innovative offerings to market, personalise customer engagements and keep up with demand when meeting customer expectations. A new report revealed that financial management is the top challenge SMB leader respondents personally face when growing their business. According to a study conducted by leading Cloud software company Salesforce, maintaining financial growth is the top challenge constraining future business growth. It added saying that meeting customer expectations is the top constraint on operations for SMB respondents in India.

The survey was conducted online by The Harris Poll on behalf of Salesforce. Sunil Jose, Senior Vice President, Salesforce India, said that while reduced customer demand is the top constraint on future growth, applying for financial assistance is the top consideration for the future of the business for the SMBs in the country. “Amid a challenging business environment, SMB leaders have displayed remarkable strength and resilience with only 16 per cent of SMB respondents in India expecting an entirely new structure post the pandemic,” the study said. “This demonstrates that SMBs’ in India are resilient and positive of business continuity ensuring they get back on track”, the study added.

A report by IANS said that while 30 percent of the SMB leader respondents in India expect business to be as usual, 48 percent believe it would be slightly modified. In addition to pre-pandemic challenges, the SMB leaders in India are now faced with operational restrictions, compliance mandates, and shifting customer expectations. However, SMB leaders remain optimistic about the future of their businesses globally, the report added.

It added further that even during the pandemic, SMBs are continuing to adopt new technology, with at least one in five SMB respondents reporting they’ve implemented at least one of the following technology solutions in the last six months, including email marketing software, customer service software, project task collaboration tools, or e-commerce software. “Globally, SMBs’ are at a critical juncture. The key to accelerating consumer demand and solving problems for scale, come down to how they leverage technology to deliver the best customer experiences,” Jose explained.

Categories
Finance Sales

India’s Auto Component Sector, Hit by Slowdown and Hammered by COVID-19, May Record 15-18% Dip in FY 2021 Revenues

Passenger vehicles segment. (Photo Credit: Twitter)
Passenger vehicles segment. (Photo Credit: Twitter)

Chennai, September 5: Amid the COVID-19 pandemic, Brickwork Ratings on Thursday reported that auto component manufacturers are expected to suffer about 15-18 per cent decline in their revenues in FY 2021. Brickwork Ratings also claimed the sector may see a decline of an average of 100 basis points (bps) in their EBITDA due to sharp contraction in demand over what the industry experienced during FY 2020.

Releasing the report, Brickwork Ratings stated that India’s auto component manufacturers saw a decline in the revenues by 8-10 per cent after a year-on-year (YoY) increase until FY 2019. This was due to the shrinking order book from Original Equipment Manufacturers (OEMs) due to lower automobile sales in the last fiscal.

Elaborating more, the report stated, “BWR (Brickwork Ratings) expects export revenues to decline as well in FY21 as more than 50 per cent of our exports are to markets in Europe, the UK and the US, and demand from these markets is expected to decline amid the Covid-19 outbreak and postponement of model launches or deferment/cancellation of orders.”

Adding more, Brickwork Ratings predicted auto components players will be affected adversely in the first quarter of the current fiscal and the dip in revenues may continue in the second quarter. Though they expect a gradual recovery in vehicle sales from the second half of the current fiscal, the sales of automobiles are expected to decline in FY 2021 due to the postponement of model launches, reduced production levels, supply chain disruptions and the slowdown in new capacity additions.

It is to be known that India exports around 27 per cent of its automotive components production to the US, Germany, UK, Italy, Turkey, UAE and Thailand. Over 50 per cent of exports are to markets in Europe, the UK and the US.

Apart from this, the domestic market has also been impacted due to the shutting-down of dealerships and OEMs until mid-May 2020. Other reasons include labour shortage, the shortage in raw material availability, lower income levels and weaker consumer sentiments.

Categories
Finance Sales Strategy

TReDs Platform Joining Fee Waived For MSMEs till September 20

TReDs Platform
TReDs Platform Joining Fee Waived For MSMEs till September 20 (Photo Credits: Ministry of MSME)

Mumbai, August 18: Narendra Modi government has invited MSMEs to join the Trade Receivables Discounting System (TReDS) platform with zero fees. The free access to the TReDS platform will be there till September 20.

TReDS is an online factoring platform connects buyers, suppliers and financiers. This platform will enable MSME suppliers to get quick access to low-cost finance.

Joining Fee on TReDs Platform Waived till September 20:

Congrats MSMEs !
The fee for joining TReDS platform has been waived. You can get funds against your approved invoices quickly. Register yourself and make your #msmetochampions. @FinMinIndia @sidbiofficial pic.twitter.com/4KdUEyGAaz

— Ministry of MSME (@minmsme) August 17, 2020

What is a TReDS platform?

TReDS is an online mechanism for facilitating the financing of trade receivables of MSMEs through multiple financiers. It also enables discounting of invoices of exchange of MSME sellers against large corporate.

How will MSMEs benefit on TReDS Platform?

Quicker Payment: MSME sellers will receive funds against the approved invoices within 48 hours
Multiple Financiers: MSMEs are not restricted to a single bank. With the help of TReDS platform, they will have the option to choose the lowest bids among the multiple financiers.
Without Recourse Borrowing: There will not be any obligation on the seller to repay the financier. The buyer’s account will be dedicated automatically through a pre-approved NACH mandate.
Lower cost of Funds: Sellers will be able to access financing at competitive terms as it is based on the credit rating of the buyer. The transparent bidding process will help to discover the most suitable price.

 

Categories
Process & Business Expansion Sales Startup

Steps Taken by Modi Government to Give Relief to MSMEs, to Accelerate the Wheel of Economy That Slowed Down Due to Lockdown

Business in India | Representational Image Only (Photo Credits: Pexels)

The government has said that the recent steps that it has taken are aimed at giving relief to MSMEs which will in turn accelerate the wheel of economy in India. Union Minister for Micro, Small and Medium Enterprises Nitin Gadkari, during a webinar said that the changing the definition of MSMEs, Scheme of Fund of Funds, Champions portal, extended credits to MSMEs will certainly accelerate the wheels of economy which had slowed down due to lockdown in the wake of the coronavirus pandemic.

During his address, Gadkari informed that loans of about Rs 1,20,000 crore have been disbursed to MSMEs out of Rs 3 lakh crore announced in the relief package. Discussing about the problem of delayed payments, he said that instructions have been given to all Ministries, Departments and PSUs to clear pending bills of MSMEs within 45 days. He also urged all Chief Ministers to issue directions for clearing MSME dues by their State/UT Ministries/Deptts and PSUs on priority. The Minister added that we are closely monitoring the complaints lodged at SAMADHAN Portal also.

Gadkari said this while addressing a Virtual MSME Conclave organized by FICCI Karnataka State Council. The Minister further appealed to all the stakeholders to do away with all kinds of fear and negativity and assured that government is doing everything possible to make the country a super economic power. The Minister informed the participants of the webinar that we are working on the idea of a Land Bank and Social Micro Finance Institution which will be very helpful for entrepreneurs and persons who want to run small shops and businesses.

While discussing Atmanirbhar Bharat Abhiyan as envisaged by Prime Minister Narendra Modi, Gadkari said that handloom, handicrafts, khadi industries and agro-based industries should be encouraged especially in 115 aspirational districts in India. He said planning will be taken up for special policies for agricultural, rural and tribal sector because they have huge potential of creating employment.

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Sales

Grow Your Business Globally Through Channel Partners

How to build a successful Channel Partner Program?

Whenever you want to increase your profit, you always look at the sales team first. Your business depends on sales and therefore the team needs to find prospects, work towards getting the sales done, get signatures and close the deal. But a company just cannot rely on its sales force for revenue generation. And therefore, other strategies and programs need to be instituted. If the goal of your company is to boost revenue, you might need a secret weapon outside the sales team; a channel partner business. By partnering with channel partners, you can increase your sales numbers, drive new customers and grab the opportunity you may not have been exposed to.

Look for a channel partner that fits your DNA

  • Look for a company or a person who can ideally sell your product or services.
  • Make sure your channel partner fit is logical and long term in nature. Check for the cultural and competency fit too.
  • Understand if your channel partner is ready for this opportunity? Do they have all the resources to invest in this opportunity or partnership?
  • Analyze if they can make you reach your goal?
  • Do they have the skill set they need for a successful implementation?

Build relations with your channel partner

  • Building a mutually beneficial plan is the key to making a channel partner work. Make sure it is a win-win situation for both.
  • Build a relationship with your channel partner where they invest in selling your product the way you and your team do.
  • Your first partner should be the one whom you are familiar with and can trust. 
  • Make an agreement where your channel partners see enough value in the partnership for them to focus on it.
  • Work closely with your partner and build a strong relationship, if you want it to be effective. This will help you understand what works and what needs to be adjusted.
  • Build a team of relationship managers to maintain a relationship with the channel partners. For example; Bada Business Pvt ltd has a team of proficient 25 relationship managers to maintain relations, get feedback, and follow up with the partners and also check if all the formalities are in place.

Equip your channel partner with the right tools

  • Provide a sales toolkit to your channel partner business and show them what the selling process is going to be like.
  • Have multiple training sessions with your partner on how your product is pitched and positioned. This process will make sure they represent your brand well in the market.
  • Build a channel partner business plan that includes development assets like company videos, success stories, landing pages to encourage them.
  • Go the extra mile to educate and empower your partner with whatever they need, this will add more value to your company.

Make sure you can scale along with the new channel partner

  • Before approaching a channel partner, make sure you do your homework on them.
  • Build a solid team to handle the partner and divide them into regions.
  • Look for a partner who fits your DNA, then provides them effective training and sales tools to ensure your commitment towards the opportunity they bring in.
  • With a smart channel partner strategy, you can dramatically grow in no time.
  • Selling through channel partners can take your business to a new market effectively.

Bada business Pvt. Ltd. provides immense growth opportunities to associate with the brand ’Dr. Vivek Bindra’ as a channel partner. In this partnership each of the partners is focused on working towards solving the burning problems faced by entrepreneurs today. 

If you also want to work with a brand like Bada Business (Dr. Vivek Bindra’s initiative) as a channel partner and fulfill your dream and vision of doing something for entrepreneurs of ’Real Bharat’ then click on this link and fill up the given requirements:-

https://www.badabusiness.com/franchise-partners

Build a solid platform like Bada Business where the partner can exchange their ideas and create a lasting impression on your customers.