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Startup

How to Register a Private Limited Company: Things you Must Know!

business registration in india
business registration in india

From a handful of tech-ventures to 29K startups in 2014 to around 55K startups by the end of 2020, The Indian startup system has developed and grown by leaps and bounds in the past decade.

Although the COVID 19 pandemic has delivered a brutal blow to the startup system, it has also acted as a catalyst for many to reimagine, recreate, reengineer, refocus, and reappear.

With around 12 Indian start-ups joining the league of Unicorns in 2020, more and more local entrepreneurs are pushing themselves to become self-reliant.

According to the Department for Promotion of Industry & Internal Trade, there were around 24,927 companies were recognized as startups in November 2019. And during the pandemic, the Indian startup ecosystem has emerged even stronger with 39,114 new startups in early November 2020.

reference https://inc42.com/resources/registering-your-company-a-step-by-step-guide/

If you are planning to start a business and register it as a private limited company, here are the key steps that will ensure a successful company registration in India.

But first things firsts! What exactly is a private limited company?

A private limited company is a privately-held business entity. Though it is held by the private stakeholders, the partnership extends only up to the number of shares held by them. The governing body for such a company is the Ministry of Corporate Affairs (MCA).

Here is a list of mandatory things for the company registration process:

Members & Directors: For a company to get registered, it must show a minimum number of two and a maximum number of 200 members. This requirement is mandatory according to the Companies Act 2013.

Name of the company: This is often considered the most technical task, which is also the most difficult. A private limited company is required to cover the three aspects while deciding a name such as Main name, Activity to be carried out, and mention of PVT. Ltd in the end.

Registered office address: The permanent address of the registered office must be filed in the registrar of the company, once the company has been registered.

Important Documents: For electronic submission of documents, the registered company must obtain a digital signature certificate. A digital signature certificate helps to verify the authenticity of the documents.

Steps to form a Private Limited Company:

Step 1. Obtain DSC (Digital Signature): As we mentioned earlier, DSC is required to file the forms for company formation. It is mandatory for all the subscribers and witnesses in the memorandum and the articles of association. As the company registration process is online, the forms require a digital signature.

Step 2. Apply for DIN (Director Identification Number): DIN is an identification number for a director. The business owner who wants to be a director of the company must obtain DIN. One DIN is sufficient to be a director in any number of companies.

Step 3. Name Approval: Decide a name and apply for the registration. There are two methods- RUN (Reserve Unique Name) and SPICe (INC-32). In the first method, the applicant gets only a single chance. Once rejected, the applicant will not get a second chance to apply. The applicant will have to re-file another RUN with the prescribed fee.

In the case of SPICe, the applicant will get a second chance of approval, in case of rejection due to the non-approval of the name.

Step 4. E-MoA (INC-33) and e-AoA (INC-34): e-MoA refers to an electronic Memorandum of Association and eAoA is electronic Articles of Association. These forms were introduced to simplify the company registration process in India.

Memorandum represents the charter of the company, while articles of the association represent the internal guidelines, rules & regulations of the company.

Step 5. PAN & TAN Application: Through form SPICe, an applicant can also apply for the company`s TAN and PAN. Form 49A is used for PAN, and form 49B is used for TAN. Once you have submitted the form SPICe, the system will automatically generate these forms.

You can download the forms from the website, affix them with digital signatures, and upload both the forms on the portal of the Ministry of Corporate Affairs (MCA). After MCA will approve the registration, a Corporate Identity Number (CIN) will be allocated. You can track CIN online on the MCA portal.

We hope the above-mentioned steps will guide you through the company registration process. However, getting your company registered is just the first step.

To ensure that your business grows and prospers in the future, you will need to take care of various other aspects related to business. For that, you will need proper guidance and smart strategies. Take our Everything about Entrepreneurship course to learn the business dynamics.

Click here: https://www.badabusiness.com/?ref_code=ArticlesLeads to learn from the experts!

 

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Startup

How this Indian Unicorn Startup Empowering the Financial Ecosystem for Businesses

Fastest growing unicorns

Gone are those days when transferring money was a long and tedious process. The procedure was long and it required a person to visit the branch office of his bank, followed by filling forms and then standing in never-ending queues.

However, today, it is just a matter of a simple swipe of our fingers thanks to the platforms that have made the online money transfer effortless.

The rise of technology has paved way for a world that offers a lot of opportunities and an open space for various sectors to prosper. One such sector is that of fintech or the online payment industry and today, we are going to talk about Razorpay that has joined the list of billion-dollar companies and became one of the unicorn companies in India in 2020.

An IIT- Roorkee graduate, Harshil launched Razorpay in 2014, along with his fellow Roorkee alumni Shashank Kumar. Razorpay lets its users access multiple payment options like Debit cards, Credit cards, net banking, and even wallets such as Ola Money and Airtel Money.

When Razorpay was launched, its founders had just one aim in their minds- they wanted to make the digital payment processes simpler for small businesses.

Now seven years down the line, Razorpay still has that customer-first approach that made the brand a prime choice for enterprises at all stages. However, it has achieved the status of one of the Unicorn companies in 2020.

In October 2020, the Bengaluru-based brand became one of the unicorn companies. The company managed to raise $100 million in funding which was led by Sequoia and GIC. The existing investors such as Ribbit Capital, Tiger Global, Matrix Partners, and Y Combinator also took part in the funding.

“Most payment platforms take their APIs from banks. Then, they integrate with banks and build a further layer. Hence, they all look similar. But with Razorpay, we got to build the product first, keeping bank integration as the black box. We discussed what the merchants want and what our customers demand. We answered these and built our product,” said Harshil Mehta, CEO, and Co-founder of Razorpay.

Though it took Razorpay seven years to achieve the unicorn status, the company has claimed to turn cash flow positive with 2.6X growth in its revenues. Razorpay`s revenue grew from Rs 193 crore in FY19 to Rs 509 crore during FY20.

This Unicorn startup has launched a neo-banking platform RazoPayX last year to help small businesses in managing their finances. The brand has claimed to serve around 10,000 businesses within the twelve months of its launch.

Razorpay serves many international brands, including the likes of Google, Wikipedia, and Facebook, along with many national enterprises like Zerodha, Jio, and Hotstar. It also serves Indian startups like Khatabook, OkCredit, and Meesho along with SMEs and freelancers in multitudes.

As we said, it took Razorpay seven years to reach where it is now. It takes strong determination, effective brand strategies, a unique business model, and a lot more to take your business to new heights.

You too can grow and expand your business with the deep business knowledge and right guidance with our Everything about Entrepreneurship courses.

Learn from the masters of different industries, who with their first-hand experiences and business knowledge will help you in making your business successful. Click here https://www.badabusiness.com/?ref_code=ArticlesLeads and join the list of successful entrepreneurs now. Visit us now!

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Marketing

Brand Positioning Statement: How it can help you prioritize business growth strategies

brand positioning

In the digital age, business growth strategies and tactics are constantly evolving. As the dynamics of advertisement are rapidly changing, it has become essential for brands to keep up with the latest trends.

But when the algorithms, social media platforms, customer behavior, and interests are changing rapidly, it is difficult to figure out what to focus on to build a successful brand statement.

Now, for instance, you are preparing to bring a new product to the market. After spending countless hours, minutes, days, weeks, and months, even years to determine what sets your product apart from the competition, you create and develop a brand identity.

But how can you ensure that your marketing efforts are aligned with the brand?

According to a report by Forbes, ‘ 38% of users stop interacting with a website, if the layout is unattractive, and 39% of the website visitors stop engaging if the images do not upload quickly’.

The report further explained that after watching a branded social video, 64% of consumers purchase the product. A consistent brand presence across all the social media platforms increases the revenue by up to 23%.

So what does this mean for you if you want to launch a new product in the market? Well, here brand positioning plays a vital role.

But what is brand positioning?

In simple words, it is a brilliant way to tell the world how your brand or product is unique and different from the competitors. It also explains how the product will give your customers a never-before experience, by filling their particular needs.

A brand positioning statement is a wonderful way, where you can let your creative juices flow to describe the key values and qualities that your products comprise and customers are searching for.

A well-crafted brand positioning statement conveys the value proposition to the target audience while describing the brand`s identity, purpose, and distinguishing features.

So whether you are an entrepreneur, solopreneur, or a businessman who is willing to craft a brand statement, it is necessary to get crystal clear on these aspects of your business:

  1. Emotional connection with Target audience: A positioning statement is all about emotions and less about facts. Identify the benefits that will hit the right chord and try to inculcate that element while writing into your brand statement.
  2. Customer Pains: Take ample time to figure out how your product will resolve customer problems. Brainstorm and then try to capture that into your position statement, briefly.
  3. Brand promise: As the competition is huge in the market, you must focus on your product`s unique value and distinct benefits that cater to the pain points of the target market.
  4. Brand identity & core values: What most brands fail to recognize is that it`s not the sales of your products, but your customer`s perception that determines the value of your brand in the marketplace. Hence, keep your brand values align with the target audience when writing a positioning statement.

An excellently written brand statement will help customers to relate to the brand stories, values, mission & vision. This will further help them to develop a strong connection with your brand on a deep level.

Want to create a unique positioning for your brand? Learn how you can create a deep connection with your audience which is beyond buyer and seller relationship with our Problem Solving Courses. Find 600 business templates that will help you create a unique brand identity.

Click here https://www.badabusiness.com/psc?ref_code=ArticlesLeads  and move towards a better brand positioning for your products.

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Startup

EdTech Start-Ups: 4 Tips Entrepreneurs Should Follow to Become Successful in Online Education Business

EdTech Start-Ups| Representational Image (Photo Credits: Pixabay)
EdTech Start-Ups| Representational Image (Photo Credits: Pixabay)

Education sector has evolved a lot not only in curriculum but in the methods of imparting knowledge. The advancement in technology has a huge influence on the evolution of education. Various start-ups have come up in this sector, providing classes to students of all age groups across different streams through online channels. These start-ups, popularly known as the ‘EdTechs,’ are becoming highly profitable in the present times. EdTechs use software like virtual reality, videos, automation and more to make education more engaging and more approachable for all. 3 Brilliant low-investment Online Businesses to Start Now!

As more and more entrepreneurs enter the education sector with the aim to establish their own businesses, the EdTechs are facing stiff competitions. The hype around the sector has been further accentuated due to the COVID-19 outbreak and subsequent lockdown, as students increasingly turned towards online classes with schools around the globe closed down. Here are 4 tips for successful EdTechs-

Pick Up the Right Educators

Educators are the key to the success for an EdTech as they are in direct and regular contact with the users. They are also the first point of contact between the firm and potential users. While choosing the educator, firms should be very careful about their knowledge, articulation, mannerism and language. They should also have a sense of dealing with the students, and be patient with their queries and doubts. Food Business Ideas: 4 Low-Investment and Interesting Food Businesses That You Can Try.

Diversify Courses Offered

Entrepreneurs should not restrict their platform to one type of classes, or teaching. In order to attract a wider user base, the EdTech should introduce a variety of courses including school’s curriculum, competitive examinations, college curriculum, special courses, multi-lingual courses among others. A wide user-base ensures a strong revenue streams, thereby ensuring survival and growth of the firm.

Multi-Lingual Courses

Another to increase the reach and user base is to provide courses in different languages. For a country like India, offering courses in various regional languages will attract more and more users and provide wider reach. Educators affluent in regional language of the user helps to develop connect faster and it is advantageous for students as well because the students are able to learn and comprehend faster.

Offer Inclusive Courses

Firms can also target and explore the niche dedicated to ‘specially-abled students.’ There are various educators who specialise in dealing with such students and providing them proper guidance. Very few educational institutions in the country are offering inclusive education. It provides a good scope for the firms to grow and expand and make the first movers advantage in the sector.

Education sector is among a few sectors that are not hit by any kind of recession, business or social fluctuations. The advancement and digitalisation of the education have made establishing and running business in this sector more feasible. However, entrepreneurs should make sure to stand apart from the crowd and offer varied courses to attract more users.

 

 

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Business motivation

3 Brilliant low-investment Online Businesses to Start Now!

onlline business

Have you lost your job recently or want to quit your dead-end job to follow your dreams of starting an online business? If you can feel yourself nodding, then keep reading!

The Indian startups of today are the MNCs of tomorrow that can go a long way in achieving the goal of ‘Astmanirbhar Bharat’, Prime Minister Narendra Modi said, after laying the foundation stone for the permanent campus of IIM-Sambalpur in Odisha through video conference.

According to a report published by Forbes India, ‘the Indian startup ecosystem flourishing rapidly, with more than 25 startups becoming a billion-dollar company and joining the Unicorn club.”

Now, when the growth is so phenomenal, it is an excellent time to start your online business. But firstly, it is very important to understand that your perfect online business idea should consist of three things:

a). It should be something you like doing

b). It should be something you are good at

c). and it should be something that is in demand and you get paid for it.

So whether you already have a business idea, or are confused about it, worry not! We have curated a list of 3 low-cost online business ideas that you can start this year:

  1. ONLINE BOOKKEEPING

Just like so many other professions, even bookkeeping has gone online. If you are an accountant or a college student who is good with numbers, you can start offering your services online to companies. All you have to do is set-up a client account and manage it online.

  1. LANGUAGE TRANSLATOR

Despite the technology taking the front seat, the demand for skilled translators is soaring high. It is one of the best online business ideas that do not require any investment. All you need to do is build your profile online on various sites that are looking for translators.

  1. AFFILIATE MARKETING

Being an affiliate marketer can be profitable if you know about digital marketing and blogging. Affiliate marketers earn commission on sales by promoting the products of other people. Affiliate marketing is often combined with wth blog writing. So if you have a blog page that is both engaging and followed by users in large numbers, becoming an affiliate marketer is an excellent low-cost business idea.

The online business ideas we have mentioned above do not require a huge investment. In fact, they are brilliant zero investment business ideas. If you want to have a business on your own, learn the most essential things that you will require when setting up your start-up with our Everything About Entrepreneurship course.

It will give you some of the simplest tips and will guide you from the beginning and throughout your journey. To know more about this course, visit https://www.badabusiness.com/?ref_code=ArticlesLeads and we will get back to you!

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Startup

Food Business Ideas: 4 Low-Investment and Interesting Food Businesses That You Can Try

Food Businesses in India (Photo Credits: Pexels)

If you are fascinated about cooking and want to try your luck in any food business, this year can be your year! If you are a foodie and love to make and eat food, you should try and establish a business in the food making industry. If you are planning to start a food business, you should think about: What will differentiate your product from the rest? What are successful food businesses and what do you have to do to go beyond your competitors? When starting your food business ensure you incorporate the lessons from these businesses to ensure your food business idea is a success.

One thing that you should keep in mind while starting a food business is, you should gain knowledge related to food safety and food handling practice as it is very important for your business. Here are few ideas that can help you start a food business with low-cost items which are relatively simple to keep the quality consistent.

Bakery

Do you love baking for your friends and family? If you’re a skilled cook, why don’t you sell your delicious creations? If you are good at baking and have the eye for detail for cake designs and pastries and a lot more, then no one can stop you from starting your bakery business. One thing that you should keep in mind before you start is you should be excellent at preparing recipe related to bread and biscuits. You can start this business at small scale and then depending on the demand and the reach, you can expand it.

Cooking Class

If you are really skilled in cooking and know how to tingle the taste buds, you can try starting a cooking class business. Many people desire to learn the art of cooking and tend to look for online cooking classes or a cooking tutor who can help them get away with basic cooking tricks. In the time of COVID-19, online cooking classes can fetch you good money by just sitting at home and the investment requirement for this business is very low.

Pickle Making

There will be hardly anyone who doesn’t like pickles. If the demand is so high and if you are good at making the yum spicy pickles, why don’t you give it a shot? It is one of the home based small scale business idea which will not need much money to start with. People usually prefer homemade pickles and the domestic consumption is also very high apart from the export.

Fast Food Shop

People love to eat junk food. The fast food business in India is one of the most popular food business ideas today which you can get your hands on. Apart from teenagers, people of all age groups prefer fast food during snack time.

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Business motivation

The Truth behind Tata Motors and Tesla Joint Venture!

tata motors and tesla joint venture

As the entire world has realized the importance of going green, India pushes stronger for electric vehicles in its bid to reduce carbon emission. To ensure a cleaner and greener planet, a host of EV or electric vehicles are waiting to be launched this year.

While some of the Mahindra and Tata Motors electric cars have already been showcased, US-based Tesla will be the latest entrant to join the list. Though the news is yet to be confirmed, the shares of Tata Motors surged further by 11% on Tuesday.

The buzz over the Tata-Tesla partnership is the reason behind the surge in the share market.  The sales numbers also have seen a growth from Jaguar Land Rover (JLR) for the third quarter.

According to ‘Businesstoday’, Tata Motors’ share has rallied over 13% in intraday trade to hit a fresh 52-week high of Rs. 249.50 on the Bombay Stock Exchange on Tuesday on the back of the strong volume. The Tata Group stock has soared 26 percent in two sessions amid the buzzing reports of the Tata Tesla joint venture.

Tata Motors shares have gained 23.27% in one year and have risen 31.79% since the beginning of the year. The stock has surged to 35.4% in a single month. The rise in stock is due to the recovery of JLR sales in China, according to the reports published by ‘Businesstoday’.

The share price of Tata Motors has delivered a massive return of 292 percent from its 52-week low of Rs. 63.60 as of March 24, 2020. It has gained 23.27 percent in one year and has risen 31.7% since the beginning of the year.

There have been various factors that boosted Tata Motors` stock, such as increased sales of its overseas subsidiary, Jaguar Land Rover (JLR), along with the partnership between Tesla Inc. and Tata cars. Unfortunately, there is no truth behind those reports. However, Tesla cars are planning to begin their operations in India.

The US-based EV maker Tesla cars is planning to make an official entry into the Indian automotive market. A local entity called Tesla Motors India and Energy Private Limited will be set-up with it`s registered office in Bengaluru.

A statement released by Tata Motors states, “Tata Motors has not taken any decision regarding a strategic partner for its PV business and categorically denies any, and all rumors suggesting the same.”

Earlier on January, 15, Tata Motors announced the sales figures of Jaguar Land Rover, which was earlier hit by the COVID-19 pandemic. However, it is showing a sign of recovery as sales in China remained strong.

Did you enjoy reading about the latest Tata-Tesla partnership? Click here at www.news.badabusiness.com for more amazing stories.

Thinking about investing in stocks or doing a partnership to grow your business? Learn all the finest details and strategies that will help you to establish business partnerships with our Everything About Entrepreneurship course. Take your first step towards a successful business by clicking here: https://www.badabusiness.com/?ref_code=ArticlesLeads Visit now!

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Startup

Expect 12 more Indian startups to become Unicorns, several IPO in 2021: NASSCOM

startup
Startup

As we emerge from 2020 that was no less than a nightmare, 2021 appears to be a great year in terms of economic growth and the Indian technology startup ecosystem. The Indian tech-startups are witnessing constant growth, courtesy of the rapid digitalization and innovative technology adoption.

According to a joint report by NASSCOM & global management and strategy consultancy Zinnov, ‘India will have at least 12 more unicorns in 2021 as the Indian tech startup ecosystem will continue to grow on the back of new technologies.

NASSCOM President Debjani Ghosh said in an interview, “Tech startups have done a tremendous job of pivoting their businesses. I honestly believe what happened in 2020 has strengthened the foundation for stronger and continued growth. Remote work turned to strength and advantage. Startups are now thinking ‘build local but go global.’

“In terms of policy measures, we need continued focus on ease of doing business for startups and think about how we can have more domestic capital, especially when it comes to deep tech”, she further added.

The NASSCOM report also stated that the addition of 12 more unicorns in 2021 will take the total count of Indian unicorns to 50. In 2020, the coveted unicorn club was joined by 12 startups including Unacademy, Razorpay, PineLabs, Nykaa, FirstCry, Postman, and Zerodha.

Paytm with its valuation at $16 billion, has become India`s most valuable unicorn, followed by the Bengaluru-based ed-tech startup BYJU`s.

Adding further, NASSCOM also said 2021 will witness the startup IPOs that will strengthen in 2021-22, with several profitable firms such as Druva, Freshworks, Delhivery, and PolicyBazaar planning to announce their list of shares.

In 2020, IPOs raised around Rs. 30,000 crore in the capital, while in 2019 around Rs 12,362 crore was raised. The experts, however, say 2021 will match those numbers.

InMobi, which is the first Indian startup to achieve the Unicorn status is planning to issue guidance on its IPO in a few quarters. According to Naveen Tewari, Founder & CEO of InMobi, “the startup is certainly excited about the possibility of an IPO (Initial public offering), and is evaluating it very strongly”.

Earlier this week, Mint reported that the omnichannel beauty and lifestyle retailer Nykaa, is planning an IPO by the end of 2021, or early 2022. Founded eight years ago, Nykaa will be the first online retailer to launch an IPO in India.

It has allotted shares worth Rs 64.3 crores under ESOP and looking to join other e-commerce giants such as Zomato, Flipkart, Pepperfry, who are also preparing for the public markets.

2021 will be a year full of opportunities if you are thinking about investing in IPOs this year. Other companies like LIC, Grofers, Zomato, and Ola too might join others, this year.

You too can generate passive income from your wealth by investing in IPOs. Learn smart investing strategies to generate income from Gold, Wealth, and Real Estate from our Problem-Solving Courses. Enjoy financial freedom by clicking here: https://www.badabusiness.com/psc?ref_code=ArticlesLeads

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Business motivation Startup

Want to Have Your Own Business But Facing Budget Issues? Here are 5 Businesses You can Start Under Rs 10,000

Business Ideas | Representative Image (Photo Credits: Pixabay)
Representative Image (Photo Credits: Pixabay)

The world is living in the era of entrepreneurial development and start-ups. More and more people are drifting away from the ‘regular-income job’ mindset and exploring various fields to establish their own business and be their own bosses. The present entrepreneurial generation aims to start their own business and fulfill their dreams. They want to bridge the gap between their passion and profession. The biggest problem however remains the budget. Every person needs a certain amount of seed capital to establish the business and comply with the legal requirements. Prarambha: Everything you must know about the Startup India International Summit! 

Many people give up on the dreams of having a business of their own, owing to shortage of funds and capital. However, there are certain businesses that can be started with a pocket friendly budget. Here are 5 start-up ideas to establish business with Rs 10,000 –

Jewellery Making

There is a lot of demand of customised and artificial jewellery. Not only young generation, people from all the age groups look for fashionable jewelleries for celebratory and causal occasions. In does not require any official set-up or office space, basic raw materials like beads, strings, and artificial jewellery pieces among others to start the business. Such jewelleries can easily be sold at online stores, exhibition and haats. Agriculture Business: 5 Budget Friendly Businesses You Can Start in Agriculture Sector.

Vlogging

Vlogging is an extremely low-cost business which is highly popular these days. Many youngsters are taking up it professionally. They make videos and upload it on various video platforms such as YouTube and Vimeo, and earning money. People can make videos following their passion and expertise. It requires minimum investment in a good camera phone and video editing software.

Food Truck

Another interesting business for people who love travelling and cooking is to have a food truck. It works as a mobile restaurant too. The biggest investment in this business is to have a truck or any other accommodating vehicle. Once a truck is arranged, all that remains is grocery and hit the roads, make food, serve people and earn money while doing the thing you enjoy.

Yoga Trainer

More and more people are adopting and including Yoga in their fitness regime. If someone have an expertise in Yoga, by becoming an instructor of practise one can earn a good amount of money and ensure a regular stream of income. There is no need to any material investment; however the person should have a proper training and knowledge of the art. Many people are giving Yoga classes through online channels, making people fit and health, and earning money.

Bakery

Another interesting and delicious business one can start with a minimum investment is homemade cakes and cookies. People are avoiding buying food items from large stores and restaurants and looking for homemade alternatives of the same. Starting a bakery does not need much of an investment; all it needs is regular kitchen supplies and a pinch of creativity.

Shortage of investment remains the biggest drawback for people who want to start their own business. However, there are certain low budgets businesses people can start with minimum costs. You are start small, work hard and make the business a success.

 

 

 

 

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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