Fri. Apr 19th, 2024

From bustling bazaars to swanky online stores, India is seeing a surge of exciting new businesses. Savvy entrepreneurs are tapping into the potential of product reselling – purchasing inventory wholesale and selling it at a profit. Without the overhead of manufacturing, the startup costs are low. Pick a product, any product! From mobile phones to beauty creams, you can resell just about anything. Start small and test ideas. Pivot and adapt quickly based on customer demand. 

With an online store, you can reach customers across the country. Harness the power of marketplaces. Once up and running, product reselling can lead to passive income as you scale up your operations. 

It’s an opportunity brimming with potential – Reselling products in e-commerce platforms like Glowroad.

Market Research

Before starting a product reselling business, it’s crucial to research your target market and competition. This involves analyzing market demand, buyer behavior, pricing trends, and competitive landscape. 

First, evaluate the appetite and demand for the products you plan to sell. Examine search volume and buyer intent through tools like Google Trends. Check what people are searching for and showing interest in. 

Next, study your competitor’s offerings. See what type of inventory they carry, their pricing strategy, where they sell, and their reputation. This will help you identify gaps or opportunities to differentiate. Reviewing reviews and feedback for competitors can provide insights into customer needs and pain points. Use this to shape your value proposition. 

Legal Registration

 

Before starting any business in India, it’s important to legally register it. This will help you operate legally and gain access to certain benefits. 

For product reselling, you need to register your business. There are three main options:

  • Sole Proprietorship – This is suitable for small-scale operations being run by an individual. You can apply for a PAN card and Goods and Services Tax Identification Number (GSTIN).
  • Partnership Firm – If 2 or more individuals jointly run the business, register a partnership firm. File the partnership deed with the regional registrar. Also, obtain PAN and GSTIN. 
  • Private Limited Company – Register a private limited company for larger-scale businesses. File company registration documents with the Ministry of Corporate Affairs for a CIN.

Product Sourcing

Finding the perfect supplier is like going on a treasure hunt – the thrill of the chase and the sweet reward of discovery. Trade shows offer a bounty of potential partners. Wander the booths, shake hands with wholesalers, and uncover deals through in-person charm. Search online bazaars bursting with worldwide vendors. Filter and compare until you find promising prospects, then vet them thoroughly with background checks. 

Tap into existing e-commerce supply chains by purchasing directly from the source in bulk. Ask fellow resellers to recommend their trusty suppliers. Build lasting relationships with vendors through fair deals, big orders, and prompt payments. 

Pricing Strategies

Finding that sweet spot for pricing is the secret ingredient to running a profitable product reselling biz. Do the math on your costs – the product, shipping, storage, packaging, and platform commissions. Don’t forget returns! Add it all up to get your baseline.  

Decide how much profit you want to make on each product. Usually, 20-50% above costs is a healthy margin. Keep tweaking and testing different prices, and watch the sales data closely to see what works. Don’t make huge overnight changes without reason. 

 

Promotions and Marketing

Good and trending products are key to attracting new customers and increasing sales on e-commerce platforms like Glowroad. Leverage the power of digital marketing to showcase your wares across social media. Run targeted ads, contests, and giveaways to get more eyeballs on your WhatsApp and Facebook. Send regular email newsletters with special offers and discounts to encourage repeat purchases. Optimise your website and product pages so you get found in searches. Use print, events, and networking to build local buzz. Reward existing customers for referrals. Experiment with paid ads on Google. Dangle time-limited deals to create urgency. Pursue strategic partnerships with complementary brands. Keep testing your techniques – the sky’s the limit for your promotions to resell products in Glowroad.

Customer Service

A loyal customer base and repeat business won’t happen without excellent service. To delight your customers, respond promptly to inquiries, resolve issues satisfactorily, follow up after sales, get to know them personally, train staff on communication and problem-solving, make self-service available, provide human assistance, and survey for continuous improvement. 

Conclusion

Starting reselling of products on Glowroad in India can be a great opportunity. With low costs to begin and many products to choose from, resellers can grow from selling locally to across the country, especially online. The keys to success are researching the market, legally registering your business, finding good suppliers, managing your inventory well, and pricing your products on Glowroad right. Good customer service and creative promotions also help grow your business. Reselling products is a profitable way for entrepreneurs in India to make money and be their bosses in this energetic marketplace.

By Tannu yadav

I am Tanu Yadav, a passionate Digital Marketing Executive specializing in email and sales at TechDuffer. With a passion for driving business growth through innovative digital strategies, I bring a wealth of experience and expertise to the dynamic world of technology and marketing. I have the key to TechDuffer's successful digital marketing efforts as the company's expert in email and sales. Equipped with an insightful understanding of the always-changing terrain of digital marketing, I create interesting email campaigns that draw in viewers and turn leads into devoted patrons. I am aware of how crucial it is to coordinate marketing initiatives with sales targets to increase income and cultivate enduring client connections. I am skilled at using digital platforms to design smooth client experiences that boost revenue and expand a company. I like to keep ahead of the curve in the quick-paced world of technology by keeping up with the most recent developments in the field and new tools. My creative thinking and dedication to quality make me a priceless member of TechDuffer's marketing team.

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