The importance of building a brand in today’s eCommerce marketplace cannot be overstated. According to Anshuman Jain, Partner Manager at Shopify Gold, Indian brands, especially those related to local specialties (e.g., handmade products, apparel, spices) are appealing to different cultures and geographies. This is especially true when the brand takes the time to learn about their target customers and demographics.
That was one of the main takeaways from the “How-To Manual to Build a Successful Online Brand from India” panel at the recent Payoneer Mumbai Forum. Read more about the main takeaways below or click on the video above to watch the full discussion.
Indian Brands Wake Up to Marketplace Growth Opportunities
For Brij Purohit, co-founder at Sellerapp, “[branding] opportunities are immense, we just have to think big, look big…”. For new businesses, thinking big should include investing in a brand, which can build up your reputation, helping to ensure long-term stability.
For Indian sellers, branding opportunities are expanding every day. To learn how to brand your company, let’s look at the six tips outlined during the panel discussion.
6 Tips for Launching an Online Brand
Here are a few key takeaways that business owners and potentials can utilize to make the most out of their online brand launch.
1. Know your product
There are millions of products on the market. What would make someone choose yours over another one like it? This is the most important question to ask yourself when launching your own brand in India. Find your unique selling point. Tell the world what makes you special. And then build your product offering around that.
2. Learn the local demographics
Having a lot of people look at your brand is great, but it’s a waste of everyone’s time if they aren’t interested. Before you launch, research the market. Learn about your target demographic. Research competitors’ audiences. Find out who you should be targeting and where they’re hanging out for the most efficient marketing possible.
3. Create a brand on marketplace
According to the experts, you need to have a presence in the major online marketplaces. These platforms allow you to sell, advertise, and meet your customers’ needs in ways that a private channel could never accommodate. Benefits of a marketplace include:
- Infrastructure – A marketplace offers you an eCommerce platform that is already set and ready to roll. You can simply upload your products, tweak them to your liking, and start selling immediately. The entire infrastructure is already set up for you, meaning you don’t need to spend time on coding, design, or any nitty-gritty details.
- A platform for testing and experimenting – Because the other things are already taken care of, marketplaces are an excellent arena for brands to test out products and practices. Use the platform to experiment with various campaigns, product listings, and other ideas. With a larger consumer pool, marketplaces also give you the advantage of more data.
- Greater geographic reach – There is no arguing the advantage of a marketplace when it comes to geographic reach. Your customer body expands exponentially when you enter one of these platforms.
- Data, data, and more data – Marketplaces are built for eCommerce. As such, they have numerous ways to help sellers maximize their reach. Information dissemination tools can gather data like unique customer demographics, customer profiling, product selling statistics, and more. This allows you to target your campaigns more effectively, price products more competitively, and run your business more efficiently.
4. But don’t lose your own channel
Having a presence in a major online marketplace is essential for eCommerce success. At the same time, however, experts emphasize the importance of maintaining your own private channel as well. This is a good idea for many reasons.
For one thing, it’s easy to get lost in the big marketplaces. There are so many brands and so many products that are the same. If you’re not careful, you can quickly get swallowed up by the masses. Maintaining your own private channel ensures that this doesn’t happen. With your own website, you are a single, lone entity. When someone lands on your shop, they’re paying attention only to you.
Which brings us to the next benefit. You call the shots. You get to decide what the page looks like, how it’s laid out, what types of advertising show up, and most importantly what the user experience is like. With your own channel, you get to craft the journey, and this can make all the difference for many consumers.
5. Have an epic launch
A good first impression is worth its weight in gold, so make sure your brand’s first launch is epic. Do your homework, invest capital, and time things properly. Remember, anticipation is a wonderful thing. So be sure to tease your audience by circulating hints on social media platforms, create viral videos, and build hype before the launch. Then make sure everything is ready for a smooth and exciting launch without any glitches.
6. Have a plan B
It’s good to have a plan and stick to it. But when all else fails, make sure you have a plan B. Don’t be afraid to throw out an original idea and try something new if it’s just not working. Have flexibility. Be open-minded. And listen to the advice of those around you.
India is one of the emerging markets in today’s commerce industry. Be one of the success stories by implementing these useful tips from the professionals, and watch your new online brand explode.