Technological advancements and the changing nature of the world have caused India’s demand for electronics and technology upgrade to grow rapidly.
Power generation capacity and transmission and distribution lines have also contributed to the increase in the popularity of electronics. The cost-effectiveness of the electronics sector has undoubtedly been a key factor for its rapid growth.
Getting an electrical shop loan with minimum documentation and convenient business loans has made it easier for people to start a business in this sector. The electronic sector will see 386.0 million users in India by 2025, and it is estimated that online sales will generate 33% of the total market revenue.
For increasing sales, focusing on effective strategies and implementing them is imperatively effective in today’s market.
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Market analysis of electronics sector in India
Over the last few decades, the electronics market has undergone rapid changes. Each electronic market segment has undergone drastic changes, from the product domain to the retail environment. With this industry’s potential growth, the GDP growth rate has increased along with consumption income.
The following factors have driven electronics market growth:
- As a result of rapid urbanisation and rising incomes, electronic goods are becoming more affordable, leading to an increase in the sales of mobile phones and tablets.
- India has seen a boost in demand for electronic products due to government initiatives such as smart cities and the digital economy.
- Furthermore, the rapid development of new technology and innovations has partly increased the demand for electronic products because it has led to longer product lives and a higher customer satisfaction rate.
- Many people have also been motivated to start their electronic store because it is easy to obtain a business loan.
- Also conducive to the progress of this industry are government policies such as the make in India national policy of electronics and the zero defect zero effect.
Tips to increase sales for electronic store business in India
Everybody’s life has been made easier by electronic gadgets because it simplifies work and deliver results instantly. Electronics are in high demand, which offers opportunities for establishing an electronic shop. To increase sales for your Indian electronic store business, however, follow the tips listed below.
1. Don’t sugarcoat your sales copy
In addition to helping your business attract customers, being honest also fosters and encourages trust in your brand. Keep your sales copy straightforward and honest; do not exaggerate anything.
In addition to strengthening your brand credibility, it is an important approach to increasing your customers’ trust in your brand.
2. Hyper specialisation
Find out what kinds of electronic devices are in great demand and what kinds of devices the targeted audience loves. Ensure you have a wide variety of products and services, from affordable and cheap products to luxury items.
Be sure your electronic store offers products that are customer-friendly and reliable. It becomes increasingly important to give the customer a great experience.
3. It’s all about search engine optimisation
Search engine optimisation helps your website rank higher on search engines, bringing you more customers and allowing you to sell more products online.
In this way, it will be able to attract many people and thus increase sales. You can do search engine optimisation if you accompany products with images, apply price filters, and make available offers or current deals in conjunction with the product.
Clients can obtain what they want immediately and find products from other brands they’re familiar with.
4. Boosting average checkout prices
You can make the most of the shopper who is willing to buy from your online store by having them add more items to their shopping cart at the same time. You can maximise sales and profits by increasing your average check out price.
Providing free shipping on orders over a certain amount and highlighting your best-sellers are the easiest ways to increase sales.
Alternatively, you can show a banner offering offers on specific products they have bought together. By doing so, you will attract your client base, and it will add more items to their shopping carts.
5. Build customer trust by giving them reasons to trust you
Since getting an electrical shop loan is easier nowadays, many people are stepping into the market to start an electronic store.
With competition increasing and more businesses entering the market, getting an edge among your competitors is important. Establishing trustworthiness is an important factor in increasing customer loyalty.
Increasing your customer base makes you more likely to sell more electronic products or services.
6. Money-back guarantees can be effective
Occasionally, the risk is one of the most powerful reasons customers don’t buy your goods or services. They will feel more motivated to trust your products and services if you promise them that your negligence will not cause their loss. Consequently, sales will increase.
7. Promote inefficiently
Advertising is crucial to intrigue customers and to increase sales of your products and services. You can advertise about your company or brand and advertise about the offers available on certain products occasionally or any time of the year.
In India, Diwali and Navratri are one of the peak times when a large number of people buy electronic products. By promoting special deals during these festive times, you will be able to attract customers.
8. Let customers choose the way to pay
Cashless India is being promoted rapidly, and online transactions other than cash and cards are rising. Make sure that you have various payment options from cash, card to online Upi or wallet transactions. In this way, customers can choose products without worrying about not having enough money to buy them.
The bottom line
Knowing the smart strategies for running a successful business is the first step. Implementing these strategies will enrich your electronic store business as you plan to grow your business.
Ziploan is one of the leading NBFCs and provides electrical shops loans or business loans from rupees 100000 to 7.5 lacs. Their goal is to provide loans swiftly and efficiently for manufacturers and SMEs in the country.
They ensure that the whole process of delivering the business loan is completed with minimal documentation and within three days. You can learn more about their services on their website.
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