The e-commerce industry is booming day by day and in this increasingly digital age, selling a product online allows you to reach a wider audience. There is no shortage of places to sell your product online, but the main difficulty is choosing which one will suit your brand. If you are opting to build a physical store, you would require a place which is best suitable for attracting the customer. Same is the case with online selling.
India is becoming a top destination for retailers & businesses looking to start selling online. This year alone, the Indian eCommerce market is set to be worth a staggering $38 billion. With a population of over 1.3 billion, India has potential to become the next hub.
Indian e-commerce industry has seen an unexpected growth in the past years. This growth was driven by rapid advancement in technology with the increasing use of devices such as smartphones and tablets and access internet through, 3-G leading to increased online consumer base.
An analysis of the demographic profile of Internet users testifies that e-commerce will rise rapidly in India in the coming years. By 2020, E-commerce in India is expected to account for 3% of the total retail. Furthermore, orders per million are projected to be more than double from five million in 2013 to 12 million by the year 2016.
Below is some list of essential documents and registrations that marketplaces requires during the seller onboarding process and to sell on the indian eCommerce marketplace.
ID PROOF: Signed declaration on the business letterhead stating that the person possesses the bank account held in the name of the business. This includes:-
- Statement of bank accounting registered on payment gateway.
- PAN CARD: You don’t need a separate PAN for your business for tax purpose. Only having a personal PAN will do. And when filing Income Tax returns, you will have to submit returns in your name.
- Voters ID
- VAT Registration
- Driving License
- Any other photo identity card
A REGISTERED COMPANY: You need to have registered company which is the identity of your business. You can sell the products and services as a company. Both Sole proprietorship and company in partnership can opt.
BANK ACCOUNT: A bank account which is presently active is required. It should be in the name of business. A copy of bank account number, account name, bank name, bank branch name, bank IFSC code is necessary.
CONCLUSION: It is an exciting idea for all the new business to start selling online but it’s totally a new concept which that can be tough to implement initially. It’s a tough task for the new e-commerce entrepreneurs to decide what and how to sell online. With the essentials mentioned above, you can start your online store!