How to Sell Online: Advantages and Tips

After the COVID 19 pandemic outbreak, the economy suffered a setback followed by some interesting changes. Restructuring in the market gave rise to competition in the commodity and service market. Interestingly, money earning apps have added extra fuel to the competitive growth where you can also sell online and refer.

An earning app that has been enabling people to build an alternative career and have a secondary source of income is the IDFC FIRST Bank’s MyFIRST Partner App. A referral program allows you to refer people in need of a personal loan through the app, and you get to earn a 1.5% payout on every disbursal. Furthermore, it requires zero investment, offers flexibility, and with weekly payouts, you can reach your own financial goals with ease.

Why should you sell your products online?
 

The online market provides a platform for businesses and individuals to reach a wider customer base. With advancement in technology, more people are shopping online which opens up opportunities to sell online. Some key advantages of online selling include the below.

• Lower overhead costs compared to physical storefronts setting up an online store is more affordable as you don't need to rent retail space. Your operating costs will be lower since you don't need to spend on utilities, staff salaries, etc. This allows you to price your products competitively.
• Your products can be accessed anywhere in the world as customers from all over the globe can visit your online store. You aren't limited geographically to just those who can visit a physical store. This significantly increases your potential market.
• Convenient for customers to purchase from anywhere at any time. People can shop at their convenience without worrying about store timings or taking time out to visit a store. This enhances customer experience.
• Potential for higher sales volumes as your store is accessible to many more people at all times as compared to those who can visit a physical store in limited hours. As footfalls increase, so do chances of higher conversion rates and sales.
• Ability to use various online selling platforms like ecommerce websites, apps, social media, etc. to showcase products. You aren't limited to just your own website but can put up products across different channels to reach diverse audiences. Platforms like marketplaces provide ready customers too.
• Easy product visibility as online stores allow showcasing products with high resolution images and videos. Customers can view products from different angles, in various colors or sizes to make informed purchase decisions. Attractive and detailed product pages translate to higher consideration.
• Simplified inventory management compared to physical stores. No worries about stock outs or excess stock of slow-moving items taking up valuable retail space. Automatic re-ordering ensures ideal inventory levels always.
• Flexibility of changing product prices, descriptions, graphics etc. quickly to test what resonates best with target customers. Physical stores require reprinting catalogues each time.
• Personalised promotions - Use of behavioural data to understand customer purchase patterns and segments. Once this is done, it is possible to successfully find the target audience and offer customised discounts, deals, and recommendations to boost frequency and spending. Offers can even be automated based on purchases.

While starting an online business requires initial investments, with the rich dividends of an exponential reach, optimised operations and data driven strategic growth, the long-term benefits of online selling far outweigh any temporary costs. This makes commercial utilisation of the digital marketplace a must for maximising sales potential today.

However, while you may be offering the best product, consumers are conscious of the comparable products and the benefits offered by other sellers. To keep up with the pace, you need to have sheer competitiveness, the ability to multitask, and excellent communication skills.

Along with these, below are certain sales tips may boost your selling online skills.
 

Do thorough research
 

If you are hopeful about a bunch full of prospects, research thoroughly about them. This doesn’t take much time but gives you the chance to understand your prospective buyer. Twitter, blogs, LinkedIn, and other online selling platforms, and even common connections are some of the ways to know about them and learn how to sell online to the target audience.

Some bonding, first
 

Do not directly jump on selling your products or services. Instead, use your research knowledge to form a connection. A noticeable level of personal engagement can make them feel comfortable. This bond will help you increase your customer base and know what they expect from your products. You can offer them likewise, making your relationship with them last longer.

Focus on your buyer
 

This tip is important as it will help you understand how to increase online sales. Making the sale negotiation about the prospect means not talking about your brand or commodity for long but instead shifting the focus totally upon them. The prospective buyer must feel that the product is tailormade for them.

For instance, as an IDFC FIRST Bank’s MyFIRST Partner, you must build a connection and comprehend your customer’s needs to ensure they understand what makes IDFC FIRST Bank’s personal loans a viable option and the simplicity of the loan application process. This would lead to a seamless transaction, deliver a favorable experience, and get you another referral through your sales channels.

Be aware of the consumer psyche
 

Our brains are modelled in a discrete way to react to identifiable situations. Make the maximum benefit of it while dealing with your prospects by helping them focus on the solutions that you have to offer. While discussing the business deal with them, strike on those psychological chords intelligently, without being intrusive.

Ask questions and be a good listener
 

Regardless of how detailed research you have done about your prospects, you can understand them better only through conversations. Give them enough time to talk and listen to them patiently. Be pragmatic and ask rational questions. This will give you the edge on how to sell online smartly.

Provide the right content
 

Engage customers with useful and entertaining content on your website and social media profiles. Educational blogs, how-to videos, as well as inspirational quotes can help with building authority and also bring in organic traffic.

Leverage social media
 

Platforms like Facebook and Instagram allow you to run geo-targeted ads to find new prospects. Consistent posting keeps your brand top-of-mind and increases the follower base leading to higher engagement and sales over time.

Measure performance
 

Track key metrics such as page views, time spent, add to carts, purchases, etc. on Google Analytics. Understanding what works best helps refine your strategies and channel efforts and funds towards high performance areas.

Why choose the MyFIRST Partner app?
 

With the IDFC FIRST Bank MyFIRST Partner app, you can earn Rs. 1 lakh or more per month through personal loan referrals without any investment. As a partner, you will refer personal loan applications to IDFC FIRST Bank and earn a flat 1.5% commission on every loan that is successfully disbursed.

The MyFIRST Partner app provides a hassle-free way to start earning an additional income through loan referral program. Once you download the app and complete a simple registration process by providing basic KYC documents, you can immediately start referring your network of friends, family, colleagues, and anyone from your contacts for personal loans offered by IDFC FIRST Bank. For every referral that results in a loan disbursal, you will receive a commission of 1.5% of the loan amount, credited directly into your bank account on a weekly basis.

The app offers a unique opportunity to work directly with a large bank like IDFC FIRST Bank. As a partner, you can use the bank's brand appeal and trust to promote their personal loan offerings to potential customers through your network and contacts. Through the app's dashboard, you can track the status of all your referred applications end-to-end. You will be supported in your referral efforts through a dedicated relationship manager as well as a central helpline number which is available on the app.

There is no limit to your earning potential as the number of referrals and loan amounts are uncapped. Best of all, you do not need to invest any money upfront to get started - the app allows you to earn commissions simply by leveraging your existing network and contacts. Regular payouts are credited directly into your bank account every week, ensuring a reliable source of additional income. With features such as zero documentation requirements and quick disbursals for referred loans, the MyFIRST Partner app aims to make the referral process seamless.

The MyFIRST Partner app is open for graduates, real estate/ insurance/ financial advisors as well as anyone seeking to earn an additional income stream with minimal effort. By referring personal loans for occasions including marriage, holidays, education fees, home renovation, or medical expenses, you can help friends and associates access quick financing while also earning referral commissions in the process. By simply using your smartphone and completing basic KYC requirements, you can start earning through personal loan referrals by downloading this app today.

Conclusion
 

With online earning creating more income for people, IDFC FIRST Bank’s earning app - MyFIRST Partner App - is excellent for those who are planning to generate additional income or build an alternative career. You can sell online by referring without any investment and earn handsomely through its weekly payouts. You can refer business loans, Pre-owned car loans, Loan against property and Personal Loans to earn more money from the app. With IDFC FIRST Bank’s product suite on the app, you can find many reasons and increase your span of conversion from your network. Easily earn over 1 lakh* per month by referring this suite. Download the IDFC FIRST Bank’s MyFIRST Partner App and start your refer and earn journey .

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.