As of July 2020, many new enterprises in India are up for incorporating e-commerce in their business modules. It brings with it better chances at sales improvement across sectors in the country.
Exponential growth in e-commerce-based companies is also estimated as they will undoubtedly hold a larger share in the current market in the days to come.
However, substantial working capital is required to improve operations to increase business sales.
Also, as financing is a critical concern when it comes to increasing sales, one can look for preferable funding options for expanding the venture like a business loan in Kolkata, Delhi, Mumbai, or any other city in India.
Now, take a look at a few smart ways you can inch your business towards revenue improvement through increased sales.
Tips to increase business sales in India
Introduction of new products and services
As a business owner, you should always plan towards introducing new products and services in the market.
For such cases, thorough research of the market is essential to figure out if there is a desire for your newly-proposed offering.
To do so, you can request a few of your existing clients to market the newly launched products or services as a test group.
Moreover, paying special attention to advertising and promotion of such products or services is also essential to increasing business sales.
Expanding into new domestic markets
Another important tip for every business owner to consider is to expand the business to new domestic markets.
For example, if your company situated in Mumbai attracts customers only from urban areas, you can expand your market exposure to include the suburbs in order to attract customers from outside the city.
Extensive market research along with expansion in sales, distribution, marketing, etc. can lead to an increased client base which in turn results in an improvement in business sales.
However, such rapid expansion comes at a hefty price. Thus, to fulfill your funding needs, you can opt for a business loan in Kolkata, Delhi, or the city of your business establishment with a suitable repayment tenor and reduce your financial worries.
Enhancement of sales channels
Another important tip for business owners to target improved sales is to enhance the existing sales channels.
Business owners can evaluate and streamline their sales channels as it would increase market control and profitability, which in turn will add to the existing working capital as well.
For example, you can consider the following –
- Implement enhanced training programs for your sales staff.
- Work towards adding more retail outlets.
- Make the most out of the resellers.
- Incorporate a digital marketing strategy.
Know the level of market competition
It is always advised to be aware of your competition. Keeping note of what strategies your competitors are adopting for similar purposes helps to gather knowledge and understand their capabilities as well as their limitations.
It helps to be prepared in defending your market position and taking prompt action towards any changes accordingly.
If there is any requirement to implement a cost-intensive selling strategy before your competitor, you can always seek the required funding through advances like a business loan to meet your urgent financing needs.
Improvement in community relations
Expanding your company’s presence in your community is a vital step to improve business sales. Various types of activities such as sponsoring community events, supporting local charities, etc. will help substantially to raise awareness of your enterprise and thereby increase sales.
Such actions require proper funding which can be managed with the help of a business loan in Kolkata, Delhi, or whichever city your company is based in.
Reputed NBFCS like Bajaj Finserv bring such loans at relatively simpler terms and competitive business loan interest rates.
They also bring pre-approved loan offers on such credits which make availing it quick and easy. These offers are also applicable to several other financial products like personal loans, credit cards, etc. You can check your pre-approved offer by providing your name and phone number.
There are several hidden costs involved in running a business, and dealing with them becomes more convenient if a stable improvement in business sales is achieved.
Another option is to opt for a working capital loan, as mentioned above, which comes with affordable business loan interest rates and simple eligibility.