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Can You Continue With Online Business Without Knowing Your Customers?

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Online Business Without Knowing Your Customers

Unlike their traditional counterparts, online businesses function without a face-to-face interaction of the sellers with their fellow buyers. The display of products is generally the same for a large number of online viewers and the trade takes place digitally as the buyer chooses their desired product and the final payment is made.

The Need For Understanding Customers In Online Businesses

The lack of human interaction may affect your online business if you’re running one or planning to start one. In the case of traditional business practices, sellers can physically interact with their customers and can understand them by their way of talking and their behavior.

There is no such scope of judgment in the case of online businesses. This makes is all the more important for online entrepreneurs to understand the customers they’re willing to cater and make sure all their desires are met effectively.

Without knowing who your customers are, you would never be able to understand what would motivate them to buy the products you’re selling. It is therefore necessary for you to understand the needs and preferences of your customers if your business runs on an online platform.

The best way to go about this is by undertaking a qualitative research. You can ask your past or current customers such questions and gather their detailed opinion on the same:

  • Which products have you preferred buying from our firm and why?
  • What attracts/attracted you to our business more, making you choose us over other competitors?
  • What changes would you like us to make in our products?
  • Would you want us to change our promotional techniques?

After getting the responses, analyse the same and take actions depending upon the feedback you receive. Lately, social media has a considerable reach when it comes to targeting digital customers. You can take to platforms like Facebook, Twitter, Instagram and more such social networking sites to get an honest feedback from your customers.

Understand What Your Customers Struggle With

No matter how exciting and luxurious facilities you offer to your customers, it all boils down to solve an issue faced by them. If you are selling shoes, you are solving the problem of having discomfort in the footwear your customer is currently using. If you are selling sweaters, you’re solving the problem of dealing with cold. If you run a bank or offer alternative finance facilities, you solve the financial crisis faced by your customers.

It is therefore extremely important for you to know what your customers struggle with, so that you can come up with the best possible solution. It is all the more important in online businesses as here, no customer would personally come to you and share the issues faced by them. It is your job to detect their struggles and make efforts to solve them.

For this as well, it is helpful if you analyse the feedback you receive after making sales and the comments posted on your social networking accounts. Make a note of all the issues faced, brainstorm with your team and chart out a plan dedicated to solving all of them. This would not only help you make better sales online and increase your visibility, it would also gift you a bunch of loyal customers.

Coming Up With Lucrative Offers

No matter if you’re selling a pencil or a Porsche, your customers will always be a little more willing to deal with you if they are offered a buying incentive. This incentive can be best provided by giving your online customers exciting offers.

Here are some of the most basic but effective ways of encouraging your online customers to purchase your products:

  • Free Offers – Everyone likes something for nothing. Offer a free article to your customers when their purchases exceed a certain amount. This works best with online food ordering businesses. You can offer them free food coupons of certain restaurants or cafes when they order food from your online portal.
  • Low Cost Offers – This an equivalent to the concept of ‘sale’ used by traditional businesses. Offer discounts on selected products for a limited period of time. This may reduce your margin of profit, but would also increase the volume of products sold, the latter being enough to cover for the profit reduction.
  • Selective Offers – These are the offers directed towards a specific set of customers. This is majorly practiced by online businesses as they are more efficient in customer data management. Here, you can give offers to individual customers. For example, you can send a message to one of your most loyal customers, offering them a special discount on your products, more than you are generally offering. You can also have special offers to customers who haven’t been making purchases from you in a long time, trying to pull them back in. Such incentives make them feel special and therefore make them buy your products!
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Business

Sukanya Samriddhi yojana calculator – A unique way to save tax

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Sukanya Samriddhi yojana

With this development, we believe that people’s mindsets change. Gone are the days when boys are edging more than their counterparts. And in every stage of life today, fit boys limit women to attract the ultimate short straw. Although equality will now increase between the two sexes, investment remains an area where women continue to focus on their parents. One of the main reasons is that a strong part has not been given to the importance of most people he is short of money. The government has taken the right steps in this direction and by launching several schemes, you can financially empower your child to save tax. One of the same scheme is the Sukanya Samriddhi yojana calculator. In this blog, we will discuss in detail plans, provisions and how you can use it to protect.

About the plan Sukanya Samriddhi yojana calculator

An initiative that has been designed for girls has gone to help them complete their education. The program was launched by Prime Minister Narendra Damodardas, 2015. Here you need to know about tax exemption: 80C

  • Beti Bachao Yojana came under the auspices of the Beti Pdao campaign and wanted to build a bright future for girls.
  • Parents are also encouraged to invest in their daughter welfare schemes, which offer incentives to all parties.

Salient features of the scheme

Plan Sukanya Samriddhi Some of the key elements given below –

  1. Flexible Investment

The girl’s parents or guardians can invest the amount that fits their budget. Investment can be between Rs 1,000 and Rs 1.5 lakh per year.

2.Multiple-way to open an account

Offices can be opened for SSY accounts or nationalized banks. It provides the flexibility of alternative plans and easy account opening.

  1. Account

Under the scheme, only one woman for one account.

Besides, the maximum number of accounts allowed in a family of two – one for each child. The maximum limit of the two accounts that twins were born after the first daughter does not apply.

  1. Age front opening

Account open to parent/child Parent, not the child reaches the age of ten years. After children make it through this age, parents are not allowed to open an account.

  1. According to maturity

Children under the age of accounts covered under SSY are 21 years since its foundation. Pass holders have the option to continue the account after maturity.

  1. During operation

Operating accounts are limited to parents and guardians for 10 years. Once the child reaches the age of 10, he can do the explained work independently.

  1. Indian Residents

Sukanya Samriddhi Yojana can be opened only in India for the account.

The documentation for sukanya samriddhi yojana calculator

If you want to open an account for your daughter, the following documents are required.

  1. Birth certificate

A copy of the birth certificate is required to open the account. You must have at least the necessary documents and a ten-year plan to validate his age of opening an account.

  1. Variation Proof

To ask parents for proof of valid identity card of the guardian/guardian who has opened an account on behalf of their daughter.

  1. Hometown

Proof of residence such as a ration card, the voter must submit an identity card, utility bill and so on.

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Business

An overview about zero brokerage

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zero brokerage

Zero is termed as a number that makes a major difference and it counts. All the more so in the world of brokerage when zero is placed beside the right number. Now are you satisfied with the amount of brokerage you are paying? Some of you might be looking at an option of zero brokerage based trading.

Meaning of zero brokerage and discount broker

With more and more traders flocking on to the Indian stock market the prominence of zero brokerage came into existence and evoked curiosity from traders. A well thought out concept where discount brokers are not going to levy any brokerage for trade conducted.

A broker who executes buying or selling of transactions at a reduced cost is termed as discount broker. Pretty much like a full time broker, they are going to execute orders on behalf of the clients and not going to provide them with any advice. Once upon a time to even afford a broker was restricted to the elite strata of the society. But since technology has gone on to become a part of trading this has gone on to eradicate that wealth pinch. The internet is credited with the transformation as you can trade with a small amount.

Is zero brokerage expected to make a difference?

As far as zero brokerage trading in India is considered a major difference is expected. By traditional trading you have to shell out brokerages on trades. This is calculated by arriving at a % of the total volume of trade. This business model of calculating brokerage is a difficult task and an important part of the trading for an investor. The main reason being brokerage paid reduces the profit from the trades. A lot of people were disappointed as they felt paying brokerage was part of the trading game, till the point zero brokerage came into prominence.

There are numerous benefits expected with zero brokerage that are outlined below

  • There is no need to be worrying about the size and volume of your trade
  • In zero brokerage a flat monthly fee is levied and there is no need to worry about monthly trades executed
  • This goes on to enhance the profit or profitable trades or even breakeven point that is lower

There are a lot of companies who provide hidden opportunities. You have to time the stocks correctly so as to earn money from the stock market. If you are an investor in equity and commodity market you need to consult a share specialist that might help you to earn profits and cut losses. Though in the market you might come across numerous brokers providing you with profitable trades by raking in a chunk of investor’s profits they are enjoying. As an investor it is all about getting your timing right. But still major disappointment lies in store as you have to levy high brokerage.

Considering the calculations of the brokers in mind investors are even reluctant to place trades.

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Business

The ELSS and tax saving benefits

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tax saving benefits

Those who have to work hard for every penny do not like to waste their money. For many people though earning is good till the liquidity is a problem and if the income also falls in a big tax bracket for income tax, no one loves to go for it. In such a case, one needs to try the options that can help him save on income tax. Among the tops tools that are known for the tax saving the list may remain incomplete if the ELSS is not added to the same. It is a mutual fund which is linked with the equity market.

What is ELSS and how it helps save tax?

ELSS is a type of mutual fund that is specifically created for the tax saving purpose. Various AMCs are there in the market that has created this mutual fund to invest in the share market. The amount invested in this mutual fund is exempted from the income tax up to the limit of 150000 per annum. This exemption is provided under section 80c. Hence the investor who has to pay income tax on his complete income can invest the amount up to 150000 in some of the best ELSS mutual funds and save tax up to the prescribed amount.

The investment:

Investment in ELSS mutual funds can help one save on income tax on the side while on the other side the invested amount in the form of a mutual fund can also help one get a good return from the market. The best part here is the investor who wants to invest in ELSS can go for investing the amount in a single go or can also pay the same in instalments. Hence one does not need to feel the burden of investment on his routine income also.  While going to investing the amount in some of the best ELSS funds, one needs to check the unit price of the fund and also find its previous performance. If one does not know about it, one can find an expert who can help one invest in the best mutual funds that offer ELSS services also. The amount invested in this fund cannot be withdrawn for the next three years, and hence one can have a good return on his mutual funds in such a period.

The investor also needs to check if the investment in a mutual fund will be in a specific company or segments such as large caps, small caps and mid caps. There can be dividend and growth options from which one needs to find an option that best fits his investment as well as profile. The investor needs to understand the terms and conditions of the AMC before going for investing in specific AMC. One must note here that ultimately this investment is linked with share market and hence the ups or downs of the market can also affect his portfolio. It is always good to read the terms and conditions of the company before investing the amount to the same.

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