Unless you enjoy it, you no longer have to walk to a store to buy groceries or anything for that matter, thanks to the internet and eCommerce.
That applies to your potential customers too.
What makes e-Commerce so attractive is the fact that there are no restrictions on time or location. It also does not demand a lot of resources either. The convenience of eCommerce has seen many buyers shift to online shopping.
Businesses, therefore, do not have a choice but to move into the e-commerce space. This way, they can capture this share of the market that is growing every day.
You may be wondering how big the e-commerce industry is.
Well, e-commerce sales will hit $4.8T by next year, 2021. As more people continue to access the internet, this figure will continue to rise.
Entrepreneurs are always looking to maximize their revenues and shrink their expenses. eCommerce is one of those ventures which offer several opportunities to make money yet require little investment.
Are you wondering how your e-commerce business can make you money?
Here are some proven revenue generation methods you can explore to get more from your e-commerce website.
Increase Traffic Through Content Pages and Social Media
I doubt there is one e-commerce site that will not benefit from more traffic. It is that traffic that eventually brings in the money.
Search engines will use your content to rank you and make it easy for customers to find you, hence increase traffic to your website.
Reviews, tutorials, product descriptions, and blogs are some of the contents you can incorporate into your e-commerce site to educate or inform your customers.
Invest in quality SEO-optimized content to attract traffic to your site. You can then make money from this traffic through digital ads, affiliate products, and your products too.
Social media cannot go unmentioned. It will give you a platform to connect with customers through conversation and feedback and can, therefore, work as a funnel to push new leads to your e-commerce website.
eBooks and Courses
Has the thought of creating and publishing your ebooks ever crossed your mind?
I suggest that you don’t push aside that thought.
People today are willing to part with money in exchange for knowledge.
There are more benefits in selling your eBooks and courses directly to your customers than placing them in a marketplace such as Amazon.
- Making more money from the sale
- Gaining more control
- Building authority
- You can engage better with your customers and hence be able to build an email list.
- More independence on your part
- Membership and Subscriptions
This model requires you to have a regular service and expect regular payments in return.
Create an exclusive community where members pay either an entry fee or they could pay monthly or annually.
Do you have software that can solve problems?
Sell that on your e-commerce website, and you are sure to make money.
As long as the software in question has a clear value proposition, then the market is ready for you.
The twist here, however, is that you will be selling an intangible product.
How will your potential customers trust your product enough to bet their money on it?
Bottom line, ensure the product is well tested before putting it in the market, and find a convincing way to present it to potential customers.
If you prefer selling physical products, then you should consider dropshipping.
Dropshipping is an almost risk-free opportunity since it entails selling products that belong to other people. That means you do not need to have any stock of your own.
The idea here is to list products belonging to someone else on your website and only pass an order to him or her when made to get the item delivered directly to a client.
Print on Demand
Another way to make money with your e-commerce website is to sell White Label products on demand.
What are white-label products?
You see, as a retailer, you can sell products manufactured by other people but bearing your label.
Let me explain.
The manufacturer will use a label provided or requested by you, the retailer, to make the product look like the retailers.
Such products are called white-label products.
Print on demand will mostly involve promotional products with a customized label which you sell on-demand.
Other ways you can exploit if you need to make money online include:
- Digital Assets
- Productized services like consultation per hour
- Retail Arbitrage
The opportunities in the e-commerce space are endless, and you can get a share of the cake too.
Do not overlook product research to ensure you get your product right before taking the plunge. It could be the one thing standing between you and making real money on e-commerce.