The world of e-commerce has proved itself as an ever-expanding avenue for career growth or for making money online. A 1.6 trillion dollars industry on a global scale with an annual growth of 20%. So, let your business make money for you in this dynamic industry. It lets you escape the rat race and become financially free. There are various modes for you to choose from for making money in the e-commerce industry. Some of them are,
- Dropship arbitrage between multiple sites like Amazon, eBay, AliExpress, BestBuy, Walmart, target, OLX, and many others. You need to understand 3 basic steps. First is to identify the product on a public marketplace or website and list it on your own site. Second step is the customer purchasing that product from the seller’s website. Third step involves the seller purchasing the product on behalf of the customer and the original source fulfills the order. In this process, the seller makes a profit off of the price markup margin. This process has its pros and cons. The seller doesn’t need to invest any amount. The seller can easily source cheap products for high margin. But the cons include the seller being at the mercy of the market. You have to constantly be on the lookout for latest shopkeeper habits, new bargain deals etc. This method is unsustainable in the long run as you don’t get any wholesale pricing for repeated purchases. The product will be available at the same price for you as for any other customer, so there’s no specific advantage in the long run. You could make up profits for a limited number of times on a small range of products and that too sometimes for a short period of time depending on the offers available.
- Creating your own online store for selling and dropshipping products from it – this method is an extension of the process described above. Build your own e-commerce platform or selling website.
- Whole selling online and selling your products to chain-stores. Now dropshipping has taken on a new level with many platforms providing wholesale quantities of products especially meant for people involved in small scale business. This might offer them a bit of an edge regarding the profits in the long run. Be it an online website or offline shop, you can officially sell products purchased online and make a good profit.
- Using fulfillment companies to store, package, and ship your products. This is provided by almost all of the major e-commerce companies like Amazon, Flipkart, eBay etc. This feature allows you to deliver your product to the e-commerce giant and then relax and earn profits. The company takes care of the rest. The secure storage, order, packaging, timely delivery will be taken care of by the company itself. This lets you manage your business smoothly and efficiently. You can manage the inventory online and see the status of inventory from anywhere, anytime.
- Importing products from a foreign country for domestic reselling. This is basically meant for high end business persons. You need to have a good background check before plunging into the import process. Do your research properly and then consider starting your business. You should be aware of the trends back home and then import products accordingly.
- Manufacturing your own products and creating your own brand. This is as simple as it can get, not really though. But what makes it some thought is the fact that all of the responsibility lies with you. You are the manufacturer, you make your product available on every platform, be it online on ecommerce sites or offline malls and shops. The whole profit margin is yours. You fix the price according to the market trends and make profit on the sales.
- Affiliate marketing – You could become an affiliate and make money in the form of commission earned when a user clicks on your affiliate url. Affiliate marketing is a really easy process. It is useful for those who have their own website or blog. They can put the affiliate link of any product on any e-commerce site and whenever a user clicks on that link, they’ll get commission accordingly.
Registering yourself with an e-commerce site for the purpose of selling your product makes your product visible to millions of people trying to buy something that you offer. The more the visibility of your product, the more favorable the chances of it getting bought. This is significant for even those who are already actively involved in selling but want to widen their customer base and reach out to more and more people. One thing that small sellers need to note is that the product will have to be delivered to the inventory maintained by the e-commerce player or company in advance which might be a problem for small-scale manufacturers as they basically cater to a need-based approach. However, this lets you maintain all the aspects of selling in an easier way, be it sourcing the product, trying to grow, calling potential customers, delivering the product on time, enhancing customer satisfaction, and taking it to greater heights than usual. To sum up, it lets you
- Make more money
- Grow your business fast
- Save time
- Delight your customers,
all at the same time. Along with providing world-class fulfillment, it also offers fast shipping and acclaimed customer service that can help bring your business to the next level. So, what we can conclude is the fact that e-commerce is a real source of revenue for the numerous sellers involved in growing their business in varied ways. It’s a trend that has taken the market by storm and how that every kind of seller or buyer wants to be seen on the online space. The global scale of online marketing has more takers than ever. A small-scale manufacturer in a small town could never have imagined outsourcing products to the US, UK, or any other foreign country if not for the e-commerce space. This industry has evolved so much that it has led to the evolution of the sellers and buyers, involved in it, along it. Take a hold of this expansive market and realize your true business potential in the form of extravagant profits.