How to make money with eCommerce
Wondering how to make money online with eCommerce?
In recent years, our shopping habits have changed considerably – and very rapidly. While 20 or so years ago we were just starting to get used to buying stuff online (remember all the money safety guarantees Amazon used to offer to get people to trust them enough to buy online?), now, online shopping has almost become the new normal across the world.
And the more people are starting to do their shopping online – from clothes to groceries and even to services – this has led to a huge boom in the eCommerce industry.
The best part? Today, it’s super easy to set up an online store and start selling. In fact, with the available tools and resources, you could be up and running with your online store in a matter of days.
In this blog post, find out everything you need to know about making money online with eCommerce: from the different types of eCommerce businesses you can set up to step-by-step tips on how to build a successful online store.
The 4 Main Types of eCommerce Business Models to Choose From
Drop-shipping is arguably one of the easiest and quickest ways to start an online store; basically, you’re the storefront: you sell products but you don’t keep any of these goods in stock. Rather, you send your customer’s orders directly to the manufacturer, wholesaler, or another retailer, who ships the goods.
For example, look at www.rockrooster.Store – a drop-shipping business selling footwear.
2. Wholesaling or warehousing
Wholesaling and warehousing are a few steps under drop-shipping in the supply chain; basically, you’re the one who distributes, in bulk, goods, and products to various businesses. For example, www.babyfeet.Store, a wholesale business selling kids’ apparel.
Or, if you work with a drop-shipping business, that means you’ll be storing the products and sending them directly to the consumer.
3. Private labeling and manufacturing
Another option is to manufacture the products yourself – essentially, a step behind wholesaling and warehousing in the supply chain.
As for private labeling, it means that you manufacture the products under another company’s brand; here’s an example from www.blacktailor.Store, an extremely popular online apparel store that gets close to one million in monthly traffic.
4. White labe-ling
White labeling is basically the opposite of private labeling; you produce the products and then sell them to other companies who then rebrand and sell them as if they were their own.
If you want to see a white labeling business in action, check out www.rushtshirts.Store.
7 Tips to start making money with eCommerce:
1. Get a .STORE domain for your business
The first thing you need in order to start making money with eCommerce is to get a website – and build your online store.
You can go the usual .com route – or you can try something a bit more relevant(and highly personalized): a .STORE domain.
.STORE is the most relevant domain extension for eCommerce and it immediately tells your audience exactly what your website is about: an online store – whether it be a drop-shipping business, wholesaling or any other type of online store.
It’s super easy and quick to set up and will basically tell your audience, whether new or old, exactly what your website is. Not only that, but you have a higher chance of getting the domain name you want (and need) than if you looked for a .com domain – in fact, as many as 70% of domain name availability checks fail when it comes to .com domains.
2. Create a blog that drives traffic
Now that you’ve opened up your online store – or planning to – you’re probably wondering: how do I get people on my website?
One of the best solutions for driving consistent traffic to your website is, quite simply, a blog.
However, not just any blog will do; here’s what to keep in mind when building up your online store’s blog:
- Always write for search engines: optimize your blog posts for SEO (search engine optimization) so that your keywords can rank higher and therefore, you get more search traffic coming to your blog/store.
- Create a consistent schedule: try to write new articles regularly and keep populating your blog with search engine-optimized content. The more content you have on your blog, the more traffic you’ll be able to drive back to it.
- Focus on quality: there is a lot of great content out there competing for our attention so make sure you write high-quality content for your blog – not just writing for the sake of writing.
- Create a blog promotional schedule: promote your blog across channels, including social media and email, to keep growing your traffic.
3. Invest in a good Product Information Management (PIM) software solution
When it comes to eCommerce businesses, you’ll have a plethora of products that you’ll need to keep track of. If not from the moment you start, then definitely when you start to grow your online store.
And this is where a PIM system can make a real difference to your productivity and even your overall success.
That’s because a PIM software solution will allow you to keep track of and manage all of your product information and data across multiple channels, automatically, and from a single dashboard.
For example, here is some of the important data that you’ll be able to store with a PIM system: cost and pricing, product specifications, product copy and digital assets, supplier information, and so much more valuable data.
4. Get your products on as many channels as possible
In order to grow your eCommerce business as quickly as possible and reach your audience, start by adding your products on as many channels as you can: from social media to Amazon and eBay, you have numerous options to choose from.
Find out where your target audience is buying and doing their online shopping – and make sure you’re there too for them to find you.
5. Make the most of email marketing
Email marketing is one of the most efficient forms of marketing and upselling. Get started with email as soon as possible so that you can start collecting relevant emails from your target audience.
Here are some useful tips to help you get more out of your email marketing strategy:
- Set up personalized emails: email people only about the products that they’re likely to be interested in order to increase the chances of them buying from you.
- Set up drip email campaigns: these automated types of campaigns are designed to help convert people into customers. Set up drip email campaigns for different segments of your target audience to grow your conversions and sales.
- Send automated abandoned cart emails: if someone starts browsing your products and even adding some to their shopping cart, that doesn’t mean they’re ready to buy yet. To give them that extra push, send them automated abandoned cart emails to remind them of their shopping and convince them to buy.
- Use urgency in your emails: promote special offers, limited stocks, exclusive discounts and more – it’s a great way to increase sales via email.
6. Invest in influencer marketing
When you’re just starting out with your online store, it can be difficult to reach your audience; but there is a solution: influencer marketing.
Working with influencers is an amazingly efficient way to promote your products to your target audience and get results fast: both building brand awareness and selling more products.
However, make sure you take the time to research the influencer you want to work with:
- Find out if they’re genuinely influential (how many followers do they have and how engaged are they?)
- Do they target your audience?
- What other campaigns have they worked on/what brands did they work with before?
7. Invest in search engine optimization
Search engine optimization – or SEO for short – is the practice of optimizing your website in order to rank higher in search engines and therefore, generate more organic traffic to your website.
This is the best traffic you could ever get as it’s highly targeted. However, getting those good keywords is a lot of work.
Here are some important SEO tips to follow:
- Get a keyword-rich domain name to help with SEO
- Make sure your website is optimized for SEO
- Always write new content with search engines in mind
- Perform keyword research to make sure you’re targeting the right keywords
- Use backlinking strategies to get more links back to your website
Building an online store is easier than ever – and something that is accessible to anyone with an idea, a computer and an internet connection.
Choose your preferred type of eCommerce business, follow the tips outlined in this article and start selling now!