Even if you don’t know it, you’ve probably been exposed to eCommerce at least once in your life. In fact, eCommerce accounts for a large portion of retail nowadays. According to Digital Commerce 360, 16% of total retail sales was represented by online spending in 2019. eBay isn’t the only company making money through eCommerce. Anyone can make money with eCommerce.
If you’re already familiar with eCommerce and want to know the best platforms to use. Take a look at the post below.
What Is It?
Electronic commerce is a blanket term, that includes all transactions that take place online. Whenever someone buys, sells, auctions, or participates in any event where money is involved—they’re partaking in eCommerce. As you probably know, it can be quite lucrative. Just look at Amazon! The great thing is, anyone can get a piece of the action.
Let’s take a look at the different ways you can use eCommerce.
Ecommerce Businesses
Just about anything you can market as a product, can be sold online. Whether it’s physical services, digital/physical products, coaching you name it! Basically, it boils down to finding a niche. Then, it’s up to you to market and sell the product.
There is a multitude of eCommerce businesses and websites that one could build. We’re just going to list a few, then we’ll go in-depth.
- Online Stores (Physical Products)
- Digital Products
- Services
Online Stores
You’re probably most familiar with this business. Due to names like Shopify and Etsy, online stores have increased in popularity. They’re just so versatile. It could be personal or sourced products. Find your niche, create an attractive store, market correctly, and you’ll find success. Shopify reports over 155 billion dollars worth of merchandise has been sold. We’ll keep it real. As more and more stores populate the internet, you’ll have to be crafty in the way you build your business. Treat it like a real business. Educate yourself and most importantly, plan!
Successful Shopify Websites
Digital Products
Here’s another common business you’ll find on the internet. There’s a good chance you’ve come across someone trying to sell you their ebook. This is just one example of a digital product. Essentially, digital products are intangible creations sold online. The only limit you have is that the product is electronic. Anything from art, templates, ebooks, courses, music, software, etc. The list could definitely go on. It’s important to realize why digital products are so desirable. For one, people are impatient. There’s something satisfying about buying something and getting it instantly. There is a caveat though. These products are usually held to a high standard. Whatever the product may be, it needs to be thorough and high quality.
If you’re a little skeptical, just check out Udemy or Sellfy to see how lucrative digital products can be.
Services
Last but not least, you can offer your services in exchange for a commission. This is perfect for anyone with a special talent or education/training in a trade. For example, graphic design and video editing. These are two skills that can be self-taught, or in some cases; people are just talented and gifted with these skills. Instead of trying to establish your name by yourself, use established marketplaces (websites) to bring customers to you. To set yourself up for success, master your trade. Next, be professional. Answer inquiries on time, engage with your customers, be patient and understanding, and finally, keep your word.
Platforms like Fiverr and Upwork have made selling services a reality for many freelancers.
Ecommerce isn’t going to slow down. It’s surprisingly easy to tap into eCommerce. As with most things on this, all it takes is time and effort. But if you don’t have either of those two, it’s also possible to buy pre-established stores. That is—if you have the money. Depending on the store (its profits, sessions, etc.), prices could vary. Simply put, the more successful the store, the higher the current owner can charge. This creates another opportunity. If you can design stores that show promise and potential, it’s possible to have a business of creating and selling eCommerce stores. Check out exchangemarketplace.com to see some stores up for sale.
As long as you plan everything out, educate yourself, and produce a product of high quality; you should find success. The hardest part of eCommerce is probably marketing. Getting people to see your product then buy it can be difficult. Manage your expectations, and give your venture time and effort before you quit.