How to Generate an Income with eCommerce

Categories: WooCommerceTags: 3.1 min read

Building up a business portfolio is an attractive prospect for potential entrepreneurs but knowing where to start can be tough.

The good news is that once you have everything set-up, eCommerce can provide a successful source of income, allowing you the freedom to expand and diversify once you make back your initial investment. So, where do you begin?

  1. Choose Your Product

The most obvious place to start is with the product itself. You should sell something that you believe in, so that you are enthusiastic about the product and motivated to encourage others to buy. However, the online marketplace is incredibly competitive. Your product should be able to stand-out in a saturated market or it should be so niche and exciting that the competition remains low, at least to start with.

This decision will also be based on your ability to provide the product. If you have created something that you can easily manufacture on a small-scale from home, then it makes sense to try and turn a profit from this item. This gives you the benefit of having full control over your product, from manufacture to shipping. If, however, your idea is something that needs to be made in a warehouse or factory, you might prefer to find a supplier that can do this for you. Both options will require you to have somewhere you can store your stock.

Another option is dropshipping. In this scenario, you merely act as an in-between for the customer and supplier. Your website will be a curation of related products where customers can make their purchases and then the supplier fulfils that order. You make a percentage of each sale without having to do too much work. Of course, you have no control over the final product or packaging of each item.

  1. Create a Platform

There are numerous Content Management Systems that can help you to create your eCommerce store. Shopify, WooCommerce and Magento are all reputable platforms that can help you realise your business dreams.

However, the most successful brands utilize a number of platforms and marketing avenues, which can boost sales by up to 38% for one additional channel, 120% for two extra channels and 190% for three!

Multichannel selling

Average % increase in revenue

Sites like eBay and Amazon can be a great way to sell your products alongside your independent website while boosting your brand, although the associated fees can sometimes price them out of your marketing plan.

Social media usage should never be underestimated, however. With relatively low advertising rates, these are a great way to connect with customers, bringing your product to them so that they don’t have to go searching the internet for it. Make sure you have a presence on as many social media sites as possible, with links to your main website on all, and check them regularly to answer questions.

  1. Consider Payment and Delivery Providers

Often, this part of your eCommerce creation will depend on the platforms you have chosen to use. Different CMS sites work with different providers to offer an all-encompassing service. Make sure that any businesses you work with are able to operate in your country and any destinations that you intend to ship to. You will also need to take their associated fees into account. With delivery providers, reputation and reviews are incredibly important, as their actions will directly affect the way your customer feels about your company. So, choose wisely! This is even true if you choose to use drop shipping as your eCommerce method – make sure your suppliers are reliable and committed to providing a great customer experience.

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Updated: June 15, 2021