In the present world, right after the hit of the pandemic, the conventional business world has changed along with consumer buying behavior. Consumers are now more into eBusiness and eCommerce to make their daily purchases, and so are the sellers.
Before coming into the discussion of how to make money with eCommerce let’s just look into the difference between eCommerce and eBusiness. In simple words, eCommerce refers to buying and selling on different online platforms while eBusiness refers to all the business activities conducted online.
In today’s business world the term “headless eCommerce” has become very popular due to the advancement of digital marketing and online advertisements.
Headless eCommerce is basically an eCommerce solution that stores manage and delivers content without a front-end delivery layer. In a headless eCommerce platform, the front end, which is basically a theme or template, is removed or decoupled and only the backend of the work remains.
Developers may then utilize APIs to provide content such as commodities, blog entries, or customer reviews to any screen or device, while front-end developers can work on how to show that material using any framework they like. Essentially, any system functional components (such as forms, blogs, banners, goods, and so on) may be handled programmatically. This involves developing and managing the content components. Headless eCommerce architecture is built for IoT devices.
There are many ways to make money with eCommerce. But before starting to make money, an individual or a business must decide in which way they are going to get it. That is, you need to select a proper business model and a revenue model actually before thinking of making money with eCommerce.
eCommerce Business Models
There are various business models which an E-marketer can follow to make money with eCommerce. Some commonly used business models are-
- B2B (Business to Business): In the B2B business model, transactions occur between businesses. In order to make money in this eCommerce business model, transactions need to take place between wholesalers or suppliers and retailers on the other end.
- B2C (Business to consumer): In the B2C business model, transactions take place between businesses and final consumers (who are finally going to consume the good or service). In order to make money with this eCommerce model, the marketer directly needs to sell the products or services to the final consumers.
- C2C (Consumer To Consumer): In the C2C business model, consumers directly sell off the products or services to another consumer especially the used or 2nd hand goods or services. In order to make money in this eCommerce model, a consumer has to sell whatever the stuff he wants to another consumer like him. This is mostly done through an eCommerce marketplace where one consumer meets another.
- C2B (Consumer to Business): In the C2B business model, consumers directly sell off the product or services to the businesses. This is the reverse of a typical B2C model, in this model of making money with eCommerce, the consumer directly needs to sell a product or service produced by him.
eCommerce Revenue Models
After choosing the business models, a marketer must need to select the proper revenue model to make money with eCommerce. The revenue models that a marketer can select are:
- Sales Revenue Model: In this model of making money with eCommerce, any businesses or individuals sell services or products directly to the customers through an eCommerce platform to make money.
- Subscription Revenue Model: The subscription-based revenue model of eCommerce charges customers a certain fee for using the service provided to them on a definite interval of time.
- Advertising Revenue Model: In this type of revenue model, an individual or business creates ads for websites, services, apps, or products. By selling off those ads, money is made in this type of eCommerce revenue model.
- Affiliate Revenue Model: In the affiliate revenue model, individuals or businesses make money on the basis of commission paid on each unit sale of services or products.
- Transaction Fee Revenue Model: In the transaction revenue model, money is made based on each of the transactions made on 3rd party’s platform.
Accelerate the Growth of Your eCommerce Business
After deciding on a solid business strategy and revenue model, you must now determine how to develop your business exponentially in a matter of days or months. Things may appear obvious and easy, but these are the steps to take while building your eCommerce empire, not a little eCommerce company that your neighbors have never heard of. So these are some of the things to consider if you want to establish a reputation for yourself and generate money with eCommerce.
After choosing the proper business model and the revenue model, you should follow these techniques to earn more than an average eCommerce shop.
Create blogs that attract traffic
Nothing can beat the power of organic traffic. It enhance your authority among your potential clients as well as in the eye of the search engines. Finding the right keyword is the key to rank higher on google. Create blogs on trending topics like sports, occasions, festivals, social issues, political issues, etc. These are the regular news that people search for online and if they can get authentic news and information from your page, they will surely make a purchase from your site.
Use a proper ChatBot on your social media page or website
Using a chatbot on your page will keep you responsive 24/7 to your customers. Create a list of most asked frequent questions and the proper answers to those questions and install that on your chatbot. This will help your customers to get proper information and you will not lose your potential customers.
Invest in the right software for your business
It is really important to choose the best software while you are planning to make money with eCommerce. These are some of the most used software that is used in eCommerce.
- Intuit QuickBooks Online.
- Zoho Books.
SEO stands for search engine optimization. It is the best way to attract organic traffic to your website and social media pages. You can hire a digital marketing expert who has expertise in this field. This is the only salesperson in the world of the internet that works for you 24/7 to find your potential client.
Invest in your social media page and groups before a website
Having a good website is great but if you are selling products online, you need to set up a great social media page on Facebook and Instagram. You should also make a group with your customers where they can give reviews of products and services. A community group will surely attract more potential customers to your page and your company will build up a transparent image to your customers. Make regular posts on your page and group, interact with your customers, and give them discount codes and excellent offers on your social media page and group to earn more money with eCommerce than an average online store.
Invest in influencer marketing
You should invest in influencer marketing where the social media influencers will endorse your product from their profiles. It’s better to give them free products and services rather than financial rewards.
Launch campaigns to give discounts and offers
You should invest in advertising at regular intervals to provide clients with discounts and incentives. This will boost your sales and allow you to earn more money with eCommerce. Marketing campaigns and offers, particularly when attempting to establish a brand reputation and brand recall, may carry your firm a long way.
In conclusion, there are a variety of ways to make money with eCommerce. You can start your own online store, sell products on eBay or Amazon, or dropship products from a supplier. By following the tips in this article, you can increase your chances of success and start making money with eCommerce.