Jun 28, 2024
Many entrepreneurs are discovering the immense power e-commerce possesses when it comes to helping them supplement their primary income.
With the rising popularity of online shopping and preference for digital transactions, it presents you with a unique opportunity to tap into new revenue streams.
E-commerce enables you to introduce new products, reach a wider audience, and ultimately create a steady supplement revenue stream.
And the best part is that you don’t need significant investments or make drastic changes to your current operations to venture into the e-commerce realm.
Our guide below shares helpful insights on how you can make money through e-commerce
Whether you’re looking to start it as a side hustle or integrate it into your existing business, you’ll find this guide helpful.
Overview Of The E-commerce Landscape
E-commerce has experienced tremendous growth since its inception back in the late 20th century.
The past two decades have been nothing short of exponential growth in this sector, thanks to technological advancements, changing consumer behaviors, and improved access to the internet.
Key statistics tend to agree with this trend. In 2020, global e-commerce sales surpassed $4.2 trillion.
And the figure is projected to hit $6.3 trillion in 2024.
The Covid 19 pandemic further accelerated the online shopping trend, with a significant number of businesses and consumers embracing digital commerce as a safer and more convenient alternative to traditional shopping.
KEY benefits of owning an e-commerce business include:
Low startup costs: Running an online store requires you to invest significantly less in startup costs compared to running a physical storefront. There are no expenses such as rent, in-store staff, and utilities.
If you get into dropshipping, inventory management becomes even more efficient as the products are directly shipped from suppliers to customers without you getting involved.
You can reinvest these cost savings into other important areas of your business such as product development, marketing, customer service, etc., to ensure growth and profitability in your online business.
Flexibility: While a traditional store has fixed opening hours and is limited to a specific geographical location, your online store runs 24/7. This allows consumers to shop at their own convenience and from anywhere across the globe. This flexibility not only favors the consumers but also allows you to operate your shop from any location.
Access to the vast global market: With an e-commerce business, you can be assured of reaching international customers, and expanding your customer base. You just need to get your marketing strategies and logistics right. The more customers you are exposed to, the more revenue you can expect to trickle in!
Opportunities To Consider In E-commerce
There are numerous opportunities to consider in the e-commerce world in regard to complementing your business income.
Below, we discuss some of the top opportunities to consider today:
Sell complementary products
One of the ways you can use e-commerce to supplement your business income involves selling products that complement your current offerings.
You just need to identify what products match your primary business and then come up with an attractive online product range that appeals to your existing customer base.
For instance, if you are running a fitness studio, you may consider selling branded workout gear, fitness equipment, and nutritional supplements online.
These products naturally complement the products offered by your studio and will cater to the needs of your fitness-conscious clients.
Another perfect example is a coffee shop that may consider selling its own blend of coffee, brewing equipment, and merchandise like mugs and apparel.
This practice enhances your band’s online presence in addition to creating additional income streams.
Consider digital products and services
Another lucrative opportunity to consider in the commerce space is creating and selling digital products and services.
The good thing about digital products is that they don’t require any physical inventory, which makes them highly scalable and cost-effective.
Some of the popular digital items you should consider selling include e-books, online courses, digital art, and software.
Take the example of a photographer who in addition to offering traditional photography services sells online photography, e-books, and tutorials.
Such diversification enables them to reach a wider audience while being exposed to a global audience.
Start a dropshipping business
Launching a dropshipping store is another viable venture you can count on to help supplement your business income.
This business model is especially favorable for entrepreneurs with limited capital, as it doesn’t require huge upfront costs.
This is how the business works:
Whenever a customer places an order on your online store, you forward their order details to a third-party partner (maybe a wholesaler or manufacturer) who then ships the products directly to the customer.
This significantly reduced the need for warehousing as well as the financial risk associated with having unsold stock.
A perfect case scenario here could be an online retailer who specializes in home décor.
In this case, you can use dropshipping to offer a wide variety of products to consumers, including furniture, accessories, etc., without the need for a physical store.
Sell print-on-demand items
Just like dropshipping, a print-on-demand business allows you to sell custom-designed products including t-shirts, posters, hats, mags, etc., that only get printed whenever a customer places an order.
This business model benefits businesses with strong branding and unique designs.
A perfect example is a graphic designer who can open an online print-on-demand shop that sells custom artwork on a variety of products.
Here, they can offer a wide range of items with no need for upfront inventory investment.
Innovative E-commerce Solutions: Meet TrendHijacking.com
At Trend Hijacking, we are dedicated to empowering you to harness the power of e-commerce through our innovative automation program.
Our goal is to help simplify your process of starting and growing an online business and making it accessible and profitable for you.
With our programs, we help streamline your e-commerce operations from product sourcing to fulfillment.
We offer advanced tools and strategies to help you automate repetitive tasks, so you can focus on more important tasks such as targeted growth and customer engagement.
Whether you’re planning to launch a new e-commerce business or want to optimize an existing one, our program will equip you with all the necessary resources to help you succeed in the competitive marketplace.
The KEY benefits of letting Trend Hijacking walk with you through your e-commerce journey include:
Save more time: By automating critical processes in your online shop, you can save a great deal of time and allocate your resources more efficiently.
Expert guidance: You’ll benefit from our team’s expertise in the e-commerce world, so you only make informed decisions that are focused on driving growth to your online business.
Increased revenue potential: you can rest assured of maximized revenue streams and enhanced profitability without proven methods and tools.
Ready to use e-commerce to complement your business income?
Book a call with us now to explore how our automation program can be of benefit to your business dreams and goals.
Whether you’re a status or established enterprise, our tailored solutions will help drive your success in the digital marketplace.
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