While lockdowns around the country are starting to ease, health protocols are still very much in place. That said, online shopping and sales continue to grow by the day.
On that note, those looking to use their wi-fi for monetary gain might want to jump into the online selling wagon. To successfully make a mark in this corner of the internet, sellers should put out niche and in-demand products at reasonable prices.
Prime examples of products and goods people are proven to spend for today are internet-related tools, work-from-home gear, hygiene and personal care items, and home essentials.
From a macroeconomic standpoint, the pandemic has brewed a whirlwind of opportunities for many people to thrive in the digital space. When you combine the strength of e-commerce, the reach of social media, the convenience of marketplaces, and the powers of the internet, you’re bound to find profitable avenues that may benefit you even when the globe moves past the health scare.
All that mentioned, instead of streaming your favorite movies and wondering how the updated normal will look like for your bank account, you might as well use your internet connection to rake in extra cash.
Extra Income
“I really don’t need any more extra income,” said no one ever.
The global health crisis has massively impacted our economy so much that experts say it’s the worst recession since the 2nd World War. Last year alone, America’s GDP tanked by a rough 4% with nearly 13 million workers unemployed.
On the other hand, this level of disruption has allowed entrepreneurs, gig workers, and professionals to shift their focus on online selling. So much so, that studies are citing a permanence in heightened digital consumerism.
As millions of distributors and retailers are filing for bankruptcy and giving up, social businesses and e-commerce are filling the gap.
Help customers make the most out of their dollars
Home-based sellers can thrive by extending cash-strapped buyers essential goods and great finds at more than reasonable rates.
For instance, ask yourself what goods you can easily offer, keep in a storage area at home, and then sell online at a marketplace like eBay or Amazon. If you have a substantial following, selling on your social media platforms shouldn’t be so challenging, too.
Learn how to study competition and their price points, and determine what buyer behaviors look like in the new normal. From scented candles and USB microphones to loungewear pieces and kitchen appliances, finding out what people are searching for and continue to invest in helps you streamline your efforts and resources.
That said, consult with friends and industry insiders, and partner with creators who need help with marketing. You’ll be surprised how many artisans and local shops are willing to pursue collaborations in the name of putting their brands out there.
Whether it’s startup apps that provide internet tools or what have you, there are many things you can sell online as long as you ensure there’s a market.
Prioritize efficiency
When it comes to fulfillment, consider drop-shipping; it’s become increasingly popular in recent years. This is when international suppliers directly ship to your customers, helping you get rid of having to worry about manual logistics. In other words, the items you sell are never physically with you but with the actual suppliers.
In this scenario, however, your margin may be lower since suppliers often supplement sizeable shipping fees.
If this arrangement doesn’t work for you, you may want to buy your goods at a wholesale set-up from manufacturers in Vietnam, China, Thailand, or India. Naturally, purchasing in bulk affords you more profit, but these arrangements typically demand more commitment and legwork.
Once you’ve determined which shipping providers best serve your business model, you’re good to go.
Service-based entrepreneurship
When one has been an employee for so long, they often forget that the skills they so easily bank on at the office may be optimized as standalone services. For instance, if you’re a marketing professional, consider looking for clients who need marketing aid.
While half of the freelance journey is about making sure you’re fantastic at what you do, the other half is spent on ensuring you find premium clients who understand what you’re capable of offering.
That mentioned, consider investing in a startup app or a creative MVP. Although there are clearly numerous other avenues you can penetrate to find gigs, app development has become much more feasible today.
Through your own platform, you establish a branding stance that helps build your credibility.
Think of this as freelancing but upgraded.
Whereas jumping from one job board to another positions you as a free agent looking for a remote job vacancy, publishing an app of your own where clients can schedule a meeting with you, check your portfolio, and browse through projects you’ve championed positions you as an expert.
What’s more, service-based businesses don’t require logistical finances. While a few subscriptions may be needed for you to operate at your best, they’re often much more affordable than having to buy ingredients or raw materials to make a business fly.
What now?
The point here is simple: there are many things you can commodify online if you’re resourceful enough.
From selling baked goods to surgical face masks, there is a universe of opportunities you can explore on the internet. Online selling is here to stay, so if you’re a business person looking to expand your business journey with new ideas, you may want to check out what corners of the digital realm you’re yet to explore.
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