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eCommerce has massively grown in popularity over the past few years. Customers now find it more convenient to buy their wants and needs from the comfort of their own homes. A lot of people also started to venture into eCommerce as a side hustle or an additional income source.
It can be tough to put up your eCommerce business at first, but once you completely set up the foundation and establish credibility, you can generate passive income even when you're on vacation.
If you want to earn money on top of your 9-5 job, here are some strategies that can help you augment your income stream.
Affiliate marketing is a good way of selling products and services without having to manage any stocks and inventory. All you have to do is create content and promote the products of another company.
They give you affiliate links, which you can share on social media, to your email list, in your blog, or even through advertising. When someone buys using your unique affiliate link, you receive a commission or reward.
Affiliate marketing programs are non-binding, which means that you can do it at a scale! A typical salesperson is only allowed to sell on behalf of one company. As an affiliate marketer, you can promote several affiliate products from as many companies as you can and earn commissions from all of them.
Another benefit of affiliate programs is that you are not responsible for responding to customer questions, you can simply redirect them to the company's customer support team and they'll handle everything from there.
Another popular passive income stream is dropshipping. Here, you need to have an eCommerce store or a website to sell goods from. However, you won't need to maintain stocks or inventory of these goods.
The products will come directly from the supplier, who will also handle the sorting, packing, and shipping of the items to the final consumer.
Here's how it works: After the customer orders the products from your site, your store will then forward this over to the supplier. From there, the supplier will ship the product directly to the customer—your store will simply inform the customer that their order has been shipped.
Dropshipping is a good option for beginner passive income. You don't have to buy products upfront, worry about having a place to store them, and spend time sorting and shipping.
Your main upfront cost is just to hire a developer to build a beautiful eCommerce site for you. Aside from the aesthetics, site functionality should also be excellent. You want to give your consumers a good experience so they keep buying from you.
Shopify, Woocommerce, Magento, and Opencart are just some of the most well-known platforms used by those who dropship worldwide.
Wholesaling is the passive income method of selling your product in bulk to other sellers. From there, they put your products up on their website and sell in on your behalf. This is another good income idea if you want your products to reach more consumers.
Wholesalers often sell their goods at a discounted price to entice retailers to partner with them. This method allows business owners to shift their focus on production, product innovation, brand improvement, and the like because they are able to pass some (or most) of the sales and marketing burden to retailers.
Passive income refers to money earned without requiring too much effort from your end. You can even turn some of your passion projects—like your blog—into passive income-generating activities.
In particular, the trend for online purchases is looking very good these past few years. Whether it's through wholesaling or affiliate marketing, looking into these income ideas right now is a good way to start building passive income opportunities for yourself.
One of the best ways to make passive income is by selling something online. If you are looking for a good source of side income, eCommerce is definitely one of the best ways to go. After all, almost anything can be sold online: books, clothes, food, supplements, courses, art, music, you name it!
As long as you have a functioning website, people can find you and buy from you wherever they may be and money will keep on coming in.
Practical eCommerce is an independent, family-owned, online magazine. Its mission is to publish authoritative information to help online merchants.
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If you want to learn more about eCommerce and explore the best platforms for your business, contact our team at PageKits today!