There has never been a better time to launch an online business. In fact, by 2021, the global e-commerce market alone will be worth about $5 trillion.
In the age of information, consumers move to the beat of a digital drum. As such, most web users like to connect with their peers, carry out product research, and buy products or services wherever they are in the world, at any time. And, as the digital world continues to evolve, the opportunities to make money online are becoming all the more plentiful.
You might be an existing online business owner looking to expand your revenue sources or you could be a budding digital entrepreneur looking for a host of fresh business opportunities to catalyze your success in 2020 and beyond.
Whatever your aspirations or motivations, here are three effective ways to increase your revenue in the digital age.
When it comes to making online revenue, third-party selling isn’t exactly a secret, but if you sell products or services through popular third-party vendors such as Shopify, eBay, and Amazon, you stand to make a steady profit.
Often, you will have to pay third-party commission or service fees, but as platforms like Shopify are simple to set up, you will save time and money in terms of web store development and additional marketing.
To stand out on these highly-subscribed marketplaces and enjoy your slice of the profits, here are some practical tips:
- Place the focus on your product titles, including relevant key terms as well as action words that will encourage shoppers to click through.
- Optimize your product images. We are visual creatures and if you produce product images that are clear, concise, and eye-catching, you’re likely to boost your selling success significantly.
- Use bullet points, italics, and short paragraphs for your product copy to make your descriptions scannable. Most consumers brush a web page, so make your key features stand out.
- Tell your brand story across all of your third-party marketplace landing pages. Doing so will engage your audience on a meaningful level which in turn, will make them more likely to invest in your products or services.
If you're looking to sell a broad range of products through a third-party platform or e-ommerce store, dropshipping will provide you with an additional source of online revenue free from the shackles of shipping or inventory management. (For those who don't know, dropshipping is a retail fulfillment method where a store doesn't keep the products it sells in stock.)
By working with an official dropshipping platform, you can sell a curated selection of products without the need to stock them in a physical sense.
If you adopt a dropshipping business model, you can offer potential customers a focused inventory and use dropshipping technology to supply as well deliver each item, thereby removing shipping and inventory management processes from the situation. And in doing so, you will have more time to focus on additional money-making ventures.
While it was once considered a flash in the pan industry buzz phrase, the term ‘content is king’ is alive, well, and more relevant than ever before.
Today’s digital natives crave content that engages and offers real value. That said, launching an official blog, either for your business or your personal brand, offers a wealth of revenue-generating opportunities.
- You can earn passive income by building authority with your blog (to do so, you will have to post relevant, quality content in your niche on a regular basis) and offering guest posting opportunities and hosting native ads. You will also be able to sell people additional assets, including e-books and tutorials.
- If you have an existing online business, by creating value-driven content in your niche or sector, you will boost your search engine rankings while increasing brand awareness, building consumer loyalty and ultimately, boosting your bottom line.
- You will be able to make a steady flow of revenue through affiliate marketing. If you focus on nurturing your affiliate relationships and expanding your portfolio, this will be a fruitful source of online profit.
Launching an online business is challenging, but if you leverage a balanced mix of business opportunities, the rewards will be great.