Many ambitious entrepreneurs today, especially novice ones have found convenience and better turn around through online business and E-commerce in particular whether they are aiming at implementing B2B, B2C, or even C2C business models. What type of businesses is fruitful online? What is the time and investment involved in the process? How to get things started and ensure that your e-business sails smoothly from then on?
Some of these questions are answered below, where we have handpicked 5 trending online business ideas that could work for individuals or a group of businessmen, who are beginners and want to valiantly venture into the journey of limitless possibilities of e-commerce.
E-commerce Reselling Business
Any product that can meet customer requirement sells online as long as there is a large market for the same. Reselling, on the other hand, is a trend that is soon gaining momentum because the disclaimer “Goods Once Sold Cannot be Returned or Exchanged” on many online stores has opened doors to alternative options. Reselling online is more convenient, hassle-free, and cheaper since you could either resell using selling marketplaces or set up your own reselling online store easily. Many customers or potential buyers look for buying products from suppliers especially for consumer Electronics, Mobiles, and Accessories, books, furniture etc sans the price tag or the original packaging or the overheads and find reselling portals quite beneficial in that respect. Reselling goods that are just taking up extra space at home or work while posing inconvenience can be sold online at profitable rates. A bit of organized listing and creating more product visibility should be the key points to consider while venturing into this business. Of course, quality of the product(s) is significant and any minor fixes that do not cost a fortune are definitely anticipatory tasks before you launch your reselling business online.
Handcrafted Goods Business
Many entrepreneurs are passionate about selling unique, handcrafted, and personalized collectibles online. Many buyers who are passionate about possessing these goods also go hunting for them online since they get a wide variety of buying options there and it saves a lot of time too. Handcrafted toys, antiques, jewelry, fashion accessories, attire, home and decor products etc have high demand because they are created in limited numbers and create an artistic sense of delight in the minds of art and craft connoisseurs. By creating an online store that sells unique handcrafted goods, you can create an impression that sites like eBay have failed to do which is non-commercialisation of art and beauty. If you are the master of your craft or have a great team that can back you up, then there is nothing like it when you combine the online platform to sell your products at affordable rates.
Customized Merchandising Business
Are you a creative soul? Do you have technical know-how of digital designing and printing? Then this business is for you. Many small-scale entrepreneurs have realized that printing customized designs on T-shirts, keychains, caps, bags, backpacks, stationery, and whatnot has a wider buyer pool and an online market with great potential. All you need to do is get in touch with some wholesale suppliers and have possession of some great printing equipment, graphic designing software, photography camera, and packaging facility. The capital investment would range from small-scale to medium-scale depending on the product range you provide. Opportunities may range from corporate gifting, personal gifting, general and event souvenirs to exhibitions and garage sales. Either personalized products can be listed on personal online stores or at partner sites. Logistics can also be outsourced or handled by the e-marketplaces where the business has its merchant account. Even windows of opportunity for exports may be opened through online personalized merchandising businesses. You could even offer customers the liberty to experiment with their own designs and place orders through your website.
Dropshipping Services Business
These days lesser risk in business means more efficiency, more time, and consequently more turnover. Dropshipping includes procuring products from third-party vendors usually wholesalers or manufacturers without having the need to maintain inventory and shipping it directly or through third-party logistics services to customers directly. Either this can be done through self-owned websites or through third-party websites where the products are listed and marketed by entrepreneurs. In this model, there is no requirement for heavy capital investment, renting or purchasing of a warehouse, packaging or shipping responsibilities, inventory tracking, handling of inbound shipments or order returns and management of stock levels for auditing. The entrepreneur can work from anywhere, it is easier to scale up your business with the onus of handling more orders being put upon suppliers, you can experiment with a wide range of products as per demand, and the overhead expenses are also curbed through this business model.
Affiliate Marketing Business
Get rewarded for each referral is the principle of affiliate marketing. Many individual entrepreneurs find this performance-based marketing business model convenient provided they have good networking skills and a good reach out to potential customers. You can find products that you can market at vendor sites or an affiliate online marketplace. Usually, a link is provided to marketing entrepreneurs which will help them route customers to the product page. A good commission can be obtained on single or multiple product purchases by the referred customer. This model offers marketers the liberty to use their own marketing skills and methodologies to promote other brands or products. You can also target customers based on their buying history and pattern. Affiliate marketers can also use blogs to lure their customers into buying high-end products that can fetch more commission margins and also other eCommerce marketing tactics like reviews and ranking by other customers for a particular product whether used or new. Making other affiliates join the program that you are a part of can also earn you reward points and ultimately more commission (indirect). Many software applications are available in the market today to help you monitor and improve your affiliate marketing performance.