Wondering what the most novel and efficient way to get rich from home is? Your vital question can be answered with two simple words: selling online!
According to Statista.com, the number of digital buyers worldwide reached approximately 1.5 billion in 2015. With such a large potential consumer base, don’t let anything hold you back from tapping into this opportunity and starting an online business.
Let me walk you through five simple areas that contain everything you need to know about selling online.
What to Sell Online?
The Internet is the network that connects one end of the world to the other in a matter of seconds. Hence, anyone who logs in to shop online expects to find whatever he/she needs with just a click of a button.
When there is a platform that can provide you with every single thing you need by saving your time and energy, why would you use any other way?
It is statistically shown that certain products sell better online than others:
Electronics. Computers, mobile phones, cameras and tablets are among the best-selling product categories in the digital marketplace, summing up to a revenue of $57.6 billion in the US in 2015 (according to Statista.com). In the UAE, mobile phones and other electronic devices account for 29% and 23% of the total online sales respectively, a Nielsen research reveals.
Apparel. This is the second most profitable online market category, accounting for approximately 35% of all online sales in the UAE. In the US, it has generated a revenue of approximately $63.5 billion in 2015 and continues to grow.
Homeware. Furniture, kitchenware and other household items contributed a revenue of $16 billion in the US from 2010 to 2015, serving a diverse population of consumers.
E-Books and Consumer Books generated approximately $16 billion in revenue in 2015 in the US. In the UAE, 28% of the total online sales were attributed to the sale of e-books.
Health and Beauty Products are highly popular and expected to contribute a revenue of $62.46 billion in 2016 in the US just through online sales.
These are not the only products that you can successfully sell online. If you hope to sell your own unique products, then there is no reason to hesitate.
Identify your target audience, market your product online and become a pro-seller of your own products in no time.
There are some product-related factors you should consider before selling online:
A vast majority of products that are sold online are delivered to customers through cargo, which they will most probably have to bear the cost of. Therefore, the heavier the package is, the more costly it is going to be. It is always best to resort to a safe weight and size of package which will not be an added burden to yourself or the customer.
Always remember that one of the reasons consumers prefer shopping online is that they are provided with infinite options for a single product. Therefore, always be mindful to set an appropriate price for your products.
You should always ensure transparency of information, such as the quality and condition of your products. Also aim to provide the best quality of service to build your reputation as an online seller. Once you establish yourself as a trustworthy online store, the rest of the path will be clearly laid out for you.
When to Sell Online?
Anytime! That’s the beauty of e-commerce.
Why Sell Online?
Most aspiring entrepreneurs may find starting their own business to be a mammoth task because of the considerably high capital investment required, especially when it comes to setting up a brick-and-mortar store. With online selling, however, all you have to do is build your site or join a marketplace that will take care of your selling platform without a hassle. Building a basic custom website can cost you anywhere from $300, but the overall costs could go up to thousands of dollars as it would depend on factors such as how customised the website is, the type of e-commerce engine you opt for, the number of products you sell, etc.
Convenience of Location
For online selling, all you need is a stable internet connection, a computer (or even your smartphone) and an optional cup of coffee. Not only does this take less effort, but you will also always be within reach for your customers.
A Bigger Customer Base
As you read earlier, there are approximately 1.5 billion online buyers across the globe. With the current population of over 7 billion, this makes approximately ¼ of the world’s population of online buyers. This large number comes with diversity and various business opportunities.
Where to Sell Online?
There are many paths you can take to sell your goods online.
One option would be building your own web portal and reaching your target audience via social media, paid advertisements or even word of mouth.
There are several e-commerce platforms that help you generate your own web portal for free. Choose such a platform, and start off by creating a domain name, email account and other contact details. Select the best payment option that will suit your target audience and include all payment details as well as shipping options on your customised website. Advertise your online store by using the best marketing tactics and wait for a host of enthusiastic buyers to crowd your website!
However, you may find starting your own web portal slightly challenging due to the amount of work that will have to be put in for designing, advertising and other operations. Therefore, as another option, you could reduce the workload and contact an online marketplace that would take care of the basic start-up process, provide you with a store and offer you the chance to reach an already-established customer base with minimal effort on your part.
Choose an online marketplace that:
- Gives close attention to sellers and products. A good online marketplace will have clear instructions on how to sell and opportunities for promotions and offers. It will contain an up-to-date, clear and informative help centre and be within your reach at any time.
- Has a reliable and fast-growing group of buyers. With a good online market, you will not have to worry about finding buyers, marketing your product or reaching a large audience.
- Is safe and secure. Make sure your choice of marketplace has effective security measures in place for transactions and will not leave any room for fraudulent activities.
How to Sell Online?
Market Your Product
Determine the best products to sell and list them with high quality images and informative descriptions. Your marketing can begin right from the product page.
If you prefer to sell your products on an online marketplace, choose a good platform that has all the resources in place to make your selling process smooth. After you’ve decided on the best marketplace, list your product/s. Advertise them on social media and other content platforms frequented by your buyers. Use your personal network to spread the word and reach out to the media for further exposure.
Shipping and Delivering Your Products
Specify your payment options clearly.
If you are selling through an online marketplace, then this process will be very easy for you. Once a buyer makes a purchase, pack up the goods, consult the best courier service (marketplaces often have a network of trusted carriers) and deliver them to the buyer who is impatiently waiting for the goods to get to his/her doorstep.
If you are not selling through a marketplace, extensively research and find the best courier service to deliver your products.
Sit back and relax. Enjoy the gratitude of your customers for the high-quality service you’ve provided, and get rich from home!