With the recent worldwide pandemic, many of us have turned to online means of making an income. This has led to an increase in ecommerce as many of us are buying items online as well as selling goods. This article looks at four ways to make money selling products at your next ecommerce store.
Considered the most profitable item to sell, if you’re focusing on unisex items, jewelry is a niche market. Therefore deciding on one area in jewelry, for example, earrings or watches, may attract a wider audience. It’s worth doing your research when deciding to open a jewelry business as it can be extremely lucrative. In America, alone, the jewelry market is thought to be worth $78 billion.
2. Home Smart Products and Accessories
Surprisingly the increase in home smart products and accessories has not been matched by ecommerce stores. Therefore it may be an ideal time to open a store selling these types of products in this relatively new market. With many people isolating because of the CoVid pandemic, many people are making sure they have creature comforts to make their home life more comfortable. For instance, it is thought that around 50% of American millennials in 2020 will own at least a smartphone home speaker.
3. Augmented Reality / Virtual Reality (AR/VR) Headsets and Apps
The demand for compatible headsets has considerably increased after initial skepticism. This is expected to increase as are the apps that can be used with them, with the growth of AR/VR predicted to reach $108 billion sales by the end of 2022. With the right branding and guidance, you can attract the right people to flock to your ecommerce store. With many more people at home, it may be a good opportunity to jump on this as yet unsaturated market right now.
4. Vape Products and Accessories
Vaping has become a popular pastime over recent years, with people wanting to stop smoking and for increasing use in vaping competitions. Competitions are often featured in trade shows, as a means of promoting the items for sale, with those that participate often referred to as cloud chasers. This has helped to vape to be seen as a hobby as much as a device to help with smoking cessation. With the different devices and products available, the chances of you already vaping or knowing someone that does is fairly high. With this in mind, creating a business that focuses on selling these items would make sense considering the popularity of vaping products and accessories are not likely to decrease any time soon.
To set yourself apart from other ecommerce stores consider working on your brand to distinguish your business from your competitors. This involves more than brand colors, fonts, and slogans, but also includes website design and development as well as digital marketing. This latter aspect cannot be underestimated if you’re working online.
Furthermore, if you’re planning to open your next ecommerce store, consider how you can make this one different from your other one and from other competitors. Be prepared to put in the hours and the need to possibly work with others to promote your store and products. Don’t be afraid to try something new and learn from the process as it could make the difference between breaking even and making a profit.