If you want to create an ecommerce store, then the first thing you’re going to need to do is decide precisely what you’re going to sell. You can’t have a shop without products and thus many people will mistakenly assume that this business model is not available to them.
So the question then becomes: how do you find products you can sell in your ecommerce store? Do you need to own a highstreet store?
Read on and we’ll look at numerous options available to you and the business models that go with them.
Sell Things You Already Have
One option is to sell products you already have. This is the best option if you own a high-street store as it means that you can expand your potential market and not have to invest any more money. Better yet is the fact that many EPOS systems (electronic point of sale) can integrate ecommerce tracking so that you can track all your products through one single system.
Buying and Selling
If you don’t already have inventory though, then you might decide to buy some products that you can sell instead. This is a strategy that can work well but only as long as you are able to get the products more cheaply than you’re selling them. Often this will mean buying in wholesale, though there are other strategies you can use as well.
Buying and selling in this way (called ‘reselling’) is actually an easier business to get into than you might originally think. That’s because you don’t have to buy all your inventory at once and that way risk making a loss.
Instead, order a small number of items initially, then reinvest the profit you make from those into new products. Keep doing this and you can gradually increase your stock until eventually you have a full store and massive inventory.
Drop shipping is perhaps the ideal business model if you can find sellers that are happy to do this. Essentially, drop shipping means that you are selling products that you didn’t make but you still don’t have to handle any of the shipment and you still get to have your brand on it.
This is a ‘white label’ service, meaning that your customers don’t need to know that you’re not the one who makes the product. In some cases, the product can even have your branding on it! However, you simply pass the orders on to the drop shipper as they come in and that way fulfil the orders.
Another option is to sell digital products. This is a great option because you don’t need to invest any money and because you will make 100% profit on every sale. Digital products tend to include ebooks, apps, software and courses. But just note that it is a specific type of customer who is normally interested in buying digital items.
Finally, why not turn a hobby into a career by selling products that you’ve made yourself? This could be art, jewelry or a range of other things!