If you love e-commerce there are 5 models you can choose from to kick start your journey
Table of Contents
Dropshipping
Dropshipping is a service offered by some Wholesalers. When you get an order from a customer, you contact your wholesaler and they ship it to your customer for you. No Shipping, No storing etc required if you chose this model
Pros and Cons of Dropshipping
| PROS | CONS |
| Nothing to buy or store | Every store doesn’t offer this facility |
| Many many products to offer | Low margins |
| Low start-up cost | Inventory issues as the store are not in your control |
| Flexibility of location | Errors in delivery may cost you, dear |
To learn more about Dropshipping you can access the Interview series of Online Millionaire Summit 2019 by clicking here or watch the video and start your journey
Your own store on the web
Nothing can beat this if you already have a set of customers buying from you regularly. Having your own store on the web is an awesome idea only if you have traffic to your products.
3 basic things required to start this are choosing a store name and NAMECHEAP is the best resource for this followed by hosting by BLUEHOST and plugin WOOCOMMERCE
You can, in fact, make your blog site as an e-commerce site using WOOCOMMERCE
This aspect also has its share of advantages and challenges like:-
- It will be your branded store with no external dependencies on anyone
- Your policies your products 100%. No competition
- You can even monetize your WordPress site using ads. Learn more
- In the beginning building trust and getting Traffic would be a challenge
- You need to replicate the flexibility of returns and replacements as offered by marketplaces like Amazon
- Your investment will go in developing the portal, doing SEO
- You will also need a Payment Gateway like Instamojo which I prefer for the India market owing to ease of implementation
Own store on the web-Rented
Shopify is one such platform that will give you a ready-made marketplace and audiences. You basically rent space on Shopify and give it your brand look and feel. It is like having your own website not through woo-commerce but in a different way
This also has its share of advantages and disadvantages
- No technical expertise is an advantage as set up is ready. Pay the rent and start selling
- No other investment like payment gateway Instamojo or SEO etc
- Traffic is there already…Boom!!!
- Monthly rent even you don’t get a single sale
You can Try Shopify with a 14 days FREE TRIAL HERE
You can also learn through this FREE COURSE on strategies on promoting your products on social media
Affiliate Marketing
Now, this is big-time business in itself and very much learnable. To start affiliate marketing you need to select a niche and find the products to promote
Some basics you will need is to learn how to generate leads for your products and technique to promote
You can take up Success challenge to get going on the concepts of affiliate marketing
Features of Affiliate marketing
- No products to be owned similar to dropshipping
- No customer service to be done by you
- No issues of inventory as it is the supplier’s sales page unlike dropshipping
- Sell what you believe
- Commissions based business
Attend the FREE Success Challenge webinar to understand the concepts better
Selling on Marketplaces like Amazon/Flipkart
Now, this model works completely different from all models above except SHOPIFY as you need to own the products i.e buy them and keep in your store
Once you have products with you to sell by either manufacturing/sourcing you can create a FREE Amazon Seller account and list the products to sell. The best part here is there is no initial investment, no monthly rent rather the payment taken by Amazon is a commission percentage on each sale you make.
So, if you even do 1 sale in a month the charges will be a percentage to sales and no fixed charges. This model I recommend to start as once your master this and start earning a handsome earning can learn how to start on woo-commerce, Shopify and affiliate marketing
So, what are you waiting for? Start today as you have nothing to lose but have a whole life to win
Join me live
Join me live in my webinars where I teach you “How to start your e-commerce journey“. Register for the Live Webinar HERE