Making money online isn’t that difficult in the 21st century. 2020 has been a boom year for global eCommerce, with Digital Commerce 360 mentioning that the US eCommerce market grew by over 40% in 2020. Yet even though eCommerce is quite popular, there are multiple ways to profit from it. Gurvin Singh Dyal, a modern eCommerce success story, has helped several hundred people build their own businesses. His coaching, offered through the Instagram page @Academy2Earn, sees individuals given the task of opening and creating their own eCommerce stores and making a healthy profit as a result. Here, he presents some attractive options for new entrepreneurs who want to make money through eCommerce.
- Retail eCommerce
According to Investopedia, electronic retailing (or e-tailing) is the sale of goods or services through the internet. All eCommerce sales can be put under this broad umbrella, but in this case, we’re talking about selling a particular product that someone already has on hand. Gurvin notes that this method is a concrete way of generating income but requires a lot more interpersonal interaction. The seller needs to have stock and is responsible for mailing out the product afterward. Entrepreneurs who want more hands-on experience and have enough space to store stock can look at being an e-tailer on sites like Amazon or eBay.
One of the more popular methods of earning money online is through drop-shipping. Suppliers, usually from the far east, pay a commission to sellers who sell products on their behalf. The drop-shipper is responsible for traffic and marketing, while the company is responsible for production and shipping. Gurvin states that this methodology makes it easy for people who aren’t interested in maintaining stock on hand and can’t be bothered with shipping details. However, the relationship depends on the supplier, and problems with the supply chain would reflect poorly on the store even though they are out of the owner’s control.
- Affiliate Marketing
Gurvin considers affiliate marketing the best and most profitable way to make money online. Through affiliate marketing, entrepreneurs can leverage the power of commissions. The more business that one creates for a business, the more they get paid. Instagram and Facebook marketing are good examples of affiliate marketing. For those who have grown up earning hourly, the amount that one could make on affiliate marketing is vastly superior. Additionally, there’s no cap in earnings. As long as one continues to guarantee sales, they will keep making money.
A New Breed of Entrepreneur
The modern online entrepreneur is a different animal to the ancient retailers in their brick-and-mortar stores. Gurvin believes that the future of retail is online, and he’s not alone in that sentiment. Thousands of entrepreneurs are leaving their brick-and-mortar stores as they realize how profitable online sales can be. Tapping into Gurvin’s experience and knowledge may help to create thriving enterprises for his students going forward. It’s always better to have a plan and a mentor than just trying to “wing it.”