Long gone are the days of navigating through brick-and-mortar stores with their limited choices and sales assistants badgering you to make a purchase. Today, people across the world prefer shopping online in the comfort of their homes due to the convenience it provides. Hence, our global economic climate is ideal for making money through Amazon FBA.
Moreover, the increased use of technological devices has also opened doors for more and more online stores to succeed using ecommerce websites builder.
Making Money Through Ecommerce
An ecommerce website builder has become an essential tool for all businesses to stay relevant and profitable. It has increased pressure on brick-and-mortar stores, causing over nine thousand retailers to shut down their shops in 2019.
Additionally, this continued expansion of the ecommerce world has increase competition through more availability of products and services. Even big brands are under stress and lowering their prices; thus, keeping up with the influx of new stores.
Moreover, new technological advancements are making the shopping experience even better for customers. They are explicitly targeting all the reasons that a certain part of the population still preferred shopping in-store and optimizing AR technology to remove any hurdles of ecommerce.
Predictions state that the ecommerce market share will reach over 72.9% of the total market shares, with the number of digital buyers being more than 2 billion. Among these, Amazon leads the ranking in the U.S., having over 150 million mobile users in 2019. Customers trust this giant ecommerce platform more than any other platform, and thus, making money on Amazon FBA is one of the best opportunities for your ecommerce business to succeed.
Steps on How to Make Money through Ecommerce
Now that we’ve seen some of the statistics in favor of making money through ecommerce, particularly Amazon FBA, let’s figure out how to do it.
1. Come up With an Idea
There are thousands of ecommerce website builders offering a massive variety of products and services. So, your business needs to stand out and cater to a particular category to be successful.
It can be relatively easy to get washed aside among the swarm of millions of new ecommerce businesses starting up each day. Below, we have mentioned the most profitable ideas for you to work on and develop your ecommerce website builder strategies around. Remember, the more unique your online business is, the higher are the chances of success.
Coming Up With Profitable Business Ideas
There are thousands of product and niche stores online and even on Amazon. However, most of them offer a wide variety of average pieces that don’t really stand out. By having a niche business, you can provide people with a particular style that would be unique to your store.
Due to its limited availability, people will be extremely attracted to your business, and there are higher chances of succeeding.
AI Based Stores
With technological advancements taking our world by storm, there seems to be a new innovation every other month. Artificial Intelligence is a true technological wonder. Hence, not only will this business idea help you gather up an audience, but it will also offer a better shopping experience and help you make a loyal customer base.
2. Prep for the Launch
Having an ecommerce store is far less risky than opening up a brick-and-mortar place. There is no need to pay rent, set up physical space, construct it with the proper décor, etc., all of which can save you thousands that you can further invest in making money on Amazon FBA.
Moreover, you don’t need to hire a lot of employees from the get-go. Based on the kind of business you’re running, you may not even need to stock up on inventory beforehand. Despite removing all these factors, there is still quite some work to do before your launch.
You will need to register a catchy domain name, find a hosting server, identify which software to use for powering your website and ensure maximum online security for your customers.
Before you launch your ecommerce store, here are all the important decisions you need to make.
3. Register the Right Domain Name
Your domain name needs to be unique but also easy to remember and quite impressionable. It needs to set a certain aura for your ecommerce business without being overly wordy or descriptive. Once you’ve picked out a catchy domain name, it’s time to register it.
The price of your domain name will fluctuate based on the type of service and the level of the name. You can use various tools like WHOIS to determine if a particular domain name is already registered.
Top-level Domain Name
The letter after the last dot on your web address is called the top-level domain name. You can think of this as your street name in an online world map. There are several top-level domains available, all with their set of pros and cons.
A .com address will be like setting up a shop on the main street. It is the domain that most people automatically turn to. So, while it will make your website a lot easier to find, it also drives up the cost of your final domain name quite significantly.
Domains like .io, .net, or .biz are often found at lower price points, but you will only be saving a few dollars a year in total. That is not worth losing out on a large bunch of potential customers.
4. Choosing Web Hosting
Having a domain name is like buying an empty plot. You will need to start construction (in this case, build a website) for it to be of any use to you. You can either purchase servers and create the website yourself or opt for a hosting service with servers you can utilize at a fraction of the cost.
Moreover, many hosting companies will also help you register a domain. You should consider asking these questions before deciding upon a hosting service, though.
How Will You Design Your Webpage?
You have two options when it comes to design. If you have sufficient funds, you can hire a professional web designer to do the job. That is always the best choice—to have your website tailor-made and ensure it captures the true feel of your ecommerce business.
However, if you can’t afford a web designer as of now, don’t worry! There are thousands of themes and templates available for you to try out. Most hosting services offer various graphic tools for you to construct your site. So, you just need to supply the content and pictures for your website.Make sure you run a trial version for a few days before officially launching your web store. It will help you catch any bugs or glitches before the customers are affected by it.
How Big Will Your Customer Base Be?
Although most hosting services don’t have a limited bandwidth anymore, you should still make certain predictions regarding how big you expect your customer base to be in the initial months. That way, you can ensure the hosting server is powerful enough to take the load.
Also, keep in mind that different web hosting companies offer a variety of plans to choose from. If you have a large target audience, opt for a plan that doesn’t require you to share resources with other companies.
5. Decide Upon a Method for Payments
The next step is to pick out a method of processing payments. Online purchases require processors that take a specific cut from each transaction. Hence, do your research and find the best possible prices for your ecommerce website builder.
The Importance of Flexible Payment Options
Having just a credit card option on your website isn’t enough to drive sales. People are looking for convenience and require multiple payment options. More often than not, if you don’t have their preferred mode of payment, they will simply abandon the page and seek out a store that does.
Be sure to include various online payment services like ApplyPay, PayPal, etc., to convert the maximum number of visitors.
6. Utilize Abandoned Cart Recovery
One of the best features of ecommerce is the ability to recover abandoned carts. When a customer is shopping in-store, you can knock on his door a day later and remind him of all the stuff he left behind in the cart. However, ecommerce makes this possible.
Your abandoned cart data will use the stored cache to show you whatever items weren’t purchased. You can then offer the customer coupons and discounts on making this particular purchase. Chances are, he will definitely return for the items that he left behind.
7. Secure Checkout
Before a customer makes online payments, they need assurance that your checkout services are fully secure and their private data won’t end up in the wrong hands. this is perhaps one of the most critical elements of online shopping. The smallest of mistakes could result in your ecommerce businesses failing.
So, make sure your entire sales funnel is entirely secure, and there are several antivirus and firewall systems in place to protect your customer’s sensitive information.
8. Content Management System
CMS is the WordPress equivalent of an online store. It is a back-end system that is used to manage all the content that goes on your website. This includes themes, any templates used, and the general look and feel of your store.
For any updates on the website or to make any edits to the content, you need to run it on the CMS.
Additionally, if you have a dynamic ecommerce website builder with products and services constantly being added or removed, you will need a higher level CMS. It can also be used to drive more traffic to your website, add new features and install plug-ins.
A good CMS ensures your web pages are static and inviting. They can be designed for better engagement and an improved sales journey of your customers.
9. Inventory Management
How complex your inventory management is depends solely on the nature of your ecommerce store. Some systems include a full-fledged warehousing system with a massive inventory, quality control checks, and advanced purchasing tools.
However, if you’re just starting out, it is better to take things slow and opt for a third-party solution for your new online store. It will put up a counter on your inventory at hand, and its software will automatically count backward as purchases are made. Once your inventory reaches a certain number— a limit that you set— you will be notified and can restock as you see fit.
The Final Takeaway
Coming to an end, we can say for sure that making money through Amazon FBA isn’t just a great business opportunity; it is also the way of the future. Soon enough, every store and retailer will have an online platform to generate sales and make the most of their online platforms.
Bryan is an online profit-preneur focused on creating multiple streams of income. With experience in just about every online business type he shares his experience to help others start and scale their online business.