Intro: 7 eCommerce Business Ideas
2. Niche eCommerce
3. Service (e.g. Social Media Marketing)
5. Fashion Re-selling
6. Web/App Development
eCommerce concerns the process of buying and selling using online platforms. It is a rapidly growing business model that has become the norm for modern business practice, generating much revenue and success. The likes of Amazon, eBay and Facebook are few of many examples of highly successful eCommerce businesses, with brands such as Amazon generating revenues in the $100 billions. These platforms have been ideal for those who wish to know how to start an eCommerce business.
Online has become a powerful tool for business, and today consumers no longer have to worry about their go-to brands’ stores being physically open. The internet allows businesses to deliver a broader range of goods that would otherwise not be available had they been limited to selling only in physical stores.
Any beginner businessperson will inevitably face hurdles when starting out. One of the main concerns for newcomers is the matter of budget and ensuring that the business can be run cost-effectively. When starting any business, considering a plan of action is key.
Therefore, in this blog post we will outline 7 low-cost eCommerce business ideas that won’t break the bank.
The benefits of today’s business opportunities are plenty. Requiring a stock of goods or a warehouse supply is no longer necessary to start a business in 2022. This is where the process of drop-shipping is introduced. Dropshipping allows you to instantly get the ball rolling without having to worry about the sourcing of product supplies or delivery and packaging. These factors ensure that initial financial costs can be mitigated.
Moreover, dropshipping grants the ability to conduct or set up business without a fixed location. In the instance of starting a brick-and-mortar store for example, factors such as logistics and demand in that particular area would have to be strongly considered before starting. However, setting up a dropshipping business alleviates these concerns. Additionally, there are great services that are able to provide you with your own eCommerce site for dropshipping at a reasonable price. NewNine is one such platform, with a dropshipping tool crafted to ensure your created site runs optimally and with guaranteed success.
Consumers strongly value authenticity. As a brand, appealing to more elusive target audiences can garner a consistent consumer pool. This is where the prospect of creating a niche eCommerce site comes into play.
There are numerous advantages to having a niche market. One benefit is the prospect of enhanced customer relationships. When you are able to provide a service that fulfils a unique desire, you develop a much stronger appeal with a more consistent consumer pool. An example of a ‘niche’ market is vegan products. The appeal of this service to a minority audience shows loyalty to a specific consumer base. This enhances consumer relations as it shows the consumer a focus on their particular needs.
Another great benefit to catering to a niche market is the potentially smaller competition. Instead of investing capital and resources into complex creative ideas to attract consumers, by targeting niche communities you can gain consumer retention with less effort. Though a possible consequence of this is less profit initially, the connections forged in the long term will be fruitful. Therefore, when deciding how to start an eCommerce business, appealing to a niche audience can be a good choice.
Appealing to lesser-known audiences is not the only low-cost way to cultivate a fruitful eCommerce business. If you can market and sell a service, this will better your perceived value in your area of business. Consumers highly value businesses that display a technical level of expertise in the market they are a part of. Services such as social media management, online training courses and other similar online services are effective ways to grow a loyal consumer base.
One low-cost eCommerce idea can be to become a social media assistant. It is relatively easy to learn social media management and there are affordable tools that newcomers in this field can use. Post Magic, for example, is an affordable social media management platform that can be very helpful for social media assistants. As a social media assistant, you can subscribe for a package starting from just £2 and manage many social media accounts for your clients using one interface.
In terms of potential for growth, blogs provide an avenue of business with limitless possibilities. Blogs are a very sustainable business practice to have. Though success may not come promptly, consistency with blog writing can go a long way. There are many blogs that have garnered international renown for their covering of topics ranging from eCommerce, politics, and finance. The prospect of paid affiliations is also a possible reality in the long term, making it a great way to increase brand exposure and as a result grow your business.
The selling of second-hand, vintage and rare clothing is a trend that is always in demand. Thrift stores attract specific crowds that are always hunting for cheaper sales on popular clothing, as well as looking for abstract fashion. Clothes reselling can be a very profitable business which doesn’t require great financial investment. Bulk buying of vintage clothes for resale won’t break the bank and supply concerns can be mitigated. Establishing your brand as a quality curator of vintage and abstract clothing helps demonstrate authenticity.
The benefits of this endeavour also tie into the similar effects of appealing to a niche community - you have much less competition to face in selling your products.
In the fortunate instance that you possess a great competency in coding and web design, offering these services is a great way to create an eCommerce business. In today’s landscape, a strong competency in technology and web systems is in high demand. Capitalising on these skills requires little financial cost on your behalf.
Growing your network becomes much more successful if businesses and people of renown can verify your proficiency in web design. Most businesses have branched into the eCommerce market and desire competent individuals to manage and guide their online systems. Moreover, with an endless number of systems present on the web, there is no limit to where you can position yourself in the market with strong coding skills.
The camera is a very powerful tool. Images are fundamental to the human experience and how we convey our view of the world. In the realm of eCommerce, image is key to brand promotion and reputation. Developing a fine eye for angles, lighting and setting can make photography an accessible yet lucrative trade to endeavour in.
Becoming a professional photographer can open many doors in the realm of business. Seminars, conferences, and weddings are all events that people are willing to pay well for a professional to capture those moments. Other possible niches you can try to break into are product photography, professional headshots, and portraits, as well as stock photography.
It is relatively easy to build a credible portfolio in photography. Pictures can be organised and displayed in your online website to showcase your professionalism and creativity. There are many affordable online website builder tools available for this. In short, photography can be a great business decision that is not only cost-effective but also capitalises on creative talent.
Starting an eCommerce business doesn’t always have to be complicated and expensive. There are many avenues to explore that won’t break the bank, and can prove fruitful in the long term.
There are viable options such as dropshipping, becoming a social media assistant and even appealing to niche communities.
The important thing to understand is that financial cost does not have to be a serious concern when starting an eCommerce business. As eCommerce grows more profitable and diverse, there will be many more cost-effective opportunities to create an online business.