eCommerce is limitless in terms of its ability to facilitate retail transactions. From physical to digital, goods to services, it can all be sold online.
There is a ton of opportunity for those willing to innovate and bring new and unique products and services to the online market.
Here are 5 things you can sell online right now:
- Your own physical product
Here you need to spend some time on product development. Create a MVP or minimum viable product to test in the market.
Your upfront costs might be higher due to product development costs, equipment and supplies.
Keep in mind that with a physical product you will need to physically get it to the customer. This means fulfilment costs to take into account.
Overall, if you have a good enough product idea it can be very lucrative.
- Your own digital product
We live in the information age, people crave it as much as they do food. Think about an ebook, audiobook, online course or a membership website with unique content.
Your upfront cost will be lower and profit significantly higher. These tend to be more time intensive at start, but don’t require any physical fulfillment as the product is instantly digitally available.
- Your own physical service
So you have a service business that requires you to directly interact with your customer, it is still possible to sell it online.
Think about a booking system where time slots are allocated and sold. The advantage of getting paid upfront is a big deal.
Of Course the physical service still needs to happen.
- Your own digital service
Very similar to a digital product, the service will be delivered digitally through a video call in case of a consultant.
The same booking type format of a physical service can be applied with no costs such as traveling etc.
- Someone else’s product or service
Drop shipping. Yes, this can be for a product or service and implies selling a third party product or service. This can be through a service provider or by direct arrangement with a supplier or perhaps a business that does not sell online.
Startup costs are usually low, however you have no control over product quality or delivery.
Profits can be low depending on negotiated commission rates.