Last year was a profitable one for the majority of online businesses and marketplaces, with ecommerce growing by an impressive 6.7% over the course of 2019.
Interestingly, while Covid-19 has taken a heavy socio-economic toll across the globe, the ecommerce space has actually grown exponentially as customers have been forced to change their behaviours. This has accelerated the rate of growth in this market by between four and six years, with online spending up by an estimated 77% overall year-on-year.
With this in mind, it should come as no surprise that people are increasingly inclined to open new businesses online in the modern age. But what are some of the best ideas in this respect? Let’s find out.
- Make Money Through Affiliate Marketing
Some business opportunities enable you to accrue revenue through relatively passive means, especially if you already have a burgeoning business or an operational website and customer base.
This works in a relatively simple way; as affiliate marketers work directly with brands to increase their sales by generating a new source of traffic to their website. This can be achieved by creating an ‘affiliate link’ on their own site, which can direct customers to their partners and increase their overall conversion rate.
In exchange, affiliates can earn a fixed commission on the sales generated as a result of your link, earning participants between 5% and 20% of associated transactions.
To get started with this endeavour, we’d recommend using existing affiliate networks such as Amazon. This will instantly connect you with a large range of merchants and potential partners, while it also negates the inherent risk associated with affiliate marketing from the perspective of performance and your ability to drive viable levels of traffic.
- Trade Forex and Other Assets Online
Forex trading can also generate income, although this is arguably a less passive investment vehicle due to the knowledge and analysis that’s required to inform and execute successful trades.
In the foreign exchange, you can trade currencies in specific pairings, while the derivative nature of this asset class enables you to speculate on price movements and profit even as an asset’s value depreciates.
This marketplace is also highly leveraged, which means that you can effectively borrow capital from brokers in a bid to open larger positions and optimise your potential profitability over time.
The good news is that you can make forex trading more passive by automating trades and using intuitive mobile apps such as the MetaTrader 4. This type of technology can also connect you to a global marketplace in real-time, while providing the type of detailed insight and analysis that can significantly boost your earning potential.
- Sell Handmade Items Online
It may be that you have a penchant for crafts and design, and in this case there’s a growing niche in the ecommerce space for the sale of bespoke handmade items.
Of course, this has much to do with the rise of ecommerce and sites such as Etsy, which have provided a vehicle for creatives to market their designs across a number of markets.
Similarly, there’s a growing demand for bespoke items in some industries, while being able to market unique and handmade items enables you stand out in crowded marketplaces and sell your products at a premium.
The business model that underpins this operation is also incredibly simple, as you need to work hard and create viable products before selling these directly to the consumer for a desired profit.