What is eCommerce?
Also known as electronic commerce or internet commerce, this process involves the buying and selling of goods or services on the internet as well as the transfer of money and data to make these transactions happen.
eCommerce is typically used for the online sale of physical goods, but it can also represent any form of commercial transaction that is simplified with the internet.
Since eCommerce has grown to make discovering products through online retailers and the marketplace much easier, it has become a common “side hustle” for growing businesses.
While you can certainly run an eCommerce business as your main job, it also makes an excellent side hustle for earning some extra money.
Here’s what you need to know about doing eCommerce as a successful side hustle.
If you are serious about this side hustle, then choose a product you are passionate about and won’t feel tired of next week. At the same time, you should also choose a product that has adequate demand.
Take a look at some online product lists and find out what kind of products are selling well online at the moment, such as whatever is used for technology and beauty.
Consider the practical implications of the product you choose; like the simplicity of product shipping, its ongoing competition, and how you will source the product.
The next step is to determine the price. Assess your overhead costs for the product and the market value. Use this information to determine a profit margin and set your prices accordingly. Research your competitors and find out what prices they are selling similar products for online. In terms of finding your prices, you shouldn’t settle for a cost that’s too high or too low but rather something feasible enough for you to make an honest profit with.
Source Your Supply
After finding the right product, you must figure out where to source it from.
Since personal manufacturing time is incredibly limited dropshipping is often the way to go for sourcing products for a side hustle.
Dropshipping is the quickest and easiest shipping solution because it allows the delivery and packaging of goods to go straight from the manufacturer to the customer. You function as the storefront that negotiates for both parties. Using a drop shipper allows you to skip a lot of the tedious administrative work and instead focus on the core business competencies.
You should find the right drop shipper that is reasonably priced and especially reliable. After finding a drop shipper that you’re comfortable with, call them and, if possible, ask them to meet in person and answer questions. Don’t go to the first drop shipper if they aren’t the right fit.
Create Your Brand
You should also look at how successful competitors are branding, not to copy them but rather find elements that you can fit with your brand. You might find some common themes in these competitors that you can employ and expand on in your brand.
Adding new aspects to your brand separates it from your competitors. One way to do this is taking an angle that hasn’t been explored yet.
You should also pick a brand name, which is art in and of itself. The best brand names are simple yet memorable; Apple, Netflix, and Google all come to mind. To think of name ideas, do some brainstorming and word association around the product. When you’ve finally narrowed down some potential names, find out which ones are not already trademarked, so you don’t accidentally start a dispute with another company.
A unique logo can also sell your brand to use online, on product packing, and on social media among other places. If you’re not a professional graphic designer, then hire one to create your logo. Otherwise, find an app to help you create a logo. We recommend something text-based alongside a small yet relevant symbol. When deciding on a primary color, you should also think about color psychology and the feeling your brand should elicit.
Build Your Online Store
Now you can build your custom online stone and fill it with products, branding, and company info. If you’ve never done this before, then you should learn how and find a starting point. You can sign up for a free online store trial to help you decide if you want to buy this platform.
Using a mass-produced online store creator can quickly help you activate your site. It allows you to pick from a wide range of professional themes and craft a website that is polished as well as optimized for different devices.
The beauty of modern eCommerce is that you don’t need your own website to have a successful side business. You can just as well set up an Amazon store, or even sell on several pre-existing marketplaces including eBay, Etsy, and more.
Listing Mirror Can Help
The Listing Mirror software can help you with your eCommerce side hustle. Our feature-packed software simplifies the process of running an eCommerce business. Some of our most helpful features for your side hustle include listing data management, inventory syncing, robust integrations with top channels, and more. Click the button below to start your free trial!