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How to Achieve Financial Freedom with Online Selling

by AJ Balois
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Look around your house. There’s a big chance that you own something you bought online.

Like you, there are billions of online shoppers worldwide. This e-commerce phenomenon has allowed people to purchase an item from the comforts of their homes, especially during the height of the global pandemic. It has changed the business landscape and shows no signs of stopping.

A person sitting at a desk with a computer and a camera

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Being able to shop for necessities amidst the lockdowns has been everyone’s lifesaver. It has changed online shopping from being a pastime into something people need to thrive during uncertain times.

Now that health and economic limitations are easing up, people are not giving up on ecommerce. It has become a lifestyle that benefits both the buyer and the seller.

Why Sell Online?

Online selling has a huge income-generating potential

In 2021, there were 2.14 billion online shoppers worldwide. This number has grown around 4% from the previous year. These figures represent the massive potential of online selling. Harnessing even a tiny fraction of this population can generate a steady income for you.

Online selling is easy to put up and maintain

Online selling is also relatively easy to establish. There are now several free platforms that you can use to sell and communicate with your customers. Instagram and Facebook are also on the ecommerce bandwagon. They have made it convenient for people to post their products and generate sales.

It supports safe transactions

With so many uncertainties, more people choose to do business at home. Not everyone is ready to go out, so purchasing their needs online is the most viable option. You can use this opportunity to provide safer and faster transactions that consumers will appreciate.

Online selling can help you have additional income streams

No one was spared from the financial burden brought by the pandemic. If you’ve incurred some loans to survive the brunt of losing a livelihood source, you can bounce back with online selling. It’s possible to generate income with very little capital.

It’s also an opportunity to do freelance work or get a job while still doing your online business. Having several income streams can help you pay off your loans faster.

How to Achieve Online Selling Success

Many entrepreneurs revised their selling strategies as part of their post-pandemic business recovery. They realized that traditional operational structures used for brick-and-mortar operations wouldn’t cut it anymore. If you want to boost your online sales, you have to adopt these new strategies that include the following elements:

What to Sell

Before starting your online selling business, you need to determine which products would be profitable. These tips can help you decide what to put on your online store.

Provide enthusiastic hobbyists with what they need

People passionate about a hobby are more willing to spend on supplies. For example, the biking community is multiplying, making bike parts and accessories viable products.

Be the solution to a customer’s problem

Find a way to solve a consumer’s pain point. Develop or source a product that can make their lives easier. A drip coffee pack is an excellent solution for people who want brewed coffee without preparing a pot.

Follow your passion

It would be easier to sell a product you hold dear to your heart. When your customers feel your passion and knowledge, they’d likely trust you and buy from you.

Where to Sell

The internet is teeming with digital tools and platforms to help you sell your products. You may start selling on free platforms such as Facebook Marketplace, Craigslist, or other online venues that will allow you to test your market.

After gathering experience and knowledge, you can build your online store using Shopify or Magento. You can also explore other online marketplaces such as Shopee, Amazon, eBay, or Etsy. Most of these digital tools are intuitive and easy to manage. There are excellent tutorials and resources online that can help you optimize their features.

How to Sell

Marketing

Now that you’ve established what products to sell and where to sell them, it’s time to develop your selling techniques. The key is to provide a concise description of your products—dimensions, variants or flavors, price, and other important details.

Attaching a clear, actual photo can help your customers visualize your product. Staging a live selling event can be a fun, interactive way to boost your sales.

Research ways to market your products. For example, if you are opening an Etsy shop, you can use Everbee to help you optimize your listings and market your products effectively. Digital marketing can be tricky, but you can reap the rewards if you do it right. Study your market first before applying these techniques to boost your sales:

  • Facebook ads
  • Instagram ads
  • Google Ads
  • Social media engagement through hashtags
  • Pay-per-click (PPC) marketing
  • Email marketing
  • Video marketing
  • Content marketing
  • Online promotions and contests
  • Search engine optimization

Payment and delivery methods

Remember that delivery and payment methods are part of the selling process. Having a variety of payment portals can provide your customers with a seamless buying experience. You can offer to receive payments through bank transfers, credit cards, or digital payment platforms.

Ensure also that you can deliver your products on time. Some selling sites already have a delivery system in place. All you have to do is pack your products and wait for the courier to pick them up. Pick a courier with a solid reputation if you’re using a delivery service.

Sell Your Way to Financial Freedom

Sometimes life will throw you some curveballs, like losing a job, going into debt, or a global crisis. The first step to getting back on your feet is understanding financial stress so you can take care of your mental health. A healthy mindset will allow you to make better decisions for your business.

Next is to make space in your home for your new venture. Even if you’re starting small, it will help to have a dedicated work area. A home office setup can help you run your business smoothly and professionally.

Lastly, plan your business carefully. Establish the following considerations when crafting your strategies:

  • What to Sell
  • Where to Sell
  • How to Sell

The internet is a treasure trove of income-generating opportunities. Online selling is one way to earn money without prior training or significant investments. The road to achieving financial freedom is right at your fingertips.

Author

  • AJ Balois

    AJ Balois is a Content Manager at BPI AIA, a bancassurance company, based in the Philippines. She's been working in the banking and insurance industry for seven years. Upon realizing the power of being financially literate, AJ promised to share her knowledge through informative and educational content.

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