How to Find New Revenue Sources for Your Online Business?

Have you successfully managed to keep your online business afloat during this pandemic? If yes, kudos to you. Although managing an online business is not rocket science, striking the right chord to continue generating revenue is crucial to the success of any e-commerce business.

And with lesser overhead cost, things are comparatively easier than an offline business. A successful business is one that steadily progresses over time with bang-on marketing strategies, fine products, and exceptional consumer services.

Focusing more on creating value for customers is the key to reach the zenith of success in this business format. Unfortunately, the products and services that were once a rage among your customers, might not yield similar revenue now.

It clearly states that you now need to find some more effective and novel ways to generate an online business income. After all, it is an excellent way to make up your monetary loss during COVID-19 and keep your e-commerce business afloat.

So, here we are with some creative, feasible, and doable ways to find new revenue sources for your online venture. Take some crucial cues from these points, and get the ball rolling.

Invigorate your Product List

One of the most effective ways to create a revenue source is by refreshing your existing product list. Suppose you have an apparel business, and your western clothing collection was a massive hit among the buyers.

Since it is an apparel business, not just a western clothing line, you need to expand your products and services to keep attracting consumers. They want to see more from your brand and this is the best chance to grab this opportunity.

Apart from expansion, you can also consider the diversification of products. For instance, launching exclusive accessories or footwear collections for your buyers. The ideas are endless. All you need to do is brainstorm and pick the one that will accomplish your business goals.

Expand Customer Base

What if you have already hit the revenue ceiling with your existing buyers and investors? It is a common situation that arises due to the lack of liquidity or when the customers have tried every variety of yours. So what should be your plan of action to boost an online business income? The answer is simply to expand your customer base.

Use SEO services, social media, content marketing, or email marketing to attract fresh clientele. However, it does not mean that you need to leave your existing buyers or put them on the back burner. You just have to identify creative ways to reach out to a new audience without alienating your core audience.

Use Product Reviews Wisely

An online buyer scrolls through your website and puts a few items in the shopping cart, but is still sceptical. He explores other websites and finally purchases products from your competitor. Although it is quite a common scenario in the e-commerce business, a lot can be learned from it.

Experts say that this situation can be avoided to a larger extent if companies start getting product reviews. A hesitant customer can change his mind by reading the reviews. Here are some tips to encourage your buyers to post reviews:

• Request reviews on every order placed.
• Declare online points for every product review.
• Use email services to request customers to give product feedback.
• As far as negative remarks are concerned, address them promptly and wisely. If anything else, you will end up displaying outstanding consumer service.

Incorporate Live Chat Option

Customers are volatile. They do not have enough time to call or email queries. Without a second thought, they will switch to another online store and purchase products from there. Incorporating a live chat feature on your website will positively help in increasing revenue sources.

Customers who need to clarify the quality, size, colour or shipping charges can use this option and decide their preference. Here are the benefits of having a live chat tool on your website:

• Seamless service
• Convenient for the buyers
• Great way to identify customer expectations and needs

Cross-Promotion

Cross-promotion is an excellent way to boost brand awareness and brand loyalty in consumers. If you have an online apparel store, you can collaborate with offline apparel stores to promote your products.

If it works for you, then you can also consider opening an offline store as well. You see, cross-promotion opens a whole new array of opportunities for an e-commerce business. It allows you to gain access to each other's audiences plus get an edge in the competition.

Co-branded campaigns, event sponsorships, and partnership giveaways are some of the most popular cross-promotional activities. So, it is high time you change the pace, think outside the box, and call the shots.

How To Create Multiple Sources Of Income In India?

Are you searching for creative revenue sources in India? If yes, keep reading on as we outline some of the popular and new revenue sources for you.

Network Marketing

Network marketing is a popular business format in which products and services are directly sold to the end consumers through independent representatives. It requires you to create a network of sales representatives who generally work from home.

Network marketing is an excellent revenue generation option for people who have outstanding presentation skills, networking skills, and business acumen. Moreover, it involves low risk, the sky's the limit for profits, enjoys high demand, and authority.

What more can you ask for? Just make sure you are well-versed with basic jargon like the sponsor, recruit, downline, upline, and compensation plan.

How About a Side Hustle?

Side business or popularly known as freelancing is also a popular means of generating revenue. Here are some creative ideas for you:

• Are you passionate about blogging? If yes, why not start taking freelancing assignments and see how it goes? Once you become a pro, you can also handle multiple clients and projects at a time.
• Similarly, if you have an artistic inclination, you can start your painting classes, candle making classes or homemade jewellery classes.
• Does teaching appeal to you? If yes, sell a course on leading education platforms like Skillshare, Udemy, Byjus, etc.
• People who are fond of writing can write a novel and publish it on Kindle.
• Passionate about photography? If yes, you can develop generic pictures and sell them to leading stock photo platforms online.
• Host online exhibitions to display your artistic creations.

It is one of the best revenue sources so far. All you need to do here is, identify creative ways to monetise your projects that you are passionate about. Simple, isn’t it?

Investment

Not too keen on starting a networking business or going for freelancing and educational projects? If yes, why not cut corners and opt for different types of investment schemes? Real estate and equity are the two most popular investment options trending in 2021.

Both of them have low risk and excellent scope. As far as real estate is concerned, ensure you keep all the risk factors in mind before taking the plunge. Also, understand that although it is a lucrative revenue generation option, things do take time to finalise here.

As far as investment assets are concerned, you can go for Systematic Investment Plans, shares, bonds, or mutual funds. Just make sure you connect with a market expert and avoid placing all your eggs in the same basket.

Bottomline

So, this was all about finding new revenue sources for your online business. There are hundreds of online money income generation sources, but pick the approachable ones, have long-term returns, and offer low risk. Last but not least, in case of doubt, make sure you consult a market expert for better decision making.

Also Read:

1) How To Start A Home Decor Business In India?
2) What to & Where to Advertise for a Small Business?
3) How to Identify Market Opportunities for Business Growth?
4) OkCredit: Simple, Paperless & Secure solution for businesses

FAQs

Q. Why should I search for new sources of revenue?

• For higher liquidity
• Boosts creativity
• Open new professional options
• Allows you to pursue your interests

Q. What are the other online sources of revenue generation?

Ans. You can consider becoming a virtual assistant, start your home business, or become a graphic artist.