E-Commerce is a fast growing multi-billion dollar industry with a potential to even triple its current value in a few years.
Forbes projects that by 2022, the e-commerce industry will be worth close to $6Trillion.
Since its ingress in Nigeria some years back, a lot of entrepreneurs have taken advantage of its huge potential and have made fortunes from it.
The path hasn’t been smooth for some entrepreneurs or business enthusiasts in Nigerian however, due to several reasons including the slow advancement in technology and the populace’s reluctance to digitalize their operations or way of life, but with an increasing migration from an analogue world to digital is expected more embracement of e-commerce by the people, which opens up the window for more opportunities in this industry for entrepreneurs.
One main reason new investors fail in this industry however is wrong choice of online business to venture into. Some emerging entrepreneurs with just a handful capital pick up some e-commerce businesses that require deep pockets and just wither along the way.
This blog highlights four e-commerce businesses that you can start with a relatively small amount.
- ONLINE VENDOR BUSINESS
This business involves an individual or company that sells goods or services to people.
It entails having products or goods to sell and using internet platforms to sell such products, goods or services to individuals or groups.
The products being sold and purchased could be of any kind, e.g fashion materials such as shoes, bags, hairs, makeover products etc, farm produce, groceries, electronics/electrical appliances etc. It could also be services such as hairdressing, fitness, catering or confectionary services.
As much as this business can be started by building good social media platforms and engaging followers by constantly posting nice pictures of those goods or services rendered, building a professional website for such business makes it more credible, transparent, trustworthy and brings about ease of use. It gives such vendor business a wider reach too.
With a modest capital, online vendor business can be started.
- SPORTS PREDICTION WEBSITE
Sports prediction business is an e-commerce business sports enthusiasts can jump on with a modest capital and have huge returns.
Sports is easily one of the biggest industries in the world, with billions of monies exchanging for one kind of service or the other. The sportsmen are the major actors in the industry, but many more make lots of money from club ownership, management, agency, academy, content provision, media, merchandise, betting and other affiliate services.
Starting a betting company requires a large amount of capital, but with your knowledge of how things play out in several sports you can start a sports prediction platform where you serve out betting tips at a cost to interested people, and trust me, thousands and millions of people are interested!
All you need do is get a professionally developed website, where you constantly upload several kinds of betting tips on several kinds of sports everyday, some of the betting tips would be free, while some would be paid for, in which you are contacted and a certain amount of money is paid to your account or your company account, after which they gain access to the tips, which more often than not are more likely to result in winnings than the regular free ones.
Through this, you make money from AdSense through the traffic your website generates and you also make money from transfers made into your account.
This however requires commitment, consistency and being constantly online and available.
In case you don’t have such deep knowledge in some or all sports, you can hire people who do to supply you constant tips and pay them either as your permanent staff or contract-based, if properly managed and monitored, you’ll still have huge returns overtime.
So, this e-commerce business simply entails selling tips for money.
- DOMAIN BROKERAGE
This simply means buying domains at a certain amount and selling the domain later to an individual or group who needs an already existing domain name sometime in the future. At this point in the future, the domain value and price would have gone way higher than the initial value or than the initial price for which it was bought. A domain purchased at $20 today could be resold for as high as $3,500 or more sometime in two to three years depending on the amount of work done on the website to increase its value before such period.
Domain brokerage is a common element on the internet, where a lot of people offer the domains they bought for sale, through online auctions sites like Godaddy Auction, Sedo marketplace, NameCheap Marketplace, eBay Marketplace etc.
The process is simple, you buy an intelligent dictionary worded domain for a website, build the site for a considerable period of time and them resell for a higher price sometime later, which can earn you thousands of dollars on a single sale.
- EBOOK SALE
Ebook is a non-editable book that is converted to or created originally in a digital format, available in electronic form for download on the internet and to be read on digital devices such as computers, mobile phones and tablets.
As the world become more digital, a lot of books that were written in the paper form are now having the digital version too, because of the vast increase in adjustment to the use of this medium. People just want to sit in the comfort of their home, offices, workplaces etc and go on the net for any kind of book, novel etc that they want rather than going to bookshops where the books might even be unavailable.
Some writers now even go exclusively for ebook, where some of their publications do not have the paper version at all, particularly up and coming writers who at that point might not have the wherewithal to produce a paper book.
You can earn a lot with very little capital by writing an ebook with focus on politics, history, business, vocation, agriculture, sports, technology, tourism, social vices, racism or whatever niche you choose, which is rich in content and then sell through online book publishers like Fiverr, Amazon or even promote through a platform like Nairaland.
In addition, you can also create your own ebook website and nurture and promote into something really massive, Fiverr began somewhere.