The Covid-19 pandemic has changed the way we all make money and live. Some of us are finding ways to supplement our income while others are looking to make a full-time living from home. How will the pandemic affect your ability to earn money online? Let’s take a look.
The UPS Store
The UPS Store is one of the largest online retailers of office supplies and services. The company operates in more than 220 countries and is a symbol of reliability and trust. While many businesses are operating remotely during the pandemic, The UPS Store is still delivering packages around the world. Customers can purchase ink, paper towels, and other office supplies from their homes. Most importantly, they can feel safe in knowing that their packages will be delivered on time, even during the pandemic.
This business model makes money online even before the pandemic. Back in 2016, Brian Kelly, The UPS Store CEO, stated that the company was making around $13 million per day during that time. He noted that almost 90% of The UPS Store’s revenue came from repeat customers who were generating around $12 million per month. In other words, The UPS Store is a trusted brand that is widely recognised and liked by consumers because of its no-risk, zero-complaint record. During the pandemic, the business will continue to thrive because people want to keep their jobs and have something to rely on. They are also looking for ways to make extra money.
Drop Ship Shopping
If you’ve been following the retail industry, you’ll know that drop shipping is one of the best ways to make money online. This business model allows entrepreneurs to start an online store with little to no investment and makes selling directly to consumers as easy as 1-2-3. Essentially, entrepreneurs will create a store that sells product(s) from a third party (typically a manufacturer, vendor, or wholesaler). When a customer makes an online purchase, the vendor ships the merchandise directly to the consumer without ever setting foot in the store. The whole operation feels like a drop shipping website, but with the added bonus of a physical retail presence.
While this can be a very robust form of e-commerce, it is also a very time-consuming and strenuous one. If you’re looking to make money online during the pandemic, you might not have the time to commit to something like this. However, if you have the time, there are hundreds of thousands of products to choose from and the opportunity to build a profitable business.
E-commerce platforms like Shopify, Bigcommerce, and Wix are popular choices for online stores because they make setting up an online shop easy and affordable. These platforms have taken the guesswork out of marketing and shipping and ensure that every sale is accurately recorded and followed up with a confirmation letter. They also provide the tools to track your conversion rates, identify weak spots, and figure out where you might be losing customers.
Even if you’re looking to take the quick and easy route, building a solid e-commerce platform is a good choice because it leaves you with a digital store that is ready to go live when you’re ready to take the next step. With Shopify, for example, you can get a fully equipped store within minutes. You won’t have to struggle with finding a virtual “front-person” or figuring out how to make online payments.
Crowdfunding platforms changed the way we all make money online in 2020. With these platforms, like Kickstarter and StartFund, entrepreneurs can connect with potential investors who are willing to back their product or service. While these platforms have existed for some time, the success of the Covid-19 pandemic has opened the doors for more investors than ever before.
Once you’ve established a Kickstarter or similar platform account, you can set up a brand new project to raise funds for your business. Although many people are using the crowdfund platforms to support themselves during the pandemic, you can easily apply to fund a product or service that you think will resonate with the wider public.
These platforms are a good choice for launching your business because you don’t have to worry about covering all of the costs of production. Essentially, you’re getting funding from a group of people who believe in your idea. You might even choose to do something unique with the money you raise, like invest in an affiliate marketing program or set up a GoFundMe campaign for family and friends who are struggling during this time.
Forecast the Future of Retail
If you’re looking to make money online during the pandemic, one of the best things that you can do is look into the future of retail. As noted, most businesses have had to close their physical locations, but that doesn’t mean that online retail is going to disappear. In fact, many experts predict that it will continue to grow throughout the next few years.
According to a report by Allied Market Research, online retail is expected to grow to $194 billion by 2025. If you’re looking for a safe and profitable venture during these uncertain times, online retail is a good place to be.
What’s important to note is that although most businesses are now operating online, the lines between online and offline retail are slowly blurring.
If you’re looking to make money online during the pandemic, it’s important to bear in mind the various options available to you. While many entrepreneurs are looking to supplement their income, you should seriously consider building a business that will be viable long after the pandemic. To do this, you’ll need to take the time to build a strong presence on the various platforms available and develop a strategy for making the most of them.