How to Make Money Online with an Online Mall?

The concept of an online mall is something that has been around for a while, but has only recently really taken off, thanks to the rise of e-commerce and the availability of sophisticated software that makes it easy to set up a digital storefront. Essentially, an online mall is a virtual version of a real-world shopping center that allows users to browse products from different companies and buy them directly from the platform, eliminating the need for a trip to the mall, or even to the web browser.

Although there are several platforms that allow for online malls, such as Shopify, BigCommerce, and WooCommerce, the preferred choice for many retailers is WordPress. In fact, according to HubSpot Blogs research, 64% of brands currently run their store on WordPress. It’s an open-source platform that is very flexible and offers plenty of customization options, which makes it perfect for digital storefronts.

The Benefits Of An Online Mall

Why should you consider setting up an online mall? Let’s explore the benefits:

Product Variety

One of the primary reasons why so many people are switching to online malls is to expand their product selection. Thanks to the growing popularity of e-commerce among consumers, the demand for products has increased, and thus, so has the variety of available options. Additionally, having an online mall allows brands to restyle and re-promote their products as frequently as they like (provided they have digital marketing skills). Finally, since a mall is essentially a place customers come to find products, it follows that an online mall is also a place customers come to find products.

Higher Average Order Values (AOV)

Another significant benefit of building an online mall is that it tends to draw higher average order values (AOV) as compared to a traditional e-commerce store. AOV is a key indicator of a retailer’s performance, and if it’s higher than expected, it usually means that customers are more satisfied with the products and services offered, and have greater purchasing power.

To support this theory, we can look to Amazon’s store, which initially struggled to draw high AOV. However, over the last several years, it’s been able to transform its business model and develop a reputation for high-quality products and quick delivery, which is now drawing high levels of interest and traffic from customers who want to purchase from a brand they know and trust.

E-commerce Is Growing

A recent study by the United Nations’ International Trade Commission (ITC) suggests that e-commerce as a market category will hit nearly all economic sectors in 2022, with retail and wholesale buying expected to grow 15% and 11% respectively.

Even if you don’t necessarily see yourself as a future commerce entrepreneur, it’s extremely beneficial to understand where the market is heading. In 2022, over 310 million American households will shop online, and that’s only going to increase as more people realize the benefits of online shopping, as compared to traditional retailing.

More Effective Digital Marketing

One of the major advantages of having an online mall is that it allows for much more effective digital marketing. Since a mall is essentially a destination for customers who are seeking products, companies can place advertisements there and use social media to attract and retain customers.

What’s more is that since malls are basically places where customers come to find products, companies can conduct product searches and display ads that are relevant to what their customers are looking for. In addition to this, by creating a safe and secure environment where customers feel comfortable shopping, brands can gain credibility with potential buyers, fostering strong customer engagement and increasing the chance of making a sale.

If you’re looking to start an e-commerce store, consider the many benefits of an online mall. Not only does it allow for much greater product variety, but it also provides you with the opportunity to connect with customers, allowing you to conduct business, while also growing your brand.