Consignment Selling Online

Wouldn't it be great to sit behind an keyboard and watch money poor in from online sales?

In these days of declining employment, more people are turning to ideas of selling 'something' online, which means, that unless the product or service is very unique, competition for a spot in the online marketplace is much greater today that just 5 years ago. Regardless, here's what you'll need:

An Online Presence

Your potential buyers need to find you. Today's search-engine algorithms make it nearly impossible to get a website into the top 10 search results for any competitive key-word phrase, so while putting up a website and getting it noticed in 2003 was a snap, that may not be the shortest route to income today. Surfers today are into social media like Facebook, Google+ and Twitter, so concentrate your online presence there. Actually the shortest route to a successful sales campaign may very well be competing on well-established selling sites like eBay and Amazon.

Credit-Card Processing

You'll need a way for people to send money to you. Qualifying for a merchant account can be difficult (especially if you're self employed) and the application/processing fees can be costly. There are usually monthly minimums and fees. (Send us an email for more info - easy online application, low fees, no contract...) Consider getting a PayPal account, at least to start, and perhaps take a look at Google Checkout.

Product or Service

Good luck with this one. Since the economic peak in 2006, your number of potential competitors has increased exponentially, saturating ideas like reselling ebooks, traffic to other sites and non-RX products. On the other hand, if your product or service is unique and hard to find, focusing on a 'niche' or 'target' market will reduce the number of competitors significantly.

Protection

Selling a physical item that requires acquisition and shipping costs creates the potential for disaster. While online sales could vastly increase your target audience, it also increases the number of people who, in the past generataion or so, have learned how to use their credit cards to flat out steal - making a purchase, disputing the charge, claiming dissatisfaction (for any reason), getting their money back and keeping the product! You might be torn between 'satisfaction guaranteed' and the door that opens to thieves. While the total number of sales might be reduced by selling things 'as is' (and getting at least an email from purchasers acknowledging that), the bottom line may be about the same with a lot less hassle.

Ingenuity

There is an endless supply of ideas and innovations. Look around at what people are spending money on. Is there a way to supply them with those things - better product? lower cost? faster delivery? Today's society is into immediate gratification and having demands/expectations met. What problems need to be resolved - for individuals and for businesses?

Related:

Disadvantages of Online Selling