Cross-selling and upselling
Affiliate Marketing
Dropshipping
Subscription services
You may associate earning extra income with taking on a second job, but many ecommerce business owners find they can make more money without deviating from their core business.
Here are 4 ways to leverage your online store for additional income.
1. Cross-selling and upselling
For a simple business idea that aligns with your current ecommerce work, explore cross-selling—recommending that website visitors purchase an item related to the original product.
For example, if a person is browsing men's pants on your e-commerce site, you could display links to products like belts that you sell.
A related practice is upselling,canada whatsapp code where you recommend a more expensive version of a product they're already considering, such as a leather bag instead of a vinyl one.
Check out the Shopify App Store to find the right product recommendation app for your store. Here are some of the most recommended ones:
Zipify One Click Upsell - Designed for Plus customers, this app increases Average Order Value with one-click upsell offers.
CartHook Post Purchase Offers - Add native one-click promotions including upsells and freebies to your Shopify store.
Post Purchase Promotions – Increase revenue with native post-purchase upsells and more.
Ultimate Special Offers - Create one-click special upsells directly in your store's checkout.
2. Affiliate Marketing
With affiliate marketing , you earn a commission by linking to a product or service from another retailer or advertiser. You get paid for the referral if it leads to a sale or other high-interest action, as determined by your affiliate marketing partner.
For example, some sites pay a referral fee if a visitor adds items to a shopping cart, regardless of whether they ultimately make a purchase. Most affiliate programs are free to join, so there isn't much risk.
3. Dropshipping
The dropshipping business model allows you to sell products that are manufactured, stored, and shipped by third-party companies. You list the products on your e-commerce site, and money only changes hands once a customer makes a purchase.
Dropshipping means you don't need to worry about (and therefore save money on) storage space. You make money by claiming a percentage of each retail sale, which is split with the supplier who is responsible for shipping the product to the customer.
You can sell a mix of your own and dropshipped items in the same online store. If you already have a store up and running, you can add dropshipped products to the list of merchandise you are selling.
4. Subscription services
In the subscription business model , customers sign up to automatically receive a product at periodic intervals. This could be household items like toothpaste or vinegar, or merchandise like clothing. It could also be an online service, such as improv classes or a Patreon page for a band.
Business owners like this model because they can expect to receive a fixed amount each month or annually, allowing them to predict future revenue.
With your Shopify store, you can easily create a subscription offer by installing any of the following subscription management apps:
PayWhirl Recurring Payments - Create, manage and sell subscriptions through our native platform.
Awtomatic Subscriptions - The Awtomatic (formerly Bundle Subscriptions) app lets you easily add subscription options to your products and is fully integrated with Shopify's native checkout.
Bold Subscriptions. Designed with large businesses in mind, Bold lets you customize, manage, and scale a subscription business.
Recharge Subscriptions – Quickly launch and manage subscriptions for your Shopify store.
Seal Subscriptions – Increase sales with subscriptions and automatic recurring payments.
Appstle Subscriptions - A comprehensive subscription solution that allows you to offer products and services to your customers on a recurring basis.
Frequently asked questions about how to make extra money
Can I make money with my hobby?
With some creative and entrepreneurial thinking, you may be able to make money from a hobby you're passionate about. This could mean turning your interest in jewelry making into a Shopify store, or your love of languages into a translation business. You can probably find your target customers online if there's demand in the market.
What is the gig economy and how can I get involved?
The phrase “gig economy” refers to freelance workers who take temporary or part-time jobs to supplement their income. It’s used to describe the ride-sharing and food delivery industries, pet care, online tutoring, and online translation jobs, among many other fields. As a gig worker, you’re not a W-2 employee and aren’t eligible for non-wage benefits. However, you can enjoy the flexibility of setting your work schedule. Searching for work on sites like Upwork and Fiverr or signing up for services like Lyft or Rover, which specialize in particular types of work, are ways to get involved in the gig economy.
How do I know if an online survey or focus group is legitimate?
If you come across an online survey or focus group you've never heard of, do your research. Check trusted websites to see if these groups are recommended. Perform searches on search engines and check review sites like Trustpilot to learn about others' experiences with these survey sites. Proceed with caution, especially when you're asked for financial information. Some legitimate services may need your banking information to pay you, but many companies allow you to accept payment via check or payment app.
Is selling goods or services online a good way to make extra money?
Selling goods and services online can generate significant income, provided you can dedicate time to running your online business. Remember that when selling a physical product to an online customer, you are responsible for shipping, either by doing it yourself or partnering with a dropshipper. You must also maintain up-to-date inventory and comply with all relevant tax laws. If you have the ability to do this, you may find that you enjoy selling online—particularly when you can do it from the comfort of your home.