Unconventional Ways to Monetize Your Retail Business Online

Launching a successful business online isn’t as easy as it may seem from the outside. With millions of avid online shoppers and thousands of brands competing for their turn in the spotlight, challenges are unavoidable. However, we’re here to help you out!

The worldwide web hosts countless possibilities to monetize your retail business, from setting up a donation platform to going live on TikTok and showcasing your products. We’ve gathered some of the best tips for your retail business to reach success!

Ask AI for Help

The 19th-century English journalist and businessman Walter Bagehot once said: “One of the greatest pains to human nature is the pain of a new idea.” If you want to ease the pain of coming up with a million-dollar idea, remember that you can always ask around for inspiration. 

One such place to go for ideas is artificial intelligence. Chat up ChatGPT, describe your business and goals, and ask it to generate original ideas for sale strategies, marketing campaigns, the best seasonal deals, and other means of monetization. 

Set Up a Donation Platform

If you’re just starting on your retail business journey, it’s possible you may be strapped for cash. It’s a tough situation to be in, and asking your loved ones for money won’t make it easier. However, this is the best time to harness the power of the community.

Did you know that your community can donate money without opening their wallets? With CareBuzz, their unused internet connection will turn into cash that’ll kickstart your business! 

It’s a donation platform enabling users to share their internet connection with scientists and researchers safely. Users earn money for the internet they share and can then donate those earnings to a project of their choice. 

If you upload your business project onto the CareBuzz platform, your friends and family can help you using the app!

Go Live on TikTok

Before you roll your eyes at the screen, listen up. In 2023, TikTok saw more than 143 million users from North America. That’s the most significant geographical demographic on TikTok worldwide!

And it’s not just a social media platform for teenagers to dance around or show off their new skincare routine. Thousands of businesses have joined the short video platform, growing their brand awareness and promoting sales to a platform of millions of potential customers. 

Showcase your products through user-generated content (UGC), record videos announcing new launches, and go live to interact with your audience. 

This past year saw an exponential increase in online sales on TikTok. Brand representatives go live, describing products and accepting orders in real-time, resulting in an entertaining video and record-breaking sales!

Solve Problems for Your Customers

Solving problems your customers didn’t know they had is a sure-fire way to attract customers.

Let’s say you sell sports apparel. And you know that you’re not the only brand doing that. But could your brand be solving a problem that other apparel companies face? For example, maybe the tights you sell are thick and not see-through? Or, perhaps your T-shirts don’t ride up when you’re doing pushups?

Identify these specific aspects of your products and capitalize on them – position your social media presence as a brand that aims to solve the problems that your customers face. 

Let’s stick to the sports apparel example. You could create content talking about how annoying see-through leggings are! Then, you introduce your product as the only affordable tights that protect your privacy even in the weirdest yoga positions. 

Make Your Content Educational

Sometimes, selling your products online isn’t as straightforward as sitting in front of a camera and showcasing your new arrivals like you’re in an advertisement. Have you thought about educating your customers about the benefits of your products?

Let’s say you operate a store of sustainable everyday products like cutlery, water bottles, reusable bags, and more. Instead of inviting people to buy your products, you should consider telling them why they’re necessary. 

Educate your customers about the basics of sustainability and ecology, and offer insights on how your products can help ease the problem. This way, your brand becomes more than just a for-profit machine as your customers see you’re interested in making a difference.

Final Thoughts

While traditional revenue streams like in-person or online sales and services remain fundamental, diversifying your income sources can help you withstand economic uncertainties and boost profitability.

Remember that the key to success lies in understanding your target audience, staying agile in response to changing consumer trends, and being open to creative ideas. 

By thinking outside the box and being willing to take calculated risks, you can generate additional revenue and strengthen your brand and customer loyalty. Keep trying new things, learn from your experiences, and find solid footing in an ever-changing marketplace!

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