The Only Handbook You Will Ever Need To Grow Your Retail And ECommerce Business

To Grow Your Retail And ECommerce Business_blog-1(1).jpg

Did you know that there are only 30.7 million businesses just in the US*? This means that your business is competing not just with the market players out there but with every single store that could deviate your customer from shelling out their money on your business.

Your competitor is not just another store in your niche that is right down the avenue but an Ecommerce store operating out of the clouds with a physical address that could be somewhere along coastal America.

So today, you have more anonymous competitors than ever who are posing a threat to the smooth operation and performance of your business with their quirky marketing strategies, ad copies, promotions, aesthetic websites and more.

And it doesn’t stop there. In the United States, a business can be started with an initial investment of just $5,000 (33% of the businesses have done so) and that a business can be started from the comforts of a home*. It falls under mobile apps development in ecommerce segment.

So, in simple words, growing your business is not just a task but a difficult one as well. Thankfully however, business growth is not just one ingredient that would make your sauce awesome. It’s a list of different ones that slowly blend in and push your business up in the market.

And on this series of posts, we are going to explore such aspects that would propel your business ahead. If you own a business and are looking for tested ways to grow your business, this series is just for you.

We have compiled, handpicked and curated aspects that only prominent gurus will tell you. From identifying your market segment and fixing the right business model to understanding pain-points in them and looking at diverse solutions, we would see them all.

So, without wasting any more time, let’s get started.

What Are Some Retail and ECommerce Business Models?

A business model is something that fetches you money and profits and helps your business stay afloat. Without a proper business model, there wouldn’t be an entity in the first place.

For your business to be successful, it needs a business model – one that is solid and sustainable. Business models stand as the center for growth, expansion and profit and as an aspiring business person, you should know that there are several kinds of business models.

How ideal a specific business model is depends on the type and niche of the business it is applied to. Some business models are instantly lucrative and a few focus on laying the right foundations for proper profits in the following years.

Below, we have explained several business models. Read and find out if you are already implementing one of them for your business or not. If you’re not, reflect and identify a business model that would be more appropriate for your business.

Types of Business Models

To Grow Your Retail And ECommerce Business_blog-1(2).jpg

Multi Brand Retail Store

This could be an online or an offline store, where you sell products and services from multiple brands in a single place.

Drop shipping

An online model, where you don’t stock goods but redirect sales orders to wholesalers who then take care of shipping orders.

Wholesaling and Warehousing

It is where you buy goods and products at prices set by manufacturers and stock them in bulk. You then markup prices and sell them at MRPs.

Private Labeling and Manufacturing

This is a model, where a company manufactures goods and products and a different company or sells them under its label or brand.

White Labeling

When you buy a product from a manufacturer and modify it a little to make it look like your own, it is called white labeling.

Freemium

A combination of the words free and premium, this is a business model, where you offer basic features for free to users and lock advanced features for purchases. Most of the apps in our phones follow this business model, where in-app purchases can be made by users to unlock newer app potentials and functionalities.