Looking for an ideal revenue model for your online business? For an ideal revenue business model, entrepreneurs need to know the latest market trends. Website designing company in India creates a strategic framework as per your requirements so that your business can generate more income. To make your business profitable here are some revenue models that should be considered to stay ahead in the competition.
1- Category or Product Commission Type Revenue Model
If you are one of those business owners whose some of the categories of offerings are doing significantly great but unfortunately some are not returning the expected sales then this model is ideal for you. Generally, category or product commission type revenue model is useful for high volume or high offerings.
As most e-commerce business sites have high commission rate of products such as electronics or gadgets items so they can go with this option. While businesses offering low commission rate products having not high-value categories are advised not to opt this type of revenue model.
The simplest way to apply this model is to figure out the most popular categories on your site and invest a larger portion of commission on those categories.
2- Advertising Based Revenue Model
Despite the rarely used model for e-commerce, this is the main support for most of the websites. Much digital business has started trying out this model so as to grow their business income.
You can provide your listings on the homepage, search or various sections of the listings for the products or services you are offering for more hold on your business. This advertising-based revenue model is suggested for those businesses with a strong user base having abundant sales.
3- Global Commission Type Revenue Model
This type of revenue model is mostly used where the commission is charged on every sale made by the marketplace owner. This option is best suitable for those entrepreneurs with the small size marketplace and constant sale across all the categories.
While this revenue model is vastly used in online retail but other business can also get benefited by integrating this model simply. This is well known by the name of the basic revenue model for your digital business that connects purchasers and retailers.
4- Subscription-Based Revenue Model
In order to gain a competitive advantage sometimes business owners need to reappear with a different strategy to alter their business model and in that situation, subscription based revenue model comes into action. Let’s say if you own an online cosmetic store or food ordering site then this the perfect option for your business.
Subscription-based revenue model can further be incorporated into any other business model additionally to the commission based revenue model. For example, an online marketplace can charge traders subscription fees for the opening of an online store besides commission fees on every sale.
5- Hybrid Revenue Model
Although all the above income generated discussed models have their own benefits but as your digital presence boosts you need a multiple channel approach. That’s where the hybrid revenue model comes into practice. This is a combination of all the above-described models. This approach is only recommendable to those businesses who have a strong grip on the market.
For the growth of your digital business, you need to research and understand your business needs carefully so as to pick the right online business revenue model. Website Designing company in Delhi is a well-known company that helps you to take your business to the next level by providing the strategically planned services.