Top 3 Business Models You Should Consider in 2024
Business models define how you create and deliver your product or service and how it will add value to your customer's life. Let's take a look at some vibrant business models that you should consider in 2024
Leverage Drop-shipping Model
Do you want to keep your costs low in starting your e-commerce business, and purchasing an inventory is your substantial expense? Dropshipping is the right model because it doesn't let you purchase any inventory upfront. But you purchase it from any third party and then send it directly to the customer. In 2024, this model offers you less cost for your startup by selling directly to customers.
Additionally, the picking, packing, and shipping are in the supplier's hands, so you can manage your business effectively. Your earning profit from this business model depends on the amount you get from the customer by selling it directly.
Do you want to enhance customer lifetime value, customer loyalty base, and lifetime business profitability? Direct-to-consumer model is the best because it lets you sell products directly to customers. This direct selling enhances loyalty and brand awareness with potential customers. Additionally, you can get genuine insights into people's preferences and optimize your business accordingly.
Consider Bundling Model
This model is perfect for you if you want to sell a bundle of products at once. For instance, you make a single packet of a few items and then sell them as one item. Additionally, you can clear previous stock in the new season using this business model. Use a strategy of collecting a few low-in-demand products and then pack them with one in high demand, and this combination will let you sell all types of products. Moreover, bundling business models allows you to reduce inventory waste.
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