According to Statista, the total revenue in the e-commerce market is projected to reach US$9.02bn in 2023. As a result, the revenue is expected to show an annual growth rate of 11.74%. Consequently, by 2027, the total market volume is projected to hit US$14.06bn. It is evident that the e-commerce market has evolved from just a simple approach of traditional business retailing to a shopping ecosystem that involves a wide range of devices and store concepts. Herein lies why you should know the different types of affiliate marketing websites and how to choose the right one.
If you are a smart business owner, running a lucrative business, you should know that there’s always more that you can do to make your business grow and one way to achieve this is by finding an alternative means of income. Sometimes, you do not even have a marketing team to promote your business. Affiliate marketing is more like the search engine strategies used in e-commerce. This article will not only cover the different types of affiliate marketing websites, we will also explain how you can choose the right one for your business.
What is Affiliate Marketing?
So as a small business, you offer financial incentives to other organizations to promote and sell your goods. It expands your business reach to a broader targeted audience, increasing brand awareness and improving conversion rates while saving cost as compared to the cost of advertising. Affiliate marketing programs allow you to earn for each time a visitor follows the link from your page and then completes a qualifying purchase. This is done by sharing direct links to products on their website . Some of the benefits of joining an affiliate network are ease of payments, rewards/incentives for as more products are sold or promoted, progress can be tracked easily , you have access to a wide range of reporting and analytics tools, also the choice of product to promote on the website. Some types of affiliate marketing website
- Click bank
- Shareasale
- Cj affiliate
- Amazon
- Walmart
- Hubspot
- Elementor
- Fiverr
- eBay partner
- Shopify
Why do I need an affiliate marketing website for my business
There is an exponential growth of e-commerce sites and opportunities are being created daily for them. You likely would have heard of some business marketing strategies that will boost sales by maximizing time and resources when used as a combination with each other, strategies like social media, email, pay per click, text sms, search engine optimization and more. Businesses from both online and offline retail are rapidly moving towards multi-channel strategies, thereby continuously re-inventing the way audiences shop online. As your customers discover more convenience, their expectations grow on all levels. With all of these mentioned, this is where Affiliate Marketing comes in. Affiliate marketing websites will help you circumvent up front cost and decrease risk while increasing sales. By choosing an affiliate program, you are gaining direct access and influence to a highly targeted and receptive audience who are most likely to buy from your business.
How to choose the right one just for you
To have a significant share in the total addressable market of the industry you have your business in, there is a need to check all these factors when choosing an affiliate marketing website for your business.
Requirements
First, Check their requirements to be an affiliate to ensure a successful relationship, how rigorous is the process, what are the terms and conditions for joining? Weigh the cost of joining and how much you can earn. Does the website provide other opportunities to earn commissions, for example, sales contests? or recurring commissions on renewals, upgrades) Check if the commission structured offered by the website is sustainable for your business(could be a startup, a small scale business).
Website Overview
Secondly, check the type of network being used, cookie duration, Product categories, payment schedule and options. How can you keep track of your sales and commissions? You must be able to know which touch point a visitor had with your website and converted into sales. There should be an easy to navigate interface where you can access daily reports that give you information including impressions, click throughs, orders, sales and the total commission earned. Does the dashboard provide links to lead pages, useful tools that you can use to grow your online business? Also check if the affiliate is ranking high for search items that relate to your product/services. See how to find your niche in business and career.
Program Type
Thirdly, check if it is a flexible program that will promote your business while still maintaining your brand. Are there earnings per referrals, are they available for my city, or are they open to affiliates around the world? Is there a transfer limit? Would the affiliate still get the commission if the customers purchases with a link other than the promoted one.
Choosing the right affiliate marketing website is key for you to grow your business and increase revenue. The above points need to be checked, If yes, then you are at the right place. This will put your mind at rest and you know you are choosing the best affiliate website for your business.