Infographic: 5 Ideas For Starting a New Online Business in 2017
Connect with us

Technology

Five Ideas For Starting a New Online Business in 2017

Published

on

The internet is the modern entrepreneurial petri dish from which great ideas can come to life.

And with e-commerce sales boasting a 15.6% growth rate in 2016, it’s clear that if you’re not already doing business online, now may be the time to start.

Today’s infographic from Distributel details five online business archetypes that are worth knowing for anyone looking to launch side hustle in 2017.

Five online businesses to start this year

Five Businesses, Five Personalities

As the infographic shows, there is a business type for every online entrepreneur.

Some would prefer to make online business their full-time job, while others may want a side hustle that helps monetize their impressive social media presence or creative abilities.

Which of the five business types suits you?

1. The Expert
Sometimes it’s an idea, rather than a product, that will captivate the marketplace. The expert’s e-commerce strategy is to capitalize on that winning idea, distributing it from a tiny seed, like an e-book or a newsletter, and growing it into a much larger media enterprise. Media mavens like Gary Vaynerchuk have proven the power of this expansion-oriented style of online commerce.

2. The Creative
Whether you’re handy with needle and thread or a 3D printer, e-commerce is the world’s biggest craft fair. The vanguard of the DIY e-commerce movement is represented by services like Etsy and Fiverr, where unique DIY ideas and highly-varied skill sets can be marketed to a global audience. Etsy alone sold $667 million worth of handcrafted goods produced by its army of sole proprietor vendors in 2016.

3. The Social Butterfly
Partnering with others is the driving force behind one of the most social forms of online commerce: affiliate marketing. Simply put, blogs and social media influencers promote sponsored products in return for a commission on sales that are referred through their site. According to research by Rakuten Marketing, affiliate marketing is expected to grow into a $6.8 billion industry by 2020.

4. The Market Trailblazer
Online commerce also often allows an entrepreneur to partner with a larger distributor or wholesaler to become a storefront. This allows web entrepreneurs to open up new markets for existing products, and to conduct high volumes of business without having to manage a huge inventory and overhead.

5. The Optimizer
Though online businesses have low overhead and are easy to start, they are not without risk. The Optimizer knows this, and makes it their business to lower that risk and improve their profitability. Once you’ve started turning an e-commerce idea into an optimal, well-oiled machine, it’s equally important to use the right metrics to measure your progress and iterate toward greater successes.

Subscribe to Visual Capitalist
1 Comment

Technology

Infographic: Generative AI Explained by AI

What exactly is generative AI and how does it work? This infographic, created using generative AI tools such as Midjourney and ChatGPT, explains it all.

Published

on

Generative AI Explained by AI

After years of research, it appears that artificial intelligence (AI) is reaching a sort of tipping point, capturing the imaginations of everyone from students saving time on their essay writing to leaders at the world’s largest tech companies. Excitement is building around the possibilities that AI tools unlock, but what exactly these tools are capable of and how they work is still not widely understood.

We could write about this in detail, but given how advanced tools like ChatGPT have become, it only seems right to see what generative AI has to say about itself.

Everything in the infographic above – from illustrations and icons to the text descriptions⁠—was created using generative AI tools such as Midjourney. Everything that follows in this article was generated using ChatGPT based on specific prompts.

Without further ado, generative AI as explained by generative AI.

Generative AI: An Introduction

Generative AI refers to a category of artificial intelligence (AI) algorithms that generate new outputs based on the data they have been trained on. Unlike traditional AI systems that are designed to recognize patterns and make predictions, generative AI creates new content in the form of images, text, audio, and more.

Generative AI uses a type of deep learning called generative adversarial networks (GANs) to create new content. A GAN consists of two neural networks: a generator that creates new data and a discriminator that evaluates the data. The generator and discriminator work together, with the generator improving its outputs based on the feedback it receives from the discriminator until it generates content that is indistinguishable from real data.

Generative AI has a wide range of applications, including:

  • Images: Generative AI can create new images based on existing ones, such as creating a new portrait based on a person’s face or a new landscape based on existing scenery
  • Text: Generative AI can be used to write news articles, poetry, and even scripts. It can also be used to translate text from one language to another
  • Audio: Generative AI can generate new music tracks, sound effects, and even voice acting

Disrupting Industries

People have concerns that generative AI and automation will lead to job displacement and unemployment, as machines become capable of performing tasks that were previously done by humans. They worry that the increasing use of AI will lead to a shrinking job market, particularly in industries such as manufacturing, customer service, and data entry.

Generative AI has the potential to disrupt several industries, including:

  • Advertising: Generative AI can create new advertisements based on existing ones, making it easier for companies to reach new audiences
  • Art and Design: Generative AI can help artists and designers create new works by generating new ideas and concepts
  • Entertainment: Generative AI can create new video games, movies, and TV shows, making it easier for content creators to reach new audiences

Overall, while there are valid concerns about the impact of AI on the job market, there are also many potential benefits that could positively impact workers and the economy.

In the short term, generative AI tools can have positive impacts on the job market as well. For example, AI can automate repetitive and time-consuming tasks, and help humans make faster and more informed decisions by processing and analyzing large amounts of data. AI tools can free up time for humans to focus on more creative and value-adding work.

How This Article Was Created

This article was created using a language model AI trained by OpenAI. The AI was trained on a large dataset of text and was able to generate a new article based on the prompt given. In simple terms, the AI was fed information about what to write about and then generated the article based on that information.

In conclusion, generative AI is a powerful tool that has the potential to revolutionize several industries. With its ability to create new content based on existing data, generative AI has the potential to change the way we create and consume content in the future.

Continue Reading

Subscribe

Popular