There are the following parts of Affiliate Marketing -
1. The Merchant
The merchant is also known as Maker, retailer, creator, seller, or brand. In Affiliate Marketing, the role of a merchant is to create or sell products and services. The merchant may be a single entrepreneur, social media influencer, or a large company.
2. The Affiliate
The Affiliates are also known as publishers, distributors, and advertisers. It is quite similar to the merchant. Affiliate marketers advertise merchant's products and services to earn money from the customers. The money that affiliate marketers earn form the customer is known as "Commission."
3. The Customer
Customers are the most important part of Affiliate Marketing. Customers are the users who use products or services to meet their own requirements. In Affiliate marketing, marketers are always trying to find a smart and efficient way to reach their potential customers and sell their products to them. As we know, without customers, there will be no commissions, and without commissions, Affiliate Marketing has no existence.
4. The Network
In Affiliate Marketing, networks are used to handle all tracking, reporting, and payment activities related to the affiliate. Some affiliate networks help us to provide full-service management or a self-service management program. We can also use the affiliate network to promote different types of consumer products, such as toys, tools, and more.
Example: Amazon is one of the biggest Affiliate Network.
Agencies are used to manage the day-to-day operations and strategies of a program.