The future of retail can be an excellent online business option for those looking to start a side hustle or take it up full-time.
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While dropshipping has been around for a while, it has gained substantial momentum in recent times. eCommerce played a critical role amidst the pandemic and this product-moving liaison is becoming an increasingly lucrative digital business.
Related: Conversational Commerce Is Revolutionizing Ecommerce
What is Dropshipping?
“In a nutshell, dropshipping allows a store owner to sell directly to consumers without stocking any products. When a client purchases a product, it will be shipped directly to them by a third-party supplier,” explains eCommerce expert William Rivera.
As a dropshipper, you never invest in inventory or handle products yourself. You only pay the suppliers’ wholesale price and are free to set the retail price. The difference in between is profit. It’s a new form of distribution for a new era.
Discover your niche
Have you been pondering over how you can launch your own dropshipping business? Rivera shares four actionable tips to kickstart your eCommerce journey via dropshipping:
Like anything in life which is worthwhile, dropshipping takes a lot of hard work; there’s no magic wand to make a million. Rivera states, “You’ve got to commit yourself to the long-term, but I guarantee if you put the time and the hard yards in—you’ll come up trumps. It’s not how you start but how you finish.”
All great things start with an idea, and dropshipping is no different. Find a niche you’re interested in and believe will be profitable, and then find out who your competitors are and their working practices. Do your research, refine your marketing strategies and business methods. Once you are familiar with the website, product descriptions, prices, etc., it’s time to go to work.
Related: $0 to $1,000 in a Day: How to Build an Ecommerce Business
Select your products carefully
You’ve got the idea, and now it’s time to put it into practice by creating an online store. “eCommerce website builders such as Shopify and Wix are excellent tools for the job. They have a range of 100s of customizable online store templates for you to choose from, so there’s something for everyone. Build it and the customers will come,” points Rivera.
Once you register a unique domain, it’s time to sell the products you want to sell. Rivera shares: “There are millions to choose from, but you need to focus on your niche and target audience; Google trends is a great place to research your shoppers’ interests and find out what products hit the sweet spot.”
Connect with the right suppliers
Finding the right suppliers is essential in dropshipping. It takes a lot of intensive research to do this independently on Google, and you’ll need to pay close attention to wholesalers who have positive reviews and recommended as reliable and trustworthy by other merchants. “Personally, I believe in making things as easy as possible by sourcing supplies through a dropshipping marketplace. There are millions of products accessible through thoroughly vetted drop shipping product networks such as Doba and Oberlo,” reveals Rivera.
Spend time setting your shipping costs and pricing, and ensure customers can navigate your online store effortlessly.
Related: 6 Steps to Building a Successful Online Drop Shipping Business
Get a robust marketing strategy
The store has been designed, the strategy has been decided upon, the product is ready and all that’s left for you is to push the product. Rivera explains, “Spread the word about your store through a combination of branding, SEO, email marketing, social media and paid ads. Be innovative, be creative, be tenacious and be prepared to work hard.” He also states that optimizing your dropshipping business is essential, and investing time and effort in automation helps a great deal in the long term.