So you have heard about people making money from dropshipping and you want to know what all the fuss is about. Well your in the right place. Here you will find the facts about dropshipping and how you can get started if you think it is right for you.
Dropshipping is an online business model that involves selling products online and shipping them directly to the customers from the manufacturer. As a result, dropshippers don’t have any inventory and don’t have to deal with physically shipping their products. Dropshipping stores make their money by selling their products from the manufacture or a wholesaler at a much higher price and profiting on the difference.
Dropshipping is not a new business model and has been around since the 60’s and 70’s. However, in the recent years the industry has skyrocketed and has an estimated worth of over a $100 billion. Changes in e-commerce and marketing has seen the industry blow up and people from all over the world are starting to get involved.
Can anyone become a successful dropshipper?
Many people talk about dropshipping being ‘dead’ and it being too late to start but in fact, according to research the industry is predicted to keep growing exponentially. Dropshipping is still very profitable and is a great way to get started in e-commerce.
Dropshipping is not complicated and doesn’t require expert knowledge to become successful in it. Anyone with persistence, consistency and the desire to learn can become the next millionaire dropshipper. The upfront cost to start a dropshipping store is relatively low compared with other online business models. Depending on the product you are selling and whether you decide to add your brand to it, the cost to start a store ranges between $300-$400.
They key to dropshipping
Anyone might be able to start dropshipping, but not everyone will become successful at it. The key to creating a multimillion-dollar store lies in two aspects. Product research and digital marketing. An 8 figure dropshipping store consists of at least one winning product that people desire and a successful marketing plan. Many dropshippers master using Facebook ads to spread awareness to their target audience and drive traffic to their store.
Marketing is very important when it comes to e-commerce. You don’t want to spend thousands on an ad that is targeting the wrong people. Many people dive into paid ads on Facebook and google without sufficient research on who their target audience is. The Best dropshippers plan marketing strategies, create funnels and set up email marketing campaigns to gather leads and eventually create customers.
Scaling your business
Once you have begun to make some money from selling your products, you can start to scale up your store, to drive more traffic to your landing page and capture more leads. Many people don’t stop there, they start a second dropshipping store and use the skills they learnt from the first store. This is where people start making serious money.
Future of dropshipping
Dropshipping has changed over the years. A few years ago, many successful stores sold almost anything, from kitchen appliances to dog toys. However, this does not work as well as people want to buy a brand. Now People create niche stores that sell products from a specific niche and create a brand around it with their own message. This is called branded dropshipping. People have even started creating one product stores which they sell only one product. This product is obviously a winning product and it allows them to centre all their ads and money around selling this one item. If you are planning to get started, branded dropshipping is the way to go.
How can you get started?
Dropshipping is a growing industry and you can become apart of it. The best way to get started dropshipping is to explore potential products that you would like to sell and find a niche a niche you are interested in. The best way to do so is to use Ecomhunt.com which showcases the best products for dropshipping in 2020 and provides their users with detailed analytics about each product. Once you have found your product you need to find a domain. Your domain needs to be short (no more than three words) and must indicate what you will be selling. You can search for domains at Domain.com which has a wide range of domains in their arsenal so you are bound to find one that fits what you are selling.
When you have your product idea and domain in place you can now create your own logo. This will become the face of your brand. Your logo doesn’t have to be complicated, it can be very simple and still be very effective. You’ll be able to create a great logo quickly at Logo.com where they have easy to use tools to design a good logos. Now you can look on alibaba.com or aliexpress.com to find your supplier for your dropshipping business. Once you have found your products and your supplier, you need to create a store where you will sell your products. Most dropshippers use shopify.com to setup their store because of its analytic tools and is very easy to use.