Now a day’s eCommerce is the fastest growing sector for business and if u want to start your career with eCommerce technology but if u have not a single idea then an idea about starting a successful online dropshipping business is best. Dropshipping is the model through which you can buy directly from the wholesaler/s and directly sells to the customer. we are going to discuss steps to start a successful online dropshipping business.
Dropshipping is used by eCommerce giants like Amazon and sears. From these two business, you can learn that if u follow the best strategy for business then you can earn more profit.
Must read: How to start a small business?
How do I start a successful online dropshipping business?
As we discussed earlier dropshipping is the most popular business where merchants purchase the product from a supplier/distributor and directly ship it to the customer. We can also elaborate as merchants have to publish the list of products on the eCommerce store for the consumers to choose from. If a consumer orders any product from your store then you need to order the same item from the supplier and pay for the supplier.
The dropshipping supplier is the one who ships the product directly to the customer as per the address provided by the customer. The supplier charges you the wholesale price for the product and you receive the money for the product you sold. Therefore profit can be defined as the difference between the retail price you sold to the customer and the wholesale price that is given to you.
How to Start a Profitable Dropshipping Store?
The key functions of dropshipping are to focus on marketing, customer support, daily functions of eCommerce store and customer feedback, demand, and competitors. Dropshipping is a very profitable business because there is no need to keep stock of products. If you are interested in the process of building a successful online dropshipping business then you must have to follow the following points.
1. Select a niche
A niche is a comfortable position that you want to acquire in life. You need to select your niche so that you can plan accordingly we can call niche something that you passionate about. If you choose a niche that you are not passionate about then you will get discouraged and may cause to face loss.
While selecting a niche you must have to keep the focus on two things that is profit and the shipping cost. The amount of profit you will get from the higher priced products and the product on which shipping cost is applicable, low shipping cost is more suitable.
You can use the tools to search for the keywords related to the specific niche are as follows:
2. Carry out competition research
Your business growth totally depends on competition research. By considering giant brands like amazon, sears, Walmart, etc. you have to perform research properly. You must keep in mind that what products they sell, their prices, shipping cost, and other important things.
Don’t be afraid to choose higher-priced products because amazon is making sales from them then why don’t you?
If you are done with proper competition research then you can earn more profit and a successful business.
3. Find dropshipping suppliers with high-quality products
Customer satisfaction is one more important point to take into consideration because if a customer is not satisfied with the product quality that is shipped by the supplier then the business may get failed. It is the necessary thing to select a supplier who supplies high-quality products on time.
4. Set up your eCommerce website
Website is a medium through consumer can search product, it is important to build your own website. If you are not an expert in technical skills then you should hire one web designer to design a customized website.
There are many alternatives available to a built website such as:
5. Create a customer acquisition plan
The total business depends on a supplier who supplies quality products and the website. The next step is to attract customers by showing different types of products. There are many different ways to attract customers like with the help of Facebook, we can attract customers with the help of Facebook.
Facebook allows you to create a market for new customers so you can achieve a highly targeted audience. So, this is the way you can compete with giant dropshipping brands. This method helps you to generate more profit with higher demand.
6. Analyze and optimize
To track every single data related to your business, there are many tools available such that Google analytics and Facebook conversion pixel. These tools can help to analyze traffic, targeted audience, conversions, and other important data.
With the help of information gathered from Google analytics and Facebook conversion pixel, you can make modifications to your website so that many customers can attract to your website.
How do choose the perfect goods to publish for the customer?
- To select the right product for customers in your dropshipping business, there are many things you have to keep in your mind.
- Choose the product which has a minimum price with the best quality.
- Select the goods which are not generally available in the surrounding.
- Choice the product with a minimum shipping cost.
- The product is mostly demanded by the customer.
- products that attract the customer.
Following are the best Dropshipping Niche ideas:
1. Wearable devices
Wearable devices are products controlled by electronic components and software that can be arranged into clothing or worn on the body like accessories. Examples are smart glasses, smartwatches, and fitness trackers are invented. So, it will become a need in near future.
Wearable device niche in dropshipping business would be more profitable and helps to achieve a specified goal.
2. Pet supplies and accessories
According to the survey done in 2018, 470 million dogs were kept as pets worldwide, dogs came out on top as the leading type of pet in 2018. Within the same year, there were roughly 370 million pet cats in the world. so, pet supplies and accessories are highly demanded by the customers. By considering the need of pet lovers pet supplies and accessories are the right niches to come into the business.
3. Animal themed products
Most people love animals so their interest in shopping shifted towards animal-themed products. Animal theme products such as puppy printed on a t-shirt, bear-themed sleepwear, sleepy animal coasters.
4. Dog-themed gifts and decorations
A look at Google Trend on dog-themed gifts and decorations over time shows that interest has been growing rapidly over the years. Many people will demand dog-themed gifts and decorations.
Dog-themed gifts and decorations are highly demanded by children’s so why we don’t put dog-themed gifts and decorations as a niche??
5. Art materials
A few years ago, people want to spend their time watching movies and sitting in a group in their free time. But now, people changed their interests to sit in the group so they spend their free time by making art articles so that they can spend their free time by keeping their hobbies safe.
Many people who can’t go outside the home for work, make some interesting art accessories with the help of art materials. By selling those products they earn a profit.
So, you should consider Art material as a dropshipping idea.
6. Low-cost sportswear
This is the period of hybrid plant and animals so may cause to your healthy body. Physical activity maintains the body in control and protects it from the surrounding environment. For regular physical activity, people use sportswear so they can feel relax while doing exercises. It is not about buying sportswear but to buy low-cost sportswear.
By taking the need and budget into consideration, low-cost sportswear is the best niche idea.
7. Anti-stress toys
At a particular stage, everyone may face stress. There are many reasons to face stress such as squeeze balls, fidget cube puzzles, hand spinner fidgets, etc.
So, anti-stress toys are the best niche idea.
8. Automotive accessories
Automotive accessory enhances the overall performance of a vehicle and makes the travel time comfortable, convenient, and enjoyable. To satisfy the marketplace and need of customers automotive accessories is a unique niche idea.
9. Sports tools and equipment
Sports tools and types of equipment are costly to purchase, so common people are not able to buy them. The option for this problem is to take a membership in the gym but sometimes it also required large money.
If we decided to keep sports tools and equipment as a niche then people can use their rights in the comfort of their house.
10. Smartwatch accessories
Nowadays demand for smartwatches increases rapidly so the effect of this the demand for smartwatch accessories. The need and demand for smartwatch accessories are increasing rapidly so it is evidence for adding a smartwatch accessory in dropshipping business could be highly profitable.
Top Most DropShipping Companies
Searching for the best dropshipping company for your e-commerce business is really a tough task especially when you don’t have any idea about where to start a business. To overcome this problem here are some dropshipping companies:
Pros and Cons of DropShipping
- No need to keep a stock of bulk products.
- Freedom and flexibility.
- Chances to earn more profit.
- No need for any investment.
- Low-risk business.
- Save time and money.
- Low workload.
- Ability to sell more number of goods.
- Packaging and shipping are the essential elements that are taken into consideration.
- Highly automated
- No control at the time of packaging and shipping.
- Minimum profit margins.
- No trust bonding over the stock.
- Less competitive pricing.
- A large no of competitors is ready to challenge.
There are many stories of successful entrepreneurs so that will inspire you to start your dropshipping business. The good news is that with some careful planning and consideration, most of these hurdles can be solved and need not prevent you from building a thriving, profitable dropshipping business.
Dropshipping is the best business model to start your career by considering its low risk, less costly to start, easy to start, flexible location, easier to test, and highly automated.