Do you believe in earning money by working smart? Are you well-versed in the world of eCommerce?
If the answer to both these questions is YES –
Drop shipping might be the best suitable career path for rising entrepreneurs like you.
What is Drop Shipping?
If you’re reading this: we assume you already know this. Still, for a brush-up –
Drop shipping is an eCommerce venture where you take customers’ orders without keeping stock in hand. Simply, it’s much like a retail business except for the part where you take the help of third-party merchants to order and supply directly to the customer. Your role? Like an agent or middleman.
But profits?
Just check the total worth of the drop shipping market in the US 2022.
Why is Drop Shipping so good?
The internet has opened access for all to come and taste the water. And drop shipping is definitely the gateway to this wonderful world of eCommerce. With no cost for physical store set-up or lots of licensing and taxes, no upfront cost, no inventory, drop shipping just requires a website, minimal hosting fee, and great marketing. That’s it!
Build your business empire from home or anywhere you might like!
How to ace Drop Shipping?
The same reasons that make drop shipping a great option also turn it into a highly competitive market. Keep reading for the secret winning hacks to ace this industry.
How to Manage Drop Shipping: 5 Advanced Tips
● Discounts win hearts :
People love discounts!
In drop shipping, pricing is essentially the winning strategy to connect with your customers.
Offering discounts is an art. You’ve to balance the availability and accessibility. Limited period offers, exclusive for certain customers, are more lucrative than flat discounts. But, at the same time, exclusivity and eligibility must not be too high-set. You’ve to reach the largest number of audiences.
Offering vouchers for a certain amount spent, buy 1 get 1 free offer are great ways to do this. You may also plant decoy prices using buyer’s psychology in your favor and trick customers into spending more without giving any discount at all.
● Social media hacks: Facebook and Instagram have a huge potential for Drop Shipping entrepreneurs.
Facebook ads and marketplace is a cost-effective, simple way to gain exposure to a huge audience. Focus on creating great ads. You don’t need professional marketing agencies. Just shoot a nice video showing your product’s features and edit it on your smartphone, and you’re good to go.
To get more organic traffic fast, spend a little money, and tailor your ads by utilizing the customization menu to target the right audiences. Simultaneously, build a creditable Instagram presence or fan base by consistently posting and engaging folks in your content. This works like an online showcase of your business.
● Know thy market: Have you ever heard of the term product-market fit?
Simply it’s the compatibility.
Large business corporations use thorough market research to get hold of this, but you can simply do it by interacting with customers and following your social media feeds again.
Keep learning about your niche, stay updated on new products, take regular feedback, know customer pain points and try to solve them, and do marketing campaigns to see which one comes out successful. It’s a painstaking trial-and-error method. But it’s worth your time.
● Shipping cost :
Often, shipping costs alone make the difference between a buy and a skip.
Suppose a reasonably priced item suddenly becomes overpriced after calculating the shipping charges. In that case, 98% of customers will simply abandon the cart and start looking for another merchant with lesser rates.
Don’t let the shipping charges be a burden on buyers. You may implement different strategies like offering free shipping if they buy above a certain price limit ( free shipping lures people to shop online more, that’s guaranteed) or low flat shipping costs. Use real-time online shipping calculators to show the actual charge.
To make the shipping hassle-free, you may use smart digital solutions like Cario to automate freight distribution. Book a demo today!
● Personalized Branding:
If you want to go a long way in making this business big, you must first make a unique identity. This is where Personalized Branding comes into play.
Ask your distributor or sign an agreement with the manufacturer to personalize the products of your order. You may use third-party agencies that customize items on demand, as well.
Personalized branding will take your venture from a merely online business to a living, breathing physical entity loved and coveted by customers on a first-name basis. That’s when you can call yourself a successful entrepreneur.
You’re all caught up here. Now, go ahead and rock the market! Best wishes!
