Are you searching for how to make money with Shopify Dropshipping? Do you want to know how to become a Dropshipper? Well, “Shopify is everything you need to sell anywhere”. Remember this lines from Shopify landing-page. Why not? If you are an e-commerce seller than this line might have surely attracted your eyes for seconds while you surfed on Google about “How to sell things on online e-commerce platforms”. Well if you are one of those than you should have understood what I’m talking about—Shopify but here I will share you something very interesting and something very trending—Shopify Dropshipping”
How To Make Money With Shopify Dropshipping
“Get started with Dropshipping business Open a business without the hassle of managing inventory, packaging, or shipping”
For those who want to increase business sales revenue or even want to increase passive income than you must read this. As ploughing is to farmer, Shopify Dropshipping is to online-sales. The concept of Dropshipping is quite fancy nowadays and is being used more often in day-to-day in channel of sales & Supply Chain Management.
But before going into further details and in depth, one-should understand the concept of “Drop shipping” first.
In layman’s language Drop-shipping means retailers do not keep the goods in stock instead transfer it to another retailer or wholesaler or in many cases even manufacturer. Today if we see keeping the inventory immobile at one slot, it incurs cost—the cost of space utilized, the cost of keeping the goods from x time to y, in every dimensions it will incur cost. Cost shows mirror to time, more the time more the cost, vice-versa. So, it’s better to transfer goods from one-source-to-another.
The huge amount of profit in retail industry flows from the margin they have between wholesale price and retail price which in common language is the difference between the prices at which retailer bought the goods from wholesaler. However, commission based agreements are also made between retailers and wholesaler depending on the percentage to sales commission, whichever applicable.
Shopify gives you the same experience by solving the issue of keeping the goods in inventory. Now with Shopify open your business without hassle of managing inventory, packaging, or shipping. You will be transferred with the goods you sell by the fraternity e-commerce you belongs to. Say for instance, you started your e-commerce platform for toys and you don’t have spaces for toys to keep in your inventory so in such circumstances you can contact another toy-seller online and have some deals or in another case you have excess of toys in inventory and you need to sell, in that case also you can have deal with the business which need toys. Simple as it seems!
Well, this was some basic introduction about Drop-shipping. Now comes the undertaker in ring, the real game-changer—How to make money with Shopify Dropshipping? How will you make adjoin thousands to make million and millions to make multi-million?
The simple one first—Distinguish
1) Distinguish your target market as per competitors: Higher the credibility higher the possibility
Some retailer’s sell what is selling more online and change as the demand change. But possibly that’s not what selling is all about. “A Good sale is the sale which creates the demand”. Here, you have to distinguish your business advertisment and marketing different from others who sell the same, just keep it simple stupid. Why I’m telling this, consider the example of toys sales online as discussed earlier. Now imagine, you and your friend Mike is on Shopify Dropshipping platform selling toys. You and Mike both have even same drop-shipped manufacturer and wholesaler having the same inventory at the most possible way. In this scenario customers and other drop-shippers will verify on which he/she can rely more whether it’s you or Mike. So the credibility is being questioned here. Now it’s the customer who will decide which one to choose. Obviously, the most trusted one, the drop-shipping store which has better credibility, onto which he/she can trust. In this case the Drop-shipper which has best track record will win and to win the clients, customer your credibility proportion should be higher than of Mike. How to do that? It’s better to have different marketing and advertising than competitors to stay in limelight. Be the odd in even’s race!
2) Third-party network marketing: To increase top refers by session
Have you ever heard the stuffs like diamond club, gold club and silver club in network marketing wherein you channelize the networks to reach at top from silver club to diamond club? Here, I’m not telling you to make some networks and do network marketing but I’m telling you to use the current and highly active network marketing groups. Just advertise your dropshipping availability in those networks diamond group people or even you can do something like giving discounts to that network owner and tell them to cascade the availability of drop-shopping, Word-of-mouth will surely work here. Who knows you can get call from someone sitting miles away in other part of the world. That’s where this network marketing will work better. You can think onto that and can customize as per your business, at Shopify drop-shipping you can easily earn more than what you thought off! Better run half-miles ahead of competition because the runner at second position can chase you down if the steps are less. So stay ahead, stay miles!
3) Returning customer rate is to Online store conversion rate
If you are aa Shopify dropshipper than you know where you can find this but if not than just click on Analytics > Dashboard and see this two different conversion rate one is Returning Customer Rate and another Online Store Conversion Rate. Now strategies this thing: In Online Store Conversion Rate there is one thing called Conversion funnel now you need to fuel this funnel with strategy. Three options are available under Conversion Funnel—Added to Cart, Reached Checkout, Session converted. Here when someone click on the Added to Cart the real challenge is to convert that potential cart owner to goods owner. Now that’s the difficult thing to do. Have some display ads as offers like “You added this to cart” “If you Place this order within 24 hours” you get the 10 % Flat Discount. Now, calculate if you get 10 customers out of 20 changing to real buyers without 10% Flat Discount this number will increase to 15-16-17 out of 20 buyers with having 10% Flat Discount if purchase order made. Earlier, you was earning $1000 in 10 orders which my take time, maybe 10-15 or 20 days now you will earn $1500 dollar in 24 hours if you put just one thing 10% Discount if bought in 24 hours. That will increase the Online store conversion rate and Sales by traffic source which in turn increase the probability to return the other drop-shipper to you in crave for discounts resulting increase in Returning Customer rate. Here you will also get approx. Average order value by particular store owner which will help you to predict future purchase, if satisfied with previous.
4) The one it-self given by Shopify: Discounts for loyal customers
I think I don’t need to go much more into details about Discounts to loyal customer, you yourself are smart-enough to understand how to give discounts to your loyal customers. At your best possible and strategic way give the most convenient discount in a manner in which neither the customer losses the bet nor you—win-win situation. You can review articles on internet related to this creating loyalty, creating win-win situation. If you ask me how to win? I will suggest you go and read the book—How to win friends and influence people by Dale Carnegie.
5) 2 percent more for 20 percent most
Well, this can be from financial perspective. Once you start earning some bucks online through your Shopify Drop-shipping make a habit of an EXTRA-MILE. Here by saying EXTRA-MILES I mean to say on start saving for future business. If you save an extra 2 percent per month not by stabilizing 2 per cent loss but 2 percent more. Surely, you will have EXTRA-MILES at the end of financial year i.e. 24 percent extra money to invest and where to invest it’s the matter of your decision, in marketing or acquiring or customization. Decision is yours. You have an EXTRA-MILES to run remember I told you earlier in this article to have at least half a mile ahead from competitors so here is you EXTRA-MILE, an advantage over the advantages.
6) Take the advantage of Apps in Shopify Drop-shipping
There are many Apps present over on Shopify dropshipping you just need to find the right one for your business and make the right use for right type of dropshipping. Like if you are new you must try Oberlo Shopify dropshipping app to find products to sell, Mobile Convertor by Beeketing to increase mobile conversions with sticky add-to-cart buttons and better visual experience. There are many fish in the pond you just need to catch the big fish, maybe at one reflex or by feeding to prey.
7) From Consumer Behaviour point-of-view
Now it’s time to think what your consumers are thinking, if you will make them to think what you want them to think then they will surely think what you want them to think and eliminate the hassle of taking out money from their pocket because they are thinking what you made them to think. Quite! Confusion, it’s simple before customer start behaving in particular way just change their direction of thought process. Here I’m talking about the technical parts of your Shopify dropshipping store. Use your landing page as the weapon to engage just same as Facebook do. Have quick loading and attractive landing page because it’s the first thing your customer will see even before your products quality. If you win this than you will surely make more money on Shopify dropshipping and this will be one of the victorious move to win the customer’s attention. Remember everything starts from attention! The more the attention the more the chances to convert the purchase intention into real purchase. Think Consumer!
8) Buzz market your online store on Social Media
Nowadays it’s easy to get viral on social media by doing non-sense but what-if you could add some sense to the non-sense like giving some customers and other drop-shipping clients chance to share what they like about your Shopify dropshipping store. Remember to make this as contest because if you will tell customer to share they will not share properly, they will be quite hesitant and may say whatever they like. But if you will make this as contest they will try to bring some good fresh rice in plate. The idea could be anything from sharing customers review on Social media page or website landing page to posting Customer of the month on Social media cover-page it could be anything because it would be the social experience for them.
9) Social Brand Ambassador
Just similar as Campus Ambassador make the more popular customer by having some deals with them like having some rewards if they share your advertorial on their Social Media platforms like Facebook, Twitter, Instagram, WhatsApp etc. Give them some rewards on each sharing in this way you can reach to many people in their circle so now you are trying to bring Customer C via Customer B on the platform of owner A. Simple math rule! if A equals to B and B equals to C then C is also and directly equal to A. Have thumb rule man needs men to live and man trust on men to live. If not understood this line than read again first it’s singular man than it’s plural form men referring more than one people, as said earlier social experiences because human are social animal.
10) Have Analytics for future Endeavours
When this all happened, everything set, everything done. Now go and see the Analytics of your store and find the most important ones like the area from which traffic is coming more, the most purchased intent, the most bought product etc. You will get quite clear picture of how your Shopify dropshipping store is performing and what are some most promising stuffs all things. By this time you could have understood that I telling you to repeat the best ones like Toy from New York city have bought by many people so you will think just give time more to that but now there could be another thing you can do. Go beyond Direct sales.
Something very interesting yet to come.
And that is! That is!
The 11th point and the last one
11) Channel Sales
I know you are quite unsure about how to use that on Shopify Dropshipping platform. But here you can leverage from Channel Sales strategy by making Channel Sales Partner—A channel partner is a company that partners with a manufacturer or producer to market and sell the manufacturer’s products, services, or technologies. This is usually done through a co-branding relationship. You can use this with your Shopify Dropshipping to earn more and utilize in best possible way. Just have co-branding relationship. But will recommend this to do when your Shopify dropshipping business start generating revenues at least 400 percentage more revenue than initial month revenue or twice than what you earned in months you start earning in a week than only it can sustain.
You can checkout our article on 10 Powerful Social Media Marketing Strategies That Bring Business to promote your Shopify store and get better sales on your store as social media is the best place to promote your products and make them best selling.
This were some strategies for making your Shopify Dropshipping store to rain heavy drops of money on your business. So, what you are waiting for start your store now and make money with Shopify Dropshipping now!