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 these lines from the Shopify landing page. Why not? If you are an e-commerce seller then 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 then you should have understood what I’m talking about—Shopify but here I will share with 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 then you must read this. As ploughing is to farmers, Shopify Dropshipping is to online sales. The concept of Dropshipping is quite fancy nowadays and is being used more often in day-to-day channels 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 but instead transfer them 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 dimension it will incur a cost. Cost shows mirror to time, more the time more the cost, and 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 the wholesale price and the retail price which in common language is the difference between the prices at which the retailer bought the goods from a wholesaler. However, commission-based agreements are also made between retailers and wholesalers depending on the percentage of the sales commission, whichever is applicable.
Shopify gives you the same experience by solving the issue of keeping the goods in inventory. Now with Shopify open your business without the hassle of managing inventory, packaging, or shipping. You will be transferred with the goods you sell by the fraternity e-commerce you belong 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 in such circumstances you can contact another toy-seller online and have some deals or in another case you have an 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 a basic introduction to Drop-shipping. Now comes the undertaker in the ring, the real game-changer—How to make money with Shopify Dropshipping? How will you make adjoin thousands to make millions and millions to make multi-million?
The simple one first—Distinguish
1) Distinguish your target market as per competitors: The higher the credibility higher the possibility
Some retailers 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 advertisement and marketing different from others who sell the same, just keep it simple and stupid. Why I’m telling this, consider the example of toy sales online as discussed earlier. Now imagine, you and your friend Mike are on the Shopify Dropshipping platform selling toys. You and Mike both have even same drop-shipped manufacturer and wholesaler having the same inventory in 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 has better credibility, which he/she can trust. In this case, the Drop-shipper which has the best track record will win and to win the clients, customer your credibility proportion should be higher than Mike’s. How to do that? It’s better to have different marketing and advertising than competitors to stay in limelight. Be odd in even’s race!
2) Third-party network marketing: To increase top refers by session
Have you ever heard stuff like a diamond club, gold club and silver club in network marketing wherein you channel the networks to reach the 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 network’s diamond group people or even you can do something like give 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 a call from someone sitting miles away in another part of the world. That’s where this network marketing will work better. You can think about that and can customize it as per your business, at Shopify drop-shipping you can easily earn more than you thought! Better run half-miles ahead of the competition because the runner in the second position can chase you down if the steps are fewer. So stay ahead, stay miles!
3) Returning customer rate is to Online store conversion rate
If you are aa Shopify drop shipper then you know where you can find this but if not then just click on Analytics > Dashboard and see these two different conversion rate one is Returning Customer Rate and the 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 clicks on the Added to Cart the real challenge is to convert that potential cart owner to a goods owner. Now that’s a difficult thing to do. Have some display ads as offers like “You added this to your cart” and “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 a 10% Flat Discount this number will increase to 15-16-17 out of 20 buyers with a 10% Flat Discount if a purchase order is made. Earlier, you were earning $1000 in 10 orders which may take time, maybe 10-15 or 20 days now you will earn $1500 dollars in 24 hours if you put in 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 increases the probability to return the other drop-shipper to you in craving 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 purchases if satisfied with previous ones.
4) The one it-self is given by Shopify: Discounts for loyal customers
I think I don’t need to go much more into detail about Discounts to loyal customers, you yourself are smart enough to understand how to give discounts to your loyal customers. In the best possible and strategic way give the most convenient discount in a manner in which neither the customer losses the bet nor—a win-win situation. You can review articles on the internet related to this creating loyalty, and creating a 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 per cent more for 20 per cent most
Well, this can be from a 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 to start saving for future business. If you save an extra 2 per cent per month not by stabilizing the 2 per cent loss but by 2 per cent more. Surely, you will have EXTRA-MILES at the end of the financial year i.e. 24 per cent extra money to invest and where to invest it’s a matter of your decision, in marketing or acquiring or customization. The decision is yours. You have EXTRA-MILES to run remember I told you earlier in this article to have at least half a mile ahead of competitors so here is your 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 the right type of dropshipping. Like if you are new you must try Oberlo Shopify dropshipping app to find products to sell, and Mobile Converter by Beeketing to increase mobile conversions with sticky add-to-cart buttons and a better visual experience. There is much 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 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 think. Quite! Confusion, it’s simple before customers start behaving in a 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 the same as Facebook do. Have quick loading and an attractive landing page because it’s the first thing your customer will see even before your product’s quality. If you win this then you will surely make more money on Shopify dropshipping and this will be one of the victorious moves to win the customer’s attention. Remember everything starts with attention! The more attention the more the chances to convert the purchase intention into a 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 nonsense but what if you could add some sense to the nonsense like giving some customers and other drop-shipping clients a chance to share what they like about your Shopify dropshipping store? Remember to make this a contest because if you will tell customers to share they will not share properly, they will be quite hesitant and may say whatever they like. But if you will make this a contest they will try to bring some good fresh rice on the plate. The idea could be anything from sharing customers’ reviews on a Social media page or website landing page to posting Customer of the month on a Social media cover page it could be anything because it would be the social experience for them.
9) Social Brand Ambassador
Just similar to Campus Ambassadors make more popular customers 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 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 C then C is also and directly equal to A. Have a thumb rule man needs men to live and man trusts men to live. If not understood this line then read again first it’s a singular man then it’s plural form of men referring to more than one person, as said earlier social experiences are because humans are social animals.
10) Have Analytics for future Endeavours
When this all happened, everything was set, everything was 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 a clear picture of how your Shopify dropshipping store is performing and what are some most promising stuff 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 been 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 is 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 the 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 it in the best possible way. Just have a co-branding relationship. But will recommend this to do when your Shopify dropshipping business starts generating revenues at least 400 per cent more revenue than the initial month’s revenue or twice what you earned in months you start earning in a week than only it can sustain.
You can check out 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.
These were some strategies for making your Shopify Dropshipping store 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!