How to make money fast from dropshipping
People investing in the online marketplace has been rapidly on the rise for the past decade. Physical stores, with their brick-and-mortar structure, needs bigger finances to operate--from the cost of hiring people to manage the place, the expense of stocking merchandise, the capital requirement in order to start one. Online enterprises require fewer scruples and involve less labor.
Perhaps the most asked question about dropshipping is how to make money from this business model considering you have to pay off the actual cost of the product plus the drop shipping company’s charges. The truth is, successful drop shipping businesses earn up to $10,000 a month! The secret? Read on, because we have put together five ways for you to make healthy profits off of your drop shipping business.
1. Make your own platform where customers can reach you
Instead of going to giant drop shipping companies like eBay or Amazon, you can opt to create your own site where consumers are able to contact you. This way, you avoid getting lost in the sea of competitors selling the same products, and earning less because you have to keep up with the prices of competing sellers. Imagine selling self-stirring mugs and having to go up against hundreds of merchants. The buyers see similar stock photos, and their only means of differentiating your products from the others at first glance is the price. This gives you less chances to place a markup on your items, and therefore, less profits.
Having your own website means you can optimize it for Google’s Search Engine algorithms it by making your product descriptions keyword-rich, and gives you plenty of opportunities to display your products in the first few pages when your prospects type in keywords for a search.
Call-to-action initiatives are also more achievable when you have your own site. This means higher conversion rates, and more traffic driven to your products. Overall, it’s a good strategy to invest in a website where to your items by sharing your Brand your products
The magic in branding is its ability to segregate your products from another’s. Sure, there’ll be hundreds, possibly thousands of sellers putting out charcoal nose pore strips and Bluetooth speakers on the market, but the right positioning for these products can mean higher margins for you.
Branding takes away the feeling of being generic and gives products premium. The same way Apple products are able to value their gadgets at least three times more than the average in the market with the same features, you will be able to charge more for items with branding than without. Start off by making your own website, and following a color scheme for its design.This way, buyers are given a sensory treat, and they’ll be more inclined to keep browsing your selections. Give your products a name--instead of just labeling it a Polaroid Camera, try wording it like: Pastel Polaroid Camera, or depending on what your market is looking for. Buying experience weighs on a customer’s next purchase decision. A good one will create the foundation of trust, and will almost always guarantee a follow-up shopping.
2. Offer free shipping options
The psychology behind purchases tells us that buyers are generally more persuaded by brands that offer free shipping. Shoppers often view shipping as an unnecessary expense, since it doesn’t add value to whatever they are purchasing. Because of this, free shipping creates a sense of being able to save more, and an opportunity to buy more for the buyer. Especially when you are servicing overseas markets, customers tend to hesitate over buying something because the shipping costs higher the farther they are from the seller. The result: your items being added and simply left to virtual shopping carts. Free nationwide shipping always makes customers happy. To account for this expense, you can choose to add it back to the cost of your offerings, and still retain a healthy profit margin.
3. Mix up the market niches you are serving
While it’s good to have your “shelves” full of evergreen products--items that sell like hotcakes in the marketplace--it also pays to have niche-targeted offerings to cater to less-serviced markets. Places like the United Kingdom and Australia pay heavy customs duties to imported products, making the items in the physical stores near them cost twice or thrice as much as they would if bought in the United States.
4. Use buyer-protection assurance
Customers buying online always make sure they get their money’s worth, and they are protected from any fraudulent activities. One way to encourage buyer trust and assurance in your brand is to offer money-back guarantees and add security measures to your payment options.
5. Drive traffic to your online store
The reason why until now, many sellers opt to sell their products through Amazon and eBay is due to their guaranteed traffic-generating systems. Once you key in products found in these big drop shipping companies, the results generated are usually found on the first page of a Google search. This gives the sellers better visibility, and therefore, more chances of being purchased by the customers. However, the price for availing of this type of service is typically heftier than when you are performing your own optimization. You have several options to drive traffic to your online store. Among them are Search Engine Traffic and Paid Ads that are usually in the form of a pay-per-click.
Search Engine Optimization (SEO) is a process that influences the visibility of a web page during a search. The results from this are then called organic, or natural leads. The easiest way to perform SEO on your product pages is by starting off with choosing keywords to tag your product in. The more descriptive it is for the market it’s intended, the better your chances are at ranking high.
Paid Ads are also an option for you if you’re looking to advertise your product on Facebook and several other platforms. This method is costly, but when targeted at the right audience, it is able to pick up high conversion rates.
Dropshipping, like any business done right, can give you generous profits. Make sure to follow these ways to help you earn your first five digit income in thirty days, and check out more of our posts on eCommerce success.