Dropshipping is very popular among entrepreneurs who are just starting out in the world of online retail. It offers a low-risk way to get started with your own store. And it’s also an easy way to make money. But what happens when you want more than just a small, hobbyist side gig? What if you want to grow your eCommerce business (dropshipping in particular) into something more serious? Like a full-time income stream that will allow you to quit your day job?
This article explains how you can use this growing trend for-profit. And eventually, turn it into the next big thing.
Why you should grow your eCommerce business?
Dropshipping eCommerce business is already a huge market. To grow and profit exponentially from this industry, then you need to do better. You should strive to create better quality products than what’s currently offered by competitors.
Doing so will help attract buyers who are looking for more than just simple commodity products.
It’s easy enough to find a source of cheap t-shirts or a hot new phone case. But if you intend to take dropshipping seriously as a business opportunity, then you’ll need to provide exclusive items. Items that can’t be found elsewhere. And that requires higher price points.
To Be a Professional Dropshipper or Not to Be:
Diverging from the path of the professional dropshipper is an option, but you must ask yourself if you truly want to become a serious part of this industry or just remain a niche player who only takes on small orders.
If your goal in getting into eCommerce is to eventually earn enough money to quit your day job and maintain that level of income for years to come, then it’s in your best interest to learn how to take this trend full-time.
Dropshipping can help you get started with online retailing and also provide you with some additional revenue until such time as transitioning away from it becomes necessary.
But when people hear about all the success stories linked with Shopify and other providers like Bigcommerce, they assume that they’ll be able to build an empire with their own online stores, too. But it’s not enough to just get traffic and capture sales if you want to stay competitive in this market, nor can you rely on sheer luck when promising ventures like this are rife with competition–after all, even established retailers who sell products outside the eCommerce realm are beginning to notice that dropshipping is a profitable business model worth capitalizing on.
The good news is that you don’t need an MBA or years of experience in marketing to take your business up a notch. Depending upon what type of products you’re selling, there are other ways for you to connect with customers and grow your revenue stream. In fact, Shopify itself frequently holds events where they interact with customers and provide them with an opportunity to expand their businesses. Take advantage of what is already available and save yourself some time and money in the process: attend these events, learn about Shopify’s latest offerings, and then work your way into a more lucrative sales channel that will help grow your profits.
5 tips to expand an eCommerce Business:
1. Use Facebook's Lookalike Audience
We all know that one of the most popular ways to promote a product online is through social media. And if you’re lucky enough to have a wide following on your site or you’ve managed to grow your mailing list over time. Then this is one way to use those people as part of your direct sales channel.
However, even if it takes months before you can see any sign of profit from these efforts. At least traffic coming from social media will be completely free for as long as you maintain such profiles. If you want more exposure and higher conversion rates (and who doesn’t?), you should consider using Facebook’s Lookalike Audience option.
2. Offer Promo Codes for Online Deals
Many Shopify merchants choose to implement a referral program in place of running ads. This is the part where you can take advantage of your existing customer base. So what you need are simple tools that will allow them to spread word-of-mouth advertising around.
Giving away discount codes or coupons for discounts on their next purchase is a great way to start. They’ll not only share the news about your company with other people who might want to try out your products but also help increase sales overnight.
3. Use Instagram's Hyperlapse App for Product Promotions
There are plenty of product photos already uploaded online. So why do you even bother creating more? The trick here is finding novel ways to promote these items. Use unique content that inspires customers and gets them to take action.
Instagram’s Hyperlapse app allows you to create time-lapse videos in real-time. It’s perfect for product photography in particular.
4. Use Google Trends to Find New Markets
There are plenty of ways to how to grow eCommerce business as a Shopify merchant. One of the most effective methods is diversification. This will allow you to sell more products at higher prices without having to worry about increasing competition from other merchants doing the same thing.
This is because if you can target specific niches with your product line. Then those buyers will be less likely to purchase any related (or copycat) items on their own.
By using Google Trends first, you can find new markets that relate specifically to your brand and what it has to offer. By creating an intentional campaign around these trending topics, you’ll eventually reach a wider audience who would not have found out about your website otherwise.
5. Find a 3rd party logistic solution provider
If you’re starting to get overwhelmed by all the tasks involved in running a dropshipping business, then it’s time to find yourself an expert 3PL provider to make sure every aspect of your order fulfillment is working like clockwork.
This way, you can focus on marketing efforts and expanding your inventory while these service providers handle the logistical aspects of managing shipments.
Conclusion
Any business owner knows that it takes more than one successful product page to stay afloat in this industry. That’s why learning how to grow your eCommerce business into new markets is always a good idea. The key here is finding the right partners who can delegate the proper tasks to you so you don’t have to be overwhelmed.
