Launching a dropshipping business can be the perfect way to own the store of your dream. With low-risk and high-reward, this has become one of the most popular eCommerce models out there, where you don’t have to put up for inventory beforehand. Which, if dropshipping has been something you’ve been considering starting up, then we’ve provided a few helpful examples on how to get started. Check them out below:
Come Up With A Brand That Sticks
The world of eCommerce is a massively competitive industry. Not only are there going to be others that want the same customer base you do, but additionally looking to capture niche markets within each sector. That can be quite the tough draw to get out there and compete with, which is why developing a solid brand that lends itself to developing a core audience.
The core of your brand should start with the reason that you’re in business in the first place. This is your ethos and mission, which is the primary driver as to why someone is going to become a consumer of your brand; because as noted by LucidPress, 64 percent of consumers cite shared values as the main reason they do business with a company. Although this might be tough to decipher at first, the goal is to ask yourself the questions that help decide what type of personality and image you feel like your brand should showcase, highlighting why others should gravitate towards you. It’s okay to revise and possibly do a rebrand later; however, this first shot is going to be what the world thinks of you, so make it count.
Find Your Suppliers
Once you’ve established what your brand is, it’s time to start thinking about who your suppliers should be. This is a primary component as to how successful your dropshipping business will be, especially considering that it’s the biggest determination of price point. Although finding dropship suppliers might seem like a difficult task, with the right initiative, it can be much simpler than you think. It comes from knowing your market and what suppliers are going to serve the best need.
As noted by Disruptive Advertising, approximately 80 percent of Americans have made an online purchase in the past month, which is a pretty staggering statistic considering how much of that marketplace you need to capture to become sustainable. In diving deeper into your industry, one of the first things you need to do is look at what brands or suppliers are most popular right now, as well as how you can develop a relationship with them. From there, it’s all about honing in on getting the best rate you can to deliver to your customers, which in turn, will increase your margins as well. Be patient with this approach, as being able to land something significant will help you out tremendously long-term.
Know How To Market
Marketing is perhaps one of the most crucial elements to performing well as a dropshipping business, especially if you’re looking to grow quickly. This involves a keen sense of what strategies are going to deliver the best ROI, both for the amount of time and money you put in. Marketing is something that many people believe is intuitive, but it can be one of the most significant challenges you’ll face in reality. As a practice that involves quite a bit of dedication and consistency, building out a foundation from the ground up for your marketing plan is going to take some serious legwork.
Take a look at the type of audience you’re trying to develop, including which platforms they’re presently engaging on. For most eCommerce items, Instagram, Twitter, and Facebook are going to be your primary use cases, with Instagram currently leading the charge; in fact, according to DreamGrow, engagement on Instagram is 58 times higher than any other social media sites. Try to find a consistent pattern for which you can post and track analytics, highlighting what you’re doing right versus where improvements can be made. Although social media might be something we use every day, that doesn’t mean we can’t maximize the marketing potential of it to make our social pages drive some serious revenue.
Customer Service Is Key
Finally, if there’s going to be one aspect that’s imperative for any new eCommerce shop, it’s developing amazing customer service. This is an aspect that while often overlooked, can be the deciding factor if someone wants to keep doing business with you. As noted by HelpScout, 51 percent of consumers say that after one negative experience, they’ll never do business with that company again. Which, if you’re looking to avoid, then being ahead on this before launch is a must.
If you haven’t already, start drafting up an FAQ for your website, as well as common responses to questions to be held internally. From there, establish which mediums you’re going to be contacting customers from, as well as the hours you’re willing to work customer service. While it might take a little getting used to, this is also a practice that will help you determine how you can improve upon into the future, giving your dropshipping company a leg up moving forward.
What are you most excited about in launching a dropshipping company? Comment with your answers below!