Choosing the right products to sell
So many business-minded people are taking advantage of how attached most prospects and customers are to the internet and their gadgets, hence the birth of eCommerce. Basing your business online provides enticing upsides, including the benefit of operating your company anywhere in the world, without having to report to a physical office while wearing a suit and tie.
With the majority of things being automated even in third world countries, online enterprises face a huge pool of customers with needs and wants to gratify. More needs to service equals to more opportunities for businesses to earn sales.
Brick-and-mortar establishments still exist, and successful ones most likely enjoy excellent profit margins, but electronic trading has now become a popular and effective option for business-oriented individuals to invest their capital in.
Drop shipping has grown enough to be recognized as a profitable endeavor for people wanting to establish their own small to medium enterprise. Imagine not having to devote large capital for land, rent, labor, inventory storage, and overhead costs. Not much startup financing is needed for drop shipping, which makes it an entirely attractive industry to venture into.
You’ll need a trusted supplier who will give you discounts for wholesale purchases and can promptly deliver products to your clients, as well as a chosen platform to allow seamless communication between you and your customers.
Whether you’re a newbie to the industry or a seasoned veteran, drop shipping is an equal playing field for the tenacious and smart. We would like to help you and your business grow, so keep reading because we’ve come up with a list of products to look for and stock up on the “shelves” of your drop shipping business.
1. Best-selling items from Amazon, AliExpress and eBay
These items are what could potentially be considered your evergreen products. In case you’re not familiar with the term, evergreen products are commodities that have long shelf life, and are basically needed by your customers all-year round. Your competitors will likely have these items available as well, but since evergreen products are essential, it’s going to be sought after by a lot of shoppers.
Take clothes, for example--any time of the year, customers can opt to purchase single items from your site, or an entire closet full of them. One of the best things about dropshipping is how unrestricted it is. You can serve niches that are into high-end products, and still be able to provide for the remaining market looking for affordable and unbranded goods. Once you’ve chosen a market or niche to provide for, you can do your assignment by researching the highest-grossing merchandise in big dropshipping companies like eBay, AliExpress, and Amazon.
2. Seasonal items
Take the time to research on seasonal trends. Items like swimsuits, DIY-friendly tools and toolkit, sports bras, waterproof watches are among the sure hits for summer. Christmas, Valentine’s Day, 4th of July, Halloween are some of the holidays that show high buyer spending, which makes sense for you to invest in marketing around these celebrations, and release holiday-specific products for sale.
You can make massive revenues from being able to put out trendy merchandise in the market before other commercial establishments are able to do so.
3. Products that run out or have shelf lives
There is a lot of potential for revenue in these kinds of products. Consumable and renewable items generate repeat customers because of their depreciating nature. These include vitamin supplements, whey protein, beauty products, generic medicine, and more.
Accessories are among the few products in the eCommerce industry that you can place high margins on. A lot of jewelry on the market can rival the quality of big retail brands for one-eighth of their price point. This gives you a huge room for markups.
5. Tech Gadgets
One of the industries with the fastest product life cycle is the tech market. Every year, Samsung and Apple launch massive marketing campaigns to introduce their latest smartphones and electronic gadgets. This means some devices are removed from the shelves of physical stores as quickly as they were placed. As a drop shipping business, you can serve the niche looking for parts or an entire appliance that has become hard to find.
Customers to Snag and Keep
The lifeblood of any business will be its customers. What is a commercial retail establishment without its frequent shopper bringing in the income? You’ll encounter all types of buyers as you run your drop shipping enterprise--the critical thinkers, the skeptics, the impulsive, the spendthrifts--and it’s your job to try and cater to every single one of them.
Naturally, you have to come after the ones with the immediate needs and wants that you can satisfy, and the ability to purchase from your product selection. We suggest paying keen attention to these kinds of customers because they are less likely to be indecisive and hesitant over buying substantially from your business:
- Repeat Shoppers
These people are who you want to zero in on the most. One fact about running a business is this: you’ll end up spending more resources and capital looking for new customers than you would when retaining them. First time customers are usually hesitant and prefer conducting test buys to see if your products will hold up to their standards.
Repeat shoppers, on the other hand, will no longer double-take on your pricing and will have less anxiety over their packages. They’ll swear by you and recommend your business to their sphere of influence, creating word-of-mouth marketing. Your customer service management, along with your branding strategies will give you a competitive advantage and set you apart from other drop shippers selling the same items.
Clients who need your products in bulk have to be prioritized and pleased. Establishing a healthy business relationship with these customers is of utmost importance since they’ll likely be repeat shoppers if they end up liking your service. Make sure to grant deals like bundles and coupons that will encourage the bulk-buying behavior.
Begin with the end in mind
If you’re planning on starting a drop shipping business, or you’re already in the process of going all in, remember that there is no mindset greater than being decisive about what your goals are. Set bars to achieve, and enjoy the thrill of making money while you’re in your comfiest clothes!
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