Do you know which word any businessman is always scared of? Well It Is – “Uncertainty”
Today, you might mint profits in one of the eCommerce stores but tomorrow you sincerely fail to understand the failure of the same. Certain unseen Market Forces act upon your business, which might topple your business upside down. Hence you should be vigilant and ever-changing as per the changes in this technological world!
Irrespective of you having sufficient finances and will power, what goes wrong? How to pull additional customers to enhance your profits.
Lots of ways are available to draw more and more online customers and one such way is Grow Your Dropshipping Business along with selling your own branded products!
What Is Dropshipping Model Of Business?
Before understanding the exact working of the dropshipping business here are some of the features: · You need not own any stock inventory
· You need not own any go-down for stock-keeping
· You need now deliver the product that is purchased by the customer from your eCommerce store. · But, you earn a decent margin on the product sold from your store
Wow! That Sounds Great!
Detailed Analysis Of Dropshipping Business:
Following are the three major partners in any dropshipping business:
1. You: Your Ecommerce Store
2. Your Customer: Whenever any visitor completes the sale on your eCommerce Store he becomes your
3. Your Wholesaler/Supplier: He will take care of the logistics. On your behalf, he will deliver the product to your customer because you have displayed his product on your website.
To enhance your Store growth – Why Not Blend Your Business With The Dropshipping Business?
1. Add Complimentary Products:
What exactly are the complementary products?
· If you are manufacturing specialty bronze jewelry items then you will get visitors interested in purchasing the same. The traffic might be limited.
· You are missing out on all those prospective customers who are interested in purchasing not only bronze but silver, gold, platinum, or any other metal.
· In spite of the customers visiting your store, they are turning back due to non-availability as your products are limited to Bronze Metal Jewellery.
· Now, to enhance your product width, why not add those dropshipping wholesalers who are dealing with all the complementary products related to your business?
· Once done – your array of products increases
Once you sign a dropshipping business contract, not only have you got a wide range of jewelry items added onto your store without any stock investment but also the delivery is taken care of by your wholesaler on your behalf!
2. Test Marketing:
One businessman can’t manufacture the entire range of fast-moving products.
If your store is doing well with a few items on board how will you enhance the product width? By manufacturing the entire range –sounds weird!
In this case, work on those products which you find might generate good demand in the coming season. Go in for Dropshipping Business Model wherein those products are available.
When you get that product on your board and it does well, your test marketing is a success – else remove that item after 10-15 days!
Such time-changing ideas will surely help to grow your dropshipping business !
3. Daily MIS:
The Market Information System is the key to open the success door of any business. You should keep track of your competition.
Daily, see what kind of products are in demand. This tracking has to be done by yourself.
Some products suddenly start moving off the shelf due to certain market forces like – the season, festival, trend, etc.! Immediately you can get those products onboard
Not the entire market share but surely some slice of the total sale will be eaten by you because of your daily MIS.
This again is one of the best ways to grow your dropshipping business !
4. Explore New Markets:
Working on a successful eCommerce store is always good – but not the best!
This is because if you will not change as per the latest trends and products you might be thrown out of business.
What is the solution?
Try to explore new PRODUCTS, which are not established but showing an upward demand graph. Immediately put such products on your dropshipping board.
Point to remember is – when the product is still new’ the margin level is extremely high.
5. Versatility Business:
One more advantage of the dropshipping business is you need not be present in Malaysia, Philippines, or any other country you want to sell the products.
This is a virtual world – One World – with one market and that is – ONLINE! You can tie-up with the dropshipper who offers their services in those countries.
Just concentrate on the marketing activities of your eCommerce store and when you receive the order, pass on the delivery details to those wholesalers.
Sitting thousands of miles away, you can achieve the sale because of this fantastic dropshipping business model.
To grow, you need to try something new.
The Old School of Management always appended the word Risky’ with the word Something New’!
Eradicate those old school management thoughts.
Thanks to today’s technological world. This risk factor is comparatively low when you opt for the dropshipping business blended with your existing eCommerce store.
You need not have any storage space or the product inventory like olden times. Your supplier will take care of that. Just add the products onto your website and work towards marketing the same.
This is the beauty of the dropshipping business!
Go! Grab The Opportunity And Grow Your Dropshipping Business To The Topmost Position!