Introduction to Dropshipping :
Dropshipping is a form of retail business where the seller accepts orders from the customer but does have the products in stock. There is a third party involved that receives the shipment details from the seller and then ships the product directly to the customer.
These third parties usually consist of another retailer, wholesaler, manufacturer, or fulfillment house. The biggest difference between a normal supply chain and drop shipping has to be that the seller does not own any inventory which immediately eliminates the cost of maintaining an inventory, purchasing and storing, and employing staff for all of the necessary functions.
To understand drop shipping more efficiently, it works in the following stages-
- The customer places the order with the dropshipping retailer.
- The retailer processes the order and then forwards it to the manufacturer or the wholesaler.
- The wholesaler receives the order and processes it.
- The wholesaler directly ships the order to the customer.
- The customer receives the order.
Dropshipping content table -
- Why choose from drop shipping ideas that are low on budget?
- Drop shipping ideas to choose from
- Checking on current trends
- Analysis of competitor business
- Finding a supplier for your business
- Starting an online store for a dropshipping business
- Marketing your dropshipping business
- Why choose from dropshipping business ideas on a low budget?
Dropshipping now has proved to be one of the most successful business ventures when it comes to starting a business, scaling a business, or experimenting with a business. With a broadened business perspective and limited capital, the dropshipping business has gained a lot of momentum. Dropshipping has different niches and price ranges to select from so it is easy for anyone to get confused about what to choose from. Choosing a niche should also be driven by an urge to earn profit. Along with this, it is important to know what is in demand, what is selling online, and where are these products available in the best condition. We have compiled a few dropshipping niches where you can think of starting a business that is easygoing and does not burn a huge hole in your pocket.
Dropshipping ideas to choose from-
1. Accessories for all -
Accessories are secondary items that add or complete an overall look or a style. Accessories always keep on changing according to the time and are always in demand no matter what. It is comparatively a larger market. So, when selecting this niche you have to make sure you are up to date with what is happening in the fashion industry as well. As accessories are always in demand many companies try to sell them at a higher price range. That is when you have to come in and select a particular theme that is in demand and not easily available in the market. Having distinct product offerings can set your dropshipping business apart.
Accessories include usually include :
- Finger Rings
- Hair Accessories
2. Electronic accessories -
As new electronics keep on coming out in the market there will always be a demand for basic accessories. Especially for mobile screen guards, mobile covers, generic headphones, charges, etc. These products are notoriously lost or they just stop working, that is why the demand for these products is high at all times. Customers want to protect their electronics and make them look good at the same time. A business could easily profit from this type of dropshipping business.
3. Vintage items -
Vintage items have a lot of brand value depending on what you are trying to sell and for what purpose. Highly sought-after art is the one that sells out fast but, there is not a large market for it. It is certainly sold in auctions or on their official websites. The market we would want to target is in-demand vintage items. As the demand for it is more, its value is increased. The business that one could carry on with this niche and dropshipping combined is to link the customers with a supplier who has proper knowledge of vintage items and antiques and present them on their website accordingly.
Some of the following items are examples of vintage items:
- Records ( Records are a popular collectible item)
- Vintage Books
- Vintage Dolls and Action figures
- Vintage Concert T-shirts
- Board games
- Art and Deco
These are a few examples of what you can sell while having a low budget. But, there are a lot of other niches that one could think of rather than going for these ever-present niches. If one is convinced to start a dropshipping business, he should also know how select the one. Here are a few things that an entrepreneur should keep in mind -
- As we have mentioned before, Google Trends is one place where you can check if a product is in demand or not.
- You are visiting and analyzing websites that sell your niche. All these new websites usually have a trending page where you can figure out what is in trend and if you should be adding these products to your store or not.
Nicole Martin Fierra a fellow drop shipper writes that the most profitable dropshipping business ideas aren’t trends. Instead, they have trends within them.
Analysis of competitor’s business -
Along with selecting a niche, it is also important to understand what your competitors are doing with their businesses. What kind of changes they are making? What kind of social media strategies are they using? Which wholesaler or retailer they are approaching for their business? How did they set a standard for themselves in the market? Doing a detailed survey through social media will help you answer a lot of these questions. These questions are necessary to ask yourself to bring out the best in your business.
Finding a supplier for your dropshipping business-
There are many wholesalers that you could choose from for your business. Some of them will give you a good value for money and some of them won’t. To figure out this same, you must do thorough research and find a retailer or a wholesaler that you can trust for your business. Simply going on the internet and surfing would not suffice. AliExpress is the most popular website when it comes to finding a dropshipping supplier. Making a list of a few suppliers and then bottling them down to the remaining 3 or 4 after comparing ratings and reviews, is the basic process on how to make this decision.
A few ways you could do that is by -
- Checking the delivery partners, delivery time, and the cost.
- Quality of the product.
- Pricing of the product.
- Customer reviews and feedback.
Starting an online store for dropshipping business -
Sign up with Hankly
Hankly is an eCommerce website building company. At Hankly we are open to all types of business ideas that you want to move forward with.
Find fast-moving and easily scalable products to sell online through us. The entire shipping process will be handled by our drop shipping partner. With the website being upgraded with new features every once in a while and with support available 24x7, running a business and focusing on the quality of the business has never been this simple.
Marketing your dropshipping business -
Marketing is an absolutely important step when it comes to starting any business. Below are a few marketing techniques that you can use, that are easy and efficient.
1. Social Media-
Social media marketing allows you to have a low budget to afford better advertising next time. It is a place where you can experiment and target a particular audience. Facebook advertising or advertising on LinkedIn is something that you can look forward to.
2. SEO optimized website -
The aim is typically to rank on the first page of Google results for search terms that mean the most to your target audience. Orient your website to rank higher on a search engine to receive more traffic. This is done by using keywords, moving your website to a better host, updating content regularly, using landing pages, and doing proper keyword research.
What we did here was, gather a little information based on our knowledge and referred some of it from articles and research from all the dropshipping experts. The only way you can experience it firsthand is by actually taking that step and starting a dropshipping business. So take some time to re-group and come up with a concrete plan to start building your dream empire.