How to start a dropshipping store
The latest statistics give a figure that there are around 310 million active customers on Amazon and you are probably one of them!
We are quite familiar with the rise of e-commerce and the enormous impact it has had on our lifestyles. With the rise of e-commerce the number of people wanting to start an online e-commerce business has also increased. I randomly asked my friends what they wanted to do in the future. And to my surprise, many of them said that they want to establish their own business. Entrepreneurship is the gravitating career for most of the youth. But there is a limitation to start a business suddenly. It is necessary to have good investment support. Capital is the most important investment to start any business. What if you don’t need to spend money on your business and still make a profit?
DropShipping is not a new term or concept in eCommerce, but few people know how to start a DropShipping business. More than being a business, it is a service. In a DropShipping business, you don’t need to make a lot of capital expenses and you don’t even need to set up a physical store. Internet does the job!
It is a retail fulfillment method in which the seller does not keep their products in a store or inventory. Basically, the seller sells his product from an online store and the buyers just buy them. But the core business tasks are actually performed by a third-party system. Among all the positive aspects of this e-commerce model, the main advantages of DropShipping are
Minimum capital investment required
No obstacles to pitch a shop
The risk margin is lower
You can set your own price for the products you sell.
Let’s take a look at the essential steps you need to know before setting up a DropShipping store in 5 simple steps
drop shipping
Concept
Find out about your interest
This is the first thing you need to find out to start your business. Find out exactly what you want your business to do for you, what are the products you want to sell
Do research on your customer base and see which products can earn you the most profit when you invest in them.
Find out who your competitors are in this race and how they are dealing with the business to make a profit.
The first step is all the homework you need to do before moving on to the next step of the execution.
Find a suitable drop shipping provider
The drop shipping provider is basically the hero behind the scenes. Because the drop shipping provider is the one who will take care of all the physical tasks of the business, such as packaging, shipping and delivery.
Therefore, it is essential to contact a reliable supplier who can synchronize with the products you want to sell. Be sure to clarify the following things with the supplier…
How long does it take to send the order
What kind of tracking systems do you prefer?
If they offer a guarantee on their products. If so, for how long
Get a sales tax ID
We all know what sales tax means. It is the tax levied on all sales of physical goods to consumers. Although having a sales tax identification number is not required for an eBay seller, there are certain vendors who prefer sellers with a sales tax identification number.
Well, getting a sales tax ID is easy and cheap!
Just google your “Country Name” + “Sales Tax ID” and you’re sorted!
order your platform
Once you are done with the prerequisites given in the previous steps, you need to figure out which platforms you want to use to sell your products.
eBay is the most widely used and beginner-friendly eCommerce platform.
Amazon is the world’s largest e-commerce site for selling and buying products.
Bonanza and Ruby Lane are also e-commerce stores that help push their product.
If you don’t have any of these platforms, you can even design your own eCommerce store with platforms like Shopify.
Market and promote!
Imagine you have an amazing business idea and even set up an online store, but no one knows about it! Nothing can sadden more than this. You need to bring in the smart marketing analyst and start marketing your product.
Start various campaigns on social media platforms
Use the power of emails and promote by sending mass emails to target customers
Create discount coupons because discounts fascinate people more than chocolates and ice creams
With this basic information on how to start a DropShipping store, you’re ready to fly high in the eCommerce sky!