STEP1: Product Research
The success of dropshipping largely depends on the products you sell. Products that can bring a large volume of sales and profits are usually called “Winning Products”. Choosing the right products will give you a multiplier effect.
So how to judge whether a product is high-potential? You can refer to the following four standards.
High Market Demand: Products that can effectively solve a particular problem are usually favored by customers.
Low Market Supply: It means that the product is not available in ordinary stores, and can only be purchased online.
Unique: Unique Products can attract the attention of customers and enhance their desire to buy.
High-profit Margin: The product pricing must be at least three times the product cost. In this case, there are profits left in addition to the marketing costs.
STEP2: Find Dropshipping Suppliers
After selecting the product, the next step is finding a dropshipping supplier to help you process daily orders. The first thing many beginners think of is finding reliable suppliers on AliExpress. That’s true, AliExpress is very suitable for dropshipping beginners to explore and test products. However, the shipping methods that AliExpress can provide are limited and the shipping times are usually over a month. You can’t let your customers wait for so long.
As an alternative to AliExpress, SourcinBox saves you the time of finding reliable suppliers. Because the SourcinBox team will directly source products from Chinese manufacturers (The same products as AliExpress but at lower prices), and then deliver the products directly to your customers via fast global shipping.
STEP3: Set Up Your Dropshipping Store
As mentioned earlier in the benefits of dropshipping, setting up a dropshipping store is very simple. Many dropshippers use Shopify to set up their first stores because Shopify is a platform designed for e-commerce stores. It is very convenient to list products, adjust product prices, process orders, provide customer discounts, etc.
For dropshipping, you can go to the Shopify App Store and install the SourcinBox app mentioned earlier. And then you can import products from SourcinBox to your Shopify store. Your store orders will also sync to SourcinBox automatically so that the SourcinBox team can process your orders and ship products to your customers.
STEP4: Marketing(Drive Traffic)
There’s very little organic traffic in newly established stores. It is worth mentioning that in addition to the screening of high-potential products, advertising is another very critical success factor. Because no matter how good the product is selected, if the seller does not know how to promote it, it is still difficult to get considerable results.
So you need to use Facebook ads to drive traffic to your store. You can test the product first to see how the market responds to the product, how high its sales volume can be in the testing phase, and so on.
In addition to paid advertising, you can also post store promotions via email, Youtube, Ins, TikTok, or some other social media.
STEP5: Scale Up
As an entrepreneur, the first task is to get more sales and profits. Once the product is determined the “winning product” you are looking for, you should formulate a marketing strategy to expand your revenue. For example, you can hire an assistant to help you with customer service, so that you can spend more time optimizing advertising strategies to increase product sales with the lowest advertising cost.
In addition, it’s time to change better suppliers and fulfillment services. If you have not used SourcinBox, you should try it. You can safely hand over the whole supply chain to the SourcinBox team and better focus on your store marketing. Moreover, the prices, shipping methods, and customer services provided by SourcinBox can save you a lot of time and costs.
Updated on: 12 / 07 / 2022