Want to start your online business but don’t have the capital? If your answer is yes, then the dropshipping business is the right option for you. It is an excellent business choice that can be started online without a warehouse. Plus, you require minimal input to start your business. Are you still confused? Don’t worry! We have got you covered. Read on to know more about dropshipping business and the simple steps to be followed to start a dropshipping business.
What is dropshipping?
Dropshipping is a retail fulfillment method where the drop shipper does not hold the product physically to sell. When a drop shipper sells one of the products stocked by him on his website, it is purchased from a third-party supplier. This third-party supplier directly ships to the customer.
The online seller never holds the product, they only advertise the products, and prices are hyped to make more profits.
How does dropshipping work?
Here is the entire flow of the dropshipping process:
● The products are stocked up on the website or marketplace by the drop shipper.
● The supplier holds the product and not the drop shipper. For instance, if the product's price decided by the supplier is Rs. 500, the drop shipper sells the same product for Rs. 750.
● When the customer orders a product on the website of the drop shipper, the supplier is notified about the order by the drop shipper.
● Now, the supplier packs the order and directly ships it to the customer with the drop shipper’s name on it.
Below is the image of Dropshipping Business Model:
Basic steps to start an online dropshipping business
Follow these basic steps to create an online dropshipping business.
1. Choose the right supplier
For any seller interested in starting their own dropshipping business, picking the right supplier is an essential task. Thorough research of available suppliers and the products they supply is a must. Before sealing a long-term deal with a supplier, one should check if the supplier is trustworthy and reliable. In India, many businesses have encountered several fake suppliers. You should be cautious at all times and ensure to check the supplier’s credibility before establishing any relationship.
2. Find the best-selling products online
Once you have chosen the right supplier for your business, you can finalize the product you want to sell. You can even discuss the top-selling products in the market. If you create an online store for the products, you can effortlessly search for the bestselling products. Use Amazon or Flipkart to find the best-selling products and list them. Searching various products will help you narrow down your product, pricing, design, etc. Although dropshipping businesses are selling similar products, there might be a lack of variety for the same product.
Your product can stand out in the market with good quality and design. Consider packaging that ensures proper delivery at one go. Updating products once or twice a year can be profitable by doing market and consumer behavior research.
3. Website design
Every good online store must have a functional website that can be browsed by customers looking to buy a product from you. Having a website makes your business look credible. This is where you establish trust with brand quality. Create a user-friendly website that is well-organized for customers to find easily what they want. Adding a blog to your website can direct customers to make the best purchases. Customer feedback and comments can be displayed on your website to gather more attention towards your products.
4. Product marketing
Now that you have a website and a list of products you want to sell, you should focus on developing suitable marketing strategies for your products. Marketing is a vital step in building a successful dropshipping business. Marketing plans should be designed to garner the right audience for the business. Nowadays, a creative way of drawing customers is by adopting social media marketing techniques. Exposing your brand products on various social media channels can accentuate your brand value. Effective marketing and advertising can convert your lead into regular customers no matter what your product is.
Advantages of starting an online dropshipping business
● Dropshipping is easier and faster to get started with as it does not need significant capital, warehouse space, or office space.
● You don’t need to hold the stock physically or invest capital to buy stock
● You can offer various products as you don’t physically store the products you sell.
● It is easier to grow the dropshipping business as the burden of delivering orders is on the supplier and not you. No extra cost has to be incurred to hire additional staff.
● This business can be run from anywhere. Many dropshipping companies are run from home, even with prior work commitments.
After witnessing the growth of dropshipping businesses in India and also worldwide, this business model has grabbed people’s attention, especially young entrepreneurs looking to create innovation in the market. Dropshipping is a fantastic way of earning extra money for all the full-time workers who aren’t satisfied with their current money situation. If you think this is a viable business option for you, start planning your business strategy today. This is about how to start a dropshipping business in India and worldwide.
Want to start a drop shipping business? Well, here are the 4 powerful steps to kickstart your business as a drop shipper:
1. Explore this website: https://www.dropshipmystore.com/fordropshippers
2. List yourself as a drop shipper
3. Look out for the right suppliers in the categories you are interested in, communicate with them about your proposals, and finalize the best deal
4. Start selling online
If you're a supplier and looking for drop shippers to grow your business and generate good profits then follow these steps:
1. Explore this website: https://www.dropshipmystore.com/forsuppliers
2. List yourself as a supplier
3. Look out for the right drop shippers interested in your category, communicate with them about your proposals, and finalize the best deal
4. Watch growing your business