New to Ecommerce? Let us introduce you to the world of dropshipping where you can discover and sell products without the need for inventory management. Simply buy the products that your customers have placed orders from suppliers at wholesale prices who then ship these products directly to the customer while keeping your business name.
This business model eliminates the headache that comes with sourcing and storing bulk products while you get to earn a profit margin. You just need to choose products, set up your dropshipping store and manage customer service.
But how do you know which products will be profitable?
The trick to finding the ideal products for your store is in one word: BRAND.
Brainstorm – A rigorous brainstorming session with your team can help you come up with viable product ideas. The aim is to shortlist about 5 product ideas for your ecommerce store. Your own interests and products that have solved problems for you are good starting points. Chart the investments you need to make for these product ideas and make a list of these.
Recognize Product in Google Trends – Google Trends Data based on search volumes can help you narrow down your product ideas by displaying products trending online. You can also track which of your product ideas are in demand and find your product niche.
This even helps you gauge the most-searched keywords and the reliability of these trends by studying their patterns, filtering by country and consumer behavior over a period.
Analyze Your Product Range – Find the perfect range for your products by achieving a balance between what sells and its profit value. While keeping the prices low for all your products helps to get better conversions, your products should not be underpriced either.
$40 to $200 is a vast range that covers most products however $75 to $150 is the spot that we would recommend depending on the country you want to sell in. A competitor analysis on pricing would help! Keep the supplier’s charges in mind and the cost for sourcing and marketing efforts when deciding the range.
Nail Your Product Niche – Supply niche products that are not offered by large ecommerce players and are also not available locally. For example, a waterproof backpack that can carry heavy travel gears or yoga pants and shapewears. Take the help of Google Trends to discover the popular product categories. These product trends will help you determine the niche you should choose for your store.
Discover Ideas on Social Shopping Sites – Communities of users on social networks such as Pinterest, Etsy and others share their product-related interests. These can be considered as opinions and recommendations for your dropshipping store.
The first step to success with your dropshipping store is by finding these products that have a saleable value for real. They attract, delight and engage your customers so much so that they purchase from your store.
If you’re a budding ecommerce entrepreneur, these tips can become the cornerstone for your store’s success.
Let us know if this has inspired you to have your own dropshipping business.
Author Sudipta Mondal
Founder - MS Web Designer | Task4Store | MS Web International Pte Ltd. | Shopify Expert