Prospects for developing your dropshipping business

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Today we are going to talk about how to develop a dropshipping business in such a way that you can make money continuously, not interrupted by some small income.

So, dropshipping is a model of merchandise business that is well suited for beginners. It does not require a large initial financial investment, which is beneficial for beginners. You don't need to invest cash in inventory, but you can still offer thousands of products to your customers.
Selecting items to sell
Selecting products can be the most difficult step for a newcomer. There are millions of listings on the eCommerce marketplace. Dozens of new products are added every day. This can be confusing for a beginner.

All products can be divided into three types:
  • ordinary (everyday)
  • trendy;
  • solution products.

People can buy everyday goods from any online/offline shop. If you want to work with everyday goods, you have to spend more money and time on promotion and advertising to compete with thousands of similar shops.
Trendy goods. Demand for these products is characterised by sharp peaks and equally sharp troughs. A product may sell in high volumes for two or three months and then be forgotten. When working with trending products, it is important to be in time for the spike in demand. You need to be able to find a supplier quickly, get the product on your website and promote it. This requires experience.

Products that solve customer problems. These are goods for long-term use. For example, if someone has back pain, they will look specifically for a massage device. As sedentary work becomes more common, the number of people with back problems will increase. This means that the problem will be an issue for many years to come. You can create a website once, do the right promotion and it will keep attracting customers. The more you work on promotion, the more people will be able to see your product.
How dropshipping works
An entrepreneur chooses which goods he wants to trade. Then they find a supplier to buy from. Then they create a website, promote it and advertise the goods. In the start-up phase, the entrepreneur does not need to hire employees, think about how to buy a wholesale batch of goods, where to store them, how to organise delivery, etc. His or her job is to select the goods, put them on the website, advertise them and, once the order has been received, place the order with the supplier. The entrepreneur keeps the difference between the purchase price and the final cost.
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Fighting for the customer
Statistics show that only 1-3% of online shoppers make a purchase. What do you do with the rest? After all, money has been spent to attract these people.

Only 5% of shoppers are prepared to make a quick purchase - they are convinced of their choice. Most people - around 70% - do not buy a product immediately. They are in the maturing phase. These people are thinking about which model to buy in which store, watching video reviews, reading reviews. These are the potential customers you need to fight for. A person came to your site, did not make a purchase, but this does not mean that he will not buy anything in the future. Work with them, remind them of you by e-mail or messenger message. Do it discreetly. A person will eventually start to trust your shop because it will be on their mind all the time. This increases the likelihood that someone who has doubts will buy from you.
Choosing a supplier
Choosing a supplier is a very important part of a dropshipper's job. Having a hidden third party involved in every sale can sometimes complicate things. Problems with order fulfilment, from rejects to out-of-stock items, are something you have to deal with.

Also important is the cost of the goods at which they are released to dropshippers. The lower the purchase price, the more you can earn. Equally important is the speed of delivery that the supplier can offer. If delivery takes a long time, people will simply not buy. Nobody wants to wait a long time.

The process of finding a reliable partner can take a long time. The most important thing when working with a supplier is trust. You can count on the help of OlSE Trade specialists when choosing a business partner. Our company takes care of searching and checking the reputation of each supplier or potential business partner.

Business development
As you start your dropshipping business, you will gain experience and become familiar with e-commerce processes. If you have been receiving a steady stream of orders for a long time, it is worth thinking about moving to a new stage of development. In particular, you could start to use bulk buying. By ordering large quantities of goods, the price of the goods will be lower. Prices for wholesalers are lower than for drop shippers. So you can earn more from each sale and increase your profits.

So the development scheme is as follows:
  • First, use the dropshipping model to create a shop, choose products, promote it and start earning;
  • Develop the shop, build a base of reliable suppliers, gain experience, achieve a stable level of sales;
  • Then move to wholesale, hire staff, attract new customers and keep working to increase profits.

If you need advice on business development, please contact OlSE Trade specialists using the contact details provided on our website.
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