Are you wondering how to make money dropshipping? Then in this article, we look at the various options that are available for you to make your revenue and earn a living from your store. Here are some of the top tips to help you make your dropshipping business a success.
1. Profit Margins
The first thing that you need to decide on is the pricing. Pricing can be decided in several ways, but there are some general considerations that you must adhere to. For one, you should look at the profit margin that you have. This should be between 40 and 70% of the price you’re charged for a product. So if you have a product that is $10, then you should be charging your customers between $14 and $17.
Don’t worry about the price of your competitors. Research has shown that trust is a bigger factor in the purchasing behaviors of customers. If they trust your brand more they will purchase from you.
Another major factor is to ensure that you cross-sell your products. If a customer buys a dog basket, why not try to get them to buy a matching dog bowl or dog blanket. Cross-selling allows you to increase the order value and this can help you earn more money with fewer visitors to your website.
There are lots of Shopify apps that can help you build cross-selling opportunities on your website. You can see a list of the best apps for Shopify here.
3. Email Marketing
Email marketing is one of the most important marketing channels that you have. For every $1 that you put into email marketing, you’re likely to get back between $36 and $44. Depending on your store, you should be email marketing between two or three times a week. Though some of the top brands will send emails every day.
Email marketing can also be used as a way to reach those who’ve abandoned carts on your website. There are also options to use push notifications for this.
4. Lots of Diversity
Stores that have lots of diversity are the ones that perform best. The reason for this is that they have a large chance of capturing the audience’s attention and have a product the customer needs. With dropshipping this is really easy because you don’t have to pay for stock upfront. Therefore, you could have a very large store.
You can also use lots of different suppliers. This can be easily found on apps like Oberlo.
In the end, you need to ensure that you’re making your website discoverable. About 70% of your traffic should be generated from search engines. Therefore, you need to improve your SEO. There are lots of options for improving your SEO including improving meta tags, optimizing images and blogging.
Blogging can be a vital aspect of SEO as those who publish more content tend to get 70% more traffic, leads and sales.
Final Word: How to Make Money Dropshipping
Above are five tips to help you learn how to make money dropshipping. With a Shopify website and the tips above, there is no reason that with a little extra effort, you can see a full-time income.
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