Drop shipping allows you to play the role of a 21 st century virtual middleman. It’s very convenient and profitable because you don’t have to buy the products and ship them yourself. You don’t need to own a factory to package and store the goods. The supplier will be in charge of everything. The best thing about it is you won’t lose money on products that won’t sell. The suppliers will only be contacted when a customer orders. This business opportunity greatly reduces the fear of starting a business online. You can start with almost zero investment. If ever your first attempt fails, you can always choose another product niche until you find one that sells like crazy.
Though drop shipping is considered one of the best lucrative business opportunities out there in the virtual world, it must be approached with caution. For one, you have to be careful about the product you’re going to sell. Most suppliers ask for a $2 to $5 service fee for each item or product. This means that you have to seriously consider and research what you’re going to market because not all products are suitable for drop shipping. Your preference should not be a priority because what you like or think will sell might be the total opposite – a flop. Yes, we should be passionate about what we’re doing but business is business. That “boring” or
the uninteresting item might just be what most people are looking for.
Since the importance of a niche is already emphasized, some ideas of products to sell include sub or deep niches. These make a more specific or smaller segment of a more general market need. Drilling deeper into the market yields higher returns because you will give off the impression and idea that your online store is unique. The rarity of the products sold will make customers return again and again and the probability of being recommended to others will definitely increase! So you see, the success of drop shipping is highly dependent on your niche. It doesn’t take too much time to research on what works best. You might already have an idea of what to sell. In our world today, any product will almost always answer a need of course. Again, the challenge is to exercise discretion if you want to gain a high marketing margin.
Another important consideration that one might not necessarily realize the first time that drop shipping is introduced is the need for a website where you can place your products. A number of eCommerce platforms such as Shopify were made for this sole purpose. You can, of course, use your own website but if you are still a beginner or if you lack the technical skills needed to run it, well-built platforms are recommended. Another option is to hire a web developer and virtual shop assistants but this way is more expensive. These are probably the most important things to consider if you want to start your online store aside from the fact that you need to find the right supplier. If all of these are in place, you can hit the ground running. Don’t miss out on the opportunity offered by this lucrative and inexpensive business idea!