Getting Your First Sales Part 1- Shopify Dropshipping Product Research
Dropshipping is a profitable business to engage in. And this is rightfully so because of the low-cost inventory, low order fulfillment cost, and essentially low start cost.
In accounting, the lower the expenses are, the higher the probability of profits are.
However, like most businesses, the potentiality of losses is also a possibility unless you have the right tools and mindset as you begin your venture.
In this four-part series, we’ll explore some of the tips and techniques on how you can get your first sales in Shopify.
And for our first session, we’ll briefly provide you the essentials of Dropshipping Product Research and provide you insights into why it is of utmost importance in any business.
So without further delays, let’s begin…
Dropshipping Product Research
I believe that one of the most crucial parts of dropshipping is determining the product you’re going to sell.
It’s important that you’re confident with the product and believe that it can provide value to your customers.
You also have to be sure that there’s a definite market for the product.
Even if what you’re selling is of quality product and could potentially provide value, it may still not sell if there are no people willing to purchase your products.
Now, let’s take a look at how you can properly conduct dropshipping product research—
Product Rating and Product Research
As mentioned, searching for the right products to sell is critical because you will be working with them, and your business is basically depending on them for profits.
You have to take note that a great product is obtainable, marketable, shippable, and profitable.
To give you a quick guide, here are the criteria you have to consider—
Look into market trends – commonsense suggest that we stick to products that are trending.
Find niche products – I’m sure that there are several trending products you can choose after analyzing the market. From this, you can now select the product that fits your preference.
Examine competitors’ products – observing how your competitors operate their business may also help you improve your business. You can benchmark or assess their weaknesses, so you don’t have to experience their failure as well.
By taking these factors into consideration, you gain an advantage in regards to determining the perfect set of products for your business.
Fix Pixelated Logo
You might think that your products or brand logo in your online shop may be less important, but this is not always the case.
First of all, the brand logo is a summary of our business. In a tiny symbolic emblem, it tells us what we stand for and what we do.
In another instance, a clear product logo provides a detailed specification of the products.
It allows potential buyers to see them more in-depth. Thus, it gives them the confidence that they are buying the products that they are looking for.
You may have the tendency to categorize your items to make your front page neat and organize.
Notice how their stores are structured.
Yes, it is still categorized in some way, but their store products are displayed on the front page of the website as well.
Customers may not have the tolerance to click your categories first before they get the full list of your offerings.
But displaying everything at once provides your customer a good idea of what kind of products you offer right off the bat.
Product Pricing Guide
When pricing an item, be sure that it’s worth the markup.
It is for this reason that we have to do our homework in searching for a suitable niche product.
There are no exact rules or guidelines in how much cost we have to place on the markup, but be sure that it is within reasonableness or it is justifiable.
It may be just a matter of good judgment. Like for example, we normally markup our products by $20 or $15.
Also, you have to take note that product pricing is also a marketing tool.
One example is once you marked up the price of your item, you lessen the cost by 50 cents or one dollar. It’s a pricing strategy popularized in Asia and widely used as of today.
Not only that it makes the price tag a little attractive, but it also gives an illusion that what you offer is more affordable compared to competitors.
And speaking of competitors—another reason why you have to research them is to make the price of your item more competitive.
Yes, the dropshipping business could be challenging, but the potentiality of gaining profits is great as well if you have the right tools under your belt.
Be sure to follow the recommendations above, and apply them in your own businesses as well to increase your chances of success.
Anyway, I believe that we’ve covered sufficient ground here!
Thank you for your time and effort! And I hope my article about dropshipping product research has provided you sufficient information about the topic!
I hope to see you in the series!
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