E-commerce - Dropshipping
You’ve probably heard me use the word ‘dropshipping’ on my Instagram stories at least once by now. So, what exactly is dropshipping, and why do I keep mentioning it so much in my posts?
Dropshipping is a form of running an E-commerce business. It’ll be the future of transactions, and it’s slowly replacing all traditional forms of buying and selling items. Long description short, you’re the middle man between a wholesale supplier and thousands of consumers.
It's as simple as finding a product people want, sourcing a supplier that will provide it for you, for cheap. You then create a website and store that sells this exact product for higher than what you’re purchasing it for. Let’s use fidget spinners as an example: in 2017, the hottest product was fidget spinners. Suppliers sold them to resellers for $1-2 per unit, and these resellers would list them for $10+ per unit. How do they get traction on their stores? Facebook Ads, Instagram Ads, Google Ads, YouTube ads, etc.
The best part is, you don’t own any of the inventory nor do you ship the products. In fact, you should never even see the products you’re selling. Your only sunk cost should only be the website host, and marketing costs. So, how does shipping, and fulfilling work? Once your customer purchases the item from your store, you’ll have their full name, address, etc. You take this information and place an order with your supplier to the customers’ name, address, etc. The product will be shipped directly from the supplier to your customer's address.
As easy as I make it sound, most markets are saturated if you don’t know how to market your products, or optimize SEO rankings. You could give it a try, buy a domain, start a store, and start running ads. You’ll most likely close the shop down after a month of no sales. The hardest part of any industry is trying to succeed on your own.
This is why I’ve mentioned mentors are crucial, regardless of what industry you’re trying to venture into. Whether that be stocks, E-commerce, Instagram influencing, or real estate, to only name a few, getting a mentor is almost crucial for success. Most newly joined entrepreneurs have absolutely no idea how to build a functioning store, but you can learn the basics from Google and YouTube. If they’re lucky enough to get through that stage, it’s unlikely they’ll know how to optimize their page to rank high on SEO databases, nor would they understand the backend coding customizations. To top it off, 99% of E-commerce entrepreneurs fail because they are clueless when it comes to advertising and marketing their products. They have no idea who to target, how to retarget for specific ads, or when to pause-restart & terminate ad campaigns.
I’ve been running dropship stores for several years now, spending an absurd amount of money on ads for my numerous stores. I learned dropshipping the hard way, by spending thousands of hours and dollars just to suffer failure a countless number of times. Of course it all paid off, so if you’re willing to go through all that on your own, I suggest starting now!
For those of you who prefer to make a one-time investment in my Dropship Mastery Program, click the link below. Check out the features and resources I can offer you once you register as a student of mine: