The rise of online businesses and entrepreneurship has reached its peak in recent years. Due to the constant development in online technology, online commerce has taken over the marketing scene. Online platforms and tools have facilitated for anyone with a great idea or a knack for business to have the opportunity to succeed. Out of this online business revolution, there have evolved many types of e-commerce methods, including the popular method of dropshipping.
What is Dropshipping?
Dropshipping is a retail e-commerce business where a seller or store does not need to stock products in inventory to sell them. The way it works is that the seller or store purchases products from a third party to be directly shipped to the customer without handling it or storing it whatsoever. The best thing about dropshipping is that starting it doesn’t require much capital or investment, not to mention you can avoid the extra expense of a warehouse for storing products. It means you can start an eCommerce business with minimal financial risk.
How to Find Products To Sell
So the idea of dropshipping may sound appealing to you if you’re an aspiring entrepreneur. Even if you already have a business running in the usual way, you can always turn it into a dropshipping business and still reap the benefits. You might have to change what you’re selling because dropshipping is not about selling what you’re interested in or passionate about. There’s a certain way to go about choosing and finding products for dropshipping. Here are some tips to help you get started:
1. Pick Niche
Now that the research phase is done, you’ll have collected many ideas for different kinds of products to sell. However, you can’t just sell anything, and everything; choosing a niche for these dropshipping products is an important part of the process. Targeting a particular market means targeting a specific audience, which can help you grow in size and revenue quicker. Another benefit to it is having less competition, meaning you won’t have to make too much effort with marketing.
2. Social Media Search
The best way to find product ideas for dropshipping is by using the search tool on multiple social media platforms. For example, the Facebook Ads Library is a great tool to find dropshipping products. It can help you look at active ads for products and how well they’re doing. Another way could be through joining online shopping groups to monitor what products are in high demand. You can customize your search to a certain area and targeted group too.
3. Research Competition
Since dropshipping is a rather competitive field, you have to do your research on competitors to find the perfect product idea. You don’t want to choose something with too much and too huge of a competition that may affect your success and not too little competition, which could mean there are no buyers! Start by looking at other online stores, especially big names like Amazon or eBay, to view their best sellers. You can also turn to social shopping sites like Pinterest or Etsy, which have the added benefit of viewing people’s opinions on products.
4. Use Google Tools
Usually, when anyone is about to make a purchase, big or small, they google it first. Whether it’s to know more details about it or to find somewhere to get it from, these searches can help you a lot. Using Google Keyword Tool, for example, can help you measure the demand of products by its search volume. Another great tool with more detailed analysis is Google Trends, which gives you more insight into keywords like geographical information, seasonality of the product, and more. These tools will not only benefit you in finding products to sell but also in narrowing down any product ideas you have.
5. Consider Pricing
When it comes to finding products to sell using the dropshipping method, pricing is a huge factor that should be taken into consideration. Your thorough search should help you in determining appropriate prices for the products you end up choosing. However, you still have to consider things like shipping expenses and supplier prices. Try to look for sellers who use minimum advertised pricing (MAP) because it makes the competition only based on your site since the rates are the same for all sellers.
At the end of the day, you have to remember that dropshipping is a relatively new market that is constantly developing. The only way you can start a business in it and succeed is always to stay updated with the latest tricks and updates in it. Remember that the goal is not just to make a profit momentarily, but to build a business that can become a stable source of income. The key is to stay focused, stay organized, think ahead, with a lot of effort and patience.
Original source: https://www.entrepreneurshipinabox.com/22622/dropshipping-tips-on-how-to-find-products-to-sell/?utm_source=rss&utm_medium=rss&utm_campaign=dropshipping-tips-on-how-to-find-products-to-sell