It’s no longer news that in our world today everything is available online.
You don’t need a physical shop to sell your products and earn money. There are various ways through which you can easily sell your products online and reach a large audience just as you would with a physical shop.
- SELL THROUGH PERSONAL WEBSITE –
You can get a website and list your products there for selling them to online customers. For that, you don’t need any physical store. Just list your products there, stock the products, and ship them when you get an order.
2. SELL THROUGH VARIOUS MARKETPLACES –
You can list your products at various marketplaces like jiji.ng and start selling your product directly from there. This is probably one of the easiest ways to get started with selling your products online.
3. SELL THROUGH SOCIAL MEDIA PLATFORMS –
You can advertise your products on various social media platforms like Facebook, Instagram, etc., and deal with your customers there to sell your products. These social media platforms are not there just for socialization. It is also there for all business-related reasons. You can maximize these platforms to market and sell your product. Just always be creative and engage with forums and groups.
Just by doing those, you are already marketing your product and selling it at the same time without the help of having a physical shop or establishment!
Looking forward to selling online without having the products at hand, Dropshipping is your best bet.
This is an order fulfillment technique in which the online seller does not store or ship any of their products. Instead, sellers enter into agreements with a supplier: wholesalers and manufacturers who agree to pick, pack, and deliver products on behalf of the seller. This way, the seller doesn’t have to handle the products directly.
Compared with traditional trade, one of its benefits is that there is no need to consider inventory and logistics issues. You just need to cooperate with the supplier. After the customer purchases the product through your e-commerce website, the supplier delivers the goods directly to the customer. In addition, the customer does not know that you are engaged in the direct shipping business, because in your agreement with the supplier, the supplier will use your information to transport the goods to the buyer.
- ADVANTAGES OF DROPSHIPPING
- MINIMUM BARRIER TO GETTING STARTED
You can get started in no time with little or no capital. All you need is your mobile phone or computer and a stable internet connection(this is where your little money comes in for a data subscription).
- MINIMUM RISK
You do not have to worry about selling out all your products. You can only purchase from your supplier when you get an order from a buyer. That means no matter how sales turn out you are not taking a great risk.
- CREATE PASSIVE INCOME
Passive income is earned with little to no daily effort (though it does require upfront work and consistent monitoring). With drop shipping, you can be working on other aspects of your business (or even be asleep!) while orders are placed and fulfilled automatically. With a traditional retail model, products couldn’t go out without your involvement.
- DISADVANTAGES OF DROPSHIPPING
1. HIGH COMPETITION
The same minimum barrier to entry that makes dropshipping attractive creates heavy competition. You’ll have to find other ways to stand out to compete.
2. LACK OF CONTROL
When dropshipping, inventory rarely passes through your hands, so you don’t have the chance to ensure that products are in top condition. Without quality control, you’re putting your store’s reputation in the hands of a third party. One bad batch of products could lead to unhappy customers and lost sales.
3. COMPLICATED FEE STRUCTURE
As your store grows and develops a strong reputation, you can start negotiating exclusive deals with suppliers. But until then, you’ll have less favorable profit margins and be a lower priority for vendors. High fees can quickly eat away at profits or force you to price goods out of reach for your customers.
- THINGS TO CONSIDER FOR A SUCCESSFUL DROPSHIPPING
- You should consider your choice of vendors. Are they trustworthy? Remember bad packaging and delay in delivering reflects poorly on you.Take the extra time to thoroughly vet all of your potential vendors.
- Since anyone can sell similar products and you don’t want to only compete on price, make your store stand out by building a unique brand and offering superior service.