Dropshipping is becoming a famous business model right now in the US. Many aspiring entrepreneurs have started their careers in this business and have grown to multi-million companies today. But the question is, how do they exactly do that? Is it primarily out of luck? Do they have a plan from the get-go to scale their business? In this article, we will teach you the different ways you can scale your dropshipping business.
Dropshipping is a multi-billion dollar market. It’s valued at a staggering $102 billion last year and is expected to grow at a healthy compound annual growth rate (CAGR) of 28%. By the end of 2027, the market would have grown twice or maybe even triple its size. This means that there is more than enough room for your business to grow. But how do you exactly do that? The first step is marketing.
Marketing Strategies for Dropshipping
A dropshipping business isn’t going to survive without any marketing, and it won’t grow if you’re not willing to spend some money on it. But before we talk about marketing strategies that cost you money, let’s talk about some free alternatives.
Social Media and Blogging
These two are technically free marketing strategies that you should be utilizing every moment you can. One or two posts per day on Facebook or Instagram can help you expand your reach. Backlinks on your Twitter account with quotes from your quote can generate organic traffic. These are the fundamentals of social media marketing, and the best part of it is that it is free. Next up is blogging.
Blogging is another free alternative to marketing, and this strategy is mainly up to you. For example, you can write about the products you sell or maybe about your career. All of these can help generate traffic to your dropshipping website. But if you want this to be effective, you can hire an SEO company to do your blogging for you.
SEO Optimization
Many dropshipping websites optimize their search engine sites because 70% of their traffic comes every day. The best part is that hiring SEO services for eCommerce websites such as yours isn’t an expensive investment. Some companies offer packages that you would not believe, and all you need is a few months working with these companies to see increase traffic to your website. However, traffic does not generate sales. What generates sales are people buying from your site. One way you can do this is by offering convenient and customizable payment options.
Other Payment Options
Most people don’t find dropshipping sites that don’t offer credit card or installment options. This is because many people are becoming more materialistic each day. They want to have the item before even paying for it. This culture is good for your business only if you have the means to harness it.
It’s time for you to give credit card and installment options to your consumers. By having these options, your consumers will continue to buy from your website. However, it’s important to assess your risk before delving into these payment options. Talk with a financial advisor before going down this route.
Testing New Products
Another way to drive sales into your business is by testing and selling new products you can sell on your website. For example, there might be a new product that you’ve been following or a new brand that can disrupt a given market. By investing and researching these products, you can tap into a new market without much risk.
Another option is to sell products that compliment your main products. For example, if you’re dropshipping personal computers, then people in that market are interested in gaming chairs as well. You also can make them a set deal so that you can offer them at better prices.
Having new products on your website is one of the safest ways to increase revenue and expand to a particular market. Try this strategy out if you want to dip your feet into new waters.
Expansion
One of the best ways to grow your dropshipping company is to expand. Expanding your dropshipping isn’t the same as brick-and-mortar stores instead, you expand by increasing the number of employees in your company or creating a partner website. These are robust options for growing your company, but it does cost money. So consider your budget before doing an expansion.
Here are ways you can grow your dropshipping company. Most of these ways are fairly cheap, but it’s still important that you consult your budget before making these decisions. Once you’ve set up these plans for your company, it should grow in no time.
