Read Aloud the Text Content

This audio was created by Woord's Text to Speech service by content creators from all around the world.

Text Content or SSML code:

What is Dropshipping? Dropshipping is retail without the inventory. You buy goods at wholesale price from the manufacturer, sell at retail price to the customer, then pocket the profit. In this business model, you do not hold any inventory, rather, you forward the customer’s contact details to the manufacturer who fulfils delivery. All you need to do is display pictures, videos and text about the product on your webshop and when a customer wants it, they pay for it, you then contact the manufacturer to make delivery after paying on behalf of the customer. Dropshipping is not an easy get rich quick scheme, although very possible to make a huge amount of money. It requires time, efforts, dedication, emotional stress and motivating belief in yourself. Setting things up Before you launch your store, several backend activities need to be sorted. Some of these are: 1️⃣Register your business, if possible. 2️⃣Do not use your real address and phone number when setting up the store and facebook page. You do not want angry customers giving you high blood pressure. 3️⃣Get a Facebook business account at business.facebook.com where you will create your store’s facebook pages and ads. 4️⃣When setting up the facebook pages, use stock photos and remember to remove the reviews tab, because bad reviews can make conversions difficult. You can get some free stock photos on pixabay.com, unsplash.com and several others, then go to canva.com to resize to Facebook cover image. Also remember to add some words you want banned from your posts.. Beginners can go with the Basic Shopify plan at $29 monthly, you can always upgrade. So, you see, dropshipping involves upfront costs. 6️⃣Link your already purchased domain name with your brand new store and install an e-commerce optimized theme. 7️⃣Get your website legal protection in the form of privacy policy, terms of use, refunds policy, etc. Characteristics of a winning product, how to know a winning product when you see it.* 1️⃣ The WOW factor A product that will be a winning product needs to have the wow factor. Able to make people do a double take when scrolling and they come across your ad. Trending products usually have the wow factor. Old products with a new design or unique twist usually have the wow factor. Products that appeal to people’s ego and sense of worth also have the wow factor. And lastly, products that solve people’s problems and pains will have the wow factor. 2️⃣ Wide profit margin The rule of thumb here is to go for products you can easily sell on your store for at least twice their cost in purchase and shipping, the higher the margin, the better. 3️⃣ Quality product. This is especially important. Quality products are usually able to even market themselves as happy customers will help spread news about it. Start the Trend This strategy basically involves finding an untapped product. This is probably best and keeps ad spend low because few people know about the product. A tip to finding such product is to check for products with above 1000 orders. Ride the Wave This strategy basically involves taking your slice of the pie. Simply means joining something that is already successful. However, your ad spend is likely to rise as there will be many bidding for same keywords. These two strategies are popular strategies for finding or action to take when one finds hot products.