Introduction

In our quest to be financially stable and successful, we need to diversify our source of income and maintain them for economic growth and development. We need money for many reasons so we need to utilize the means of getting them legitimately.

In this era of modern information and internet, the digital marketing is untapped and vast fertile ground with many opportunities of making huge money. There are simple and easy means of generating income legitimately and at our comfort. Such means are unlimited and open for everyone to utilize them for their economic growth and development. One of this area of e-commerce is Dropshipping. Let's talk about it, strategies, challenges and significances.

Dropshipping is an internet based marketing model that allows simple and easy transaction between the buyers and sellers with the aid of the middleman that does not hold any inventory. The middleman or Dropshipper does not have a physical store but maintain a strong and vibrant online presence and space where the business interests between the buyers and sellers are negotiated and completely.

Dropshipping is a kind of digital marketing startup for buyers and sellers concerns are met and transactions are finalized for the benefit of the parties involved. For example, Tochi needs to buy electronic gadgets, consulting the Dropshipper on his digital space (i.e, online market) with their needs. Dropshipper as the middleman place the order with the seller (i.e, Amazon) and they delivers the gadgets to Tochi. Payment is made and the Dropshipper get his commission. It's very lucrative business model that can make one financial stable.

Strategies And Challenges Of Dropshipping.

As a business model, there are strategies and challenges encountered during its process. Let's see it's strategies and how it works.

Setting And Market Of Online Store.

Maintain a strong and good digital presence like store is the vital strategy of Dropshipping. On such digital stores, products from the supplier are listed and marketed for target audience. Oberlo and Dser are examples of vital tools to import those products from the suppliers, presented with simple and unique design with compelling description, appropriate pricing and high quality colors for huge attention and smooth transactions.

A unique platform will be chosen for the store online. It will be platform with huge marketing potential and capabilities to enhance transactions. Spotify, WooCommerce, Bigcommerce are example of platform to create our stores digitally. They have huge customers bases and basic tools to maintain our business transaction.

Our store should be simple with great layouts and modes for great users performance. Specific products and marketing strategies are required for targeted customers. For example, Gucci and related products can be listed properly for customers that love that products thereby improving its sales. Simple layout and modes for easy uses and huge support.

SEO, Social media And Paid Advertisement will be helpful to increase the visibility of the stores for huge traffic and sales. With careful and important words on the description will serves as keywords that will linked up with the products when they are searched online. Social media attract more interest because of its huge users base and activities which improves the sales and earnings.

Processing Orders And Inquiries

Orders from the customers about the products, they wanted and their payment contain details which can be processed so that the product can be shipped directly to the customer's location. In the payment order have some difference between the retail price on the store and the supplier's price which will be the commission or the profit for that transaction.

For the sustainability of the model, inquires like complaints, questions and requests from the customer are handled kindly and professionally. The responses, answers and solutions are provided promptly and kindly for their clients satisfaction.

Being digital based, the transaction and purchased products can be trackable. Customers are provided with detailed information about their products so that they can track them like knowing their exact location and update their order statuses.

In the case of discrepancies, there will be clear return and refund policies to build trust for efficient business management. There will a good coordination with the parties involved for smooth business management and transaction.

Advantages Of Dropshipping

Dropshipping have great potential of improve our financial growth and stability. These advantages include:

Low Startup Cost.

Initial capital and sourcing of fund for business development and expansion is one of the factors that affect entrepreneurs of great ideas and strategies. Many startups have failed woefully because of low investment and money for the business process. But, Dropshipping can start with low investment because every business process are purely digitalized and no investment upfront.

Dropshipping acts as middleman with platform online for the meeting of the buyer's orders and supplier's products. For providing such digital services and medium for the transaction, they are paid handsomely without huge investment.

Free Entry And Simple Service.

Dropshipping is for everyone and unlimited for every products and services. With simple tools like smartphone etc everyone can be making huge money from dropshipping without huge capital startup costs and logistics. Also, there's no barriers for anyone to join and make a living from Dropshipping as a professional or side hustle for better financial stability.

Being automated and digital based, Dropshipping have a simple and secure marketing model where transactions can be finalized successfully without worries between the parties involved. Everyone play their parts effectively with the help of the internet capabilities making the transaction very simple and easy. Payment are made via effective means, services are transparent and easily tracked, returns and refunds are smoothly coordinated when necessary and purchased products delivered properly.

Flexibility And Wide Product Selection

Dropshipping are not limited to certain areas or locations but possible at everywhere with good internet connection. It is not be affected by weather or emotional conditions but facilitated by modern economic tools for better performance and successful trading experience.

There's wide range of products and services to be listed for various kinds of clients as their needs varies. Every product and services can be listed without limitations. Clients have the luxuries of choosing the products and services provided without restrictions as all their needs are listed for business purposes with good pricing.