What is Shopify and Drop Shipping?

by star web October 14, 2021

WHAT THIS BLOG IS ABOUT:

The purpose of this article is to teach you everything you need to know about the Shopify platform, including why you should use it, how to use it, and what types of products and services you should sell on it. The main goal of this blog is to walk you through the process of deciding whether or not to use Shopify, as well as a step-by-step guide for setting up and managing your Shopify Store.

 

 

INTRODUCTION TO DROPSHIPPING:

What is Drop shipping:

Drop shipping is a type of order fulfillment, which allows you to sell without having to keep inventory, own a warehouse to store your goods, or even ship things to the customers; yourself.

 

How it Works:

In this model, the customer places an order on your store, your store automatically sends the order to your Dropshipping Supplier, he prepares your customer’s order and ships it directly to the customer.

 

SHOPIFY:

It is an e-commerce platform that allows you to start, grow, and manage an online business. It is subscription-based software; you can build and customize your store, sell your products and services, manage your payments and shipments, etc.

 

Sign Up on Shopify:

STEP 1: Go to Shopify and choose "Start Free Trial!"

STEP 2: Fill up your email address and create a password. Then pick a name for your shop. Your store's name will become your domain. It can be switched to a domain name later.

STEP 3: You'll need to fill out a few forms. When you've answered all of the questions about your Shopify Store, click Next.

STEP 4: Congratulation now you have successfully created your Shopify account. You have a 14-day free trial. Now you can customize your Shopify Store, the way you want.

 

 

SHOPIFY PLANS:

Shopify offers the following three pricing plans that are as follows:

Basic Shopify

The most affordable option is Basic Shopify, which costs $29 per month. It includes all you need to get started with an online business, including two staff accounts, 24/7 support, limitless items, an online store with a blog, and sales channels. There is also a free SSL certificate, discount codes, manual order generation, gift cards, and abandoned cart recovery.

Shopify

The most common and a bit more expensive choice; Shopify standard pricing plan costs $79 per month. It includes everything from the Basic Shopify plan, professional reports, and five staff accounts.

Advanced Shopify

It is the most expensive option costing $299; per month. The Advanced Shopify plan includes 15 staff accounts as well as everything included in the Shopify package. You will also get access to an advanced report builder and third-party shipping prices.

 

 

BUILDING AND CUSTOMIZING YOUR STORE ON SHOPIFY:

The following are the requirements to start selling on Shopify:

 

  • Registering your Business Name

To start your business on Shopify, first of all, you need to register your business name. Online businesses must be registered to save themselves from fines and penalties.

You can register your business name at https://register.business.gov.au/

 

  • Getting your ABN (AUSTRALIAN BUSINESS NUMBER):

ABN is an 11-digit unique number that identifies your business. It is a necessary part of setting up a business in Australia. Getting your ABN is a quick and free process. 

You can register ABN at www.abr.gov.au/

 

Requirement for Getting ABN:

  • Tax File Number
  • Tax agent registration number
  • Previously held ABN, ACN, or ARBN.
  • Date your ABN is required. It should be the date of your expected start of business activities.
  • Entity legal name
  • Key contact details (for the owner or any associates
  • Business activity and locations

 

  • Opening a Business Bank Account:

If you are starting up an online business, then setting up a business bank account is also an essential part of the process. Having a dedicated bank account for your business where you can handle business finances is mandatory as well as you also need it for tax purposes. It works the same way as your personal bank account, but it is under the name of your business rather than an individual.

Documents required to open a business bank account include the following:

To apply for a business bank account, you'll need to supply the following information:

  • Identification proof (your passport or driving license)
  • Address verification (bank statement or a utility bill)
  • The name of your business and its registered address
  • The form of your business

 

 

  • Buying a Domain Name:

A domain is the web address or URL that your consumers use to discover your online store on the internet. Having a domain name is a must for setting up your online store on Shopify. Your domain name should be catchy, memorable, short, brandable, and related to your niche.

You can purchase Domain through Shopify or any other Domain Name Registrar like www.godaddy.com, www.bluehost.com, www.namecheap.com, www.hostgator.com, etc. When you buy a domain through Shopify, it automatically starts working. So you don’t need to do configuration.

 

How to Buy Domain Through Shopify:

STEPS:

  1. First of all, go to your Shopify admin, go to Online Store > Domains.
  2. Click “Buy a new Domain”. Write the domain name you'd like to buy.
  3. Check the available domain extensions and their prices.
  4. Next to the domain, you wish to purchase, click
  5. After purchasing a domain name, verify your email address.

                         Shopify Admin  Online Store  Domains

 

Connecting a Third-Party Domain to Shopify

  1. Go to Shopify Admin, click Online Store, and click on "Domains". Select "Connect Existing Domain". Enter the domain name you want to connect to your Store and click Next.

 

  1. Now edit the DNS settings of your domain from the third-party provider.
  • The A record must point to the Shopify IP address, which is 227.38.32.
  • The CNAME record must be set to myshopify.com.

 

  1. Verify your connection with Shopify. After your domain is verified, you will see it listed in the third-party domains section. If you want to show this URL when your customer visits your online store; then you need to set it as a primary domain.

 

  1. After linking your domain to Shopify, you will need to maintain your domain settings, pay for it, and renew it through your third-party domain provider.

 

  • Setting Shopify Themes:

Shopify themes are a type of layout that influences how your site appears and feels to visitors. Shopify theme store has a huge collection of free and premium paid themes. Every theme offers different styles, templates, and layouts. Shopify provides eight free developed in-house themes that you can use to equip your store, or you can buy one from the Shopify theme store, which has hundreds more to pick from them.

  • For Themes selection, go to the “Themes” section from your Shopify Dashboard.
  • You can choose either “Explore Free Themes” if you want to select a free theme or “Visit Theme Store” to find both free and premium themes.

 

                          Shopify Admin  Online Store  Themes

 

Customize Shopify Themes:

The best thing is that you can also customize your theme colors and typography from the theme setting. You can also set up links to your social media accounts, edit your cart settings, choose your price format, customize your store checkout, and add a favicon.

 

  • Setting Up Gift Card:

A gift card is a special kind of product. Its value can be used for any future orders placed on your online store. Gift cards can be a great way to generate sales and help spread the news about your store. It gives customers a way to support the brands they like. A gift card is available on all subscription plans. When you use a gift card for the fulfillment; of an order, the customer will get an email with a unique gift card code that they can use at checkout to redeem the value.

Uses of Gift Cards:

✅ You can sell them on your Shopify store like other products.

✅ You can share links to gift card products on your social media.

✅ As a reward or incentive, you can also give a customer a free gift card.

 

Activation of Gift Card Feature:

You must first activate the gift card option before you can sell gift cards.

  1. From your Shopify admin, click on Products > Gift cards.
  2. Now click on Add gift card product.

 

Adding or Updating a Gift Card Product:

You can add or update a gift card product by following these steps:

  1. Go to Products > Gift cards from your Shopify admin.
  2. Click on Gift card products.
  3. Click Add a gift card product if you want to add a new gift card product.
  4. If you want to make changes to; an existing gift card product, click the gift card product name.
  5. Fill in the gift card information.
  6. Click Save when you are finished.

 

 

PAYMENT GATEWAYS OF SHOPIFY:

When deciding which payment methods to select, there are several factors to consider the cost to you, the gateway availability to your consumers, the gateway security, its simplicity of use, etc. You may use Shopify Payments or a third-party supplier to accept credit card payments from your customers. These include multi-national payment gateways as well as country-specific payment gateways. From the payments page, you may set up various payment gateways, and also you can determine how you will accept payments.

 

Shopify Payments:

Shopify Payments is Shopify’s payment gateway. It allows you to accept Visa and Mastercard payments directly there at your checkout.

 

Setting Up Shopify Payments on your Store:

To set up Shopify Payments on your store, follow these steps.

  1. First of all, go to your Shopify admin, click Settings, then

 

  1. Activate Payments on your Shopify Store in one of the following ways:
  • If you haven't yet added a credit card payment provider to your Shopify account, go to the Shopify Payments section and select Complete account setup.
  • If you want to use a different credit card payment provider. Go to the Shopify Payments box, click Activate Shopify Payments, then Activate Shopify Payments in the dialog. Any other credit card payment provider; will be removed from your account.

 

  1. Fill in the mandatory store information as well as your banking information.

 

  1. You can configure your settings or perform a test transaction on your store after you've set up Shopify Payments.

 

Third-Party Payment Gateways:

Shopify offers over 100 third-party payment gateway connectors. A few most popular Gateways are below:

  • eWay
  • SecurePay
  • 2Checkout
  • Afterpay
  • PayPal
  • ZipPay
  • Pin Payments
  • WorldPay

 

Setting Up Third-party Credit Card Provider:

If you don't want to use Shopify Payments but still want to take credit cards, there are over 100 third-party credit card payment providers to select from. From the Payments tab of your Shopify admin, you can activate or change a payment provider.

 

STEPS:

  1. From your Shopify admin, go to Settings, then Payments.
  2. In the Third-party providers' section, click on Choose third-party provider.
  3. Select the provider that you want to use from the drop-down menu, and then click
  4. Enter your account credentials for the payment gateway that you selected.
  5. Click Activate, and you have done it.

 

 

THINGS YOU CAN SELL ON SHOPIFY:

You can sell many things on Shopify, both tangible and intangible.

  • Products
  • Services
  • Services (appointments)
  • Consultations
  • Memberships
  • Event Support
  • Experiences
  • Digital products like eBooks, music, photography, etc.
  • Classes, lessons, and workshops
  • Installations and quotes
  • Donations
  • Event tickets Digital gift cards
  • Rentals

 

 

EASIEST WAYS TO FIND BEST WINNING PROFITABLE PRODUCTS

 IN 2021

 

Doing Shopify Dropshipping Products Validation in 2021?

✅ Is it a worldwide targeting product?

✅ Is it a newer version of an old product?

✅ Is it a problem solver? Is it beneficial to one's life?

✅ Does this product have uniqueness and a wow factor?

✅ Is it hard to find in traditional or local markets?

✅ Does it have a good google trend and a track record of selling well?

 

Best Shopify Dropshipping Niches to work on in 2021

  • Home Fitness
  • Health and Personal Care
  • Mental Health
  • Wardrobe and Accessories
  • Gaming
  • Fashion
  • Baby Products
  • Pet Supplies
  • Work from Home - Office Supplies

Product Research Techniques:

Here are some of the easiest ways to find winning products:

 

  1. Facebook Advertisements & Keywords:

Mostly sellers promote their items on Facebook. So, you can use Facebook to discover their ads and to find winning products. Go to your Facebook account, manually search for different product ads by searching keywords like: “Free Shipping”, “Buy Now”, “Unique Products”, “Order Now”, “Buy Now”, “Grab Yours”, “30% off”, “50% off”, “Tag Your Friend”,” Tag Someone Who Needs this”, “Tech Under $40”, “Best beauty products”, “Wow Fitness Products”, etc. Now go through these ads; see what customers are loving, and find the best profitable product according to your criteria. You can also use free extensions such as “My ad Finder” or “Turbo Ad Finder” to many Facebook find ads. Add the chrome extension, go to Facebook and turn on the chrome extension by clicking on it. It will hide all posts other than ads.

If you cannot see any Dropshipping ad, you have to make Facebook believe; that you are interested in Dropshipping stores and ads. Visit different Dropshipping stores, like, comment, click Shop now, add their products to your cart. After doing this a few times, Facebook will start showing you Dropshipping ads.

 

  1. Through Instagram:

To find winning products on Instagram, first, make an Instagram account. You need to follow a few people who are advertising Dropshipping items to see ads. Now search on Instagram for #ads. Then all you have to do is check Instagram, look at all the stories and advertisements. Once you have spotted an ad, see if people are interested in this product and whether the comments are current.

 

  1. Using TikTok:

TikTok is becoming one of the best ways to research e-commerce products. Just go to TikTok and search “Products” you’ll find many videos. Also, search for different hashtags like “Dropshipping products”, “Amazon Top Selling Products”, “Amazing Beauty Products”, “Product Ideas to Sell” etc. you have to make sure that they have good likes ratio and positive comments.  You’ll get many ideas from there then you can check these products on AliExpress.

 

  1. YouTube, Pinterest, Twitter Method:

Go to YouTube, Pinterest, or Twitter and search for things like “Tech Under $40”, “Best Beauty Products”, “Wow Fitness Products”, “Beauty Hacks”, “Easy Life Tools”, etc. Then find the Images and videos showing this kind of Dropshipping product. In the case of YouTube, find the AliExpress links of the products in the description.

 

  1. Using Product Research Tools:

You can use paid tools as well to find winning products. But the problem with this method is that everyone is familiar with these tools. They are also discovering the same items using these tools. So, you can lose your competitive advantage of selling unique products. You can use tools such as:

  • AdSpy
  • Drawpoint
  • NicheScraper
  • Ecomhunt
  • Dropispy

 

  1. Using AliExpress

On AliExpress, all you have to do is choose a category and look for a winning product. AliExpress data is not very trustworthy but, you can have an idea of the products. Then you can do further research on these Dropshipping products to find a winning product. Another way is to sort the product by orders you will see all the high demand products.

 

 

ADDING PRODUCT TO YOUR SHOPIFY STORE:

From the Products page, in your Shopify admin. You can add or change product information like pricing, variations, and availability, etc.

Add a Product:

Adding a product on Shopify involves the following steps:

STEP 1: In your Shopify admin, click on Products > All products.

STEP 2: Now from the Products page, click on Add Product to add your product.

STEP 3: Enter a suitable title for your product and all other additional details such as description, images, price, quantity, weight, shipping details, etc.

STEP 4: Click Save after adding all information about the product.

 

 

SIMPLE WAYS TO DRIVE TRAFFIC TO YOUR SHOPIFY STORE:

Once you have launched your Shopify Store, it is time to promote your store to get traffic and drive sales. The success of any eCommerce store or website lies in the flow of organic and consistent traffic.

Some of the best strategies to get traffic to your Shopify store are listed below:

 

Search Engine Optimization (SEO):

The majority of the potential clients will be aware of your existing store or brand after conducting some research using their preferred search engines. Search Engine Optimization is the process of increasing the visibility of your online store in search engines. There are several approaches to this: but the most important thing is understanding what your target audience is looking for. It is necessary to compile a worthwhile keyword list; relevant to the marketplace and your product to enhance Shopify traffic to your website or shop. Using keywords strategically in these places enhances the likelihood of your Shopify store appearing on search engine results pages.

 

Running Marketing Campaigns in Shopify:

Shopify Marketing allows you to develop, conduct, and measure marketing campaigns without leaving the platform. Creating marketing campaigns on famous ad networks (such as Facebook, Google, and Pinterest) has never been easier with Shopify Marketing, but it is not difficult anymore. 

 

Influencer Marketing:

The popularity of Influencer marketing has risen in recent years. Instagram, Pinterest, and TikTok influencers are garnering thousands of internet visits to their profile sites. As a result, partnering with an influencer to promote Shopify items might be a fantastic idea! If you want to know how to attract traffic to your online business, start by researching the influencers in your specific niche. Collaboration with the relevant audience through the right influencer will do wonders for your website traffic and brand exposure.

 

Reaching Out to Potential Customers:

Reach potential consumers using Google Search, Gmail, and YouTube to advertise your products. Shopify Google Shopping integration makes it simple to advertise your items throughout the Google network and reach out to interested customers. Just sync your items, select a daily budget, and let Google optimize your ads to appear in front of prospective customers.

 

Content Marketing:

Other than product or category descriptions, most online businesses offer no extra information. If your store is like this, your website will most likely remain static in the eyes of both search engines and customers. Any other content on your website will help to attract visitors to your Shopify site. If you want to drive traffic to your Shopify store to get sales, then it is time to start content marketing. If you are searching for strategies to attract free traffic to your Shopify site, publishing meaningful, relevant, and engaging content is a fantastic place to start. The material you offer does not have to be very detailed. A short paragraph at the bottom of each category page will suffice.

 

Email Marketing:

Building targeted consumers and; their specific email lists are essential for gaining recurring purchases. Back-in-stock, want lists, and email alerts must be collected wherever they are needed. The majority of customers (about 72 percent) will choose to communicate with firms via email to join the Subscriber list. A high retention rate is vital for the long-term success of any online business.

As your website receives traffic, you must gather emails for future conversions and establish relationships with your visitors. While first-time visitors are unlikely to make an immediate purchase, they are likely to provide their email addresses.

 

Checking Website Speed:

If your website takes more than 3 seconds to load, you may lose 50% of your visitors. Those clients cannot be brought back to your Shopify site. The majority of visitors (80%) will become irritated because of the long website loading time. Faster website load time is a critical element so, every Shopify business owner should focus on it. It is necessary to evaluate your website regularly to determine its performance and the areas that need improvement for better outcomes.

 

Use Social Media:

Assume your online store offers to a specific niche. You may publish your items in comments and walls on various social media groups and sites related to your niche. You may approach group administrators and even give them an incentive to let you post on their pages. By connecting your Instagram account and Facebook business pages to your Shopify store, you are making the purchase process as easy as possible for your target audience. The easier it is for potential customers to access your shop, the more traffic you will have.

 

Guest Blogging:

Guest posting is also known as guest blogging. It is the act of writing blog content on another website while using your name in the author’s profile. People often like reading about topics that interest them. You may put your blog on a well-known and trustworthy website to increase both referral and direct Shopify traffic. Sharing the facts that people desire to investigate in this manner may assist you in building your brand.

 

Instagram advertisements:

Instagram advertisements are usually posts and stories; the company pays for this sponsored content posted on the Instagram platform to reach a larger and more focused audience. Most Shopify store owners utilize it to boost brand exposure, website traffic, and lead generation. Because Instagram is undeniably a visual medium, text advertising is out. To reach your target audience with Instagram advertising, all you need is an image, a collection of photographs, or a video. According to statistics and numbers, running advertisements on Instagram is one of the best tools for business owners to reach their objectives.

 

 

TARGETTING THE RIGHT AUDIENCE:

In the initial stages of a business, determining the target market for a Shopify store might be ignored. You locate the ideal product, come up with a catchy name and logo, and before you know it, you are selling online! However, with so much competition in the online marketplace, it is essential to ensure that your Shopify shop development, design, and marketing are all aimed squarely at your target audience.

Following are the three ways to target the best audience in your store:

 

Product Positioning:

The first stage, whether in advertising or in the process of acquiring a target audience, is to recognize our product positioning. Ask yourself some questions like:

  1. What are the functions of the product?
  2. What kind of issues can be addressed by it for consumers?
  3. Which age and gender of the customers will use it?
  4. Would I prefer to buy it if I were a customer?
  5. Is it appealing enough for customers?

 

Competitor research:

Once you have identified your product or service, you can easily find it somewhere online. It is not a problem, but it is a clear indication; that you need to give value above and beyond what your rivals are offering. Find a few sellers that offer the nearest products/services to you by conducting an online search.

Once you have a list, narrow it down to one by asking yourself the following questions:

  1. Which competitor is the closest to the pricing I want to offer?
  2. Which rival sells to the country/countries to which I will be allowed to sell?
  3. Which competitor generates the most income and only sells online?

Now that you have identified your primary competition, it is time to begin the data analysis.

 

Customer Data Analysis:

You may learn important information about Facebook users who interact with your main competitor by using different sites. By analyzing your competitor's most engaged Facebook page followers, you'll be able to compile data and answer the following questions:

  1. Which genders do my competitor is selling to?
  2. What is the average age of my competitor's customers?
  3. What products/services/locations do customers prefer?
  4. What kinds of photos do they share, and what are their interests?

All of this information may then be compiled and evaluated to build a profile of your product's target market. It can be used; to establish your company's name, marketing, and, most importantly, the targeting of your Facebook advertisements.

SCALE UP YOUR SHOPIFY BUSINESS USING INSTAGRAM       MARKETING & EMAIL MARKETING

 

Instagram Marketing:

Instagram is a mandatory part of many small business marketing strategies. It has a vast and diverse audience of over one billion monthly active users and 500 million daily Instagram Stories users to connect with businesses, resulting in high overall engagement.

By linking your Shopify to your Instagram business profile, you are allowing the consumers to browse your products on Instagram. Customers may browse your items by clicking on product tags or visiting your online store.

 

Selling Shopify Products on Instagram:

Adding products on Shopify and connecting your Instagram with Shopify involves the following steps:

STEP 1: Set up a Facebook Business Account and link it to your Facebook Page.

STEP 2: Create a Shopify Facebook Sales Channel.

STEP 3: Create an Instagram Business Account and link it to your Facebook account.

STEP 4: Connect your Instagram Business Page to your Facebook Business Manager account.

STEP 5: Create a Shopify Instagram Sales Channel on your Shopify store.

 

Strategies to Grow your Instagram Account:

Use the following tricks to develop your Instagram marketing plan and scale up your business:

 

  1. Optimize Instagram profile:

The first step is to optimize your Instagram profile. You must choose a business-related profile picture, keywords-optimized business description in bio, and contact information. You further have to optimize your profile using:

  • Clickable hashtags
  • Clickable links
  • Story highlights
  • View Shop button

 

  1. Create content strategy

If you want to achieve results on Instagram, you must first understand what sorts of posts work best. While every demographic is unique, there has luckily been a large amount of data gathered that can provide us with some direction on where to begin.

Users are very open when it comes to the sorts of Instagram photos they wish to see. They enjoy seeing advertisements, motivational quotes, product photographs, makeup tutorials, DIY or instructional content, and images posted by other users. People like to see variety; if you only use one kind of post for an extended time, they will become bored or annoyed. Videos can provide more information to consumers, making them more useful, but high-quality pictures are generally more beneficial.

You should create a proper strategy and post with planning to get maximum engagement.

 

  1. Use Hashtags:

You may turn any word or phrase into a clickable subject by putting text after the # sign in an Instagram caption, bio, or Story. Any user who clicks it; will be sent to all public posts tagged with that hashtag. Perhaps more importantly, users can now follow hashtags that interest them. Even if they do not follow the posts, they will receive a steady stream of content; by following the hashtag. It is an ideal way for consumers to locate high-quality material that they are interested in, as well as for merchants to broaden the reach of their content. Before using hashtags, do proper research to find the best hashtags for your business and brand.

Below are some types of hashtags you should use for your E-commerce Business:

  • Niche-specific hashtags
  • Branded hashtags
  • Contest hashtags
  • General appeal hashtags
  • Entertaining hashtags
  • Timely hashtags

 

  1. Share Stories on Instagram:

Stories have evolved into an essential part of the site. Stories gave way to Story advertising, and Instagram has now added Highlights so that our Stories may stay on forever.

There are many strategies you can use on your Instagram stories to get the engagement of your audience:

  • Share social proof: People like it when they realize that you care enough about them and their material to include it on your website. It also eliminates the need for you to generate the material yourself and serves as significant social evidence.
  • Get to know your audience: You can create polls to get feedback from your audience, as well as, you can get aware of the interest of your audience. It will help you to identify what sells well.
  • Be honest: Instagram Stories are more appealing than feed content, so it is a fantastic opportunity to show out your funny side. Use photos and videos to illustrate your brand's narrative, using behind-the-scenes footage.
  • Go live: Instagram Live Stories allow you to broadcast live from your phone, and your followers may interact in real-time. You may have Q&A sessions, discuss a specific topic, or interview a prominent guest or influencer.

 

  1. Make your stories into highlights:

Instagram introduced the option of turning stories into highlights. Because stories disappear after 24 hours, that results in lost ROI on that content.

Highlights are available on profile pages, and you may add Stories to them after their 24 hours of fame have expired. You can add about your brand, store, and products, etc. It makes it simple for people to locate the material they are searching for when they first visit your profile, which can help them get to know and trust you more quickly.

 

 

Email Marketing:

Email marketing can enhance the development of your business and the development of relationships with your customers. Personalization for the customer journey is possible when using email marketing to improve sales.

Few are some promotional emails; you can send to your customers:

 

  1. Emails for offering discounts

When sales are poor, promotional emails with a unique discount code might motivate buyers to check out fast and generate traffic to your website.

 

  1. Product launch announcements

Introducing new items or displaying different product categories in an email entices buyers to visit your website/app.

 

  1. Personalizing emails 

Individualized emails based on interest, gender, age, or events (birthdays, anniversaries) develop a strong relationship with customers.

 

 

DO’S & DON’TS OF SELLING ON SHOPIFY:

There are certain fundamental do's and don'ts that you must follow while selling a product through an online business.

Take into account the following:

Do’s:

  • Do prioritize the customer
  • Do include a Customer Service representative.
  • Do provide the best product quality.
  • Do create an email list.
  • Do know your customers.
  • Do earn the customer's trust.
  • Do focus on your website loading time.

 

DON’TS:

  • Don’t be nervous to test your product.
  • Don't deceive your consumer.
  • Don’t try to hide the shipping cost.
  • Don’t skip the SEO
  • Don't neglect your customers.

 

INCREASING PROFIT MARGINS

Following are a few ways to increase profit margins:

 

Minimize operational expenses

Reducing operational expenses is a great approach to boost profit margins and enhance profitability. The tricky aspect of lowering operational costs is determining what to eliminate because these expenses, such as utilities, wages, and rent, differ from business to business.

Begin by evaluating all aspects of your firm, such as labor costs, office space, and utilities, employee perks, equipment and maintenance fees, tax payments and licenses, insurance. Then consider where you may save money.

 

Don't get too caught up with per-order earnings:

Many businesses are hesitant to lose money on order even if it means losing the connection with an unhappy or disappointed customer. In today's increasingly social and connected world; this is a bad strategy and a poor way to run a business. You're passing up an opportunity to increase profit margins if you're not losing money on orders to promptly and actively handle customer issues.

Here are some methods to invest in your company's future:

  • Did anything cheap break? Ship consumers a free replacement right away, without having them deal with the bother of returning the item.
  • If an expensive item should be returned, ship a replacement as soon as they submit tracking confirmation of the return rather than waiting for it to arrive at your warehouse.
  • If a long-term customer requires something urgently, send it to them overnight for free.
  • If a consumer is unhappy with a purchase, provide a partial refund to compensate him for his dissatisfaction.

Serving customers like this will cost you a little more in the short term, but it will pay huge benefits in the long run.

 

Building Trust of Your Customers:

Trust is the key to boost sales and profit margins. When shopping for a product, today's shoppers have a variety of alternatives to select from them. Building trust with a first-time customers motivates them to purchase your online business, increasing your profit margin.

Here are some methods to develop trust with your customers:

  • First, get to know your customer.
  • Make Your Store Appealing
  • Transparency and authenticity are essential.
  • Boost Social Activity
  • Pay Attention to Your Customers
  • Emphasis on Customer Service
  • Provide Feedback or a Testimonial
  • Provide Something Extraordinary

 

Increase the value of your average order:

Focus on boosting your average order value if you want to raise your profit margin.  The average order value (AOV) is the average dollar amount a customer pays for each transaction in your shop.

There are several strategies to enhance AOV in your e-commerce store:

  • You should add product recommendations to the product and checkout pages.
  • Make minimum order incentives available.
  • Complementary items can be upsold or cross-sold.
  • Make product packages or bundles.
  • Run promotions and discounts.

 

Raise Prices:

Raising prices is a frightening thought when it comes to a retailer's profit margin. If they raise their prices, they expect consumers to reject them, sales to dry up, and the firm to fall into a failure. If you're reselling an existing product on your e-commerce site, a bit of price rise can also make your business a big success, especially if there's market demand.

You need to test different prices for your products to get the best one. This strategy is dependent on establishing a distinct selling proposition and providing value to your consumers. The more price-sensitive your customers are, the less successful this will be.

 

 

MAKING CONVERSION RATE BETTER:

Some of the methods of improving conversion rate are given below:

 

Turn on Live Chat on Key Pages:

Customers enjoy that they can multitask and obtain responses quickly using live chat. It has the maximum level of satisfaction across all support channels. Targeted live chat, like a FAQ on your product page, helps potential consumers to get their questions addressed fast, making it simple for them to make an informed decision. The difference is; customers obtain their answers via dialogue, either with a chatbot or by speaking with you or your support team. Live chat also shows your visitors that you are easily accessible, which helps to gain the trust of your customers. Even if your visitors do not utilize live chat, simply knowing that it is present might provide them with an additional piece of mind.

 

Establish Trust

You must earn the trust of your audience. Use trust signals such as trust badges on your website, as well as live chat or reviews, to enhance consumers’ confidence in your website. Customers are becoming increasingly aware of digital crime, and they do not immediately trust your website. Building trust with a first-time customer motivates them to purchase your online business, increasing your conversion rate.

 

Free Shipping:

Don't try to hide shipping charges. Customers are more likely to abandon online shopping because of delivery expenses. So, instead of hiding your rates, try to provide free shipping. It can significantly improve conversions on your website.

 

Display social evidence:

If your product has been approved or given a reputed stamp of approval, displaying a badge or seal to visitors can be a quick way to create social proof.

It is a good idea to mention any certifications or features of your product, such as safety or legitimacy, on your product page. It is simple to include these details in your product description, but badges may save room for content while also standing out on your website.

 

Use High-Quality Images, Videos, or GIFs:

One of the apparent disadvantages of purchasing online; is not being able to touch, feel, or physically examine a thing. As a result, product graphics must perform a lot of heavy lifting to deliver a comparably beneficial experience.

Photography can make or break any e-commerce site. But graphics are not limited to images only you can also add videos, GIFs, etc. That contains all necessary information about the products and answers to the questions of customers.

 

 

TIPS & TRICKS FOR A SUCCESSFUL BUSINESS ON SHOPIFY:

However, understanding how to obtain the best outcomes is necessary for all businesses. Reaching your targeted sales and getting more customers needs an awareness of a variety of factors.

Here are some tips and tricks for a successful Shopify store and to achieve your targeted goals:

  1. Prioritize Customer Experience:

You can develop and host your site directly on the Shopify platform. You have to make your site fast, easy, and simple to use. Go toad check any of the best Shopify stores you will see a great customer experience. It is because research reveals that poor customer service causes 80 percent of customers to leave your shop. Give your customers the best experience by providing simple design, visual appeal, beautiful color palettes, superb photography, a simple checkout procedure, quick navigation, no annoying pop-ups, and chatbots available 24/7 to help the customers.

 

  1. Genuine Product Descriptions and Features:

Before making any purchases, customers conduct extensive research. So, you must feature accurate and high-quality product pictures, detailed product descriptions, and correct size charts. Do not exaggerate the benefits, and never lie about the product. The actual product should be the same as the product image you are showing on your online store.

 

  1. Accept a variety of currencies:

The benefit of the global marketplace is that you may reach clients all around the world. With Shopify, it is simple to display several currencies and accept them as payment. Even though the US Dollar is widely regarded as the global currency, individuals prefer to pay in their country's currency. So, when you add multiple currencies in your Shopify Store, it helps the customers who want to pay in their local currency.

 

  1. Fast Website Loading Time:

If your website takes more than 3 seconds to load, you may lose 50% of your visitors. Those clients cannot be brought back to your Shopify site. The majority of visitors (80%) will become irritated because of the long website loading time. Faster website load time is a critical element so, every Shopify business owner should focus on it.

 

  1. Provide Multiple Payment Options:

Shopping online is meant to be simple. That means you won't have to waste time looking for your bank card if you're resting and your wallet is just out of reach. On Shopify, there are a variety of checkout alternatives. The main thing is that you want to make it as simple as possible for them to check out. Giving consumers alternative methods is a great approach to sway those impulse buyers. Providing more payment methods may be expensive but, it is effective in the long run.

 

  1. Use Social Media Marketing:

Nobody will know about your Shopify store until you advertise it. Not just for Shopify, but social media marketing plays a vital role in the success of any e-commerce business. Having an audience; on Facebook, Instagram, Snapchat, and Pinterest helps you get the maximum engagement that results in high sales.

 

  1. Display Social Proof:

You can help your buyers to decide and feel secure by presenting social evidence such as reviews and testimonials. Positive ratings and feedbacks can create an indelible impression on the minds of your consumers. Furthermore, prominently displaying social proof on the main page is the best way to generate more sales.

 

 

 

 

TAXES:

From your Shopify Admin, click on Settings > Taxes.

You may be required to charge taxes on your sales and then record and submit those taxes to your government. Even though tax rules and regulations are complex; and frequently change, you can configure Shopify to handle the most common sales tax computations automatically. Shopify employs a large number of default sales tax rates, which are updated regularly. If you use the default rates, you must ensure that they are current and proper for your specific circumstances.

Before setting up your taxes, you must decide whether or not to charge taxes. If you're unsure, go to your local tax authorities or a tax specialist. If you conclude that you must charge tax on your items, you must register with the tax authorities in your region.

 

Setting Up the Region in Which You Are Registered:

You can set up your taxes once you've registered with the tax authorities and received your tax number. 

STEPS:

  1. Navigate to Settings > Taxes in the Shopify admin.
  2. Click Set up in the Tax regions section, next to your region.
  3. Click Collect sales tax in the Sales tax section.
  4. Enter your tax number in the Tax number field. If you have applied for a tax ID; but do not yet have one, leave this box blank. You can update it once you receive your tax number.
  5. Select Collect tax.
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