Sometimes a single product is all it takes to succeed in business. That was the case for Jamie Siminoff, the founder of Ring. Jamie created the Ring video doorbell and company, which he eventually sold to Amazon for more than a billion dollars. Long before Ring offered an assortment of security products, there was only the video doorbell.
Many online retailers think they must sell many different products to achieve success. However, one fantastic, in-demand product can fulfill their sales targets. Secondly, experimenting with one product before offering more can quicken and deepen your learnings.
Dropshipping is an order fulfillment method that enables you to sell products without holding inventory or purchasing products up-front. Instead, when a product sells, you buy it from a third party that will ship the item directly to the customer. The third-party can be a manufacturer, wholesaler, or another retailer. Dropshipping removes the fears and costs associated with buying and carrying inventory that may not sell. Separation from supply chain management, inventory, and order fulfillment differentiate dropshipping from traditional retail models.
Dropshipping, by itself, isn’t a business. It’s one aspect of running an online store. It’s critical to realize that because you’ll need a robust understanding of online retail to achieve your goals and sales targets.
Online retail is growing fast and offers enormous potential into the trillions of dollars. Retailers sell from their websites, on marketplaces, or both. Online store software gives you everything you need to launch a website/store. For example, many retailers use Shopify and WooCommerce to run their stores. With a website of your own, you’re in full control.
Marketplaces also utilize software to enable individuals to sell online, but you must follow the platform’s rules. For instance, millions of merchants sell goods on Amazon and eBay. Regarding guidelines, Amazon has many, including policies specifically for sellers who use dropshipping. Learn more about the pros and cons of marketplaces.
Shopify supports users with a treasure chest of learning resources, and the more you learn, the better prepared you will be. The Shopify Academy offers online training and business courses that are taught by industry leaders and real-world entrepreneurs. Dropshipping 101, Build a Print-on-Demand Empire, and Grow Your Business with Instagram are three such courses. E-learning websites offer many excellent business and marketing courses too, for example, Coursera and HubSpot Academy.
Shopify’s blog features very illuminating content, and I frequently link to its articles, for instance, How to Start a Business. You have a comprehensive knowledge base at your fingertips, guides, podcasts, and a YouTube channel.