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How To Make Money On Shopify: Dropshipping In A Competitive Market

Kevin James Curran
Sep 23, 2020 8:51:55 PM

Making money on Shopify can be extremely easy, and yet, immensely complicated. If you have the idea of Shopify down, you understand it’s a platform that provides you the best possible tools to not only build an online store but allow payment and shipping via Shopify smoothly. The site essentially hands you all the tools you need to start a successful business. However, whether the business is successful or not, is entirely dependent on you and how you go about marketing a new business.

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Let’s take a look at some of the ways you can make money on Shopify.

1 . Dropshipping

 

There’s no way you haven’t heard of this term, especially if you’ve been researching an online business. More specifically, you must have glimpsed some articles about Shopify dropshipping. This is because dropshipping has been a successful venture for many Shopify subscribers.

 

In reality, dropshipping isn’t as complex as it sounds. Your store hosts products from manufacturers, and once an order is placed, the manufacturer will complete the order. Your only job here is to show the products to the customers so they can be aware it exists. You don’t have to buy those goods yourself and then sell them, and you don’t have to worry about finding a warehouse for those items.

 

In some ways, you’re in charge of marketing products, deciding what to sell on Shopify so your customers can take a look at those items and decide whether they want it or not.

 

You just have to make a curated dropshipping website. You can either sell particularly niche items or trending products that have mass appeal.

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2. Digital Goods

 

The world has been moving towards the digital space for a long time. Digital purchases have become a regular thing. It only makes sense that you incorporate this thriving market to make money through Shopify.

 

You can both sell your own digital items or someone else's- much the same way dropshipping works, except digitally. When you’re selling digital items, you also don’t have to take stock. There’s no expense on your part, just profit.

 

What kind of digital products can you sell? Well, from online courses to music, Ebooks, apps, games. There’s really no end to options when it comes to the digital space.

 

In fact, you can sell both digital products and physical products at the same store. There’s absolutely no need to separate them. If you aren’t ready to sell your own digital products, you can simply sell affiliate products.

 

3. On Demand Printing

 

In this case, you’re still selling physical goods but you don’t have to keep inventory and spend a large amount on it. The product is only manufactured when an order is placed, so you aren’t overstocking in any way, and you don’t have to worry about the products you are hosting not selling out.

 

So, you are basically dropshipping but the product options are a bit limited and only made into a reality when an order is placed.

 

The printing product business can be done by either adding a design to a product that already exists on demand of a customer or printing a completely new one. This usually covers coffee mugs, t-shirts, books, bags, art, etc. Basically, all the items you think of when you think of merchandise for specific media.

 

If you are selling your own design ideas on print, you might have to spend a little time coming up with a design. Other than that, you will have to contact a company to carry out the printing of the design. Overall, your personal investment in it is really low and it’s easy to get started on.

 

4. Services

 

The good thing about Shopify is that it lets you sell tiers for whatever you are selling. It’s just not physical or digital goods or on-demand products, you can simply sell a service through Shopify. This can range from a web-design program to consultation, and live events.

 

For example, you can teach people how to play the piano online. So, you might set options such as Piano instructions for an hour, a week, or a month with different price points for each level.

 

You are doing this online so it’s easy to sell and there’s full transparency between the buyer and seller. However, it is a bit weird to sell a service on Shopify. There are certainly more curated websites for specifically service trade. Unless you are selling this service with a physical product, such as you are selling a piano and this service comes as part of the package, it doesn’t make much sense.

 

If you do sell the service with a physical product, here’s what you essentially do. You calculate what you would want to sell your service for and make it part of the piano package. Once the person gets the piano, they also have a link offering maybe the first tier of your piano teaching service. If they decide they like it and want to learn more from you, they can buy an upper level service.

 

This way, you are hooking in more potential customers without them even realizing it. Of course, maintaining both a store for dropshipping and providing services along with it can be tiring. So, you will be sacrificing a bit of sleep.

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Final Thoughts

 

Despite all the ways one can make money through this e-commerce platform, Shopify dropshipping has always been one of the most popular ones. This is because it removes the barriers of owning a business of your own but doesn’t need you to rent an entire warehouse for it. Also, ultimately, when one rakes up a good customer base for their products, the profit margin is quite huge.

 

Still, digital goods and on-demand printing are also really good options. Think closely about what you feel would suit your store the most, what kind of name you want to establish for yourself in the market, and more importantly, if you can simply find a way to earn money on Shopify through all the ways.

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