Shopify Success Model – 5 Ways to Make Sure Your Shopify Store is Profitable
Shopify is one of the best eCommerce platforms for retail-point-of-sale and retail systems in the world. It offers retailers myriads of services like shipping, payments, customer engagement, and marketing tools to make their online selling profitable and convenient. Shopify store is an ideal business model, especially for beginners.
This Canadian firm is serving 75 countries with over 1,700,000 businesses. There are 1.58 million websites operating on this platform in 2021, according to Builtwith. Its total gross merchandise volume surpassed $61 billion in 2019. Its total revenue in 2020 reached $2,929 billion.
Like Amazon, doing business on Shopify gives you the edge as the company is stable and has marketing tools to get you started.
Here are five ways to ensure your Shopify store is profitable.
Why Do Business with Shopify?
You might be wondering why people go to Shopify to list their products instead of another platform. Shopify gives you the freedom to set up your online store and resell the products. As a store owner, you have the option to sell the products in a physical location through its Shopify POS, hardware, and point-of-sale app.
Merchants who run a physical and online store can manage their stores on any device with one account. Wherever you are, Shopify offers tools that create your store quickly and customize it with its APIs and Shopify App Store.
Five Ways to Make Sure Your Shopify Store is Profitable
Shopify has grown into a profitable business since its creation in 2004. It is now one of the world’s biggest storefront-management sites, with more than 600,000 merchants that operate their online stores.
Five ways to make sure your Shopify Store is Profitable:
1. Choose a Product to Sell – Choosing the right product is your initial step to turn your Shopify store into a profitable business. The success of your business lies in the type of product that you sell, whether it is online, direct-to-customer, or wholesale.
Find out if the product is saleable. Is it high in demand? Is it popular? After you have decided on a product idea, figure out where to source it.
Shopify has several drop shippers. In obtaining a product to sell, you can choose from the list of drop shippers on this platform. Many online sellers find it difficult to source a good quality brand, even it is popular online.
Try to figure out how you approach manufacturers or suppliers and ask questions in developing a product for your store.
2. Research & Prepare – After days of evaluating the product to sell and figuring out where to get a supplier, your next step is to research your competitors in the business.
By studying your competitors, you are more prepared to face the challenge, know where you are up against, and find ways to make your business idea unique from theirs. Begin your research by conducting a competitive analysis.
A SWOT analysis is a technique aimed at helping an organization or individual determine its weaknesses, strengths, threats, challenges, and opportunities related to project or business competition.
Once you have completed the competitive research, now is your time to write the business plan to bring your thoughts and ideas together. Coming up with a business plan helps you identify the product to prioritize and reach your target shoppers.
3. Setting Up Your Shopify Store – After you have done your research and business plan, it is time to set up your Shopify store. Choosing a brand or business name and the domain name is crucial to the success of your store.
Choose a name that is easy to memorize and recall. Shoppers would patronize stores that have a memorable brand name. After creating a brand and domain name, your next step is to create a simple yet attractive business logo.
Shopify provides merchants with free marketing tools, such as logo making and a business name generator to help you succeed in your online business. As a merchant, it is vital to understand the usefulness of search engine optimization (SEO).
Before you start building your eCommerce store, you need to learn SEO to help you structure your Shopify page and site for search engines.
A problem that you might encounter in setting up your store is how to reach new customers. The best solution is to select sales channels where these customers have already purchased. The selection of sales channels relies on the type of products and target shoppers.
4. Launching Preparation – Now that you have set up your Shopify store, your next step is to prepare for the launching of your business. There are things that you should consider before launching your business, such as fulfillment and shipping.
You should identify the performance indicators to determine what success measures to track. Try to place test orders to check if the checkout process works better, and then take down your store’s online password if it works properly.
5. Getting Your First Sale After Launching – After launching your online business on Shopify, your main focus is how to get your first customer. Market your store by driving targeted traffic to your page.
Add keywords relevant to your line of business, send text messages to potential customers, and use social media to entice customers to buy your products. Don’t rest on your laurel once a customer places an order.
Continue engaging with them by sending out regular emails to notify them of promos, new products, and giveaways. There are many ways to get your customers hooked to the online store after your product launch.
To make sure you’ll even get more profit, you can maximize the use of digital marketing. Read our blog about Most Important Digital Marketing Channels for E-commerce.
How much does it cost me to start my Shopify store?
Shopify offers a free trial for 14 days. After the free trial period, you can opt for a Basic Shopify plan at $29 per month. You will pay $79 for a Shopify Plan and $299 for an Advanced Shopify plan.
How do I build a Shopify store?
Know what products to sell, where to source, and what your brand name is. Get a credit card for you to get paid after the 14-day trial period. You can choose any of the three plans to continue using the platform.
Can I earn much on Shopify after launching my store?
That depends on the type of products you are selling. Your first year of selling in any eCommerce platform does not promise you instant profit. You have to wait for 18 to 24 months before you can say that you are earning much.
As one of the leading eCommerce platforms, Shopify opens its door for online sellers for a free trial of 14 days without a credit card. Whatever plan you choose to continue selling on this site is worth your investment. It is also working closely with drop shippers to source your products.