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Tripple Mars

Is Social Selling the Future of the eCommerce Industry?

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Is Social Selling the Future of the eCommerce Industry?

The eCommerce industry was already widely popular among consumers, but the pandemic solidified its place in the retail industry, accelerating its growth. In fact, IBM’s report on the nationwide retail index emphasizes that the shift from physical stores to eCommerce was fast-tracked by roughly five years due to the pandemic. To illustrate, the consumers of department stores declined by around 60% last year, while 20% more individuals converted to online shopping.

But studies show an even more surprising trend in consumer behavior. Later’s ultimate guide to social selling revealed that social media platforms are integral in bringing in revenue for global retailers, brands, and even small businesses. In fact, reports believe that social commerce will make up 7.8% of all eCommerce sales by 2024. So if you’re an online seller, here’s what you need to know about the importance of social selling.

Why is Social Selling So Lucrative?

Social media platforms were originally developed to bring people together. But as both eCommerce and social media networks grew in popularity, companies saw an opportunity to combine both platforms. Case in point: Facebook Marketplace was created in 2016 as users were already forming and joining buy-and-sell groups on the platform. This marketplace made social selling easier since it allowed buyers and sellers to communicate through Facebook Messenger. Users could even provide ratings for sellers, which improves buyers’ confidence in their transactions. Moreover, consumers can use a wide variety of payment methods to complete the purchase.

This seamless process encouraged other social media platforms to accommodate social selling, as well. For instance, Instagram allowed influencers to provide a checkout option on their posts. Meanwhile, Snapchat has a shop button, so interested buyers can immediately purchase products advertised on the platform. These social media sites allow businesses to generate more sales with strategies, like influencer marketing and user-generated content marketing. As a result, online businesses are thriving because of social selling.

Is Social Selling the Future of eCommerce?

Due to its convenience, social selling is becoming an advantageous and profitable avenue for eCommerce retailers. Vidatec CEO Greig Johnston emphasizes that this is good news for retailers because consumers get the whole experience on social media. They can interact with sellers, buy products, and ask their questions — all on the same platform. Thus, social selling is a unique opportunity that business owners need to take advantage of.

However, South Coast Social founder Clare Groombridge warned that eCommerce sellers need to strike the right balance between all the online selling methods. Entrepreneurs must take into account their own brand’s objectives and products before plunging into different platforms. At times, forming a social selling platform and a business website is the ideal option, since it allows customers to reach the brand in multiple ways. Additionally, business owners should also consider the target market’s purchasing trends before investing in one platform. Overall, it isn’t enough to simply open multiple digital stores. Research is crucial to find the right mix of eCommerce platforms to improve business performance and boost sales.

Social selling is an integral facet of the eCommerce industry. This can open up plenty of opportunities for sellers. Business owners should consider their target market and brand to provide the best experience for their customers.

Are Shopify Stores Profitable In 2021

Are Shopify Stores Profitable In 2021

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Are Shopify Stores Profitable in 2021 

There are hundreds and thousands of Shopify store owners that profit daily on Shopify.com

Shopify is a great platform and way to start your own online store. But, there are a lot of factors like your product, marketing, returns, refunds, that influence the profitability of your own Shopify store.

There are two ways to use Shopify Stores:

  • Selling your own products:

People sell made by designers products or manufacture their own products.

This is a great way to earn money if you have a certain set of skills and using this method, you need to store the products in a warehouse and ship the products to the customers on your own. Which might get harder after a while. There is also a huge investment for the stock of products as well as a warehouse and even employees.

  • Dropship and Retail Arbitrage:

Dropshipping is a way that most people earn money on Shopify, Amazon, or eBay.

Many online businesses make their profits by dropshipping and Retail Arbitrage.

Since dropshippers don’t list their items and hold the physical stock there is no need to worry about the shipping process, all you have to do is request the supplier to ship it to your customer and collect the profit.

Which One Should You Choose?

Dropshipping would the right choice for you unless you are an independent seller that sells their products.  

Several factors can influence the profit

Choose The Right Product:

The product that you are selling is the most important factor for a Profitable store and according to the products demand the sales will grow, learn what are the most popular products in the market and focus on them.

Marketing:

A lot of people use Facebook to generate traffic to their Shopify or eBay store,  which helps the store owners reach the products to potential customers, you can market your store on other social media platforms like Instagram, Youtube, Google, TikTok, Snapchat and more.

Pricing:

Has a huge effect on the profitability of your Shopify or eBay Store. After finding a profitable product, you must price it in the amount that makes you profit but also consider that if the price is too high, you might not have that any buyers.

Shipping Time:

Shipping time is the most important thing for users. Delivering your product faster is always appreciated by customers.

Customer Service:

Customer service is of great importance in any eCommerce store. 

People look for after-sales service, refund, replacement guarantees before they order from your store.

Make sure you specify all the services that you offer as a seller to that for avoiding legal claims.

Customer service is one the most important part of succeeding in this industry, most people would purchase from you over and over again.

So make sure you offer an amazing customer service and experience to make them keep on coming back to your online store.

 

dropshipping suppliers

How To Profit With Shopify As A Dropshipper in 2021? 

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How to Make Money on Shopify in 2021? 

Shopify is one of the most popular e-commerce platforms. It takes part in 20% of the market with over $100 billion in total sales.

Online sellers can easily set up and manage their own online stores using the Shopify platform.

According to Shopify’s information, there are over 1 million active stores in over 175 countries.

Here are some good ways how to profit from Shopify in 2021.

Shopify is an e-commerce seller’s platform. It adds value because of the reach features and the average price.

The Shopify platform is simple. You don’t need to be an expert to have your own store.

Their basic plan starts in the amount of $29 with many. It includes available customize.

In the Shopify app, you can find applications that can add features to your store and improve it. those applications can help you and make the experience better.

enhancing user experience, helping you become more profitable, and optimizing your store. Many of these apps are free or low-cost.

This ability to integrate your Shopify store with many tools make this all process simpler

remember the meaning of Shopify is profit, that why Shopify gives all of the tools to her costumer to succeed,

as an online seller one of the most important, this is how to manage your online store.

from sett the prices to servicing your customers.

Shopify calculator helps you make the most write data to make decisions that are writ to your business.

learn which areas of your store need to be improved and focus to optimize your profitability.

Dropshipping with Shopify

As a dropshipper, you simply need to market, acquire the customer and provide customer support, while the supplier will ship the product directly to your customer.

Benefits of Dropshipping:

Low cash flow problems, as a dropshipper you only pay the supplier after the customer has paid you for the product. And there is no need to hold a physical stock.

There are no shipping fees or logistical payments, thus the fees are low.

Low risk as a supplier, most of the time the supplier is dealing with the returns process,

The dropshipper is responsible for customer acquisition with marketing and customer support.

As a dropshipper you must pay attention to the source reliable suppliers as product quality, delivery reliability, and returns policy, that’s can make or break your reputation as an online store owner.

One risk of being a dropshipper is that your profit can below if you don’t set the right pricing strategy.

Remember to your profit as part of the process to succeed and profit more as a dropshipper.

 

E - commerce - online Shopping

What is ecommerce?

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Ecommerce, also known as internet commerce or electronic commerce, refers to the buying and selling of merchandise or services using the internet, the transfer of money and data to execute these transactions.   

Ecommerce is often used to refer to the sale of physical products online. But it can also describe any kind of commercial transaction that is facilitated through the internet.  

while e-business refers to all aspects of operating an online business. eCommerce refers specifically to the sale of goods and services.  

 

E-commerce has evolved to make products more convenient for you, the reason is to discover and buy products through online retailers and marketplaces. Independents, small businesses, and big companies have all benefited from e-commerce. It allows them to sell their goods and services with a system that was not possible in traditional offline commerce.

Four main types of eCommerce models can describe any transaction that takes place between consumers and businesses.

Business to Consumer  

When a business sells a commodity or service to an individual consumer.  

Business to Business   

When a business sells a commodity or service to another business.   

Consumer to Consumer   

When a consumer sells a good or service to another consumer.   

Consumer to Business  

When a consumer sells their services or products to a business or organization.   

   

Examples of Ecommerce  

Retail  

It is the sale of a product by a business directly to a customer without any intermediary and

Wholesale  

It is the sale of products in bulk, often to a retailer that then sells them directly to consumers and

Dropshipping  

It is the sale of a product, which is manufactured and shipped to the consumer by a third party and  

Crowdfunding  

It is the collection of money from consumers in advance of a product being available to raise the startup capital necessary to bring it to market and

Subscription  

It is the automatic recurring purchase of a product or service regularly until the subscriber chooses to cancel and

Physical products  

It is any tangible good that requires inventory to be replenished and orders to be physically shipped to customers as sales are made and

Digital products  

It is downloadable digital goods, templates, and courses, or media that must be purchased for consumption or licensed for use and

Services  

It is a skill or set of skills that is provided in exchange for compensation. You can purchase the service provider’s time for a fee.