https://www.youtube .com/watch?v=MU-ACYblciA
WooCommerce is a powerful platform for creating a dropshipping business that is scalable and easy to manage. Check out more The Journey content at https://bit.ly/GDTheJourney. ✅ Read about it on our blog ➜ https://bit.ly/3FeJeWYGoDaddy ⏰TIMESTAMPS⏰ 00:00 – Introduction 00:26 – What are the benefits of using dropshipping? 01:34 – What do you need for an efficient dropshipping store? 03:02 – WordPress plugins you can use for a dropshipping business 04:44 – Wrap up Dropshipping is a fulfillment method in which you do not source your products until after a customer places an order. Instead of holding inventory of your items, you connect with suppliers that ship products directly to customers. This fulfillment method simplifies the process of launching and running an ecommerce store because you don’t need to worry about many of the processes typically present with order fulfillment. Here are some the biggest benefits to employ a dropshipping strategy for your business: Less capital required and lower overhead Businesses that use dropshipping do not need to invest as much capital (or any) to acquire inventory. You also don’t have to establish a location to store your goods. Without inventory on hand, you don’t have to spend time organizing your products or hiring staff to handle orders. Because of this, the business model has low barriers of entry. Can stock larger catalog Dropshipping gives you more options for rounding out your product assortment. Because you don’t have to pay for the products, you add a wider range of goods to your store. With a traditional sourcing method, this luxury is not as readily available to you as you run the risk of wasted capital if the items do not sell. Faster scaling A dropshipping business can scale rapidly because order fulfillment is not limited based on the size of your warehouse or the number of workers needed to ship products. This also helps retailers that experience fluctuating sales due to seasonality and other factors. What do you need for an efficient dropshipping store? Automated ordering from suppliers While your suppliers will handle the burdensome parts of fulfilling orders, you will still need to pass along all the essential details for each purchase. This won’t be an issue if you only have a few orders. However, the time involved can quickly add up the busier your business gets. Real-time inventory sync Inventory management isn’t as direct when you dropship your products. Because the supplier stores the products, you do not have direct insight into how many items are on hand at a single time. You want to implement real-time inventory syncing to ensure that you do not sell goods that are out of stock. Real-time shipping rates If you use multiple suppliers, real-time shipping rates can help ensure that you always accurately price your shipping costs. Suppliers will have different business locations and thus will vary in their distance from customers. Now you know how to quickly add a wide range of dropshipping products to your ecommerce store. WooCommerce dropshipping may remove the need to handle logistics yourself, but it is still vital to build a strong brand and promote your products effectively. The Journey is what everyday entrepreneurs, like you, need to follow in the pursuit of online success. Our experienced GoDaddy Guides are here to take you through all the steps, both big and small, that you encounter every day. Want to learn about more ways to grow your business? Subscribe to GoDaddy on YouTube: http://bit.ly/GoDaddy-Subscribe GoDaddy links: https://www.godaddy.com https://www.youtube.com/godaddy https://www.instagram.com/godaddy https://www.facebook.com/godaddy Tweets by GoDaddy #dropshipping #woocommerce #wordpress #godaddy #thejourney