Table of Contents
- 1 What is dropshipping?
- 2 Why dropshipping Sri Lanka?
- 3 In Sri Lanka, how does dropshipping work?
Many people desire to manage a successful business that serves customers not just in their region, but all across the world. This post is for you if you were one of the people who had the dream.
Dropshipping is a business that offers everyone the same opportunities. It makes no difference whether you live on an island or in a bustling city. If you want to provide a better future for yourself and your family, you can easily start an online business that will generate revenue from all over the world.
If you’re still not convinced that starting an internet business in Sri Lanka is a good idea, consider this: eCommerce sales in 2019 totaled about 3.5 trillion dollars worldwide. With the favorable global signal of eCommerce’s growth, it’s always a better option to go it alone.
You don’t have to make your things or buy them from someone else ahead of time. All you need is a reliable Internet connection and an online store. This is where your business journey begins.
The main goal of this essay is to teach you how to start your own dropshipping business in Sri Lanka. We’ll go through what a dropshipping business is, how to find good dropshipping business ideas and everything else you need to know to get started.
What is dropshipping?
When it comes to dropshipping, it’s not the same as running an eCommerce store. You can run an eCommerce website using dropshipping in Sri Lanka without holding any inventory. To put it another way, you won’t need a large sum of money to begin started with your online business in Sri Lanka.
You’ll have an eCommerce website, and when you receive an order, your supplier will be notified, and the goods will be delivered straight to your customers. As a result, your engagement is reduced. You don’t have to be concerned about stock levels, delivery arrangements, packing, or anything else. The supplier will take care of everything.
Why dropshipping Sri Lanka?
Sri Lanka is a developing country with a bright future as a place to reside and conduct an online trade-in.
Because it’s nationwide, you’ll be able to take advantage of a variety of growth factors impacting Sri Lanka’s eCommerce ecosystem. The island has a lot to offer you, thanks to a rapidly expanding computer literacy rate, long-established internet networks, and impressive GDP growth! Its connectivity enables you to maintain a consistent and frequent connection with your traders and clients, paving the road for successful business outcomes.
There are also the top payment gateways in Sri Lanka that may help you launch an online business in the country.
A diversified setting allows you to learn more about the lives and conflicts of other ethnic groups, as well as tailor your deals to a variety of customer segments.
So, no one can stop you from launching a lucrative firm that transcends territorial boundaries and allows you to operate on a worldwide basis. How would you like the opportunity to promote China-made goods to clients all around the world while staying in the comfort of your own home?
In Sri Lanka, how does dropshipping work?
Step 1: Selecting the perfect Dropshipping Business Idea
It’s all about the product you’re selling. The products you pick to offer are extremely important. You’ll need to devote some time to developing a solid business plan for dropshipping in Sri Lanka. Many people advise picking a niche product about which you are enthusiastic. However, this is not always a good idea. It’s a combination of hard work and desire that results in a nice profit. The importance of completing a proper business concept cannot be overstated. Profitable business ideas are frequently more successful. When you start making money from your business idea, you will become enthused about it.
You can use a variety of tools to work on your company strategy. Here are some resources that will assist you in creating a business plan for your dropshipping business in Sri Lanka.
Google Trends – This is a useful tool for determining whether the chosen niche is on an upward or falling trend. However, making a decision only based on this information is not a good idea. Furthermore, this tool does not indicate whether or not it is simple to perform. It’s mostly because certain niche company ideas will show an upward trend in this tool, but not enough Google searches.
Ubersuggest’s Keyword Tool – Developed by Neil Patel, one of the greatest digital marketing firm owners, these tools assist you in determining the number of individuals searching for the specified keyword on the internet. This tool also assists us in locating competitors and their positions, which will aid us in determining the viability of the chosen company plan or any future suggestions.
Search for other well-known websites in the niche you’ve chosen. Find all of the rivals in your niche, for example, if you chose fashion as your focus. Look over their website to see which products they emphasize the most. To find out which items are simple to sell, look at their fast-moving goods group.
The majority of the most profitable dropshipping businesses have trends inside the main theme. In the fashion niche, for example, sportswear has a demand and a trend. To get a competitive advantage in that niche, you should concentrate on denim. Another example is marble phone cases, which are now popular and in high demand in the phone case market. If you’re building a long-term business, you’ll want to have the trends as goods rather than the entire eCommerce site.
Remember to keep this in mind as you work on your dropshipping business plan.
Step 2: Know your competitors
You should know who your competitors are, what they sell, and how they sell the products to their customers once you’ve determined what goods you’ll sell online. A detailed competitor analysis can be done in a variety of methods.
Enter the product you want to sell along with your desired geographic location in Google Search to see who comes up first. Those that arrive on the page in Google or any other search engine tool will offer you an indication of who your top competitors are in the area. Use additional SEO tools like SEM Rush or Ahref to learn about the competition for specific keywords if you’re in a different area or your target market is in a different country. Alternatively, you may use a VPN to alter your IP address and check out the competition.
You should utilize tools like Alexa or SimilarWeb to find competitors in your niche who may not appear at the top of Google. These websites will provide a summary of your competitors’ webpages, as well as their social media profiles, any advertisements they are running, and the audience and traffic they are attracting to their site.
Make use of social media and go on a search. By conducting a thorough competitor study, I was able to develop a viable drop shipping business concept. I usually look at the social media pages and advertisements in a particular niche to see how many followers they have. How are they promoting their goods and brand? What is the level of engagement on their posts? Also, what can I do differently to gain a competitive advantage, and what can I learn from them that they already know how to do well?
You may learn about your competitors’ content and what material performs best for them using technologies like BuzzSump, so you can copy it. You may use this tool to see which material is performing well on social media, as well as how many shares and engagement these blogs receive. Signing up for a competitor’s email will also help us figure out what kind of content they use to attract clients.
Step 3: Look for suppliers
In the market, there are numerous dropshipping companies and suppliers to choose from. The scope of this article does not allow for a complete review of all of those companies and suppliers. Instead, we’ve included a list of some of the most popular dropshipping supplier directories in this article, which you can use. Please note that none of the directories listed below are certified by us. We’ve provided some ideas for you to consider.
Step 4: Build your dropshipping eCommerce website
You should utilize a few tools to start your dropshipping eCommerce business in Sri Lanka. Here are a few of them.
Domain name – The domain name is crucial for every website or organization. This is the most important thing to consider while creating a long-term corporate brand. To assist you in identifying an appropriate name and determining domain availability, you will use a free company name suggestion generator. The domain extension you choose will be determined by your target markets. If your target market is limited to Sri Lanka,.lk domains are advised. If you want to reach a global audience,.com domain is already a good choice.
eCommerce Website Development – It’s critical to get your eCommerce website up and running with payment gateway integration before you can start marketing your company. To create your website, you’ll need to use software like WIX or Shopify. If you want a professional to work on your eCommerce website, Tectera is regarded as one of the best web design companies in Sri Lanka.
Step 5: Marketing Marketing Marketing!!!
So you’ve got a domain name and a decent eCommerce site. So, what’s next? It’s time to ramp up your marketing efforts like there’s no tomorrow. When it comes to marketing, you must be aggressive. This is an important step in your Sri Lanka dropshipping business. So, instead of wasting time changing store designs, act as if you’re trying to improve the website’s appearance to get started with marketing. That is not something you should do. Your main goal should be to make your first sale on the website, as this will provide you the most satisfaction for all of your efforts.
Don’t worry if you’re a startup with a small budget. Here are some of the most effective marketing strategies for getting started with dropshipping on a shoestring budget. To get you started, here are a few:
Facebook Ads: I appreciate that spending $500 on Facebook Ads can be persuasive. Many business owners believe that the first ads will yield a good profit. That is not the case. For example, on my first, I spent $20 and had no conversion. I was concerned about this setback. However, I am confident that I did not put a significant amount of money in danger at the outset. As a result, I promptly got up and developed my second ad, which managed to get conversions for five cents per click. It is recommended that you keep your ad budget low at first so that you may experiment. You will have no idea what your best-selling products will be at first. As a result, design multiple commercials that are all different to identify your best-selling product and campaign. If you want to focus on the entire planet, I recommend excluding Canada, the United States, the United Kingdom, and Australia. This will assist you in obtaining a strong return with a low ad spend. As your company grows, you should boost your budget and begin focusing on developed countries such as Canada, the United States, the United Kingdom, and Australia.
Retargeting Advertisements: If you have a limited budget, I recommend using retargeting ads because they are less expensive than traditional ads. This ad is only effective if your website has a large number of organic visitors. For example, suppose you produced a fantastic blog about your items and your website is receiving a lot of traffic. With the use of retargeting ads, you can now turn that visitors into customers. This is far superior to standard Facebook ads, and it is also more cost-effective.
Influencer Marketing: If you want to start a dropshipping business in Sri Lanka, you’ll need to be a little small at first. If you can’t afford to pay influencers, you can instead give them an affiliate commission to work with you. Alternatively, you might provide them free things and ask them to promote them. Because not all of the impacts will result in a sale, the offering affiliate commission is a good option. It’s like trying something new in the dark. You can reduce the risk of your dropshipping business by paying an affiliate commission rather than an advertising price.
Receive free media coverage: Using free platforms like HARO, you will receive three emails per day from reporters asking for stories for their articles. Others may be seeking product recommendations, while others may be looking for influencers in a specific field. In any case, with the help of your retargeting ad, this free traffic will assist you in generating purchases. To generate a more targeted emphasis, send people to a specific category page or a product page instead of adding a link to your main page. For the hyperlink, you should continue to use your brand name.
Step 6: Optimize your campaigns and website
After you’ve completed the launch of your eCommerce website, brand development, and marketing, it’s time to evaluate the results of your efforts. You’ll notice that some ads function effectively while others do not. Check which ads did well and why, and then begin altering the ads to make them more competitive and optimized.
To evaluate the performance, you can use free tools like Google Analytics or Google Search Console. You should also utilize these techniques to determine your reach and ensure that your staff is growing rather than shrinking. Automate a weekly or monthly report to obtain a sense of the performance if you’re utilizing separate applications for social media and email marketing.
Overall, it is critical to test and optimize your online eCommerce business to achieve proper success and boost your online revenue. Analyzing will ensure that your website does not fall behind in terms of best practices, and it will also keep you ahead of your competitors.