No matter all the negativities that might be surrounding the Nigerian GenZ and the millennial talks about their sheer laziness, one thing nobody can take away from them is their resilience and ability to always find a way. Every other day, innovative business ideas are shared on the internet so Nigerian youths are never stranded. These business ideas have been tagged as “side hustles” when most of them are real jobs earning the youths millions. One common business ideation among Nigerian youths at this time is dropshipping.
Dropshipping has continued to gain popularity because it is an easy way to earn money online without the stress of the market haggling. The process involved in Dropshipping is straightforward and doesn’t require tech skills. You might not even need to pay to learn the ways of a drop shipper since kind individuals offer free online trade courses.
What is Dropshipping?
Dropshipping is a process of acting as an intermediate between third-party suppliers and consumers to sell products. Many online businesses favor this business model because it doesn’t require business owners to handle logistics and inventory. Dropshipping companies focused on product branding and marketing by creating partnerships with selected production companies through effective communication. Dropshippers also handle any fee payment since they are in contact with the supplier.
Benefits of Dropshipping in Nigeria
There are several benefits of dropshipping in Nigeria; some of them include:
Minimal costs: Dropshipping requires minimal inventory investment so that you can start your business with little or no budget.
Flexibility: Dropshipping allows you to work from anywhere and any time, as long as you have an internet connection.
Sell a wide range of products: With drop shipping, you can offer a wide range of products without worrying about inventory management. Sell whatever you want from multiple suppliers.
Risk: Dropshipping is less risky than traditional retail because you don’t have to hold inventory.
Five strategic steps to Start Dropshipping in Nigeria
Here are five business strategies to exploit for a successful dropshipping business.
Choose your niche and analyze the market
The first and most crucial step in starting a dropshipping business is to choose a niche. It can be clothes, jewelry, books, gadgets, or synthetic hair. Whichever niche you choose, make sure you’re as passionate about it as you are about making money because it makes it easier to market the products. It will also make it easier for you to strategize and think of interesting marketing ideas that your customers will love.
After choosing a niche, analyze the market. Market analysis is fundamental if you want to make informed, data-driven decisions. Make a record of all your competitors and study their business models to learn a few things. If you choose a saturated niche, like the clothes business, you’ll need to put in extra work when analyzing the market.
Research suppliers based on your preferred niche
Depending on what you want to sell, there are various online suppliers. Ensure you choose a reliable and trustworthy supplier to always satisfy your customers. Choose a supplier that supplies the quality you promised your customers. There are several popular suppliers like Ali Express, Salehoo, and lots more that you can patronize as suppliers.
Research delivery options
This step comes before creating an online store because it is imperative. If you’re trying to hack the Nigerian market, you must be timely with your deliveries. Nigerians hate waiting. Once you can deliver on time and as when due, you wouldn’t even need to pay promoters to promote your business because they’ll do it for you. So, research to find the best delivery options before creating an online store.
Develop an online store with a payment platform
Develop an online store by hiring a web designer, using e-commerce websites like Shopify and woo commerce, or exploiting social media channels like WhatsApp and Telegram.
Market and manage your business
Marketing is a critical aspect of every business. If you don’t market it, how will people know about it to patronize you? Social media is a powerful tool for marketing dropshipping businesses. Use platforms like Facebook, Instagram, Twitter, and WhatsApp to reach your desired audience and sell your products. Some business owners hire social media managers, which might cost a lot since you’re just starting out. Other ways to market your business include content marketing, influencer marketing, and search engine optimization.
You don’t need an MBA in business management to decipher the business strategies that would work. If you want your business to grow, you’ll have to manage it effectively by teaching inventory, promptly fulfilling orders, carrying out routine market analysis, and providing excellent customer service.
