2021 is a year stacking up to contain a lot of potential for the ecommerce industry. There are tons of opportunities for you to form the foundation of and scale your dropshipping business this year. I recently sat down with three of my ecommerce friends to discuss how 2020 Q4 performed, what went wrong, what went right, and what we learned. Ricky Hayes, Kamil Sattar, Shishir Nigam, and I are all members of The Dropshipping Council. This council is open to an exclusive group of dropshippers that have reached the $100,000 per month mark. We have all gone through ups and downs on our road to success and have some ecommerce tips and tricks to share with you to start building your own ecommerce empire. Read on to discover the key takeaways from our 2021 dropshipping masterclass.
Did 2020 Q4 Live up to the Hype?
With the emergence of COVID-19, the ecommerce industry saw new growth, as well as new struggles throughout 2020. There was a lot of hype in late 2020 about how Q4 would stack up for the industry. Many industry leaders predicted the biggest Q4 ecommerce has ever seen due to COVID-19 restrictions and the rise of ecommerce as a whole. However, for Ricky, Kamil, Shishir, and me, Q4 didn’t necessarily live up to all the hype.
So, why was Q4 such a letdown? The main reason for this letdown had to do with slow shipping times and supply shortages due to COVID-19. While some of us saw less in revenue but more in profit, Q4 was plagued with massive delays. Due to the shortages and slow shipping speeds, refunds were also at an all-time high during Q4. So while Q4 didn’t live up to the hype, it provided many useful lessons for us in the ecommerce industry.
What 2020 Q4 Taught Four Dropshipping Millionaires
The number one takeaway from 2020 Q4 for four dropshipping millionaires is to focus on what’s in your control. None of us can control shipping speeds or supply shortages brought on by a global pandemic. However, we can control how we manage these situations and where we put our energy. The results of 2020 taught us all to focus our energy on only what we can control within our dropshipping businesses.
Placing energy on what you can control includes building assets for your ecommerce business that are in your control. Social media is great, but my 2020 experiences also taught me that it’s not an asset that is fully in my control. Instagram locked us out of one of our business accounts for over two weeks. This experience taught me to place more of my focus on building email lists and collecting phone numbers. Why? Because that is an asset that can’t be taken away. To grow these assets also requires a deep focus on creating great landing pages with compelling copy. All in all, always place your energy in aspects that are in your control. Your ecommerce business will be better served by following this principle.
2021 Ecommerce Tips
Looking ahead at 2021, there are rising trends that every ecommerce dropshipper should be aware of as the year progresses. For Ricky, Kamil, Shishir, and I, the following are our top 2021 ecommerce tips for all aspiring dropshippers.
1. Digital Products Are a Must
If you haven’t tapped into the digital product market yet, 2021 is the time to do so. More than ever before, people have tons of time to get on their phones and consume an infinite amount of digital products.
A simple example of a niche digital product market is presets for photographers. Tons of people are getting into photography and editing as a hobby or side hustle. Selling presets is a great way to tap into this growing niche market. The great thing about digital products is that there are very few logistics to worry about. You aren’t sending out a physical product. This means you have no concerns about the slow shipping speeds or supply shortages that the COVID-19 pandemic has brought on.
At Ecommerce Empire Builders, we also love to mix digital products with physical products. This is definitely a concept you should consider incorporating into your own dropshipping business. There is a ton of psychology behind why this marketing strategy converts. You can read more about it in the book, Paid to Think.
I’ve been using this model on my woodworking funnel and have been getting a ton of conversions by selling a woodworking tool and bundling it with a digital product that teaches the customer how to use their new tool. Remember, it’s one thing to sell someone a product, and it’s another to teach them how to use it. Overall, incorporating digital products into your 2021 ecommerce endeavors is our biggest ecommerce tip.
2. Get More Out of Each Sale
In 2021, you have to be getting more out of each sale if you want to grow your ecommerce business. To get more out of your customers and to stretch your revenue, you need to be utilizing upsells within your funnels. Simple upsells that make sense will transform your profit margins. Another way to get more out of your sales is by creating some sort of subscription service. This could be an exclusive digital members area or a monthly box subscription. Whatever model you choose, a subscription service has the potential to grow your ecommerce business by leaps and bounds.
3. Tap Into Customer Emotions
The last of the ecommerce tips to really focus on in 2021 is to tap into customer emotions. On-demand printing has really taken off in the dropshipping industry. People love having personalized apparel, accessories, or other items. While on-demand printing is becoming a saturated marketplace, if you can find a niche that you can separate your business from others, you have a winning endeavor. Think about emotional angles when creating these types of businesses. If you can pull on the heartstrings with your product, you will be able to achieve a very high conversion rate.
Consult With the Pros
Now it’s time to get to work! I hope these ecommerce tips will help you as you navigate the evolving ecommerce industry throughout 2021. If you feel like you need more guidance with developing your mindset and growing your ecommerce business, feel free to reach out to us today. At Ecommerce Empire Builders, we can help you build, launch, and scale your own profitable dropshipping business. To get the ball rolling, sign up for access to our exclusive free webinar today. Be sure to check our YouTube channel for even more free ecommerce and insights. Remember, your empire starts now!
2 thoughts on “Ecommerce Tips From Dropshipping Millionaires”
Always great to read any of your articles. It’s a personal call to action.
Happy that we can help you!