Social media marketing for your business in 2023

Make every transaction count for your customers
Keep queues short with ultra-fast, integrated payments
Practice-friendly EFTPOS made for healthcare
Fast, simple and secure countertop and mobile EFTPOS
More time for guests and greater ways to pay
Let your customers pay the way they choose
Guidance and inspiration for running your business
See what our customers have to say about Tyro
Handy tips and tools for your business
Common customer questions answered
Answers and updates when you need them
Our Australian-based Customer Support is here to help 24/7
24 August 2022 - 6 min read
Business Strategies
Dropshipping is a popular way of selling products that’s taken the eCommerce world by storm. But what exactly is dropshipping and what does it entail? Read on to find out!
Dropshipping is an order fulfillment method where retail businesses don’t actually keep the products they sell in stock. Rather than having shelves filled up with inventory that they send out when an order comes through, they get a third party (think a manufacturer, wholesaler or another retailer) to package up the product and send it directly to the customer.
A business that dropships appears the same as any other traditional online store; it’s what lies behind the virtual counter that’s different. Instead of doing the picking and packing themselves at a store, warehouse or home studio, the retailer enlists a distributor (who could be located wherever) to handle all aspects of product delivery – making them the middleman and the meat in the customer-supplier sandwich.
Here’s how the dropshipping process works:
Generally, the shorter the supply chain, the greater the profits, because fewer parties are getting a piece of the monetary pie.
Dropshipping offers a unique set of benefits that traditional online stores lack. Here’s what makes dropshipping so effective:
One of the biggest benefits of dropshipping is how little you need to get started. Since you don’t have to splash any cash on building up an inventory, upfront costs are significantly slashed. The only things you really have to spend money on are building a swanky website and spreading the word about your business through strategic marketing and advertising.
Having zero inventory also means you don’t have to manage it (i.e. monitor how much you have, reorder it when it’s running out, and ship it off to customers), keeping overhead costs relatively low as you operate your business. Even as your business grows, and these costs increase, they’ll still be low compared to brick-and-mortar stores.
This lack of inventory also means you don’t run the risk of purchasing products and having no one buy it, leaving you with dreaded dead stock (and money you can’t get back).
A dropshipping business can essentially be run from anywhere there’s an internet connection, as you don’t have any stock to keep track off. As long as you communicate with your suppliers and customers, you can manage your business no matter where you’re located.
Another benefit of dropshipping is that you have more room to chop and change your products and make the most of trends that are going around. Instead of ordering in new inventory, if a supplier stocks an item, you can simply list it for sale on your website at no extra cost – saving you both time and money.
Since you don’t have to invest a fortune into dropshipping, it’s a good way to test out customers’ appetite for certain products. Whether you’re launching a store for the first time, or have a bricks-and-mortar one but want to test the waters before committing to a new product, dropshipping is a great way to experiment with your offering.
With traditional retail businesses, if your orders double, so does your work. With dropshipping, however, your workload doesn’t automatically increase. Since most of the work to process extra orders will be done by your suppliers, you’ll be able to expand your business with fewer growing pains and without being glued to your computer.
With these benefits also come risks. Here are the potential downfalls of dropshipping that you should know about:
Now that you know what dropshipping is all about, let’s talk about how to get started. Here’s the steps you’ll need to take to get a dropshipping business off the ground:
All businesses start with an idea. Think about what you want to sell and approach your research in the same way you would if you were opening up a bricks-and-mortar store.
Once you’ve worked out what you want to sell, you can scour the web and look at the competitors you’ll be up against. Without copying what they do, they may hold clues to success and inspire the direction you take your store in.
Arguably one of the most important steps is choosing your drop shipping supplier. In Australia, there’s a great selection going – just a quick Google search will reveal your options. When looking for the ideal supplier, make sure they align with your business and offer the high-quality service you’re after.
A website is the cornerstone of any dropshipping business, so make a beeline to a website-building platform to create one yourself or seek out a professional web designer to develop one for you. The key here is building a site with all the features you need to sell your products effectively.
The final step in starting a dropshipping business is letting people know about it. Create and implement a strategic marketing plan to give yourself the best chance at getting your store off the ground.
Want to learn about Tyro’s eCommerce solutions? Give us a shout!
25 Jan 2023 - 6 min read
21 Dec 2022 - 6 min read
19 Dec 2022 - 6 min read
14 Dec 2022 - 6 min read
Australian-based 24/7 support