Shubhankar Paranjape

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Just Yesterday, We got this store flipped for an amazing fortune. I have been looking at multiple Ecom/dropshipping stores of friends/clients, many ad accounts, and people do struggle to be profitable. Most 6-figure businesses are barely profitable, this is because they are focusing on the wrong aspects of their business.
The reality is, the front-end is where the cash really ISN'T. I want to continue to explain that the back-end is where the cash is. Building trust, upsells, cross sells, reviews, return customers, trust badges, automation and marketing/ads is what I focus on.
You might be familiar with most of it but are possibly struggling with the fb ads factor. Honestly, even I consider myself a noob at it. But if I can do it, you can too. For full clarification this is the exact strategy we have been following:
➡️ Start with the big 5 being- UK, AU, US, CA and NZ.
➡️ Leave the ages open being 25+. They work the best.
➡️ Make your language English(Obvious!).
➡️ Use 3 stacked interests relating to the product and the third is online shopping without expanded interests.
➡️ Testing all new ad sets straight on purchase conversion.
➡️ Make placement Instagram + Facebook News Feed
➡️ 1 day click and on autobid works fine.
➡️ Make your ad engaging like this using a good image/s for carousel or a video ad with a good thumbnail using canva (Or a 3D image works wonders!)
➡️ Duplicate the ad twice and try 2 additional interests and set them at $5 a day to be launched at midnight
➡️ Leave for 48 hours and verify results!
➡️ That's it - you can now make ads for testing on Facebook!
This is what we've been using for testing all products. Nothing amazing or professional, just plain, easy and simple.
But Again, It is very important you understand that it's not 100% in the back-end. You can have the perfect and the most lucrative ad in the world, but if you have a shit website, you aren't going to make any money.
This is a value post to help you grow, learn, and scale in your respective stores. Trust me, it's not as easy as it looks and it is time-consuming, but if you keep hustling, you are going to make it through. You all can do this

Shopify Sales SS Proof - Copy.png
 
D

Deleted member 1274522

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Just Yesterday, We got this store flipped for an amazing fortune. I have been looking at multiple Ecom/dropshipping stores of friends/clients, many ad accounts, and people do struggle to be profitable. Most 6-figure businesses are barely profitable, this is because they are focusing on the wrong aspects of their business.
The reality is, the front-end is where the cash really ISN'T. I want to continue to explain that the back-end is where the cash is. Building trust, upsells, cross sells, reviews, return customers, trust badges, automation and marketing/ads is what I focus on.
You might be familiar with most of it but are possibly struggling with the fb ads factor. Honestly, even I consider myself a noob at it. But if I can do it, you can too. For full clarification this is the exact strategy we have been following:
➡️ Start with the big 5 being- UK, AU, US, CA and NZ.
➡️ Leave the ages open being 25+. They work the best.
➡️ Make your language English(Obvious!).
➡️ Use 3 stacked interests relating to the product and the third is online shopping without expanded interests.
➡️ Testing all new ad sets straight on purchase conversion.
➡️ Make placement Instagram + Facebook News Feed
➡️ 1 day click and on autobid works fine.
➡️ Make your ad engaging like this using a good image/s for carousel or a video ad with a good thumbnail using canva (Or a 3D image works wonders!)
➡️ Duplicate the ad twice and try 2 additional interests and set them at $5 a day to be launched at midnight
➡️ Leave for 48 hours and verify results!
➡️ That's it - you can now make ads for testing on Facebook!
This is what we've been using for testing all products. Nothing amazing or professional, just plain, easy and simple.
But Again, It is very important you understand that it's not 100% in the back-end. You can have the perfect and the most lucrative ad in the world, but if you have a shit website, you aren't going to make any money.
This is a value post to help you grow, learn, and scale in your respective stores. Trust me, it's not as easy as it looks and it is time-consuming, but if you keep hustling, you are going to make it through. You all can do this

View attachment 118974
May I ask for how much you flipped the shop? How long did you have the shop and what was the total revenue and profit? :)
 

Shubhankar Paranjape

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May I ask for how much you flipped the shop? How long did you have the shop and what was the total revenue and profit? :)
Can't share the exact figure, but here's the outline-

We flipped it for a lower 5-figure (since it was a declining MoM).
The shop has been up and running for almost an year or more.
Total revenue was in 6-figures.
Our approx net profit was 30%.
 

Shubhankar Paranjape

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Whats the payment gateway that you used?
Just paypal and credit card.

Stripe is a great gateway too ( if you want to start ecom/dropshipping ), just that I couldn't use it since it doesn't work here in my country.
 
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HofiKingston

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do you have some tips for finding good products?
do you spy and analyze on competition ?
 

Shubhankar Paranjape

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Which country you from? India?
Yes, India it is.

do you have some tips for finding good products?
do you spy and analyze on competition ?
I hunt for products by myself. Basically this store was a particular niche store and not a general/ winning products one. Also, I don't spy to get winning products but I do analyse competitors' in my niche/domain.
 
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psychicboy2

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How is your net profit is at 30% ? Can you break it up?
 

Shubhankar Paranjape

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How is your net profit is at 30% ? Can you break it up?
1) We've had partnership with the supplier for an extra discount (You just need to do a little talking and convincing).
2) We spent just $20k-30k on ads (Just facebook and sometimes instagram).
3) A good amount of our sales were through organic marketing, retargeting strats, list building, too, which were free.

So in general, we reduced most of our spends to maximize our profits. After that, we sold the store for lower 5-figures.
Collectively, That made around 30% net profit for us, approximate (Excluding the amount we got after selling the store- that was just a cherry on the cake).
 

redarrow

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so you was making 61k a year .

and sold for 122k two years money ?

not bad not a lot but not bad .

you made
220k a year
30% total profit
61k year
sell for ?
x2 year , 24 months income
122k

you said 5 figure sum why , worth 6 figures easly .

why sell anyway why not automate the whole project ,you had the cash , start a new one , why so hurry to get out

any reason ?

you could of use a va company and just took cash every month .

why bail sounds silly to me !

is this all fairy tails?

what you just sold many marketers have got going and more on other adventure ,serious marketers 200k + per year normal income yearly .

when a method get to a good size using a va or getting staff for each project is a way to expand while getting into a diffrent method .

running or selling dont gain profit that throwing it all away .

why do that afther a year of hard work sounds dumb or a lie .

or is this thread to look good selling a business you built online to get credit via the people .

it like me saying this , yesterday i spent 300k on my swimming pool , so what who cares .

__________###
This is amazing info totally agree ...


strategy we have been following:
➡️ Start with the big 5 being- UK, AU, US, CA and NZ.
➡️ Leave the ages open being 25+. They work the best.
➡️ Make your language English(Obvious!).
➡️ Use 3 stacked interests relating to the product and the third is online shopping without expanded interests.
➡️ Testing all new ad sets straight on purchase conversion.
➡️ Make placement Instagram + Facebook News Feed
➡️ 1 day click and on autobid works fine.
➡️ Make your ad engaging like this using a good image/s for carousel or a video ad with a good thumbnail using canva (Or a 3D image works wonders!)
➡️ Duplicate the ad twice and try 2 additional interests and set them at $5 a day to be launched at midnight
➡️ Leave for 48 hours and verify results!
➡️ That's it - you can now make ads for testing on Facebook!
__----------####

but selling it not so good idea sorry .

There was so more many 200k years left ...

so what happends now :: unemployement line ::

could of invested that income into homes projects, and rented to gain more cash , need to think out the box .(( we all get old quick ))
 
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Shubhankar Paranjape

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Messages
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so you was making 61k a year .

and sold for 122k two years money ?

not bad not a lot but not bad .

you made
220k a year
30% total profit
61k year
sell for ?
x2 year , 24 months income
122k

you said 5 figure sum why , worth 6 figures easly .

why sell anyway why not automate the whole project ,you had the cash , start a new one , why so hurry to get out

any reason ?

you could of use a va company and just took cash every month .

why bail sounds silly to me !

is this all fairy tails?

what you just sold many marketers have got going and more on other adventure ,serious marketers 200k + per year normal income yearly .

when a method get to a good size using a va or getting staff for each project is a way to expand while getting into a diffrent method .

running or selling dont gain profit that throwing it all away .

why do that afther a year of hard work sounds dumb or a lie .

or is this thread to look good selling a business you built online to get credit via the people .

it like me saying this , yesterday i spent 300k on my swimming pool , so what who cares .

__________###
This is amazing info totally agree ...


strategy we have been following:
➡️ Start with the big 5 being- UK, AU, US, CA and NZ.
➡️ Leave the ages open being 25+. They work the best.
➡️ Make your language English(Obvious!).
➡️ Use 3 stacked interests relating to the product and the third is online shopping without expanded interests.
➡️ Testing all new ad sets straight on purchase conversion.
➡️ Make placement Instagram + Facebook News Feed
➡️ 1 day click and on autobid works fine.
➡️ Make your ad engaging like this using a good image/s for carousel or a video ad with a good thumbnail using canva (Or a 3D image works wonders!)
➡️ Duplicate the ad twice and try 2 additional interests and set them at $5 a day to be launched at midnight
➡️ Leave for 48 hours and verify results!
➡️ That's it - you can now make ads for testing on Facebook!
__----------####

but selling it not so good idea sorry .

There was so more many 200k years left ...

so what happends now :: unemployement line ::

could of invested that income into homes projects, and rented to gain more cash , need to think out the box .(( we all get old quick ))
As I said, the revenue was declining gradually and our niche was getting saturated (People were spying). We weren't spending much on ads since we wanted am effective growth. If you notice the graph, you'll know how bad the MoM was getting. I understand your point too, but it was a group decision (mine and my partners) to sell it before we start incurring losses), plus, we were getting a really good amount too for it ( A legit businessman who knows the outcome of this store wouldn't have bought it for the price we sold it for). Also, this wasn't our only store- we've got 3 others running in unsaturated markets which we intend to scale further. Let's see how it goes, I might post another result with a ton of value soon for others to learn and progress in their own journey :)
 

JimmyWong

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eCommerce guy here. I run a number of ecommerce businesses, a warehouse with over a dozen staff. We do a lot of business and have been in business since 2004.

There's a few drawbacks to this business model that need to be addressed before diving in; #1 horrendous amount of chargebacks you're going to be getting due to slow delivery times, #2 sheer amount of work in customer service, #3 dealing with returns. These are things to consider.

The massive flaw in this poor business model is the slow delivery times and clearly you have nowhere to return the item. If you can solve delivery times, you may have a decent business.

In 2019, customers in CAN/UK/AUZ/NZ/US do not want to be waiting 3 weeks to get a product and find out it's from China. Something to think about.
 

Shubhankar Paranjape

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eCommerce guy here. I run a number of ecommerce businesses, a warehouse with over a dozen staff. We do a lot of business and have been in business since 2004.

There's a few drawbacks to this business model that need to be addressed before diving in; #1 horrendous amount of chargebacks you're going to be getting due to slow delivery times, #2 sheer amount of work in customer service, #3 dealing with returns. These are things to consider.

The massive flaw in this poor business model is the slow delivery times and clearly you have nowhere to return the item. If you can solve delivery times, you may have a decent business.

In 2019, customers in CAN/UK/AUZ/NZ/US do not want to be waiting 3 weeks to get a product and find out it's from China. Something to think about.
Completely agreed. We do our best to reduce the delivery times by pairing ourselves up with the supplier(s) but still we manage to bring it to minimum 5 and max 20 days delivery time. We usually assure the customer for a safe delivery alongwith providing the tracking numbers too, so I guess it's fine.
 

jhakasseo

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Man that is really amazing statistics. I am even struggling with the basic concept of Dropshipping.
How do you handle that much of orders? Manually or Any tool or Hired VA for this?
 

MaNameDingle

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Nothing new or useful, I've watched like 5 videos about dropshipping and never touched shopify and even I could've written a better "guide" or whatever this is, couldn't be more vague and why's it in the white hat SEO section? Just another wanna-be ecommerce guru.
 
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