Shopify is primarily a platform to make your e-commerce store. You can use it to create your own online marketplace and sell whatever you wish without having to code a single line!
With more and more people switching to online shopping than ever before, anyone with an online business has a website nowadays. It makes your store seem professional and can help build trust among your customers.
But did you know, you can also make money with Shopify in other ways? While dropshipping seems to be the popular choice among Shopify entrepreneurs, there are other ways to make money using Shopify as well! Let’s find out how.
Is Shopify Still the Goldmine in 2023?
Yes, Shopify is still an amazing platform for entrepreneurs and small business owners even in 2023!
People are turning towards the ease and convenience of online shopping more than ever before and no matter what you want to sell, Shopify can help you create a business out of that!
Shopify has experienced significant growth in recent years and is widely regarded as a leading option for businesses looking to set up online stores.
Many entrepreneurs and small-to-medium-sized businesses found success using Shopify due to its user-friendly interface, extensive features, and various customization options.
So, How Can You Make Money on Shopify in 2023
Since there are so many people jumping on the Shopify sales wagon, the competition is increasing. If you want to stand out with your business, it’s always a good idea to start with an innovative approach and zoom in on a specific niche.
Here are some ideas to help you brainstorm how you can start to build your empire on Shopify.
The obvious example is to start a dropshipping business using Shopify. Simply create an account with Shopify, choose a subscription plan, and then design your shop.
After that, you can list out pretty much any kind of products you want and place orders through AliExpress or Alibaba, or other third-party integrations available on Shopify.
Shopify makes it really easy for you to be the middleman, without having to pay for or store any inventory like you would with a traditional business model.
Your orders can get directly placed on AliExpress and then shipped with the help of other parties. Since Shopify is so popular, there are hundreds of other software and integrations that you can use with Shopify to further elevate your store and make the entire process more efficient.
With Shopify dropshipping, there are third parties that will deal with the delivery, returns, shipping, inventory, and pretty much everything else you might need to run a store. So you can sit back and manage your business!
2. Store Creation For Others
If you’ve built your own store on Shopify before or have some experience dabbling around with the interface, you probably already have a good idea to design a store on Shopify.
What seems easy to you, might feel daunting to someone new to this technology.
You can sell your abilities as a freelance designer, or developer on different websites where people can hire you on a project basis to build their Shopify Stores! This one is great for those of you who enjoy the process of designing a store but don’t want to deal with the hassle of maintaining a business.
3. Creating Shopify Theme
Similarly, you can also design and create Shopify themes or integrations that other Shopify users can use for their business. There’s a Shopify App store where you can sell these things on and earn money.
This one is a little hard since the competition is high and there’s a risk of never seeing any revenues. You have to deal with all the deployment expenses yourself, until your theme or app does well on the market and people start using it (which might never happen).
4. Subscription Bundle
Almost everyone has a Netflix account or an Amazon Prime account these days. With so many subscriptions popping up, it can be hard to find everything in one place. You can sell subscription boxes where people can get several subscriptions in one place and you can help them manage their accounts.
5. Blind Date with Books
Another great idea for subscription-based stores is a book subscription store! People can subscribe to get a curated selection of new books every month. You can select different genres, best-selling titles, new writers, new countries, and pretty much anything you want to help your customers discover new books!
6. Custom Products
You can also make a cool Shopify store selling custom products that your users won’t find anywhere else. Be it engraved necklaces, monogrammed gifts, or custom print t-shirts, there are always people who love something unique! You can even offer to create special resin projects or clay knick-knacks to commemorate special events or memories and sell those!
7. Gifting Service
Another innovative way to make money on Shopify is to sell a service. If you have a knack for arts and crafts and enjoy curating gifts for people, then you can sell that skill on Shopify! Create a curated gift box store, where people can order gift boxes for special occasions.
You can take custom orders depending on what kind of preferences the customer has and also suggest what gifts might be great for different people! Trust me, a lot of people struggle when it comes to giving presents to their loved ones! And you can help them make their loved ones feel special! ‘
Focus on a specific clothing niche, such as activewear, sustainable fashion, or plus-size clothing. Curate a unique collection and market it to your target audience. These sell because there’s a demand for them in the mainstream market. Many people find it hard to find certain types of clothes. So use that to your advantage.
With social media being so prevalent these days, you might have a large following on your Instagram or Facebook profile for instance. It doesn’t matter which platform you use, but if you have a good following you can use that to your advantage and earn money with Shopify.
Shopify is launching an affiliate marketing program of sorts, called Shopify Collabs. You can apply to partner with Shopify and use your social media presence to influence your followers to buy products on Shopify! The stores make a profit and you earn a commission from it!
This is much more risk-free and easier than setting up a dropshipping store and you don’t need any money to start!
Cater to pet owners by offering a wide range of pet supplies, including toys, grooming products, and accessories. Consider targeting specific pet niches, such as organic or eco-friendly products.
People will spend a lot of money on their pets! So as long as you can offer good quality products, you can expect to get a lot of loyal customers. You can even sell organic, homemade pet food catered to their pet’s dietary restrictions and sell it as a subscription.
Health and Wellness Products
With the growing interest in health and wellness, consider selling products like supplements, natural skincare, or fitness equipment. Skincare especially is a booming market nowadays. If you have local recipes or packs that you use regularly, and that work for you, you can elevate those home-made recipes into something more marketable to an audience. People love organic, home-remedies and trust natural products without any chemicals!
How long does it take to break even on Shopify?
The time it takes to break even on Shopify can vary significantly depending on various factors, including the type of business, the products being sold, marketing strategies, pricing, operating costs, and overall business execution. It is challenging to provide a specific timeline as it differs for each individual or business.
Some Shopify store owners may achieve profitability and break even within a few months, while others may take a year or longer. It depends on factors such as the initial investment, sales volume, profit margins, customer acquisition, and retention rates.
To increase your chances of breaking even sooner, it’s important to conduct thorough market research, develop a comprehensive business plan, and implement effective marketing and sales strategies.
You should closely monitor your financials, adjust your approach as needed, and continuously optimize your store to improve conversion rates and customer satisfaction.
Remember that building a successful business takes time and effort. It’s crucial to have realistic expectations and be prepared for potential challenges along the way.
How much can you realistically make on Shopify?
While the average range of Shopify revenue is somewhere between 500 USD – 5000 USD per month, how much you can make with your Shopify store really depends on your specific circumstances. There is in fact no limit to how much you can make, but that also means you can fail and never see any profits.
Don’t be scared, however, the difference between a successful Shopify store and an unsuccessful one is only the utilization of the right techniques and marketing.
There are no hidden prerequisites that put certain people at an advantage. This is why people love the Shopify business model so much. Everyone has a chance to make a reliable source of income.
Proven Tips for Making Money on Shopify
While it can be very daunting to start your own business, if you stick at it long enough with the right techniques you’ll start to see profits soon enough.
Here are some tried and tested tips from Shopify experts who have made a living off of Shopify:
Find a Profitable Niche:
Identify a niche market with high demand and relatively low competition. This allows you to target a specific audience and differentiate yourself from larger, more generalized retailers.
High-Quality Product Photography:
Invest in professional product photography that showcases your products in the best light. High-quality visuals can significantly impact customer perception and increase conversion rates.
Effective SEO Strategy:
Implement a solid search engine optimization (SEO) strategy to improve your store’s visibility in search engine results. Optimize your product titles, descriptions, and metadata to attract organic traffic and potential customers.
Ensure your Shopify store is mobile-friendly and responsive. With the rise in mobile shopping, a seamless mobile experience is essential for capturing and retaining customers.
Upselling and Cross-selling:
Utilize upselling and cross-selling techniques to increase average order value. Offer related products or suggest upgrades to customers during the checkout process.
Social Media Marketing:
Leverage social media platforms to promote your products and engage with your target audience. Create compelling content, run targeted ad campaigns, and use influencer marketing to expand your reach.
Customer Reviews and Testimonials:
Encourage satisfied customers to leave reviews and testimonials on your store. Positive reviews build trust and credibility, increasing the likelihood of new customers making a purchase.
Build an email list and utilize email marketing campaigns to nurture relationships with your customers. Offer exclusive discounts, personalized recommendations, and relevant content to drive repeat purchases.
Abandoned Cart Recovery:
Implement abandoned cart recovery strategies, such as automated emails or retargeting ads, to recapture lost sales. Remind customers of the items they left behind and provide incentives to complete their purchases.
Monitor and analyze data:
Utilize analytics tools to track your website’s performance, conversion rates, and customer behavior. Use this data to identify areas for improvement and make data-driven decisions to optimize your store.
While making money on Shopify is not necessarily easy, it is very convenient compared to more traditional business models. More and more people are turning to Shopify to build a sustainable business.
And unlike other models, you have a fair chance at success as long as you know how to play to your strength!
Don’t stick to the popular approaches, and try to do something unique to stand out. That is how you can make money with Shopify!