The method
Use in ChatGPT/Gemini. First, validate a dropshipping niche by outlining its market size, target audience, and competition. Then, prompt for potential product ideas within that niche, focusing on high-demand, low-competition items. Finally, request sourcing strategies to find reliable suppliers.
The prompts
Prompt 1
I want to start a dropshipping business. My main concern is finding a profitable niche. Help me analyze the viability of the [niche name] niche. Provide data on market size, ideal customer demographics, competition analysis (identifying key players and their strengths/weaknesses), and potential challenges. Suggest refinements to the niche if needed to improve its profit potential. Also include SEO recommendations specific to [niche name].
Prompt 2
Based on the validated [niche name] dropshipping niche, generate a list of 10 product ideas with high demand and low competition. For each product, explain why it is likely to be successful, estimate potential profit margins (considering sourcing costs and potential retail price), and identify target keywords for search engine optimization. Rank the product ideas from most promising to least promising, based on your analysis. What are the current trends in [niche name] that I should be aware of?
Prompt 3
Now that I have a list of potential products for my [niche name] dropshipping business, I need to find reliable suppliers. Suggest strategies for sourcing these products, including identifying reputable platforms (e.g., AliExpress, Alibaba, SaleHoo), vetting potential suppliers (e.g., checking reviews, verifying certifications), and negotiating favorable terms (e.g., pricing, shipping times, return policies). Also, provide guidance on managing supplier relationships and mitigating potential risks, such as supply chain disruptions or quality control issues. What red flags should I look for during supplier vetting?