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Tips for Creating a Dropshipping Business in Canada

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dropshipping

Dropshipping is an order fulfillment method that allows entrepreneurs to sell directly to their customers without stocking any inventory. To simplify things, if a customer orders a product from your store, they will receive the product directly from a third-party supplier.

 

The client pays the retail price set by you, and then you pay the suppliers’ wholesale price. The rest is profit. Moreover, you won’t have to handle products or invest in inventory. Platforms like printful.com/ca/drop-shipping allow users to start their business by letting them sell their products.

 

Approximately 27% of online retailers in Canada think that a drop shipping business is an easier path to success. But how can you create a drop shopping business in Canada? Continue reading to learn more.

Start with a Niche

Before starting a dropshipping business, it is essential to pick the right niche. Choosing the right niche may help you when selling your products online. Make sure to look for an appealing and desirable product that isn’t oversaturated. You can do some research to find out what products are winning the heart of people.

Build Your eCommerce Website

The best way to benefit from dropshipping is to use an eCommerce website. Many eCommerce platforms include tools to help with everything from domain name suggestions to logo design, so you can set up a nice-looking website and start selling your products.

Choose a Dropshipping Supplier

To start a successful dropshipping business, it is critical to choose a dropshipping supplier. Your dropshipping business won’t have any products to ship to customers without a supplier. Whether your niche revolves around electronics, toys, fashion, or other items, you can find many products with good profit potential from dropshipping suppliers.

Do Some Competitor Research

Once you know what you’re going to sell in your store, you may want to look at some competitors to understand how they work. Following their activity might help you build a stronger marketing plan for your business. You can find more about your competitors by running a Google search, browsing social media, or subscribing to their email lists. Everything you learn about them can help improve your dropshipping business, including their prices, product descriptions, marketing methods, and the like.

Start a Customer Acquisition Plan

Think about ways to attract potential customers to your website. You can do so by investing in Facebook Ads or running shopping ads on Google. Using social media, you can significantly increase traffic to your website. You can also offer your customers early discounts and special offers.

Choose a Business Structure

Once you’re serious about starting your dropshipping business, make sure to set up a legitimate business entity. You can either choose to start a sole proprietorship (the simplest business structure), a limited liability company (LLC), or a C corporation, which offers the most liability protection. Then request an EIN for your business.

Conclusion

A dropshipping business is a great low-cost and low-risk way to start a company online. Running an online business is no longer a struggle, as more third-party apps and marketing automation tools are released each day. If you want to start a dropshipping business, now, is the best time to do so.

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Canada Dec retail sales seen down as COVID restrictions bite

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Canadian retail sales most likely fell by 2.1% in December as authorities imposed restrictions to fight the Omicron variant of the coronavirus and retailers faced challenges, Statistics Canada predicted on Friday.

Statscan also said retail sales rose 0.7% in November, which was less than the 1.2% gain forecast by analysts.

The flash estimate for December was based on responses from 50.6% of companies surveyed. The average response rate is 90.0%.

Statscan also said some shoppers decided to pull forward their purchases to November to avoid shortages caused by endemic supply chain issues.

Andrew Grantham, senior economist at CIBC Capital Markets, said the December dip was a little larger than he had expected.

“Bricks-and-mortar retailers will have likely continued to struggle in January due to Omicron-related restrictions and staff shortages,” he said in a note.

This weakness, he suggested, might “tip the scales slightly” in terms of persuading the Bank of Canada to hold steady when it makes a rate announcement on Jan 26. Money markets see about a 70% chance that the central bank will lift its key overnight rate from the current record low 0.25%. {BOCWATCH]

The bank has previously said it could raise rates as early as soon as April.

Stephen Brown, senior Canada economist at Capital Economics, said the December decrease in sales was likely to be more than 2.1%, given the rapid spread of Omicron that month.

November’s gain was fueled by higher sales at gasoline stations, and at building materials and gardening equipment and supplies dealers.

Sales rose in six of 11 subsectors, representing 63.8% of retail trade. In volume terms, retail sales edged up 0.2%.

The Canadian dollar was trading 0.1% lower at 1.2520 to the greenback, or 79.87 U.S. cents.

 

(Reporting by David Ljunggren in Ottawa and Fergal Smith in Toronto; editing by Jonathan Oatis)

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Canada's energy patch sees 'significant' boost in investment – BNN

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Investment in Canada’s oil and natural gas industry will rise 22 per cent this year to $32.8 billion (US$26.3 billion) amid higher prices for hydrocarbons, according to the Canadian Association of Petroleum Producers.

The $6 billion gain in investment marks the second straight year of “significant” increases, the oil and gas industry association said Thursday in a report. Spending on Canadian energy is rising as U.S. oil prices surge to their highest in seven years. West Texas Intermediate futures are trading at more than US$85 a barrel and natural gas up about 60 per cent in the last year amid an energy demand recovery from the COVID-19 pandemic.

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Investment in Canadian oil sands, the world’s third largest oil reserves, will jump by a third to $11.6 billion while investment in conventional oil and gas will climb 17 per cent to $21.2 billion from last year.

Still, CAPP warned that Canada is losing out to other energy-producing regions. Canada was viewed as a “top tier” jurisdiction for international investment in 2014, when it attracted $81 billion or more than 10 per cent of global upstream gas and oil investment. Forecasts suggest Canada’s market share has fallen to 6 per cent — a drop that represents more than US$21 billion in potential investment. 

This year’s investment growth will leave the industry about where it was in 2018, before the pandemic slashed demand, Tim McMillan, CAPP’s president and chief executive officer, said by phone.

Many Canadian energy companies, similar to their U.S. peers, are paying down debt and returning cash windfalls from oil price gains to shareholders through stock buybacks and higher dividends as investors seek higher returns over growth. Meanwhile, concern about the impact of higher-than-average carbon emissions from Canada’s oil sands prompted some banks and funds to pull investment from the industry in recent years.

“There has been pressure put on the banking industry and through other mechanisms, which is pushing investment to other jurisdictions,” McMillan said.

Investment in Newfoundland and Labrador’s offshore oil industry will rise about 6.7 per cent to $1.6 billion this year, according to CAPP. In comparison, the Gulf of Mexico’s offshore investment is expected to jump 21 per cent to $13.1 billion this year.

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Peloton stock is crashing on reports it's halting production of bikes and treadmills – Yahoo Canada Finance

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The bad news flywheel continues to be spinning in warp speed at Peloton (PTON). 

Shares of Peloton crashed 24% to $24.22 on Thursday after a CNBC report that the struggling fitness company would temporarily halt production of its bikes and treadmills due to sluggish consumer demand. Shares fell below the company’s September 2019 IPO price of $29. 

The company will reportedly stop producing its bikes for two months and treadmills for six weeks. 

A Peloton spokeswoman didn’t return Yahoo Finance’s request for comment. 

“Peloton’s inventory build at the end of last quarter made it clear that they were still operating a supply demand mismatch. Unfortunately, unlike the pandemic, this time supply meaningfully outpaced demand,” BMO Capital Markets analyst Simeon Siegel told Yahoo Finance. 

Siegel has been a long-time bear on Peloton with an Underperform rating on its stock. 

Shares are now down 30% in December amid bad headlines from a product placement in the new “Sex and the City” reboot. One of the show’s lead characters, Mr. Big, suffers a heart attack after a Peloton bike ride at the end of its premiere episode. 

Earlier, Peloton’s stock crashed more than 30% on Nov. 5 after the company said that connected fitness subscribers of 2.49 million was roughly in-line with analyst estimates. The number of workouts on the platform trended lower for the second consecutive quarter. Sales fell well short of analyst estimates, and the company posted a wider loss than expected.

Peloton also slashed its full-fiscal year outlook.

The company sees full-year sales of $4.4 billion to $4.8 billion, down sharply from $5.4 billion previously. Peloton expected a full-year adjusted operating loss of $425 million to $475 million. The company had expected an operating loss of $325 million.

Shares are down 83% in the past year.

More bad news could be right around the corner: Peloton’s earnings release on Feb. 8. 

“We expect that guidance, if given, will be kitchen-sinked at this point and await more color on these various news items on the call,” Macquarie analyst Paul Golding said. Golding rates Peloton at outperform with an $85 price target, which assumes 254% upside from current price levels.

Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.

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