How to Make Money on Shopify: 10 Proven Ways in 2023

Shopify is a thriving eCommerce platform for entrepreneurs to build and grow online businesses. Whether you’re a seasoned business owner or just starting, making money on Shopify can initially seem daunting. 

But fear not. In this article, you will learn how to make money on Shopify. From building an online store to monetizing your social media presence, I will equip you with actionable ideas that have helped countless entrepreneurs succeed on Shopify. 

So, let’s explore the exciting world of e-commerce and start unlocking the potential of your Shopify store!

How to make money on Shopify? 

1. Build an ecommerce Store

Creating an eCommerce store on Shopify is a viable method for monetizing and capitalizing on the ever-increasing online shopping market.

As a comprehensive e-commerce solution, Shopify provides various tools and features that make it simple to sell online. By focusing on creating a visually appealing, user-friendly, and optimized store, you can attract customers, generate sales, and enjoy the benefits of a thriving online business.

Customized online store

Shopify is renowned for its ease of use and customization capabilities. With a vast selection of themes and an intuitive interface, you can create professional-looking Shopify stores that reflect your brand identity and resonates with your target audience. 

Shopify’s robust app ecosystem allows you to add various functionalities and features to enhance your store’s performance and customer experience.

Excellent marketing tools

One more major benefit of utilizing Shopify is the platform’s integrated SEO and marketing features. These features empower you to optimize your store for higher search engine visibility, drive organic website visitors, and promote your products using multiple channels such as social media, email marketing, and paid ads.

Secured online payments

Furthermore, Shopify offers a secure and reliable platform for processing payments and managing orders. You can provide your customers with a streamlined checkout experience by integrating multiple payment gateways.

2. Become a Shopify Affiliate

Becoming a Shopify affiliate is an exciting opportunity to make money on the platform by leveraging your online presence and promoting Shopify to your audience. 

As a Shopify affiliate, you can earn commissions for every new customer you refer who signs up for a paid plan. This monetization method is especially beneficial for bloggers, influencers, and business consultants with a solid following and a passion for eCommerce.

Substantial passive income

The main benefit of being a Shopify affiliate is the potential for passive income. By creating valuable content showcasing the advantages of using Shopify and sharing your unique referral link, you can generate revenue without needing ongoing effort once your content is live. The more people you successfully refer, the higher your earnings can be.

Excellent support and resources

Another advantage of being a Shopify affiliate is the support and resources provided by the platform. Shopify provides various promotional materials, including banners, logos, and email templates, to assist in successfully advertising your services. Additionally, you’ll have access to a dedicated affiliate manager who can provide guidance and assistance to maximize your success.

Build an authority online

Moreover, as a Shopify affiliate, you can establish yourself as an authority within the eCommerce space. By offering your knowledge and insights about Shopify, you can build trust with your audience and establish yourself as an authoritative source for eCommerce.

3. Create a Shopify Dropshipping Business

Building a Shopify dropshipping store is an innovative and profitable way to make money on the platform without needing to manage inventory or handle fulfillment. 

Dropshipping is an eCommerce model where you act as a middleman between the suppliers and the customers, allowing you to focus on marketing strategy and customer service while your suppliers take care of product storage and shipping.

Minimum initial investment

The primary benefit of starting a Shopify dropshipping business is the low, upfront investment required. With no need for pre-purchasing inventory, launching your store with minimal capital makes it an excellent option for entrepreneurs wanting to explore the eCommerce world.

No need for storage space or logistics

Another advantage of dropshipping is offering a wide range of products without worrying about storage space or logistics.

By partnering with reliable Shopify merchants or using services like Oberlo, you can access thousands of products across various categories, enabling you to cater to different customer preferences and expand your offerings as your business grows.

Intuitive and customizable user interface

Shopify’s user-friendly interface and robust app ecosystem make setting up and managing your dropshipping store easy.

With many themes, customization options, and integrations, you can create a professional online store that suits your brand and appeals to your target audience.

Dropshipping is a flexible business model

Lastly, the flexibility offered by the dropshipping model allows you to pivot and adapt to changing market trends quickly. As you’re not tied down to inventory, you can easily switch suppliers or introduce new products to stay ahead of the competition.

4. Monetize your social media presence

Leveraging your social media presence is a powerful strategy to make money on Shopify. A robust online presence is essential for the success of any eCommerce business in today’s ever-expanding world of social media.

By promoting your Shopify store and products to your followers, you can drive traffic, generate sales, and capitalize on the power of social media marketing.

Large audience base

The main benefit of monetizing your social media presence is tapping into a vast audience base. By sharing engaging content, promoting your products, and building genuine connections with your followers, you can create brand awareness and attract potential customers to your store.

Brand loyalty and customer advocacy

Another advantage is the opportunity to foster brand loyalty and customer advocacy. You can develop trust and credibility by consistently providing valuable content and engaging with your followers, leading to repeat purchases and word-of-mouth referrals.

Support various features and tools

Moreover, social media platforms now offer various features and tools designed to facilitate eCommerce, such as Shoppable posts and social commerce integrations.

These functionalities streamline the shopping experience for users and increase the likelihood of conversions, ultimately contributing to your revenue growth.

Insights into the target audience

Additionally, monetizing your social media presence allows you to gather valuable insights about your target audience.

You can make data-driven decisions to optimize your store, product offerings, and marketing strategies by analyzing your followers’ behaviors, preferences, and feedback.

5. Sell a Niche Product

Selling a niche product is a strategic approach to making money on Shopify by catering to a specific market segment with specialized needs or interests.

By focusing on a niche, you can differentiate your brand from the competition and attract a loyal customer base who values your unique offerings.

High-profit margins

The main advantage of selling a niche product is the potential for higher profit margins. By addressing the unique needs of a specific audience, you can charge premium prices for your products, as customers are often willing to pay more for specialized solutions that cater to their requirements.

Build expertise and credibility in the field

Another advantage is establishing yourself as an expert in your chosen niche. By concentrating on a particular market segment, you can develop a deep understanding of your customer’s needs and preferences, allowing you to offer tailored solutions and build trust with your audience.

Less competition

Moreover, selling niche products can reduce competition, as fewer businesses cater to specialized markets. This allows your brand to stand out more easily and capture a larger market share, contributing to your long-term success.

More effective marketing

Additionally, marketing efforts can be more targeted and efficient when focusing on a niche audience. Creating content and promotions tailored to your target market can capture their attention and drive highly qualified traffic to your store, resulting in a higher conversion rate.

6. Sell digital products and downloads

Selling digital products and downloads is an innovative way to make money on Shopify by offering intangible goods that customers can easily access and consume online. 

Digital products can encompass many offerings, such as eBooks, online courses, software, graphics, and more. By creating valuable digital content that appeals to your target audience, you can generate sales and enjoy the benefits of a thriving online business.

Lucrative profit margins

Selling digital products can increase substantial profit margins for your own store. Since there are no manufacturing or shipping costs associated with digital goods, you can keep your expenses low and enjoy a larger share of the revenue generated from each sale.

Easy to scale and manage inventory

Another advantage of selling digital products is the ease of scalability and inventory management. With digital products, there’s no need to worry about stock levels or storage space, as your customers can instantly access and download your offerings upon purchase. 

Thus, you can focus on creating and marketing your products without the logistical challenges of physical goods.

Increased customer satisfaction

Additionally, selling digital products can increase customer satisfaction, as buyers can access their purchases immediately without waiting for shipping. 

Instant access to digital products can also contribute to impulse buying, leading to higher conversion rates and increased sales.

You can sell on a global scale

Furthermore, the global reach of digital products enables you to tap into a broader customer base. With no geographical limitations, you can sell your digital products to customers worldwide, expanding your market and increasing your revenue potential.

7. Sell print-on-demand products

Selling print-on-demand products is a creative and flexible way to make money on Shopify by offering customized merchandise without needing inventory management or upfront investment. 

Print-on-demand services provide the opportunity to craft distinct designs and apply them to various merchandise, including t-shirts, mugs, posters, and more. When a customer orders, your print-on-demand partner produces and ships the item directly to the buyer, allowing you to focus on marketing and design.

Low-risk business idea

Selling print-on-demand products is a low-risk financial bet. Since you don’t need to purchase inventory in advance or deal with unsold stock, you can launch your store with minimal capital and scale your business as demand grows.

Establish your creativity and brand identity

You can express your creativity and establish a unique brand identity. By designing original artwork or collaborating with talented artists, you can offer one-of-a-kind products that resonate with your target audience and set your store apart from the competition.

Easy to test and experiment

Moreover, print-on-demand services enable you to test new product ideas and designs quickly and cost-effectively. You can easily experiment with different offerings to determine which ones resonate best with your customers, allowing you to optimize your store and maximize sales.

Reduce wasted consumption

Additionally, the print-on-demand model offers a sustainable approach to eCommerce by producing items only when people order them, reducing waste and promoting responsible consumption.

8. Offer Freelance Service

Freelancing is an excellent way to make money on Shopify by capitalizing on your skills and expertise in various fields, such as web design, marketing, content creation, or photography. 

By providing valuable services to other Shopify store owners or eCommerce businesses, you can generate income while helping others succeed in the online marketplace.

Flexibility

One of the main benefits of offering freelance services on Shopify is its flexibility. As a freelancer, you can choose your clients, set your working hours, and determine your rates, allowing you to create a work-life balance that suits your needs.

Steady income

You can earn a steady income as a freelancer on Shopify. The eCommerce industry continuously grows, with more businesses launching online stores daily. This creates a high demand for skilled freelancers to help these businesses thrive, ensuring a steady stream of clients and income opportunities.

Build a solid professional network

Moreover, offering freelance services allows you to build a robust professional network within the Shopify ecosystem. As you collaborate with various clients and partners, you can establish valuable connections leading to future projects, referrals, and long-term business relationships.

Freelancing contributes to growth

Additionally, freelancing can contribute to your personal and professional growth. By working with diverse clients and tackling new challenges, you can hone your skills, expand your expertise, and become a sought-after expert.

9. Develop a Shopify app

Developing Shopify apps is an innovative and lucrative way to make money on the platform by creating valuable tools and features that enhance the functionality of Shopify stores. 

As a developer, you can identify specific needs or gaps in the market and create apps that address those challenges, ultimately helping store owners streamline their operations, improve customer experience, or boost sales.

High-profit margins

You can keep 80% of the revenue if you sell apps and 100% if you sell themes until you make more than $1 million. 

Opportunity for growth

Building Shopify apps give you the potential for exponential growth. With over a million active Shopify merchants, your app has a large market of potential customers. If your app becomes popular and garners positive reviews, it can quickly scale and reach a wider audience, leading to increased revenue.

Promotion opportunities

Moreover, developing a Shopify app allows you to tap into the thriving Shopify ecosystem and access resources, support, and promotional opportunities. 

By participating in Shopify’s Partner Program, you can gain visibility within the Shopify App Store, connect with other developers and partners, and receive guidance on app development best practices.

10. Start Your Clothing Brand

Starting your own clothing line is a creative and fulfilling way to make money on Shopify by designing and selling unique apparel that reflects your style, values, and vision. 

You can build a successful clothing business that resonates with your target audience by establishing a solid brand identity, sourcing high-quality materials, and promoting your products effectively.

Express passion and creativity for fashion

The main benefit of starting your clothing brand is the opportunity to express your creativity and passion for fashion. By designing original garments or collaborating with talented designers, you can create a distinctive collection that sets your brand apart from the competition and captures the attention of potential customers.

Build a loyal customer base

Another advantage is the potential for building a loyal customer base. By offering stylish, well-made products that align with your customers’ tastes and preferences, you can foster brand loyalty and encourage repeat purchases, contributing to long-term success.

Take advantage of the thriving eCommerce market

Moreover, starting a clothing brand allows you to tap into the thriving eCommerce market as online shopping grows in popularity. With the help of Shopify’s powerful tools and features, you can create a visually appealing, user-friendly online store that showcases your products and facilitates a seamless shopping experience for your customers.

Promote ethical and sustainable practices

Launching your own clothing brand also enables you to promote ethical and sustainable practices within the fashion industry. By sourcing eco-friendly materials, supporting fair labor practices, and adopting responsible production methods, you can positively impact the environment and the lives of those involved in the manufacturing process.

How much can you make on Shopify?

The amount of money you can make on Shopify varies greatly depending on your business model, niche, marketing strategy, and the effort you put into growing your store. 

Some merchants may experience modest success, while others can generate millions in revenue. Shopify merchants can generate as little as $60 to even $1 million per month. 

The key is to remember that every store’s journey is unique, and there’s no guaranteed income level. However, by selecting a promising niche, offering high-quality products or services, and implementing effective marketing strategies, you can increase your chances of success and maximize your earning potential on Shopify.

Ultimately, the key to generating substantial income on Shopify lies in your dedication to understanding your target audience, constantly optimizing your store’s performance, and staying adaptable to changes in the market. 

With persistence, hard work, and a well-executed plan, you can unlock the full potential of your Shopify store and enjoy the financial rewards that come with it.

Is Shopify a good way to make money?

Shopify is a good way to make money, as it offers a user-friendly platform for entrepreneurs to create and launch their online businesses quickly. 

The platform’s popularity speaks for itself, with over 1.75 million merchants using Shopify as of 2023, processing over $79.5 billion in revenue.

The extensive range of features and tools available on Shopify empowers merchants to manage their stores effectively, from inventory management to payment processing and marketing efforts. 

The platform’s flexibility also allows for various income-generating opportunities, such as selling physical or digital products, offering freelance services, developing apps, or starting a clothing brand.

However, it’s important to note that success on Shopify requires dedication, strategic planning, and consistent effort. While the platform provides the necessary tools and resources to build and grow an online business, it’s up to the entrepreneur to invest time and energy into understanding their target market, optimizing their store, and implementing effective marketing strategies.

FAQs

How do I deal with taxes on Shopify?

Shopify does provide you with the 1099-K form for tax purposes. You can learn more about that process here.

How to start making money on Shopify?

I will summarize the 10 ideas for making money on Shopify to save you time:

1. Build an eCommerce Store.

2. Become a Shopify Affiliate.

3. Create a Shopify Dropshipping Business.

4. Monetize your social media presence.

5. Sell a Niche Product.

6. Sell digital products and downloads.

7. Sell print-on-demand products.

8. Offer Freelance Service.

9. Develop a Shopify app.

10. Start Your Clothing Brand.

What to sell on Shopify to make money?

Here are some of my top picks for the best items to sell on Shopify: 

1. Health and Beauty Products.

2. Travel Accessories.

3. Smartphone Accessories.

4. Eco-Friendly Products.

5. Vegan Products.

6. Digital Products.

7. Sports and Fitness Products.

8. Home and Garden Products.

9. Car and Bike Accessories.

How long does it take to make money on Shopify?

It depends on various factors, such as your niche or marketing strategies. Some people may see profits within their first month, while for others, it could take several months or even a year. 

Can you really make money with Shopify?

Yes, you can make great money with Shopify. If you’re good enough at building eCommerce or dropshipping stores on Shopify, you can flip Shopify stores is an excellent way to earn substantial profits. Successful Shopify stores generating healthy revenue can sell for millions of dollars. 

Does Shopify pay you every day? 

No. You need at least $25 to get paid from Shopify. For any revenue during the 1st and the 15th day of the month (inclusive), you will get payment 5 business days after the 15th day. 

Is Shopify worth it for a small business? 

Yes, Shopify is an excellent platform to build a store online for small businesses. With its extensive features and intuitive user interface, small businesses can create online stores that satisfy their customers. 

Can you really make six figures from Shopify? 

Yes, the top Shopify stores make up to six figures per month. However, it takes time to build the best Shopify store. On average, you can earn around $1000-$2000 per month with a 10-20% profit margin. 

How do I make my Shopify store profitable? 

1. Choose the best products.

2. Take fantastic product photos.

3. Set up your email marketing.

4. Market your business on social media.

5. Invest in SEO.

6. Create a return policy.

7. Provide excellent customer service. 

8. Have a dedicated accounting tool for your business.

Featured Image Source: Image by storyset on Freepik.