How to Make Money on Shopify: 14 Proven Tips for 2024

How to Make Money on Shopify: 14 Proven Tips for 2024

Shopify has made it easy for anyone with a business idea to set up their own ecommerce store, sell products quickly and easily, and make money online.

With over a million ecommerce stores onboard, there’s a chunk of the pie for everyone.

Although the Shopify platform is easy to use and full of helpful features, store owners are always on the lookout to make money on Shopify. That’s why there are so many online courses and digital marketing materials on the subject.

In this article, we’ll get into 14 great strategies that can help you make money on Shopify.

So grab a pen, take notes, and let’s get this money-making party started!

Creating an ecommerce store

As you would expect, the first step towards making money on Shopify is actually creating an ecommerce store.

Here are some tips if you’re just getting started selling products online on a Shopify site.

1. Choose a product niche

The first decision you need to make (before you even create a Shopify account!) is what types of products your Shopify store is going to sell. The best Shopify business ideas fit into a well-defined niche that comes with a built-in target audience and identity.

You should choose a niche that aligns with your interests, passions, and expertise when you’re starting your own website. 

If you’re passionate about the outdoors, for example, you could start an outdoor apparel online business. 

Whatever niche you pursue, it’s essential that you conduct market research and really understand the options out there. After all, there are almost certainly other Shopify store owners who are in the same niche as you!

Check out your competition and figure out how you can differentiate yourself. This can be through offering unique products or using unique marketing and sales channels.

2. Create a good-looking website

There are two aspects to creating an online store that can make money on Shopify: visual appeal and user experience.

Firstly, how a Shopify store looks is crucial to how well it will perform. A messy and poorly designed online store doesn’t leave potential customers with much faith in its products or reliability. 

Remember, you won’t be able to showcase your products in an attractive way without creating an overall look and feel for your Shopify store that’s appropriate for your brand.

Secondly, creating an online store that has a clean, logical customer experience is essential. 

If you want to make money on Shopify (and especially if you want to flip Shopify stores), you need to make sure your website is easy to use. There shouldn’t be any holdups.

Online, numerous instances showcase Shopify projects that deliver outstanding results in terms of user experience. 

For example, when a customer places their order, make sure there’s a variety of shipping and payment methods available to them.

3. Manage inventory and fulfillment

It’s crucial for Shopify merchants to correctly implement an inventory management strategy. You don’t want to have issues with your manufacturing team or your dropshipping supplier just as your Shopify store starts to take off and make money.

There are a number of different ways to set up your inventory and fulfillment strategy depending on your business model. 

If you plan to start a Shopify dropshipping business, you don’t need to worry about having lots of inventory on hand, but you do want to make sure that your dropshipping supplier(s) can handle any sudden surges in demand you might experience.

On the other hand, if you’re not planning to create a dropshipping store, it’s important that you have a plan to keep enough inventory on hand to meet demand. You should also know how long it’ll take you to replenish your inventory.

Finally, you should also have a plan to ship and deliver your products to your customers in a timely manner. You don’t want to get behind on your orders and have to disable shipping to catch up.

Marketing your Shopify store

In this section, we’ll cover how to create a marketing strategy that can get your Shopify store on the map. 

There’s no real difference between operating a dropshipping business on the ecommerce platform and creating a store with your own clothing line or other products—the principles are the same.

4. Focus on SEO

Ranking well on searches for relevant Google keywords is a cornerstone of running a profitable ecommerce store in 2024. 

The first thing that most consumers do when they’re thinking about buying almost anything is to Google it.

No matter what you’re selling—physical products, digital products, or services—you can create a blog to deliver useful information to your potential customers (just like Caraway does in the example below).

How to make money on Shopify by achieving a great SEO ranking

Not only will these blog posts rank well on Google (as long as you optimize them correctly), but they’re also a great way to establish yourself as an authority in your niche. That’s why most online stores have a blog!

There are many different Shopify apps that are devoted to helping you navigate the process of optimizing your online storefront for search engines. Depending on your budget, you can either write your own blog posts or hire a content writer.

Recommended reading: 10 Ecommerce SEO Tips to Increase Organic Traffic

5. Be present on social media platforms

Another key aspect of any marketing strategy for a Shopify store revolves around building and leveraging a social media presence

Social media gives you the opportunity to cultivate a loyal following of enthusiastic customers, generate social proof that attests to the value of what’s on offer, and promote your Shopify store.

Another popular social media tactic is establishing an affiliate marketing program to get influencers to promote your brand. Many clothing business owners have generated a lot of business by getting affiliate links to popular influencers.

When you can run high-performing social media marketing campaigns and reach a large audience, you can make money on Shopify in a way that’s both quick and sustainable.

Check out how Happy Box uses social media to run giveaways and generate hype around their brand:

How to make money on Shopify by establishing a social media presence

6. Build an email list

Unlike other sales channels, email marketing doesn’t rely on any third parties (like social media sites) to reach out to your target audience. It’s owned media that you have complete control over.

Almost all Shopify stores use email marketing as a crucial part of their sales pipeline. 

Shopify merchants can use email marketing to send discount offers, promote their seasonal sales, and build a base of loyal customers. All of these help stores make money on Shopify!

However, the first thing you need to do in order to implement an email marketing strategy is to build a list of email subscribers. 

There are a number of Shopify apps you can use to build an email list. Popups are the best way to promote your list and generate subscribers on a Shopify store because they’re so good at grabbing attention.

Here’s an example from Vegetology of a great list-building campaign that was made with OptiMonk, which is available in the Shopify app store.

Vegetology making money with an email popup

If you’d like to get started with a similar email popup, try these templates:

7. Run ads

Finally, Shopify merchants should also use a variety of paid ads to maximize their exposure on several different sales channels, including social media and search. 

You should ask yourself what platforms your audience tends to spend the most time on and prioritize them. If your target audience is younger, you might want to look into TikTok ads and TikTok ads metrics, but you probably wouldn’t take the same approach with an older audience.

As we’ve seen, digital marketing is essential for making money online, and spending some money on paid advertising is part of it.

Scaling your online business

Once you’ve used marketing strategies to bring traffic to your e-commerce store, you still need to convince those visitors to make a purchase!

In this section, we’ll go over how to generate online sales and get your business idea to start paying dividends. You’ll be able to implement some of these ideas from your Shopify admin dashboard, but others will require the use of third-party Shopify apps.

8. Save cart abandoners

One of the most common issues that Shopify merchants face is cart abandonment. On average, 66.5% of visitors who have added an item to their cart will leave without completing their purchase. 

This is a crucial problem to solve if you want to make money on Shopify.

Luckily, there’s an effective way to convince customers to complete their purchases instead of abandoning their carts: exit-intent popups

These campaigns appear right before a visitor closes a Shopify store browser window, delivering a compelling offer at exactly the right moment.

Here’s an example from KissMyKeto, which achieved a 15.05% conversion rate on the back of their high-value discount offer.

Make money online fast by optimizing your Shopify store with exit-intent popups

Check out these cart abandonment popup templates if you’d like to decrease your cart abandonment rates:

9. Personalize landing page headlines

If you’re running a lot of paid ads on social media, it’s a great idea to personalize your landing pages for visitors arriving from different ads.  

If someone clicks on an ad that’s about a specific topic or type of product, you want to make sure that they see content that matches their interests when they arrive on your site.  

Here’s a great example from Obvi, where they’ve created complementary Facebook ads and landing page copy.

Obvi making money with landing page personalization

10. Segment visitors

When you’re running an ecommerce business, it’s vital to understand your incoming traffic on an individual level. Segmenting your visitors into groups that share common characteristics can unlock plenty of opportunities for making money on Shopify.

For example, differentiating between new and returning visitors can help you personalize your messaging for customers at different stages of the customer journey. 

Since early-stage customers aren’t necessarily ready to make a purchase, it often makes sense to show them lead-generation campaigns or useful informational resources.

Or you can follow Vegetology’s lead and create a message for returning visitors promoting a special discount on a new product bundle. This campaign had a 14.59% click-through rate.

How to make money on Shopify by segmenting visitors

11. Run experiments

It can often be difficult to predict which version of a campaign or discount will work best for a specific Shopify store. That’s why it’s important to run experiments and A/B tests—it’s always better to make decisions using hard data instead of your gut instinct.

You can A/B test various elements of your website and messaging, including headlines, offers, and calls-to-action. When you figure out the ideal version of a campaign, all the extra conversions you generate become extra dollars in your pocket.

Here’s another example from Vegetology where they tested multiple headline and subheadline variants against each other. The best-converting version added 9% to their conversion rate.

How to make money on Shopify by running experiments

Boost your online store with AI

In the final section, we’re diving into the world of AI to supercharge your online business and increase conversions.

Here’s the lowdown on how to turn your own store into a money-making machine with some cutting-edge AI tricks.

12. Optimize product pages

Your product pages are like the front doors to your store, welcoming tons of traffic from ads. Yet, many shop owners overlook them because tweaking thousands of pages sounds like a headache.

But fear not! With AI, you can streamline this process.

You can use the power of AI to create better headlines, descriptions, and benefit lists, and run A/B tests to tailor the ideal product page. And do it for thousands of product pages – parallelly.

Take Mounteen, for example. They saw an 18% revenue boost by optimizing their product pages with AI.

Here’s what they did using OptiMonk’s Smart Product Page Optimizer:

  • They added a bold, catchy slogan at the top of each product page to grab visitors’ attention.
  • They added a clear, benefit-driven subheadline below the slogan to showcase the value proposition.
  • They highlighted the main product benefits with a bulleted list in the above-the-fold section so visitors could instantly see how the product addresses their challenges or enriches their lives.
Mounteen product page optimization

13. Display dynamic product recommendations

Ever felt like someone’s reading your mind when you’re shopping online?

That’s the magic of dynamic product recommendations powered by AI.

In 2024, ecommerce brands need to say goodbye to static product displays and hello to personalized suggestions that nudge your customers toward making that purchase.

Goldelucks achieved a 12.27% increase in orders thanks to the Smart Recommender popup.

Goldelucks Smart recommender popup

14. Run automated A/B tests

Ain’t nobody got time for manual A/B testing, especially if you’re running a Shopify business.

So why not let AI do the heavy lifting for you?

Use OptiMonk’s Smart A/B testing feature and set up automated tests to tweak everything from your homepage to your product pages.

With AI crunching the numbers, you’ll know exactly what’s working and what’s not, so you can fine-tune your store for maximum conversions and making money online.

Wrapping up

In this article, we’ve answered the question of how to make money on Shopify. 

Online shopping is a big business and it offers lots of opportunities for entrepreneurs to earn money. Whether you’re trying to establish a Shopify dropshipping business or launch your own clothing line, learning all you can about the platform through an online course or posts like this will help you start making money more quickly.

Once you master the process of optimizing the performance of your online store or dropshipping business, you can even start flipping Shopify stores.

OptiMonk is available in the Shopify App Store, and it can unlock all the optimization strategies we went over above. And since it’s a freemium product, there’s no reason not to use it to start improving your ecommerce store!

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