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Dropshipping is a business model that allows entrepreneurs to sell products manufactured, warehoused, and shipped by third-party dropshippers from their own online store. Typically, products are only charged to the business owner after a sale, meaning there’s almost no risk of overstocking.
Dropshipping is a great option for first-time entrepreneurs. It frees up time that can be refocused on marketing and provides a low-risk way for small businesses to test out new product ideas (and product lines) without having to own and pay for the product upfront.
The dropshipping industry is estimated to be worth $197 billion—a 53% increase from 2020, with experts predicting a $500 billion valuation by as early as 2027.
The pandemic is largely responsible for dropshipping’s exploding popularity. Research shows that 52% of consumers increasingly turned to online shopping compared to before the pandemic, with one in three purchasing items they’d otherwise buy through traditional retail.
Dropshipping on Shopify can be very profitable because items are only shipped after they’re sold, so it’s nearly impossible to overstock or lose funds on products. The only costs incurred are those of your Shopify plan, your domain, and ads.
Dropshipping is a popular route for new business owners to start making money online. That’s because the dropshipping business model offers:
Expect to spend at least 10 to 15 hours per week to generate up to $2,000 in monthly revenue through your dropshipping business. But, just like any other small business, the time you invest increases your odds of making substantial revenue. Our experience shows it’ll take at least 12 months of full-time work on your dropshipping business to replace an average full-time income of $50,000.
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