Skepticism around any new business venture is typical. People are afraid to take risks—and let’s face it—the cushion of a monthly salary is hard to give up.
And while you may have heard stories about successful dropshippers who are running multi-million dollar eCommerce empires, you might still be asking yourself, Should I take the leap? Is dropshipping worth it?
Starting your own dropshipping business comes with its perks, as you can run your business smoothly even with a full-time job. It’s an order fulfillment method that allows you to sell products without handling inventory and dealing with shipping. Your supplier will be in charge of handling those tasks while you focus on product research, customer service, and marketing.
Sounds easy? Well, dropshipping isn’t a get-rich-quick scheme like some people make it out to be. For any undertaking to be successful, you’ll have to put in the required amount of effort to ensure success. And if you want to scale your business, then you have to double (or triple) your effort.
In this article, we’ll discuss some of the commonly-held fears and preconceptions newbies have about dropshipping. We’ll also share some advice that will help you run a successful enterprise while avoiding the pitfalls suffered by those who’ve made costly mistakes.
Short answer: dropshipping is far from dead.
In fact, the latest data indicates that the global market for dropshipping is growing as consumers continue to shift to eCommerce.
Based on data released by Market Data Forecast, dropshipping is projected to grow by a compound annual growth rate (CAGR) of 29% from 2020 to 2025.
The same report also indicates that the fastest growing market for dropshipping is the Asia-Pacific region—a rise that can be attributed to the expansion of Internet connectivity and the growing adoption of smartphones in the region.
If you have the right tools and information (or are willing to acquire them if they are currently not within your reach), then you can make your dropshipping business a very profitable venture.
Yes, when done right, dropshipping can be profitable. Technological innovation has caused a shift in people’s purchasing habits and more of us are buying products and services from our computers and apps than ever before.
Dropshippers who want to tap into a large and growing market should look to the Far East.
According to market research provider eMarketer, Asia-Pacific (APAC) is leading the global eCommerce growth charge. In 2019, six of the 10 fastest-growing countries for retail eCommerce came from the Asia-Pacific region. India and the Philippines led the pack with more than 30% growth. These were followed by mainland China, Malaysia, Indonesia, and South Korea.
Dropshipping is a legitimate business model that is poised to grow even more in the coming years. With the rising demand for online shopping in different parts of the world, anyone who is determined to do the work can scale high and earn substantial profits.
We hope this article has helped dispel your doubts about dropshipping and has inspired you to take actionable steps in launching your own eCommerce business.
What are you waiting for?
Take action and get ready to become the next dropshipping success story!