Purchase inventory, store it, select, pack, and ship it. Managing inventory is a significant time investment for business owners.
What is dropshipping:
Dropshipping is a fulfillment approach in which a third-party supplier stores and sends your product directly to clients. It is one of the greatest businesses to launch because of its cheap overhead costs, hands-off nature, and scalability.
You only need to make sales and forward orders to your supplier; you do not need to handle any things yourself. In fact, it is one of the easiest and least expensive enterprises to launch.
How does Dropshipping Work?
You can arrange products from several vendors into your own online marketplace under a motif that focuses on a particular niche, such as yoga gear, dog water bowls, fishing rods, mobile, etc. When a customer purchases a product from you, the request is sent to your vendor, who carries out the transaction on your behalf. You are nevertheless liable for your own marketing and sales.
You may collaborate with both domestic and international suppliers if you can create a connection based on trust; an untrustworthy vendor will leave a bad impression on your business.
Before investing in your own actual product, dropshipping allows you to evaluate product-market fit and begin a business with minimal financial risk. Always purchase a sample for yourself to ensure that your supplier is dependable and that the products’ quality is suitable for reselling to your clients.
Famous dropshipping suppliers/stores include:
- Ali Express
- SaleHoo
- Megagoods
- Wholesale2B
- Inventory Source
- Ali Baba
- Doba
- Oberlo
- Worldwide brands
- Modalyst
- Spocket
How to start a dropshipping business?/Step by Step procedure to start a dropshipping business
- Commitment to start a dropshipping business
- Choose any suitable dropshipping business idea
- Perform competitive research
- Select a dropshipping vendor/supplier
- Develop an e-commerce store
- Finalize business structure
- Marketing/Advertising of your store
