It’s estimated that there’ll be a huge 2.14 billion digital buyers worldwide this year, which is not surprising considering the impact COVID has had on increasing digital purchasing. With this larger digital pool of consumers, many entrepreneurs and established stores are selling to them using the eCommerce method of Dropshipping – but what exactly is it?
Dropshipping is a business model where retailers can sell products to consumers without handling or storing the products. A customer buys a product through a Dropshipping store, and the retailer alerts their supplier to process, package, and ship the order directly to the customer. It’s straightforward and has become very popular for a variety of reasons.
Entrepreneurs use it to create an online business and sell products to regions where certain products aren’t commonly available, sometimes yielding great profits. Brick and mortar stores use it to trial new products to sell. Ecommerce retailers use Dropshipping to generate more profit on top of their onsite inventory – creating up to 50% more profit than those who don’t. The popularity of the Dropshipping model can clearly be put down to its being adaptable to different circumstances, and it shows no sign of slowing down. It’s estimated that by the year 2025, Dropshipping will be worth over $550 billion!
For more information and advice on starting a Dropshipping business, Website Builder Expert has created a new infographic all about it. Read it below: