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This post is the last in our series on ways you can make money online.
Just because we waited to talk about dropshipping last doesn’t mean it’s not a lucrative way to make money online. Quite the opposite, actually. In the last few years, vendors offering fulfillment services have become increasingly popular in the online selling community.
“You sell it, we ship it” is the heartbeat of dropshipping. I mean, come on. That’s a preeeetty sweet deal. Most of the time, you won’t ever have to tape a box, print a shipping label, or even lay eyes on your inventory!
Dropshipping allows you to ship your products directly from the manufacturer to a storage facility, where they are kept safely by a third-party vendor until the point of sale. Even then, you don’t have to lift a finger. The vendor will package and ship the order to your customer in a timely manner, and boom — you get a stellar review. The biggest potential pitfall? You’re heavily dependent on your vendors for your business reputation.
The goal of every seller using dropshipping is to:
- Become an “approved retailer” with wholesalers, thereafter gaining access to hundreds of products that you can list in your online shop
- Stay on top of what’s hot and what’s not! Time spent doing product research is not time wasted, in fact, you might be well served to set aside time monthly to investigate which products are trending online.
- Build lasting relationships with third-party vendors that you can TRUST!
- Invest a fair amount of money into marketing, SEO, campaigns, etc. for a steady flow of sales and traffic to your site.
Some of the benefits of dropshipping include:
- No storage costs for inventory.
- Low overhead when you launch your business. All you need is a website! If you use an online platform like Amazon, Ebay, Shopify, Etsy, or others, setting up a seller account is quick and fairly cheap, considering the benefits that come with accessing their global marketplaces.
- No long hours fulfilling orders during the holidays (or any other time of the year).
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Some of the challenges include:
- Customer support can be a pain because you’re not in control of the fulfillment process.
- Managing inventory issues can be a headache, too. Stay on top of what’s in stock with your vendor to avoid customers ordering something that is out of stock.
- Profit margin’s can be lower since you’re paying someone to fulfill every order. Here’s a glimpse at the pricing for a fulfillment service available to Amazon sellers called Fulfillment by Amazon (FBA).
- Competition from other sellers selling identical product can make it challenging to maintain a profitable company.
Like we said in our very first post in this series, we’ve been in this industry for a long time (over 40 years, to be exact!) and we’re convinced that finding a physical, shippable product to market and sell online has never been easier. Yes, you may need some time to decide which product model to choose… just make sure you actually CHOOSE one! We’re at a unique point in shopping history where online selling is a true competitor of brick and mortar stores, and we don’t want you to miss out on your unique opportunity to be a successful entrepreneur.
Don’t stop here! Keep your momentum by obtaining more information. Get our FREE Fast Track to Private Labeling Video Training Series today!