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What is dropshipping?
Dropshipping is an online business model to sell products without holding inventory yourself. You take control of your online store presence, marketing strategies, customer service, and so on; while your suppliers take care of order fulfillment and logistics on your behalf. When you receive orders from your customers, your supplier will ship the products to your customers directly.
Is dropshipping still profitable?
With the right strategy, yes, dropshipping can be profitable. Without purchasing inventory in advance, it requires much less cash flow to scale than other business models. Some dropshippers can scale from 10 orders per day to 100 orders per day within 2 months. You can duplicate your successful dropshipping store and expand the business to another geo, or in another language.
How do I get better at dropshipping?
Dropshipping has a much lower barrier to entry compared to some other online businesses, however, 90% of dropshipping stores fail to survive longer than 6 months, due to lack of knowledge, bad execution, slow shipping, terrible service, etc.
To succeed in dropshipping, there are many great courses available online (free and paid) for you to explore. Take in lots of information, research, plan, execute, and find your way through trials and errors. And of course, work with a reliable and professional dropshipping supplier!
How do I find lucrative niches?
With the reach of the Internet and social media, you can reach customers around the globe. By targeting the right audience with attractive products, any niche store could become a profitable and sustainable business.
The most popular and lucrative niches are self-improvements, health and beauty, fashion clothing, home and kitchen, and pet supplies. Google trends, Facebook Audience Insights, along with many other pad product research tools can be helpful as well.