What is Dropshipping?
Dropshipping is fulfilling a sale on behalf of your customer without physically handling the product. It's based on the economic principal of buying low and selling high.
You find an inexpensive wholesale/dropship product on a website and list it for sale for a higher price on a different website. When a customer makes a purchase, you fulfil the sale on behalf of the customer. You ship it directly to them so you don’t require any inventory.
This is a great method to use when testing products or when you're just starting out and don't have a lot of capital to put in yet.
Please note: typically, you have to purchase the product first before you can get reimbursed.
You do need some money set aside for the first few sales that come in because on some websites like Amazon and Ebay you won’t receive the funds for a few weeks.
The Highs of Dropshipping:
You can make a lot of money in a short amount of time with out much investment, knowledge of business, economics, web design, products, etc
There are TONS of resources to learn how to be successful at Dropshipping
Some great Youtube channels to learn from are:
Wholesale Ted: https://goo.gl/c15Wve
Steps to Success: https://goo.gl/u5bmqB
Freedom Formula: https://goo.gl/YDxsgv
Lows of Dropshipping:
There is a high competition for selling items but pick the right niche product with a high profit margin and you can become very successful. Sometimes, you have to pay for the inventory upfront before you can get reimbursed, all depends on the websites you use and payment methods. You have to fulfill each order individually and it can be time consuming, you can hire a VA to help make things more efficient.
Sometimes returns can get messy so do your project research! Easy to use research tools are:
Links to Dropshipping Sourcing Websites:
Worldwide Brands: https://goo.gl/TKp8LT
Aliexpress doesn’t have any fees to get started so it’s a great place to start! Their app is really fun to use, they have lots of freebies and giveaways. It’s great for when you’re waiting, you can look through it and look over potential products to sell. Make sure to compare them to Amazon’s pricing as some products are NOT cheaper.
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The platform is the only Canadian-based wholesaling and dropshipping network in the world. It connects Canadian makers, retailers, manufacturers, producers and wholesalers with qualified business buyers or resellers from around the globe who will resell their products. All products are sold in bulk quantities to general wholesalers and for the public to view.
Are you a Canadian Manufacturer or Vendor? Create your free listing today: www.canbaba.ca