
Does dropshipping makes you really rich?
I've seen and watched some sucessful stories of people earning 7 figures by just dropshipping and I don't really know if it's true but I just know that it is somehow possible. And also, I have this thing in mind for so long that I will try dropshipping business when I got time and save money before I do it. Does it really make someone rich enough to buy or build thier own mansion?
October 22, 2017, 2:11 pm
Responses (105)
But my question now is, what if we do the first process/option and the consumer/customer wants a full refund for a defective product that we send from AliExpress to Amazon/eBay. How do we process the returned product and how do we send their money back? Do they need to ship it back to AliExpress since that's where the product came from? They can't return the product to eBay/Amazon since the product doesn't origin from them, in the first place. I'm confused.
But one the things that you should do also before starting dropshipping is knowing your supplier's return policy.
For example:
What is the returning process?
In what condition does the item is acceptable for returning?
How many days does your supplier will allow you to return aproduct after buying?
Who’s going to pay the return shipping fees?
Based on your supplier’s return policy, you also have to create return policy for your customer. If your supplier gives only 30 days return policy. Then you are going to give lesser number of days that your customer is allowed to return.
I just got the concept of dropshipping but I haven't triedit yet. I'm just not sure if dropshipping really works for like me that is living in the Philippines. I'm looking for someone from our country that is doing dropshipping but so far, I still haven't as I'm writing this post.
Thanks for the new information, vhinz! Have a nice day!
Thanks for the reply, anor0428! Have a nice day!
I think we will find it out if we would try dropshipping ourselves.
Many things to master and learn in the field.
You have to put a lot of work into it and know how to approach the right audience so they will purchase things and you will get paid.
In my opinion knowledge and implementation of knowledge is power, no one is going to tell you what works or how to make money. We all need to find out, ourselves by doing.
But generally speaking, yes, the dropshipping business has been pretty good in terms of earnings lately.
So many people have been successful with it but you have to know that you need to invest some money to get it going.You have to be able to sell the products that you have chosen or designed, such as t-shirt otherwise you won't earn anything. Not everybody makes a lot of money with it though. Just like any business.
I want to try Alibaba and some others given the proper training and knowledge of the product. I can't say now if I'll be a millionaire with this line of business, but I'm sure I can earn money out of it.
One of my business mentors is Sir Richard Branson of the Virgin Group. He is a billionaire and one of the richest men in the United Kingdom. I admire his business acumen because he is a risk taker e.g he started Virgin Atlantic airlines and competed with British airlines an airline that was a national carrier and already established in the market. However, he is what can be considered a social entrepreneur. He makes investments that will help the society and the environment. In my opinion, that's why he is so rich.
No, let's not get there yet. Let's just talk about getting started. So where do we start? My goto is always Uncle Google. Apparently, there are already established systems which use the dropship model.
Next question?
What to sell? I think this is the easiest and also the hardest question. Some people would just take the easy way out and sell whatever is selling, or whatever everyone else is selling. I suppose this can work. Sort of. Whatever is selling also happens to be whatever everyone else is selling. So you start by selling something which anybody can buy from a million other sellers. Alright, maybe not a million other sellers but still a lot more sellers than you can shake a mouse at.
So I think the way to answer this question is to ask yourself, what kind of product do you know well about? This, in my opinion, will give you an edge over the competition. Selling has a lot to do with knowledge and experience. Just hot air can float a balloon for only that long. You need more knowledge and experience to keep the balloon up there and going in the direction you want.
Now, I am going back to Uncle Google for more consultations.
I have never done dropshipping before. However, this thread has got me intrigued. So I asked Uncle Google for more information. Wow, there are a few dropshipping suppliers in my country. I have just registered for one. Now I am browsing their products. Actually, there are too many products. So I am concentrating on what I like. Yes, I like many things, so I have to narrow it down further. I saw a knapsack. That's it. I have a crazy interest in bags. Used to be I would go down to the secondhand stores just to look for bags. Not that I need any more. I am just that interested. Now I am looking into how to create a FB page to talk about bags.
This is the bag which got me started on thinking about selling bags via the dropshipping business model.
Personally, I am influenced by the way a website is set up. If it's very poorly designed, I take that as a sign of unprofessionalism. A serious company would take care to make sure that its website functions correctly.
So, does anyone have any dealings with Kumoten?
Their webinar was entitled 'Selling Unsexy Products on Amazon' He used suppliers in the US and from China (i,e Alibaba, and AliExpress)
He used Amazon to sell his products. On the webinar, he showed his proof of payment from Amazon. Last year he made over $1 million in profit. The trick is to find the products. Once you do, your good to go. Would $1million, build you a mansion? I think it would.
I think it's up to the location and strategy of the people who are involved of this kind of business would boom their business, as long as they manage to develop their own way best-selling, it would be fine. To make things simple this is the new way of business model. It would be a boom business I think to the rest of decades.
I have decided to launch my own dropshipping business. I have done some research and found a lucrative niche. When I wanted to register a domain, luckily I found what I wanted.
Since, I already have a hosting plan. I hosted the domain. I have installed wordpress and woocommerce plugin, now I am ready to make changes on my websites. My main problem is finding the dropshipping company for the products to sell.
Thanks to ColdFlameChris, I will find out more about refund policies if I really want to start this dropshipping business. Besides this, I am also wondering if the customers will deal with the dropshipping company directly instead of buy things from me in future, if they find out it's actually dropshipping. I heard from the webinar I mentioned above, the dropshipping company can also ship out the product with our branding, if I am not mistaken. I guess we really need to find a reliable dropshipping company if we want to start this.
But you shouldn't be discouraged: just try to find your own niche, preferably with low competition and high margins, and make sure that you outshine all your competition somehow (great customer service would be a surefire way!) and you're already half way there!
I have been running an online store for several years but I stopped 2 years ago, I was using a Facebook page and a group site as my platform, as you all know there's literally tens of thousands of stores in Facebook and over time some of us owners became friends and to earn more we started posting and promoting each other's products this started the dropshipping sysyem and I use to dropship about $2000 worth of products per 15 day period earning about $300 via a 15 percent markup. Again dropshipping won't make you rich. You have to sell something at your site and it's not easy you need a lot of coordination and this is where things go wrong specifically in the payment, ordering and shipping areas.
Since dropshipping is very much like any commission-based business, you need to be very good at marketing to be successful. Nonetheless what others have achieved can be used as the inspiration you need to keep you motivated when you embark on this venture.
That said, whether dropshipping will make you rich or not depends a lot on how a good a marketer you are.