Dropshipping is an amazing way to start your business. Dropshipping is where you advertise a product, sell the product to the consumer, then the supplier delivers the goods directly to the consumer. When a product is sold, the retailer will pass along the customer’s order detail to the supplier who packages and ships the product. The reseller’s profit in the transaction is the difference between the wholesale and retail price of the item sold.
Unlike other online business that holds stock and inventory, you can scale in sales without increasing your expenses. You never need to risk holding stock – or requiring the overheads. Let alone packing it, labeling it, and arranging a courier. Start selling anything from keychains to backpacks.
Dropshipping, allows entrepreneurs to run an online store without needing to invest in inventory, seemed like an easy first step into e-commerce. But it becomes really important to find the best dropshipping suppliers who can offer you quality service.
Single Product Dropshipping–
With so many competitors and such low barriers to getting started, the dropshipping market has become heavily saturated. That’s why many businesses are turning towards single product dropshipping. The single product dropshipping is where you source and sell a niche product. It is an e-commerce business strategy where business owners focus mainly on selling and marketing a single item, or in some cases a family of items that usually belong in the same category. Instead of filling your store with multiple products, your store centers on a single product.
Top Trending Dropshipping Niches for 2020–
- Power Tools
- Tech Supplies
- Lifestyle Niche
- Beauty and Health
- Drones And Accessories
Key Business Advantage of Single Product Dropshipping
- Advantage No 1– Without taking the hassle of selling, managing and building numerous items, you get to really hone the finer details of your main offering, making it much better than any others in the market. You can rapidly develop a niche product and quite easily become a brand.
- Advantage No 2-Most start-ups start small and will try to expand after learning some valuable lessons. This is the reason why so many start-ups focus on building one product at a time. According to some of the best dropshipping suppliers and market experts, if anything goes wrong, you don’t have to suffer a huge financial loss.
- Advantage No 3– When you specialize in selling a single product, targeting a particular group of consumers is easier. If you have the product, the brand, and some marketing expenditures, you have the chance of growing your sales exponentially.
Whether you’re looking to expand your brick and mortar business or just starting off, single product dropshipping can be of real value in terms of finance. E-commerce platforms are the perfect place for selling niche, handmade goods to the willing buyers. Single product dropshipping offers a great initial return on the cost of acquiring a customer. So think of it seriously from now.