Rocking it with dropshipping and becoming a millionnaire is the dream of every dropshipper, right? If you are among those who believe that dropshipping is a child’s play that can help you easily earn a few hundred USD per month, believe me you are WRONG. There are many dropshipping success stories out there however all those guys spent thousands of hours trying to find the product market fit before they started seeing remarkable revenue figures.
When Shall We Decide That An eCommerce Business Is Infact A Dropshipping Success?
The definition of success is sometimes personal and obscure however building a sustainable and profitable business is what I would call a “success”. Luckily, to be successful in dropshipping, there are a few well-known tactics to be applied.
- Finding the right niche
- Working with a good dropshipping supplier
- Continually investing on marketing
- Providing a best-in-class customer service
I keep hearing 45%-50% profit margins in dropshipping proving that this eCommerce business model is not yet dead! On the contrary, there are still some lucrative opportunies in some unexplored categories. If you are able to see high returns on your dropshipping business, then you may also start calling it a successful dropshipping website.
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What is the Average Dropshipping Success Rate?
With thousands of dropshipper wanna-be websites out there, it is hard to pronounce a success rate number. However, what is certain is that, the first year of the operation is critical as it defines the success probability of that business.
10 years ago when dropshipping was a new eCommerce business model, the market was not saturated (as it is today) and it was easier for a dropshipper to succeed. Right now, it is hard to differentiate the dropshipping offering while competing with hundreds of similar webstores. On the other side, there are still some important aspects of the business, such as reducing the delivery and return times, where uniqueness wins.
How To Win With Dropshipping Marketing?
Instagram and Facebook marketing are regarded as the most critical marketing channels when it comes to dropshipping. Influencer marketing has also risen as an acclaimed marketing method. Some dropshippers are using Google Ads with success however social media has been recognized as the key driver of dropshipping marketing.
Influencer marketing has risen as an acclaimed marketing method among dropshippers – Tweet This!
As for all the other digital marketing practices, knowledge is power and it is only gained by perpetual testing on online marketing channels such as Facebook and Instagram. To be able to learn about Facebook and other forms of advertising, eComKey.io and similar low-priced tools might help.
Dropshipping Success Stories: Number1
The Story of Irwin Dominguez – From zero to $1M+ in less than 12 months
Irwin was a local marketing consultant helping small businesses increase online traffic. While he was starting his dropshipping business, he started by doing three basic things:
- He used search engines to learn about the dynamics of eCommerce
- He started using Shopify
- He installed the Oberlo app to be able to perform dropshipping operations
He used Facebook ads to jumpstart his business, thus most of his success came from this form of marketing. However, as an entrepreneur, you may want to balance the cost of Facebook ads with profit margins if you want sustainability.
Using Facebook Ads to jumpstart a dropshipping business is a smart idea. – Tweet This!
Dropshipping Success Stories: Number2
The Story of Ryan: How He Made $51,004.83 via Dropshipping In only 8 Months
Ryan’s success story is an interesting one in the sense that he mainly used organic methods and Instagram Shoutouts to drive traffic to his dropshipping websites.
Even though he had a full-time job, he managed to sustain 4 separate dropshipping businesses. The first three stores he introduced played as “beta” fields for his entrepreneurial journey. The 4th and last webstore was the one that brought him success. He is making 40% profit out of this dropshipping website.
Dropshipping Success Stories: Number3
The Story of Marc Chapon: How Dropshipping US and European Products Can Change The Whole Game And Help Make $178,492 in Three Months
Being a Hospitality/Restaurant management graduate, the most he knew about marketing were the basics the course had covered. He started doing eCommerce in late 2017 and now he’s hosting his own marketing lessons. In less than a year, he was making sales worth 60 thousand dollars per month- with purely marketing and testing on his side.
He had set aside about $5000 budget just for his store, but about $1000 was enough before he started making sales to cut even. If you want to be an eCommerce entrepreneur, you will need money to get yourself a Shopify store, and run ads on Facebook: zero investment is a stretch.
He searched for a particular niche that would be profitable. He also wanted to sell stuff that he was interested in. Dog products seemed like a cool category. He made use of social media ads as he believed that those were the best mediums for a store to generate sales: with a huge reach and comparatively quick and inexpensive.
Dropshipping Success Stories: Number4
The Story of Mike: $267,000 In One Year – Shopify Success Story
Mike has been quite successful in his Shopify venture and now he’s sharing his story on Launch Your Startups.
When he first started out, he tried sellingkey chain breathealyzers and then portable bluetooth speakers – both ventures that failed.
He started rocking dropshipping with print-on demand tshirts. Then he found other niches that he can exploit. In his first successful store, he searched for products on AliBaba, used Facebook ads, ambassador marketing, FameBit, Google Ads and Youtube ads.
Dropshipping Success Stories: Number5
The Story of Juan Valdez: The Story of Nailing It With 240K/month Revenues
When Juan and his business partner started out in May 2018, selling online was just a “business experiment” for them. In 6 months, what started as an experiment turned out to be a 6 figure business.
Seeing 17 year olds sell fidget spinners and make money inspired them in their dropshipping journey. He then took eCommerce courses and continued doing his door-door sales job.
His business partner ran the Facebook ads while Juan was selecting the products to sell. The first store failed but they kept on trying with a budget of 2000 USD. In their second month of dropshipping, they managed to make 225K USD.
For Juan, for someone to boost his revenues, the only way is to gradually increase his marketing budget and test more.
Dropshipping success obviously does not come overnight. You need to be able to excel in “Test-iterate-test” method if you’d like to create one of these dropshipping success stories in your own dropshipping business. Besides, you need to make sure that you do not see dropshipping as a cheap business as it needs an initial marketing investment.
Curious to learn more? Take a look at related posts!
- How Much Money Do You Need To Start Dropshipping On Shopify?
- High Margin Dropshipping Products For Your eCommerce Business
- Best Dropshipping Products: 2020 Guide
- How to Create a Winning Customer Engagement Marketing Strategy – A Dropshipping Guide
- Shopify Dropshipping Tutorial – Your Step By Step Guide To Creating A Successful Dropshipping Business