What you need to know to do dropshipping in 2020. Dropshipping has been around for a long long time but it’s changed a lot in the past few years and if you don’t know those changes, it could cost you a lot of money or even cost your business. In this particular video, I’m going to go through all the things you need to know to do dropshipping in 2020.
✅2:21 – What is Dropshipping?
– Selling something that you don’t actually own the inventory of.
Nothing could be further from the truth because you don’t have the cost of warehousing and you don’t have the cost of the inventory, as a matter of fact, it’s been proven that people who are dropshipping on their sites on average earn 18.3% more profit than people who sell products the conventional way.
Now, there are certain steps you need to go through and if you don’t go through these steps or if you don’t do these things, you’re not gonna be profitable and you’ll probably go out of business:
✅4:58 – 1. Minimal start-up cost
✅5:16 – 2. Minimal order fulfillment cost
✅5:53 – 3. It’s low risk and flexible
✅6:17 – 4. It’s easier to pivot
Here are the things to avoid when doing dropshipping:
✅6:58 – Over-reliance on your partners
✅7:30 – You don’t have much control of your order delivery
✅7:54 – Impaired customer service
✅8:13 – Lack of branding
✅8:45 – Have lower profit margins
✅11:19 – No money to invest
✅11:20 – Retailer and looking for validation
✅11:56 – Maybe you’re a side hustler
Whatever you have tried, I want to hear in the comments below. Let me know if you try to dropship and had some successes. If you’ve had some problems and you have questions, put those in the comments below.
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