The dropshipping industry is evolving so fast that it gets difficult to keep track of the ever-changing trends and statistics. However, if you want to formulate the right strategies, keeping track of the latest data trend is very important.
In this post, we have curated some dropshipping statistics that will help you recognize the profitability of dropshipping. But, before we proceed, let us first tell you why dropshipping is considered so popular.
Businesses that adopt the dropshipping model neither have to invest in pre-purchasing products nor in establishing a physical location for the store. Dropshippers do not even have to hire designated staff to fulfill the orders. The entire shipping and return request is processed by dropshipping service providers like dropshippingXL. With such little commitments, it becomes rather easier to start a dropshipping business.
Dropshippers do not have to stay dependent on how big the warehouse or retail store is. They can scale up their business whenever they want. Besides, they do not require extra resources to manage the sudden surge in demand, which is often the case during festive seasons. So, if you want to add some more products to your store for the upcoming festive season, go for it without thinking twice. dropshippingXL by vidaXL has more than 50,000 products that you can list on your website and sell across multiple countries.
Dropshipping is one of the highest paying business models, yet it provides the dropshippers with enough flexibility and balance. As a dropshipper, you can even travel across the world while enjoying a constant source of income.
The only things that you need to manage the business are a reliable dropshipping service provider, a user-friendly webshop, WiFi, and your workstation.
Now that you see the benefits of dropshipping, let’s unfold some key statistics that prove these points.
Yes, you heard right! To date, there are more than 2.14 billion digital buyers across the world, which is 900 million more than it was in 2020. The data points towards constant rise in digital buyers.
The facts should not come as a surprise, as the internet is penetrating even the remotest corners of the world. People are recognizing the benefits of online shopping and that is why 27.6% of the world population is interested in buying goods online.
Given the rise of online shopping, the dropshipping market is anticipated to rise significantly in the coming years. According to GrandViewResearch, the global dropshipping market was $102.2 billion in 2018, and this statistic is expected to grow by 28.8% by 2025. Including dropshipping, the ecommerce markets own 16.1% of global retail sales.
If your customers do not develop an interest in the web store or products within the first 15 seconds, you are going to lose them. Google is adamant about sticking to its 15-second rule and is planning to take it a step forward.
So, get on board with it and make your product pages appealing enough to grab customers’ attention. Make sure your online store is professional, interactive, and relevant to your potential buyers.
Witnessing the real-time benefits of dropshipping, more than 27% of online retailers have opted for dropshipping. Dropshippers make 18.33% more profit when they work through the dropshipping business model. On top of it, dropshippers can make 50% more profit than how to maintain an inventory.
According to Qualitricks, 93% of consumers look for online reviews before buying a product. When someone visits your dropshipping store, they need substantial evidence about the quality and efficiency of your products. One of the first things they will notice is the image and the feedback available. That is why real-time feedback is 12-times more effective than any other marketing strategy.
There has been a significant increase in demand for home and garden products. As of 2021, it is the second most selling product in dropshipping stores. Other top-selling niches are sporting goods, electronics, and automobile parts.
One of the reasons why people love to shop online is because of the free delivery. Along with free delivery, if you could offer a shorter shipping period it will boost customer loyalty.
With the availability of local warehouses, it has now become possible to deliver products within 2-5 days. So, you can forget about the lengthy shipping times.
With the ecommerce market at its peak, now is the time to start your dropshipping business. Utilize these 7 statistics to formulate a fail-safe strategy for your dropshipping business.