Dropshipping is back. It has become more popular than ever due to platforms like Shopify. More and more people are now interested in starting a Shopify store. But, one of the questions that often runs through people's minds is, “Can I really make money with dropshipping with Shopify?”
The short answer is yes, you can make money with your dropshipping store with Shopify. Dropshipping is a low-risk business venture where you’re not responsible for manufacturing or shipping. So, you don’t need any running costs. It’s also scalable with a profit margin between 15-20%.
That being said, if you are really interested in starting a Shopify store, you shouldn’t be confused about this. In this article, we’ll help you to erase your confusion about dropshipping with Shopify.
How Much Do Shopify Dropshipping Stores Make?
The top dropshippers earn six figures quite easily. But you need time to be a top dropshipper. There are also a lot of failed dropshipping businesses. So, a realistic average income of a Shopify store will be around $1000-$1500 per month with 10-20% profit margins. This is not bad for a homegrown business.
One important thing to remember is that these average figures don’t show the whole picture. There are dropshipper who make 20-30 times the average income with their stores. So, you should aim for that. You’ve to remember that Shopify stores are easily scalable. So, you can earn $5000 to $10000 per month if you’re able to scale your business.
All in all, we can safely say you can make up to $50k to $100k per year with your Shopify stores. This will need patience and determination. But you can do it if you pick the right products and are serious about your business.
Highest Earning Shopify Dropshippers
Dropshipping business on Shopify is competitive as Shopify is one of the leading e-commerce platforms in the world. So, to get success in this you must come up with new and innovative ideas to grow your business. That’s what top dropshipper do to stay ahead.
Now, we’ll talk about some of these successful Shopify store owners. Their story will give you some much important insight into this business model.
Cole Turner
Cole Turner started his dropshipping business on Shopify at the age of 18. He was always interested in the concept of doing business online. And, in just 4 years, he was able to build a successful e-commerce store on Shopify. This young entrepreneur earned $2 million between 2019 to 2020 through his store.
He started with a small store with various kinds of products. Then he found a jewelry product that grabbed his shopper’s attention. Realizing the potential, he aggressively started focusing on Facebook ads and redesigned his store. That store made him $75k and then he sold it to a business giant for a whopping 2.1 million dollars.
Andreas Koenig and Alexander Pecka
Andreas Koenig and Alexander Pecka started their dropshipping business with great ambitions. They wanted to bring in a turnover of $1000 per day. In the first year, they made absolutely no money. But, they didn’t stop trying. Eventually, they landed in the pet industry and became successful. They started making $500000 per month in 2019.
Their success tells you the importance of patience and finding your niche. Both are equally important. They choose the pet industry because of the emotional connection people have with their pets. Another important thing is the power of social media. Their earlier business endeavors failed because they couldn’t utilize social media for advertising and scaling up their business.
Now, their pet business is making over $10 million per year. They have around 50 people on their team who are working towards making their business grow even more. Thus, they have become one of the most successful Shopify store owners.
Sarah and Audrey
Sarah and Audrey started their dropshipping career solo. But, in 2019 they joined their forces together and made a clever business switch. See, most dropshipping websites use Facebook ads to attract buyers. But, these two saw great promise in influencers. So, they started building their brand by marketing with them.
Their business model worked well. Sarah and Audrey eventually expanded their business to the US market. With the help of Instagram influencers, they made many product placements for maximum brand awareness. This made them quite successful during the lockdown. They brought in $1 million in a few weeks.
Tze Hing Chan
We’ll now talk about Tze Hing Chan. He owned a dropshipping store called ‘Subtle Asian Treats’. It has become now a go-to place for bubble tea plushies and other merchandise. During the pandemic lockdowns, he made over $19000 in profit over two months selling bubble tea plush toys on his dropshipping business.
One thing you need to know about him is that he didn’t become successful overnight. He had many failed ventures before his success. He used to sell phone cases in his store at first. But, after he failed in it, he moved to kitchen supplies and then to martial art products. All of them were unsuccessful. Finally, he got his niche which is bubble tea plush toys.
Tze Hing Chan’s story tells us about the significance of perseverance in this business. He tried a lot of business before finding success. As he finally found his winning product, he repurposed his store for that product. You should do this with your store also.
How to Earn More with Your Shopify Dropshipping Store?
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If you want to be a successful Shopify store owner and earn more money with it, you should follow a few rules. We are confident that these rules will help your business grow.
- Select a niche for your business based on things that have emotional connections. This is crucial for your business. This way you can add value to your product or service. Try to pick certain types of products like pet or children’s products.
- Choose something unique to sell. Watches, phone cases, clothes – these are so common in the dropshipping business that you will almost never outcompete your competition. Try to find a group of products that not many are working with.
- Sell things you know about. This is a must for any sort of business. Selling products you are passionate about helps you understand your customers' mindset. It will be easier to know the right things to say and show to make sales.
- Marketing contributes to the success of a dropshipping store significantly. As you’re competing with hundreds of other stores like you, a great marketing strategy is important. This will help you build your brand as well. If you’re a new shop owner, use our Ambassador Affiliate Marketing program to build your marketing strategy.
- Always think about long-term profit. Every decision you take should result in profit. This will prevent your business from going under. This is important to make more money through Shopify stores.
- You must ensure outstanding services to your customer. This is important for building your brand and loyal customer base which will result in more sales. So, don’t slack on your customer service.
Conclusion
You can make quite a sum dropshipping with a Shopify store. And it is probably one of the least risky businesses out there. The investment is low as you never really stock the products yourself. And the risks are low as well. If you have even some basic marketing knowledge, you will definitely make your money back guaranteed.
So, if you were asking yourself “Can I really make money with dropshipping with Shopify?”
I’m sure you’ve got your answer by now.
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