A lot of people ask me if can I really make money with dropshipping in 2024. In this article, I am going to answer the most common question which is can I still make money with dropshipping in 2024?
Let’s see;
Can I Really Make Money With Dropshipping?
Before I answer it specifically, let’s take a look at some statistics. There are 4.9 billion global digital buyers in 2021 (Statista). This is a great one to start with the more people there are shopping online. The more potential you have to become a successful drop shipper and in 2014; 1.3 billion online shoppers were recorded.
Which stepped up to 1.79 billion in 2018 and finally to 2.05 billion online buyers in 2020. These are crazy guys. eCommerce is going through. The roofs in 2020 eCommerce sales account for 16.1 of retail sales worldwide.
So global retail sales both online and in physical stores are valued at a huge sum of 26.074 trillion dollars. This is all over the world. From small little markets to huge physical retail stores. Such as Marks and Spencer as well as an e-commerce business.
Let’s go back to the fact of e-commerce. Now owns 16.1 of global retail sales. This also saw an increase from 10.4 percent in 2017. Can you guess how much this 16 represents in terms of retail sales? Okay, I think some of you got it right. It represents 4.026 trillion dollars of retail sales. Think about that for a second.
Thinking about it, would you say that e-commerce sales are at their all-time high? So then is drop shipping in 2017 alone 23 of all online sales globally were fulfilled through the drop-shipping model.
This is equal to roughly 85 billion dollars per year and this drops shipping stats. You would know that it’s not just small independent sellers using the drop-shipping model. If you go into your favorite tech or clothing store and have a look at the labels.
Manufactured abroad in countries like China and Bangladesh. Then imported into your country and sold at a higher price. Because the dropshipping model sees a higher conversion rate and higher net profit.
On the other hand, e-commerce is said to grow by seven percent each year. This also means growth for dropshipping.
Can I Really Make Money With Dropshipping | The Final Word
Dropshipping is still profitable in 2024; It looks like dropshipping is not just still profitable. It shows that there’s an increasing number of online sales. So drop shipping profitability is actually increasing.
You want a piece of this billion-dollar high. Yes, This is the time to try it out, and the best part with dropshipping. You don’t have a lot to lose, you don’t need to put a lot of money into the business. If you need more about how to start dropshipping business read now.