Looking to start your eCommerce Empire?
If you’re considering starting your own business, you’ve come to the right place. Starting a business can be exciting and intimidating at the same time, especially if you don’t have an extensive background in business management. The good news is that there are businesses that you can quickly dive into without needing to already be an expert. One of these is the business of dropshipping.
Running an eCommerce business can give you tons of benefits. Some people do it because eCommerce offers them better financial stability, independence to work from anywhere, and more time to do the things they genuinely love. eCommerce is a lucrative business. When done correctly, your business can bring you a 7-figure revenue annually. If you’re the adventurer type of person, then why not become a digital nomad? eCommerce allows you to run your business from anywhere around the world. Plus, eCommerce gives you the liberty to choose who you work with, and you don’t even have to worry about getting fired!
eCommerce is constantly growing
eCommerce is one of the hottest and most sought after industries today, being always on the rise. In 2019 alone, global eCommerce sales went up to a whopping $3.46 trillion, a massive growth from 2018’s $2.93 trillion, according to Internet Retailer. eCommerce growth over the past few years has forced many brick and mortar stores to close down due to customers’ transition to mobile shopping. As the eCommerce industry’s revenue continues to grow each year, many entrepreneurs are shifting online to share a piece of the pie.
The trend is highly evident now more than ever, as many businesses closed down due to the pandemic. With over 306 million Americans affected by the quarantine measures, many customers were left with only stay-at-home orders for essentials and online shopping as a past-time. As of April, US eCommerce revenue recorded a 68% growth, surpassing an earlier peak of 49% in January. To date, over 2.71 billion people across the world own a smartphone. Thus, you can only imagine the magnitude of people you can tap through eCommerce.
What is an eCommerce Dropshipping Business?
eCommerce has many business models for you to choose from; one is dropshipping. Dropshipping is one of the easiest eCommerce businesses to go into. Besides, it’s known to yield higher revenue than traditional eCommerce stores.
Dropshipping follows a business model wherein the store doesn’t physically keep its inventory in stock. In dropshipping, the store fulfills an order by ordering it from a third-party supplier; the supplier will then directly ship it to the customer. There are two advantages that you get in dropshipping: 1) You don’t need to maintain your inventory – thus, no need for storage space and logistics staff; and 2) You don’t worry about wastage due to unsold items since you don’t keep inventory.
If this got your interest but is still unsure if you can make enough revenue, we can take it to a higher level by exploring High-Ticket Dropshipping.
High-Ticket Dropshipping Business: The Easy Way In
While no business can guarantee you with instant money, High-ticket Dropshipping is worth considering if you’re looking for an eCommerce business that offers higher profitability. With this business model, you only focus on items of higher value like luxury furniture, fixtures, decor, high-end appliances, etc. Since you only sell high-priced items, it’s safe to say that you can only expect more significant profits. While selling a high-priced item takes a while, it’s all worth the effort in the long run.
In terms of stability, analysts say that dropshipping will gain a positive growth rate in the coming years – even with the slowdown of the world economy. In fact, at the start of 2020, dropshipping and ecommerce profits have reached over $4 billion – a 7% year on year increase for the past decade, according to Statista.
If you’re already thinking of building your own high-ticket dropshipping business, you’ve come to the right place. In this blog, we’ll dive deep into the Top 5 Reasons for starting your High-ticket Dropshipping Business in 2021.
#1 High-ticket Dropshipping provides HIGHER Profit Per Sale
Of course, earning high profits is the primary benefit of running a High-ticket Dropshipping business. Since this business model only caters to high-valued items, you’re sure to earn more than traditional eCommerce stores. Even though you are not selling as many items as that of a low-cost dropshipping store, your revenue still increases, enough to sustain your business because of the high item cost.
When done correctly, your High-ticket Dropshipping business could give you 7-figure earnings!
#2 High-ticket Dropshipping Customers are NOT Price Sensitive
High-Ticket items are goods with high value and high selling price like luxury watches, gadgets, etc. One of the main benefits of running a high-ticket dropshipping store is that the target customers are not price-sensitive, making it easier to sell than with budget buyers. Thus, by simply establishing good customer-client relations, you’ll be sure to have a constant customer inflow.
If you’re interested in starting a hobby store, this model will work better for you since your customers will always keep coming back to your store for new and seasonal products.
#3 High-Ticket Dropshipping offers a MORE SUSTAINABLE Business Model
Unlike Traditional dropshipping, High-ticket dropshipping doesn’t always have to jump and test new trendy products. Since high-ticket drop shipping products fall under a specific niche, these item categories are typically less trendy and more conventional, like furniture and appliances.
As a result, there is no need to change your marketing strategy for every product. You also face less competition and benefit from constant customer demand, since you are not directly affected by the trends. Thus, making your business more sustainable in the long-run.
#4 High-Ticket Dropshipping Allows You To SELL BULKY ITEMS Easily
Since the dropshipping business already saves you from maintaining your inventory, you can further leverage this when you choose a high-ticket dropshipping business. For instance, if you’ve been thinking of selling bulky items, but you’re hesitant because you have no storage space for inventory, this is the best option.
High-ticket dropshipping enables you to sell bulk items like furniture, appliances, automotive parts, etc. You also save yourself from future headaches since the dropshipping supplier will take care of shipping, returns, and warranty support, giving you more time to focus on selling more than getting worked out in logistic issues.
#5 You Spend LESS TIME with Product Research
Since you only sell certain products for your target niche, you won’t need to research and continuously add tons of new items to your inventory. Besides, you don’t need to sell as many items to generate a healthy profit.
By only focusing on your niche market, you can grow your business and dominate a particular high-ticket niche by simply offering the best item paired with the best customer support.
Overall, these are the key reasons why you should consider setting up a High-ticket Dropshipping business in 2021. I hope that this article sparked your interest in learning more about this kind of eCommerce model. If you’re interested to learn more about how to start your own high-ticket dropshipping business, follow our steps below and get started today!
How To Start Your High-Ticket Dropshipping Business?
High-ticket dropshipping is a lucrative business model. Anyone with the right insights and strategy can effectively build a successful high-ticket dropshipping business. While starting a dropshipping business is not entirely straightforward, you don’t need to be an expert in the eCommerce industry to be successful. You only need to have a good understanding of the critical elements that make a successful high-ticket dropshipping. Knowing the critical elements for your success means understanding your niche, target market, and learning from experts who have been in your current situation.