by Veronica Jeans, Ecommerce Queen August 03, 2020
Another viable option for acquiring your product and inventory is to find a manufacturer to produce the product for you. When sourcing a manufacturer, you have the option of sourcing one domestically or from overseas.
Buying wholesale is a fairly simple and straight forward process. You're buying your product inventory (usually other brands) direct from the manufacturers or from a middleman supplier at a discounted wholesale rate, which you in-turn, resell at a higher price.
The main concept of dropshipping is selling products you don’t actually own. Working with dropship partners is not only a product acquisition model, but also includes product fulfillment. The process works by taking orders from your online business and forwarding them to your supplier/dropship partner. They in return, ship the product to your customer on behalf of your company. The key to making money with drop shipping is making a profit on the price difference between what you charge and what your dropshipping partners charge you.
The biggest benefit to dropshipping is the ability to offer a large selection of products without purchasing inventory upfront and managing that inventory.
Whatever type of product you choose to sell, make sure you've done pretty extensive research about laws, fees, sales tax, and other housekeeping items.
Now you know what type of product to sell, it's time to get started!
If you need help, you can always reach out to me here:
Veronica Jeans is a Ecommerce Business Consultant, & Shopify Expert. She is passionate about eCommerce businesses and specializes in global ecommerce and online sales trends.
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