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Dropshipping Demystified - with 2 Mystery BONUSES!
Discover The Hidden Secrets Behind Dropshipping Profits!
Sample extract from the report:
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I've been involved in eCommerce since I first started selling on eBay in 1998. Most of my experience and success has been selling products that we purchase, warehouse, inventory, pack and ship, and let me tell you, it's a challenge!
For example:
We have to worry about spoiled merchandise (I don't mean things like rotten fruit or vegetables, but if you're in that particular business, that would certainly be a concern), what I mean is merchandise that you've spent good money for that won't sell for one reason or other (out of style, out of season, out of favor, to name just a few).
We have to worry about damaged goods, not only items that we ship, but items that come in to us. Sure, most items are insured and can be claimed if damaged in transit, but what about the times when you buy a hundred cases of something, it sits in inventory for 3 months before the last of it sells, and when you open a box up you see that it it's broken. Most likely, it will be too late to put in a claim for damage from either the shipping company (UPS, FedEx, or USPS), and certainly the vendor's return policy is not going to last that long, unless you have one very friendly vendor! We have to worry about warehouse space.
Unless you're selling very little, or little things, that's one huge concern. I don't have what I would consider a large operation, but rent on a 2500 square foot (relatively small size) warehouse isn't cheap, and there are times when we have to get creative in order to find room to put new incoming shipments away.
With the space also comes the worries about security, plumbing, heating and cooling, all cost money, just to keep the inventory and employees in the proper environment.
We have to worry about insurance. $$$. We have to worry about taxes on the inventory. Yes, folks, when you're in business, even though you've spent a good sum of money to buy something, you can't write it off on taxes. You have to carry it in inventory as an asset. It's treated like cash until it's disposed of in some way, shape or form. (I'm not an accountant, and I'm in the U.S., so if you're in another country, or are unsure about what I'm telling you, check someone locally, your situation may differ).
But unlike cash, you can't take your inventory to the grocery store to spend it, you can't pay your rent with it, it can be a drag to have bills come in that you can't pay because you spent all your cash on merchandise that hasn't sold yet. Believe me, I've been there, done that, and have had many times when I had to get cash advances from credit cards in order to pay bills, or in order to purchase inventory. And then there is the interest on the credit card bills, which effectively makes the inventory more expensive. So, over the years, I've searched for a way to eliminate the negatives of warehousing, packing and shipping, and increasing the positives of profitable sales.
To me, the answer is dropshipping.
So far, it sounds good. But (and don't you hate it when there's a 'but', just when you get excited?) dropshipping is fraught with challenges and worries of its own.
You have to worry about finding a reliable dropshipper, one that sells to you at a cheaper price than your competitors. Yeah, right. Good luck with that one. A dropshipper is in business to move product. If you buy a few units here and there, they can't survive on that, they have to sell to other people like you, or sell direct to the public. Neither is good for your bottom line. Why should your customer buy from you when they can purchase direct from the manufacturer, or from a competitor who gives them a better deal? For example, let's say you found a good source for a hot model of cell phone. It sells at retail for $299. You can get it for $125, you look on eBay and see they are selling like hotcakes for $195. Great item, right? By the way, I've been in that situation, and here's what happened.
By the time I researched and soul-searched, I was all excited at all the money I could make. I was ready to call my supplier and get set up, and took one last chance to search eBay again. Guess what? Now they're selling for $129 with free shipping.
What happened? If you guessed that your supplier contacted another bazillion eBay Powersellers, you're right. And a few of them probably bought in sufficient quantity to earn lower prices that you were offered. At least you were lucky that you didn't bring them into inventory.
Next worry. You have to worry that once you sell an item, that your supplier will actually have it in stock. He had it last week, does he have it this week? Good luck. You've sold the item, you've been paid, and your eBay feedback is on the line. Will your supplier actually be able to ship the item on time for you? You have to worry that the merchandise will arrive at its destination in good shape. You have no control over how well it's packed; you have to hope it arrives safely. If not, then the fun starts. That's when you get to see if your dropshipper's service department is professional. Do they care? What if the item was wrong? You asked them to send a blue carpet, they sent a green one. Now what? It seems that eCommerce is a challenge, no matter whether you ship from your own warehouse, or have it dropshipped from someone else's. And that's exactly true.
Since 1998, I've been attempting to scale down my personal inventory, and phase out into the mode where the majority of my merchandise will be drop shipped. I'm on pace to do that soon, but it hasn't been easy.
Currently I'm working with 4 different companies that I've had dropship for me for years now, and I trust them 100. It took time to find these companies, and they're a blessing.
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