It’s 2024, and the dropshipping world looks dramatically different from what we remember a few years ago.
Artificial Intelligence has made waves, same-day delivery has become the norm, and Amazon is taking over retail space across America faster than ever.
But how does dropshipping fit into all of this? Is it still a viable way to generate income, or are there better solutions?
Let’s dive in and take an honest look at dropshipping in 2024 – the good news and the bad news.
You’ll be surprised by what you find!
Is dropshipping worth it in 2024?
Yes, dropshipping is still worth it in 2024. Even though more people know about it, dropshipping is still a good way to start an online business.
You can find plenty of suppliers offering products at low prices, which you can then sell for a profit.
One of the biggest benefits of dropshipping is the low barrier to entry; you can start with very little money and still be successful.
As shown in our article here, Amer shared his experience of starting a dropshipping store with €300. You will need to buy a domain, a few sample products, and some money set aside for marketing (although, technically, you can also do that for free).
But, it’s important to consider a few things:
- Profit margins. Calculate your profit per sale and compare it to your marketing costs. As long as your profit is higher, you’re in good shape.
- Competition. The dropshipping market is competitive. The wide availability of knowledge and the low barrier to entry mean others are also entering the market. Users on Shopify, which is one of the main platforms used by dropshippers, have gone through the roof over the last years:
Tip: Have you already created your Shopify account? If not, sign up by clicking this link here to get a free 3-day trial + 1 month for $1!
- Supplier reliability. Choose reliable suppliers to ensure good product quality and shipping times.
- Misinformation. There are many sources of information about dropshipping, but also a lot of misinformation. Over the years, the business model was commonly used by gurus to sell courses that promise six-figure returns but offer little value, as most info can be found online for free. So, if you’re ever tempted to buy a paid dropshipping course, be warned!