Technology has continuously improved the way we do business. During the COVID 19 pandemic, not much has changed as some entrepreneurs and business owners have taken the pandemic and used it as fuel for their money-making machine. You might be wondering, "how is this possible?" and it's pretty simple, Drop-shipping.
Drop-shipping is a fulfillment method in which a retailer does not stock the items it sells. Instead, the store buys the item from a third-party vendor and has it shipped to the client directly. As a result, the seller is relieved of the responsibility of personally handling the merchandise. This model has significantly changed the retail market online by providing individuals the opportunity to sell products without the stress of managing inventory, shipping, storage fees, and other tedious tasks that traditional retail structures faced. Some drop-shipping systems are completely automated, sending the purchase order directly to the supplier immediately after being placed by the customer, starting the fulfillment process without you lifting a finger.
So, let's picture this quick example. Abigail owns an online store where she sells supplements and other all-natural products. A customer visits her website and places an order for an item. The item costs $15 on her website. That order is then forwarded to her supplier/manufacturer, where she pays $5 for purchase and shipping directly to her customer. She's now made a $10 profit, and she didn't have to handle any products or ship anything.
That's how simple drop-shipping is and how thousands of entrepreneurs are making millions. You can also tap into these potential profits by developing your online store and establishing your supply network.
Contact Nevalliance today for website development, business start-up, and other business development services.