DROPSHIPPING
Dropshipping – What exactly is it and how can it provide an income for those looking to work from home?
We can define Drop Shipping as a sales technique in which the retailer does not keep goods in stock, but instead transfers customers orders and shipment details directly to the wholesaler/manufacturer. They then ship the goods (dropship) to the customer. The retailers make their profit on the difference between the wholesale and retail price.
In the definition above, the retailer can be a “real shop” or it can be a virtual (online) shop. We’ll look at the online version because that’s the type of business we operate.
When you set up a business as a drop shipper, you make an arrangement with a manufacturer/wholesaler to sell their products which they will sell to you at Wholesale Price. The manufacturer will supply you with product details and images for you to put on your website. You decide your own retail selling prices and promote your website.
When a visitor comes to your site and places an order, they pay you your retail price. You then pass the order through to the manufacturer who will ship it to your customer. In most cases, the manufacturer will even put your packing slip into the parcel so that when the customer receives it, they still believe it came from your company (the website they ordered from).
The final part of the transaction is when the manufacturer charges you for the sale. This is at the wholesale price and you have made a profit as you charged the customer the retail price.
The great advantage to Drop Shipping is that you don’t have to hold stock, you don’t even see the product if you don’t want to.
You will get a lot more information on dropshipping in our eBook.
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