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Blog / Beginner's handbook / Top 10 Dropshipping Statistics You Need to Know in 2024

Beginner's handbook

Top 10 Dropshipping Statistics You Need to Know in 2024

Top 10 Dropshipping Statistics You Need to Know in 2024
Ronja Burve

By Ronja Burve

7 min read

With the rise of ecommerce platforms and dropshipping providers, starting an online business is easier than ever.

Staying informed about the latest dropshipping industry trends will help you be successful, whether you’re already running a dropshipping business or thinking about starting one.

In this article, we’ll explore key dropshipping statistics to give you a clearer vision of the dropshipping market and help you make informed decisions.

But first, a quick recap on dropshipping.

What is dropshipping? 

Dropshipping is a business model that allows ecommerce retailers to sell products without buying and keeping inventory. The supplier sends the items straight to the customer on behalf of the online store. It’s a model that doesn’t require upfront investments or much experience, so it’s been adopted by entrepreneurs all over the world—especially since the 2020 pandemic when the ecommerce market grew faster than ever.

Dropshipping statistics 

Since we can’t look into the future without knowing the past, let’s start by seeing how things went in 2023.

1. The dropshipping market is expected to reach $301B in 2024

Recent studies show that the dropshipping market keeps growing. In 2023, the global dropshipping market size was estimated at $243.42B  and is expected to reach $301.11B in 2024.

With the increasing use of smartphones, more people are shopping online. And with the growing number of ecommerce platforms, new dropshipping stores are launched every day.

dropshipping growth statistics

Source: Statista

2. Asia Pacific is the fastest-growing dropshipping region

The Asia Pacific region currently holds the largest dropshipping market share and is expected to reach a compound annual growth rate (CAGR) of 37.7% by 2031. It’s followed by the North American region, where the dropshipping market is expected to grow at a CAGR of 33.3%.

CAGR is a useful metric that shows the average growth rate over a period of time.

dropshipping market trends by region

Global dropshipping market map. Source: Grand View Research

3. Fashion is one of the strongest dropshipping product segments

The fashion segment is expected to grow at a CAGR of 35.6% by 2031. This growth is driven by customer demand for branded products, the ability to compare prices online, and convenient delivery and returns.

Unlike electronics or food, fashion products are highly customizable. This helps dropshippers create unique products with a higher price point, increasing the profit margins.

dropshipping market size by product

Source: Straits Research

4. Interest in dropshipping keeps growing in 2024

search interest for dropshipping

Source: Google Trends

The growing interest in dropshipping shows that more people are looking into starting their online businesses using this model. Ecommerce platforms have made it easy for online retailers to integrate dropshipping into their stores. 

Moreover, dropshipping allows business owners to sell products online without needing to stock inventory, which reduces costs and simplifies operations.

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5. Over 51% of people continue shopping online after the pandemic

Online shopping has become popular among consumers, and dropshipping businesses are well-positioned to capitalize on this trend.

The convenience of shopping from home, combined with the vast selection of products available through dropshipping stores, has made online shopping more appealing than ever.

Social media and influencer marketing have also greatly contributed to the popularity of ecommerce. In fact, millennials, Gen Z, and Gen X prefer to discover products on social media.

a person holding a credit card and typing on a laptop

Source: Unsplash

6. Over 27% of retailers use dropshipping for fulfillment

Being able to sell products on ecommerce platforms or through your own ecommerce store without needing inventory is one of the main reasons so many businesses choose the dropshipping fulfillment model.

Since you don’t have to worry about delivering customer orders, there’s more time to focus on creating new products and marketing strategies to increase online sales.

a person handing a package to another person

Source: Pexels

7. 87% of ecommerce retailers struggle to find a good supplier

Choosing the right third-party supplier to trust with your entire fulfillment operation requires research. Here are some tips to help you get started:

  • Check the company’s history and market experience

  • Check pricing, shipping rates, and delivery times

  • Read customer reviews

  • Get sample orders to check the quality of the products you want to sell

  • Check if the supplier offers customization services—it can help you stand out from competitors

Printful is one of the leading prin-on-demand dropshipping providers in the industry. We offer 345 premium products, including apparel, accessories, and home & living items. 

8. Dropshipping can increase an online store’s profitability by up to 50%

The dropshipping business model allows store owners to sell products without holding stock, dramatically reducing overhead costs such as storage, unsold inventory, and upfront purchases. 

Because there’s no physical inventory, dropshipping stores can offer various products and switch up their catalog without the risk of losing money. Each product is fulfilled only after a customer makes a purchase.

However, it’s important to manage expectations and understand that while dropshipping can lead to high profitability, success depends on effective supplier relationships, smart pricing strategies, and strong marketing efforts. Maximizing profits also involves selecting high-margin products and continuously optimizing the sales process to enhance customer satisfaction and loyalty.

9. Dropshipping businesses typically have a 15–20% profit margin

To calculate the profit margin for your dropshipping business, consider all the involved costs. This includes the dropshipping services you use, shipping, taxes, ecommerce platform, marketplace, website hosting fees, and marketing investments.

Keep this in mind when pricing the products on your online store.

a cup of coffee next to a calculator

Source: Unsplash

Remember, with dropshipping, you’re hiring a third party to do part of the work for you—fulfillment, packing, shipping, etc. That means you’re also paying for that service, not just the product. 

Pro tip: If you’re unsure what to charge for your products, explore our Beginner’s Guide to Product Pricing. Your price point will depend on your dropshipping niche, product type, and what your target audience is willing to pay.

While TikTok’s digital buyer base isn’t as big as Facebook’s or Instagram’s, it’s already become the fastest-growing online shopping platform since its TikTop Shop rollout in 2023.

a graph of sales and sales

Source: Insider Intelligence

Adult TikTok users spend way more time on TikTok (54 minutes per day) than on Instagram (33 minutes per day), and 68% of Gen Z adults in the US are willing to buy on TikTok. 

The #TikTokMadeMeBuyIt hashtag shows that the social network strongly influences online consumption habits.

a graph of social networks

Source: Insider Intelligence

If you're aiming to make money on TikTok, using TikTok Dropshipping is a powerful way to sell merch directly on the platform.

5 dropshipping lessons from those who are doing it right

Choose your niche wisely

When choosing a dropshipping niche, a good approach is finding an intersection between personal interests and market demand. If you’re passionate about something, someone else will probably be too.

Learn more:

Check out Dogecore, a top-selling brand making money with internet meme designs. The brand uses humor and authenticity as tools to attract customers.

dogecore

Source: Printful

Create value for your business

You need to create unique value for your customers to stand out in the market. Think about what you can provide that goes beyond just products. 

Women Who Code is an excellent example of how a higher purpose and dropshipping can go hand in hand.

a group of people holding signs

Source: Printful

Take time to build your audience

Making your first sale and establishing a loyal customer base will take time. Building an audience on social media can be a good starting point. 

Take a look at Inspire Uplift—the brand started out as a social media community before becoming a custom-built marketplace with 15K monthly orders.

a screenshot of a screen with a couple of images of clothes

Source: Printful

Explore how different businesses approach dropshipping

Not every business uses dropshipping for the same goal. For Match Kicks, it was a way to diversify their business. For itsjusta6, dropshipping was the solution for scaling the brand. 

Take your time to think about how dropshipping can benefit your business.

preview play-button

If you’re interested in getting to know other customer success stories, take a look at our Printful case studies.

Is it a good time to start a dropshipping business?

The latest dropshipping statistics show that the global dropshipping market is expanding. With the rise of ecommerce, online shoppers are out there, ready to click and buy. That’s great news if you’re considering starting your own dropshipping business.

Dropshipping is worth it in 2024, but the growing number of online stores also means fierce competition. To succeed, take your time to explore the market, think of a dropshipping niche, and create a unique value proposition for your customers.

For a deeper understanding of the dropshipping model, check out our ultimate guide on what is dropshipping.

Read next:

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By Ronja Burve on Mar 10, 2024

Ronja Burve

Content Writer

Ronja is a Content Writer at Printful. With a degree in performing arts, she’s passionate about all things creative. Currently, she’s expanding her expertise in marketing while pursuing an MA in creative industries.

Ronja is a Content Writer at Printful. With a degree in performing arts, she’s passionate about all things creative. Currently, she’s expanding her expertise in marketing while pursuing an MA in creative industries.