Starting An Online Store With Dropshipping In 2021: Key Stats You Should Know
Are you thinking about starting an online store with dropshipping in 2021? We’ve collected the most important dropshipping statistics for you! So, here’s what you need to consider if you’d like to get an independent dropshipping business in the coming year.
#1 B2C ecommerce market will be worth $6.2 trillion by 2027
Okay, first of all, that’s a lot of money.
These estimates are given by Grand View Research, Inc. The company also expects that the market will grow by around 7.9% every year.
That’s an impressive number, too – but what should it tell you?
B2C ecommerce is a specific type of online trade. It means that a private individual buys something for a personal use from a company/corporation/manufacturer, and makes this deal via the Internet.
So, every time you sell something through your dropshipping store, you perform as an ecommerce market player.
Now, you’re getting it: as a dropshipping store owner, you will be a part of this booming, thriving market. And, as this market player, you can count on a fair share of this incredible cash flow!
We have a lot of evidence supporting this theory – check it out right now!
#2 There will be over 2,14 billion online store buyers worldwide in 2021
Image credit: Statista
When the market is on the rise, there are lots and lots of players on it.
It makes some people worry: what if the market will overheat? What if the competition will be too intense, and there won’t be enough demand? What if everyone will go bankrupt eventually?
According to Statista, it’s not going to happen.
Billions of people worldwide will make purchases on ecommerce platforms in the nearest future. In other words, supply and demand across various markets will stay balanced.
Interestingly, these findings are supported by the already quoted Grand View Research report. Its authors explain that there are multiple reasons for people to buy more things online:
- A rising level of disposable income (the money that’s left in a family after all the taxes are paid out)
- The growth of middle-class population (the people who neither live in poverty nor are super rich)
- An increase of Internet penetration and smartphones use (more and more people get an easy access to technology)
- More intense use of social media (clear without any explanations 🙂 )
- The use of innovative techniques of customers’ research, marketing, and advertising. Companies create new ways to learn more about their target audience and to tailor their offers to the public needs.
Simply speaking, as a dropshipping store owner, you won’t see a lack of customers.
Thousands of people can potentially buy the products on your ecommerce website. But, their purchasing decisions depend on your business management, and that’s our next point in today’s dropshipping stats.
#3 You only have 15 seconds to grab your online store visitors’ attention
This 15 Second Rule means that if a person doesn’t get really interested with your online store in 15 seconds after opening it, you lose this customer.
What is even more important, most likely, your visitor will leave your site if it loads for more than 3 seconds.
Yes, the Internet is tough. But you’re tougher!
Since you already know about these findings, you can definitely consider them when you’re starting an online store with dropshipping. More specifically, it’s wise to pay attention to:
- Your online store design: it should be professional, trustworthy, and relevant to the interests of your potential buyers.
- The choice of dropshipping products: there should be enough high-quality, eye-catching items that trigger impulse purchases. Proper search engine optimization will also help.
- The tech aspects of your website: it should load quickly, perform smoothly, and be secure for payments transactions.
#4 Customers trust real-life product reviews 12 times more than the ‘official’ product descriptions
That’s curious to learn, right?
For dropshipping stores, this is an exceptionally important aspect to consider. Your buyers don’t have the chance to see, touch, or try the products before the purchase. Naturally, they might have some doubts.
There is no wonder, then, that they only can rely on the previous buyers’ experience.
And you, as a dropshipping store owner, need to find a way to create the perfect environment for placing an order. Here’s when some interesting findings from Flockler come into play.
If you want to sell online, share your previous customers’ experience. In ecommerce, the conversion rate increases by 20-30% if, while placing an order, a buyer sees user-generated content that is related to the purchased product.
Basically, you can dramatically boost your sales if you include honest feedback from your previous buyers in your online store! Here are 7 ways to do it on a dropshipping website.
#5 Consumers want free shipping
Pretty much all ecommerce businesses deal with delivery. Shipping products can be cheap or expensive, depending on what and where you send. However, over 60% of consumers make decisions based on the convenience of delivery options. Put simply, they prefer free shipping over lower prices.
Let’s imagine two sellers. One offers a product at $45 with delivery costing $5. Another one sells the same product at $50 but offers free shipping. Most customers would prefer the latter option.
First of all, people like getting goods and services for free. Second, a higher price, in their opinion, indicates better quality or value. A combination of these two benefits stimulates them to pick the second option.
Moreover, orders with free shipping are 30% higher in value. In other words, it’s another way to increase the average order value of your store. Even if you simply include your shipping costs into the price, you can expect a higher profit margin.
So, if you decide to start a dropshipping business, think about shipping products with free or low-cost delivery to beat your competitors.
Now, you’re ready to dive into this business!
Arm yourself with the valuable stats we’ve shared in this article. Read the tips and educational materials we’ve included here and make the most of starting an online store with dropshipping in 2021!