Dropshipping Market New Growth Opportunities with 18.3% of CAGR by 2027 – Owens Corning Corporation, Rockwool International, Saint Gobain, U.P. Twiga Fiberglass

Dropshipping is implemented in numerous industries to offer various types of products, such as electronics, personal care, and toys; it also ensures the smooth delivery of goods to consumers. Introduction of advanced technologies has offered new opportunities to dropshipping model providers to move from traditional to online business mode. The major advantage of dropshipping is one can start a web-based commerce store without investing a huge amount of money in stock. Whereas, in the traditional method retailers had to invest a huge amount to obtain stocks.

Dropshipping is a type of retail fulfillment model where a store does not need to keep the goods in stock. Instead, with the implementation of dropshipping method, a store purchases the item from a third-party and ships it directly to the end user; thus, the vendor does not have to manage the product directly. Moreover, it is one of the methods for making money online without investing or holding any inventory.

The dropshipping market was valued at US$ 162.44 billion in 2019 and is projected to reach US$ 591.77 billion by 2027; it is expected to grow at a CAGR of 18.3% during the forecast period.

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Demand for dropshipping business model is increasing immensely in various APAC countries, such as India and China. It is one of the cost-effective models for entrepreneurs to start an e-commerce business. It enables an entrepreneur to sell products online without having to carry inventory. E-commerce sales in APAC countries are growing at a rapid pace making it one of the largest industries. For instance, as per IBEF, in 2017, e-commerce sales grew at an annual rate of 51%, making it the biggest opportunity for online retailers.

The e-commerce sector offers a huge platform for shopping, which is increasing at an unprecedented rate across the world. Nowadays, consumers prefer online shopping, as a considerable number of websites are available to choose products from. Moreover, e-commerce platforms help numerous businesses reach easily to customers, and hence necessary exposure to business is achieved. The sector is propelled by a growing emphasis on online marketing tools, including Google ads and Facebook ads. E-commerce is one of the mature industries in the US, where consumers are highly inclined toward online shopping. According to the Census Bureau of the Department of Commerce, US retail e-commerce sales were US$ 160.3 billion for the first quarter of 2020, an increase of 2.4% from the fourth quarter of 2019. The industry is also popular amongst consumers of all ages in developing countries of APAC, such as India and China.

The global dropshipping market is segmented into five major regions North America, Europe, APAC, MEA, and SAM. In 2019, APAC led the global dropshipping market with more than 31.9% revenue share, followed by Europe and North America. APAC comprises countries, such as China, India, Japan, South Korea, and Australia. India and China are the fastest-growing e-commerce markets in APAC. With the rising Internet penetration, consumers in these countries are inclined toward online shopping, which, in turn is transforming several areas of e-commerce in the region. With the right technology, it is easy to facilitate online shopping and delivery to the customers, even in rural areas. Thus, these factors are propelling the growth of the dropshipping market in APAC. At present, the dropshipping has moved from traditional stores to online, which makes shipment possible anywhere, as majority of the population has access to Internet. Less investment is a beneficial part of dropshipping, allowing new start-ups and entrepreneurs to enter and launch companies in the APAC market.

Strategic Insights

The players in the dropshipping market focus on strategies such as market initiatives and new product launches to maintain their positions in the market. A few developments by key players are listed below:

• In 2019, Printify, Inc. secured an investment of US$ 3 million from Bling Capital to expand its marketplace for custom printing. Earlier the company had raised US$ 1 million.
• In 2018, Inventory Source introduced the Catalog Manager, which provides a better way to manage a large number of dropship products. The features include advanced supplier feed search, product customization, and quick search tags.

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