Last Updated on December 25, 2020 by WebsiteDesigner.sg
What is Dropshipping?
Dropshipping in Singapore is an ecommerce business model that does not require you to hold stock. When someone purchases an item from your shop, you will need to fulfil by purchasing it on the suppliers’ website. You will need to ensure that your retail price is higher than your costs in order to earn a profit.
Where to sell?
Create your own website
- Namecheap for domain name purchases (highly recommended)
- Woocommerce is a WordPress plugin to enable ecommerce features on a website
- You just need to purchase a hosting plan such as $11 per month from vodien
- the cheapest plan at shopify is around $29 USD which is around $40 SGD at the time of writing.
- you are also able to get grants and save up to 80%
- You control your website content and branding
- You can build an email list of customers and remarket to them in the future
- You need to build traffic to your website
- You need to know web design
- Earn credit card points and rewards
- Earn cashback from apps such as Shopback
- Requires little to no capital to start
- No stock scenarios
- Thin margins
- Return policy will be an issue if you purchase from overseas such as China.
- Requires strong branding to succeed.
- With the pandemic, shipment timings have been affected and your buyers wouldn’t want to wait 4 weeks just to get their items.