When you search “when did you start dropshipping” or “young dropshippers” on Quora, you can find some questions like “I am 19 years old and I would like to start my own drop shipping business, what are some steps I can take to get started?”, “How can a 14-year-old start a drop shipping business and turn a profit fairly quickly?”, “What are ways to have a successful drop-shipping business for a person who is under 18?” or “What is the best age to start drop shipping?”. From all kinds of dropshipping related questions and answers, we can easily draw a conclusion that there is an increasing number of unbelievable young dropshippers are pouring into the e-commerce market.
Driven by a number of successful startup stories, more and more dropshippers have gone on the road to wealth, and some of them eventually achieved six-figure revenues. According to Payoneer’s latest Global Seller Index, global e-commerce sales reached nearly 2.36 trillion pounds in 2018, and the number of dropshippers is still increasing. With so many opportunities in the market, which age group is the most successful? The report surveyed the location, age, and sales of 100,000 dropshippers in the international market and found the following trends and changes:
Young dropshippers are pouring into the e-commerce market
According to the report, the sales volume increased 26% compared with the first quarter of 2018 as more and more young sellers flooded into the market, and the sellers’ number of Generation Z (age from 18 to 24) increased 101% from the first quarter of 2018 to the first quarter of 2019. Besides, the sellers’ number of Millennials (age from 25 to 35) was the second fastest growing, which is 35 percent.
The Millennials enjoys the highest sales volume, but still, fall behind the Gen-Xers
As in previous quarters, half of the sellers in the first quarter of 2019 were the Millennials (age from 25 to 34), which account for 46% of total sales. The sells of the Generation X (age from 35 to 44) are in hot pursuit, followed by age from 45 to 54 and Generation Z (age from 18 to 24), and finally, more than 55 years old. But Generation X is actually ahead of Millennials in terms of actual sales since the sellers’ number of that age group only account for 27%, but the sales volume of them account for 34%.
The sellers are getting younger, but the older ones are getting better
Although the number of young sellers is increasing, their sales pace has not improved that significantly. The sellers’ number of Generation Z doubled year on year, but total sales grew by only 66 percent. By contrast, the sellers’ number of older than 55 (27%) grew more slowly than the younger group, but sales grew even faster, rising 54% from the first quarter of 2018 to the first quarter of 2019. This also means that sellers in this age group have more experience and expertise in e-commerce.
E-commerce is growing at an exponential rate, although it still only represents a small percentage of all retail sales worldwide and this is a good thing because it means there are still lots of opportunities to start a successful e-commerce business. Drop shipping is a business model where you can sell physical products online without having to pay upfront for physical inventory, to need to own or lease a warehouse to store your products and without having to deal with product delivery and handling. Starting a dropshipping business does not require a large capital you don’t have to invest large capital for inventory. You can start doing business for under $100, thus this business model is an excellent choice for startups and newbie online businessmen.
Starting an online business is not easy and a lot of people fail because it’s advertised by many people who sell courses in this subject that it is easy, people go in with the expectation that they will be swimming in money in no time. But as soon as reality hits and they don’t see quick results many just quit.
Actually, there is no best age. The best time to start is always today. If your waiting for what seems like the perfect time you’re probably never going to start. There is never a better time to start than right now and one of the benefits of dropshipping is that you don’t need all that much to get started. Actually, it is not a matter of time, but the approach you take that defines your result. If you are equipped with the right tools (skills and knowledge) and follow an updated approach, and put enough effort, you’ll succeed.
You’re never too young to start. Learn as much as you could and take action. Fail if you need to as quickly as possible. For Edison once said he didn’t fail 1000 times in making a lightbulb, just that it would take 1,000 steps to make a lightbulb. You will learn a great many valuable business lessons, and gain a lot of experience that will help you moving forward. Even if you fail the first couple times.
There’s no minimum age if you want to start your drop shipping business. If you’re below 18, it is suggested to have your parents consent because you will need a credit card to purchase inventory and subscribe to an e-commerce platform. Dropshipping is a great entry type business for a young Entrepreneur who is just starting out on his/her first business. It’s low cost, easy to duplicate, and easy to pivot. During your time starting it, and trying to make it a success, you will learn a lot. But like any business, it takes hard work and dedication to succeed.
All in all, most successful dropshippers don’t succeed on their first store. In fact, most don’t succeed even on their second or third try. But each time you get into it, you gain more knowledge and understand the process more in this category. It’s still a good business to start, especially if you are young. Contribute your time and energy to dropshipping, you will succeed sooner or later!