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Dropshipping Market Report 2024: Market Research Insights and Growth Outlook
Dropshipping Global Market Report 2024
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According to The Business Research Company's, The dropshipping market size has grown exponentially in recent years. It will grow from $225 billion in 2023 to $272.97 billion in 2024 at a compound annual growth rate (CAGR) of 21.3%. The growth in the historic period can be attributed to e-commerce growth, globalization, low barrier to entry, consumer expectations, and entrepreneurial opportunities.
The dropshipping market size is expected to see exponential growth in the next few years. It will grow to $594.02 billion in 2028 at a compound annual growth rate (CAGR) of 21.5%. The growth in the forecast period can be attributed to increasing consumer demand for personalized and customized products, growing consumer concerns about sustainability and ethical sourcing practices, marketplace expansion, supply chain resilience, and facilitation of cross-border trade. Major trends in the forecast period include technology integration, diversification of product offerings, customization and personalization, vertical integration and supply chain optimization, automation tools to streamline operations.
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Market Drivers and Trends:
The growth in the e-commerce industry is expected to propel the growth of the dropshipping market going forward. The e-commerce industry facilitates the online buying and selling of goods and services through online transactions. The e-commerce industry is experiencing rapid growth due to increasing internet penetration, the convenience of online shopping, expanding mobile usage, and advancements in technology facilitating seamless transactions and personalized shopping experiences. Dropshipping is utilized in the growth of the e-commerce industry by enabling retailers to offer a wide range of products without the need for inventory storage, reducing upfront costs, and allowing for greater flexibility in product offerings and market expansion. For instance, in June 2022, according to Ecommerce Europe, a Belgium-based non-profit association, In 2021, the total European e-commerce market surged to approximately USD 869 billion, boasting a growth rate of 13% from the previous year's USD 681.90 billion, and the growth momentum is expected to continue in 2022, projecting an 11% growth rate and an anticipated turnover of approximately USD 958 billion. Therefore, growth in the e-commerce industry will drive the growth of the dropshipping market.
Major companies operating in the dropshipping market are integrating mapping functionality to enhance inventory management and optimize sales strategies. The mapping function is a tool that enables e-commerce and dropshipping sellers to efficiently manage and categorize SKUs, organize distribution, and implement marketing strategies such as BOGO and product bundles. For instance, in June 2022, DSers, a Hong Kong-based e-commerce solutions provider, launched a significant upgrade to its mapping function, designed to simplify and streamline dropshipping product management for sellers. This enhanced functionality offers various methods, including SKU mapping and upsell mapping, allowing sellers to select the approach that best aligns with their business model, brand, and product offerings. This new functionality offers five options: basic mapping, standard mapping, advanced mapping, BOGO (Buy-One-Get-One) mapping, and bundle mapping. Basic mapping allows for quick SKU categorization across different suppliers, while standard mapping provides more precise management of individual SKUs. BOGO Mapping facilitates promotional campaigns such as buy-one-get-one-free deals without relying on third-party apps, and bundle mapping supports the sale of product kits, enabling consumers to purchase multiple items at discounted rates.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Costco Wholesale Corporation, Shopify Inc., Etsy Inc., Wix.com Inc., Printful Inc., Printify Inc., Doba Inc., Oberlo, Gooten, SaleHoo Group Limited, AliExpress Ltd., Inventory Source, Megagoods Inc., Wholesale2b, Dropshipper.com, CJDropshipping Inc., GreenDropShip, Alidropship, Modalyst Inc., Sunrise Wholesale Merchandise LLC, Cin7 Orderhive Inc., Spocket, Importify, Teelaunch, BigBuy
Dropshipping Market 2024 Key Insights:
• The dropshipping market size is expected to see exponential growth in the next few years. It will grow to $594.02 billion in 2028 at a compound annual growth rate (CAGR) of 21.5%.
• E-Commerce Expansion Propels Dropshipping Market Growth
• Enhancing Customer Satisfaction Through Mapping In Dropshipping
• North America was the largest region in the dropshipping market in 2023
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