7-figure Shopify dropshipping store: (2024)

FAQs

Can you make 7 figures from dropshipping? ›

A 7-figure Shopify dropshipping store is an e-commerce business that operates using the Shopify platform and has generated sales totaling at least seven figures, which means millions of dollars in revenue. In dropshipping, this revenue typically comes from selling products online without physically stocking inventory.

A Shopify dropshipping business model can drive considerable profit for Shopify store owners. Most Shopify dropshippers earn between $1,000 and $5,000 per month on average, with the most successful store owners raking in over $100,000 annually.

A 6-figure Shopify store is an eCommerce business that generates annual sales revenue in six figures, typically exceeding $100,000.

There isn't a fixed success rate for dropshipping, and success is subjective, as it can mean different things to different people. According to industry experts, the dropshipping success rate of eCommerce stores is around 10% to 20%.

Exploring High-Ticket Dropshipping

Focusing on high-ticket dropshipping can accelerate your journey to earning $10,000 a month. This involves selling fewer but more expensive items, which can simplify inventory management and reduce the number of transactions needed to reach your income goal.

It is possible but not guaranteed to become a millionaire through dropshipping. It requires strategic planning, dedication, hard work, and perseverance. Determine the high-selling, high-quality, and unique products to sell and build a solid brand.

Like in any business, you must adhere to local, national, and international laws regarding the sale of merchandise. As long as you do this, dropshipping usually is a low-risk business model with little personal liability risk.

Alex Ikonn and Mimi definitely make the list as some of the richest dropshippers. Let's take a closer look at their journey. Initially, they started by running a dropshipping store focused on hair extensions, and they've been driving sales impressively.

This online business model is often seen as a get-rich-quick scheme. But it's not. To see dropshipping success, you'll need to put in hard work and time to make your business profitable.

The average net profit margin for e-commerce businesses, which include Shopify stores, is around 10%. High performers can reach up to 20%, while lower margins sit at 5%​. ​Applying these margins to the average monthly revenue, we find: Low-end profit estimate: $5,583 x 5% = $279.15.

What is the highest salary in Shopify? ›

Shopify Developer salary in India ranges between ₹ 1.2 Lakhs to ₹ 11.4 Lakhs with an average annual salary of ₹ 4.4 Lakhs. Salary estimates are based on 454 latest salaries received from Shopify Developers.

Start a Fashion Brand. Shopify is a lucrative place for people interested in creating their own online fashion brand. Most of the eCommerce brands that are most profitable in the Shopify platform are fashion, clothing, or accessories brands.

Even though it seems easy for someone to source products and import reviews from AliExpress, it's estimated that 9 out of every 10 companies fail within their first four months.

Ideally, you want to put your full energy into a business. Not being around all the time means you can only offer limited customer service. However, the average dropshipper on Shopify works only 10 to 15 hours a week. So you can run a dropshipping business with a full-time job.

Dropshippers make between a 20% and 30% profit from each sale or up to $100,000 per year on average. This works out to be between $1,000 and $5,000 per month.

If success to you means making $1 million per year with your dropshipping store, then it may take a long time to be “successful.” If your idea of success means breaking six figures, there are many dropshippers making $100,000 per year, you just need to find good dropshipping suppliers and build a brand.

There are core truths to seven-figure selling:

You're likely selling to large enterprise companies. While you can do it with small and medium-sized companies, it is challenging. You have experience (and confidence) selling to large clients. You need the patience to endure incredibly long sales cycles.

The amount of money you can make with dropshipping depends on several factors, including your niche, your marketing efforts, and your customer service. However, many dropshipping businesses are making millions of dollars in revenue per year.