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Is Dropshipping CBD Profitable in [2023]?
Last modified: March 19, 2023
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Is dropshipping CBD profitable? This is one of the top questions that is often asked when people are thinking about starting a business dropshipping this popular line of products. In this article we look at whether or not dropshipping CBD products is profitable or whether or not there are other ways that you can earn money.
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Pricing
One of the major aspects of CBD is that there are few suppliers of this, compared to other products, that are dropshipped. Therefore, it could be hard to find the right suppliers for your business. It also means that the prices might be higher.
That doesn’t mean that you can’t charge enough to make a profit. The important factor is ensuring that your business charges a high enough price that you make a profit from the sales but low enough that you make sales.
The general rule of thumb is that you should be charging about 40-70% above what you’re going to be charged for the product. So if you’re charged $10 for a product from the supplier, then you need to charge between $14 and $17 for the product.
This can be an easy pricing system to follow.
Extra Costs
While the costs for the product is important, there are also other costs that you must also think about. Number of these is the shipping. This is usually charged additional to the product and the location of the customer can make a difference here. So carefully consider, what are you looking for?
You might want to charge a higher price to cover shipping but then offer ‘free shipping’. This might work at charging closer to the 70% markup, but might not be good if it isn’t.
Other costs might include any taxes you might need to pay. This might be based on where you’re selling to. For instance, there are different laws based on where you sell your product. You might need to use an app to help you with the tax laws.
Finally, there are costs for running the website. In addition to the traditional Shopify base plans, you will have costs like payment management, app subscriptions and themes to fund. The website is not something that you can charge directly for, but is rather a cost that has to come out of your orders.
Traffic
Generally speak you need to make sure that you have enough traffic to make your business profitable. Practically speaking, you need to get about 80-90 people to visit your website for a sale. But to be profitable for a decent living, you might need to have five or six people buy a day, just for a small income.
Therefore, you are looking to get about 500 people a day to make a good profit. This can only be achieved through hard work and good investment.
Final Word: Is Dropshipping CBD Profitable
Is dropshipping CBD profitable? Yes, technically speaking any kind of dropshipping is profitable. You just need to ensure that you have the right processes and prices in place to make the most of your business venture.
Keep on reading about Dropshipping on Shopify. For example How to Dropship Black-owned CBD in [2023] and How to Dropship CBD Flower in [2023]. Both part of our Shopify Dropshipping Apps and Shopify Dropshipping Themes lists. You can read more about Dropshipping on Shopify with our ultimate Dropshipping on Shopify guide.
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