Both men and women buy wallets. They are the type of item that has to be replaced due to wear and tear. With this regular need, you can dropship wallets and earn a nice online income.
According to Statista, the wallets and little cases segment is a million-dollar market:
Revenue in the Wallets & Little Cases segment amounts to US$4,033m in 2019. The market is expected to grow annually by 2.1% (CAGR 2019-2023). [Source: Statista.com]
You can specialize in a particular sub-niche such as minimalist wallets, women’s wallets, or wallets with RFID protection.
How Dropshipping Wallets Works
Chances are you already have an idea about how dropshipping works. Unlike a typical eCommerce store, dropshipping doesn’t require you to buy and store your inventory before you can begin selling.
The dropship model lets you set up your store and begin selling without buying any inventory upfront. You only buy inventory when a customer buys an item from your store.
Once you locate dropshipping suppliers that you want to use, you can begin selling the same items that they manufacture.
You place these same items in your store including the product images and edit the descriptions and titles as you want.
When a customer buys the item from your store, you then place an order for that item with the dropshipping supplier.
During the checkout process, you input the customer’s shipping details so that the dropshipping supplier can ship the item directly to your customer for you.
Your profit is the difference in price between what you charged for the item and what the dropshipping supplier charged you.
Of course, this entire process can be automated with dropshipping store software.
Types of Wallets You Can Dropship
- men’s wallets
- women’s wallets
- credit card wallets
- children’s wallets
- leather wallets
- minimalist wallets
- money clip wallets
- RFID wallets
- waist wallets
- slim wallets
- trifold wallets
- zip coin wallets
General or Sub-Niche?
Considering the types of wallets listed above, you could easily create your store in a wallet sub-niche. For example, you could focus on selling only minimalist wallets or money clip wallets.
Sometimes a sub-niche works better than a general store. They can be easier to market as you are advertising products that are very specific.
You can brand your store to be the “go-to” store for [fill in the blank] wallets.
Dropship Wallet Suppliers
Finding suppliers for your wallets isn’t as difficult a task as it used to be. You can do a manual search. However, it is time-consuming and there are many factors to consider when choosing a dropshipping supplier.
You should ask the following questions to help eliminate suppliers that aren’t best suited to your needs:
- Do they offer worldwide shipping?
- Do they have monthly fees or per-item shipped fees?
- Do they offer wholesale pricing?
- Do they provide order tracking?
- Do they have limits on the number of items that you can sell?
- Do they have limits on the brands that you sell?
- Do they offer a buyer protection system?
An easy way to search for suppliers is to use a wholesale / dropshipping supplier directory such as SaleHoo. They’ve already done all of the hard work of tracking down and vetting suppliers.
Another Hassle-Free Dropshipping Source Alternative
You may also want to consider using AliExpress as your dropshipping resource. They are a very popular inventory source for many dropshipping store owners.
They are a large online retailer made up of merchants based in China and other locations as well, including the United States.
Using AliExpress for your inventory is a hassle-free option as they do not have any requirements, monthly fees, or per-item dropshipping fees.
Other benefits include
- Worldwide shipping
- ePacket shipping (faster shipping from China to the U.S.)
- Wholesale pricing on a majority of items
- 100 million products
- No limits on the number of items you sell
- You can set your profit margins to what you want
- Order tracking available
- Buyer protection system with full money-back guarantee
Setting Up Your Dropshipping Store
There is a variety of software available for you to open up your dropshipping store fairly quickly and easily. I share the software that I use for my own store as it was the ideal solution for me.
The software I use is called the AliDropship Plugin. It is a WordPress dropshipping plugin the turns a WordPress website into a full-featured AliExpress dropshipping business.
The reason I chose to use WordPress for my store is that I wanted to save on monthly software fees. Between using WordPress and AliDropship, I do not have a recurring monthly software fee to pay.
I also wanted to keep full ownership of my business. When using a third-party eCommerce service, you are bound by their terms of service. In most cases, they have the authority to close accounts at anytime and for any reason.
Take a look at a screenshot of Shopify’s terms of service to understand what I mean:
Ordering a Custom Built Store
A faster and easier option for non-tech people or if you simply want to save time is to have AliDropship built your dropshipping store for you.
They offer a custom store creation service in which they handle all of the details of your store’s buildout.
There are three store packages that you can choose or a special Supreme Custom Package that has way more marketing options included.
However, no matter which package that you choose, they all include a personal manager who will handle everything.
Imagine having your own project manager that you can reach out to as your store is being built? It is a nice feature that many custom dropshipping store services do not offer.
Marketing Your New Wallet Store
After you have your store up and ready for business, the real work begins. That is the work of promoting your store.
The good news is that you likely already use many of the free marketing options available such as Facebook, Instagram, Pinterest, and Twitter.
All that you have to do is create store accounts on each of these platforms. Free marketing works. Read this AliDropship success story of a store owner that uses these free platforms to make $1,800+ a month with his store.
Facebook and Instagram Ads
Paid ads work well for many dropshipping store owners. Facebook ads and Instagram ads are often the two most popular paid advertising options.
There is a learning curve to using paid advertising. It is wise to learn what you can before jumping in as you can blow through a lot of cash very quickly.
There are Facebook ad courses that you can look into that may speed up the learning process. Once people learn how to navigate Facebook ads, they can often 10X their sales.
My Closing Thoughts On How To Dropship Wallets
Wallets may not be the most exciting niche but they are items that are purchased all the time. There are various ways to approach a wallet store.
You can focus on a sub-niche such as minimalist wallets or wallets with RFID protection. You could sell an upsell item such as money clips.
No matter which direction you go in to open your dropshipping store, it all begins with using reliable dropshipping software.