Day: October 29, 2020
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It’s no secret that the ecommerce industry has been booming. As those trends continue to climb, the dropshipping market is following the same trajectory.
Dropshipping makes it possible for anyone to run an ecommerce shop without having to purchase, store, or ship inventory. Essentially, you can operate an ecommerce site from your couch without ever touching the products you’re selling.
But in order to do this successfully, you’ll need to find a dropshipping company to handle the logistics of fulfilling orders.
Whether you have an existing ecommerce business or you’re new to selling online, this guide will help you find the best dropshipping company for your unique needs. Continue below to learn more about my top recommendations and strategy for evaluating different options.
The Top 7 Options For Dropshipping Companies
How to Choose the Best Dropshipping Company For You
There are hundreds, if not thousands of different dropshipping companies on the market today. Without a buying guide to follow, narrowing down your options can seem like an insurmountable task. To make your life easier, follow the methodology that I’ve outlined below.
These are the factors that you should take into consideration as you’re researching and evaluating different dropshipping solutions:
Type of Dropshipping Company
Dropshipping companies come in all different shapes and sizes. So the first thing you need to do is determine what type of company will meet the requirements for your business.
Do you need a manufacturer? Wholesale supplier? Supplier directory? In some instances, you might just be looking for dropshipping software to facilitate your existing supplier relationship.
We’ll cover the types of dropshipping companies in greater detail shortly. This will give you a more detailed explanation of your options.
Next, you need to make sure that the company you’re considering supports your sales platform. It’s worth noting that not all dropshipping solutions are compatible with every ecommerce website.
For example, online stores using Shopify won’t necessarily be using the same dropshipping company as a business selling via eBay or Amazon. A brick-and-mortar retailer that wants to add an online sales channel won’t have the same needs as new business selling via Wix or WooCommerce.
So verifying the compatibility between your online sales channel and the dropshipping company’s logistics will be a great way to narrow down your choices.
In addition to the logistical benefits of dropshipping, you’ll also have access to wholesale rates. But like any type of inventory, those prices will vary from supplier to supplier.
Some dropshipping companies force you to pay a monthly or annual membership for access to wholesale pricing. In many cases, these membership fees are well-worth the discounts you’ll get as a result. But usually, the manufacturers will offer the best rates if you buy directly through them.
You’ll have to walk the line between what makes sense for your convenience vs. profit margins.
Industry and Products
What products are you selling? What are you planning to sell online?
The answer to these questions will definitely impact the dropshipping company you choose. If you’re selling shirts and hats, you probably won’t have the same dropshipping needs as an online store that sells computers, headphones, and other electronics.
Are you selling brand name products? Or will you be putting your own logo on inventory?
These are other questions to consider as you’re evaluating prospective solutions.
The best dropshipping companies leverage automation, which allows you to be as hands-off as possible.
You need to understand the logistics between how orders get processed from company to company. What happens after a customer buys something online? How does that order ultimately end up at their doorstep? The answer varies depending on the solution you choose.
In some cases, you’ll have to manually enter those order details from your own website to the dropshipping platform. But with an automated process, you won’t have to do anything. An online order will automatically be sent to the supplier without any extra steps on your end.
For those of you who already have relationships with suppliers, you can leverage dropshipping software to automate your fulfillment process.
Quality and Speed
Even though you’re not touching the products with dropshipping, your company is still responsible for the product itself.
The customer doesn’t care where the product came from or who shipped it. They expect high-quality products delivered quickly. If the dropshipping company you’re using takes weeks to ship and delivers defective products, it’s going to be a poor reflection of your company—not theirs.
So choose a company with an established reputation in this space. You might have to pay a little extra for the inventory, but it’s worth it to keep your customers satisfied.
The Different Types of Dropshipping Companies
As previously mentioned, there are different categories within the dropshipping space. Here’s a quick overview that explains each type of dropshipping company. This will make it easier for you to determine which type addresses what your business is looking for.
A dropshipping marketplace is an online platform with a network of different dropshipping companies. You’ll be able to facilitate your entire operation and manage the relationships between different dropshippers from a single place.
This is a great option for ecommerce shops that plan to sell products in different categories sourced from multiple suppliers. It’s also a great way to shop around and evaluate different companies from a single source of truth.
Going straight to the manufacturer is one of the best ways to get the lowest possible whole inventory prices—you won’t be going through a third-party.
However, not every manufacturer will be set up to facilitate dropshipping out of the gate. So you might need to use dropshipping software to manage this relationship. Another downside of using a manufacturer is that you’ll be limited to what that manufacturer produces. If you want to sell products that they don’t make, you’ll need to source them from a different manufacturer. At scale, this can be tough to manage.
A wholesale supplier doesn’t necessarily manufacture products. But they operate warehouses with inventory from various manufacturers.
The prices from a wholesale supplier will still be low, but definitely not as low compared to coming directly from the manufacturer (the wholesaler has to take a cut). These dropshipping companies are great for businesses that want to sell a wide range of different products in various categories.
Supplier directories don’t actually handle dropshipping. Similar to an online marketplace, it’s a single location for you to find various suppliers.
But to access information about these suppliers and prices, you usually have to pay a membership fee to the directory.
Dropshipping software is a great way for online stores to automate order fulfillment with their suppliers and manufacturers. These tools eliminate the need for ecommerce shops to manually enter order details after something is purchased through their online sales channels.
With dropshipping software, the order information gets sent directly to the supplier for fulfillment. This is faster, more efficient, reduces human error, and allows the site operators to stay more hands-off.
#1 – Doba Review — The Most Versatile Dropshipping Company
Doba is one of the most popular dropshipping services on the market today. Its popularity is largely due to the fact that it can accommodate such a wide range of ecommerce shops with varying needs.
With Doba, you’ll have access to millions of products from hundreds of suppliers in a single online catalog. Here’s how it works:
Other noteworthy highlights of Doba include:
- Compatible with 100+ ecommerce platforms including Shopify, Magento, BigCommerce, Volusion, eBay, Amazon, etc.
- Information on each supplier (average processing time, fulfillment rates, cost, etc.)
- Manage product lists and discover trending products
- Advanced search and filtering
- Data exports in a wide range of formats
- Inventory management tools
- Proactive inventory and price change alerts
Plans start at $29 per month. If you sign up for an annual subscription, you’ll get two months for free. Try it free for 30 days.
#2 – Wholesale2b Review — Best Free and Simple Dropshipping Company
More than one million products are available on Wholesale2b. The platform makes it easy for anyone to integrate dropshippers to their online store.
Wholesale2b is compatible with multiple sales channels and online marketplaces like Amazon, WooCommerce, Shopify, BigCommerce, Ecwid, eBay, Magento, and more.
Here are some of the top reasons why Wholesale2b ranks so high on my list:
- Free to sign up; no credit card required
- Easy to get started
- Extensive product catalog with options from multiple categories and industries
- 100+ dropshippers in the Wholesale2b network
- Automatic order imports and inventory tracking
- Ability to create a new turnkey ecommerce site from scratch
Whether you have an existing online store you’re planning to start a new ecommerce business, Wholesale2b has you covered. Sign up and try it today—it’s free.
#3 – Oberlo Review — The Best For Shopify Stores
If you’re using Shopify to sell online, look no farther than Oberlo. The platform integrates seamlessly with your Shopify store, so you can start dropshipping with ease.
More than 100 million products have been sold online with Oberlo.
Oberlo is free for basic use, but you’ll definitely want to upgrade to a paid plan, or you’ll be limited with what you can accomplish. Some of the top features include:
- Unlimited monthly orders
- Free Oberlo Chrome extension
- Bulk orders
- Real-time order tracking
- Variant mapping
- CAPTCHA solver
- Ebooks, guides, and free learning tools
- 24/7 customer support
- Customizable listing information
- Powerful product data
Paid plans start at $29.90 per month. This entry-level plan supports up to 10,000 products. You can join Oberlo for free to get started.
#4 – Megagoods Review — The Best For Consumer Electronics
Megagoods is my top recommendation for online retailers in the consumer electronics space.
They provide fast shipping, efficient processing, and have a great selection of brand name electronics products.
Here are some of the most popular product categories offered through the Megagoods platform:
- Alarm clocks
- Car audio
- Home theaters
- DVD players
- DJ products
- Bluetooth products
- PA systems
- Portable electronics
- Gaming products
In addition to the extensive electronics options, Megagoods also supplies items like watches, kitchen appliances, cutlery, cookware sets, and more.
The interface is a little outdated, but a Megagoods subscription costs just $14.99 per month. This membership fee gives you access to exclusive pricing. Try it free for 30 days.
#5 – SaleHoo Review — The Best Wholesale Directory
SaleHoo is one of the most popular wholesaler directory platforms on the market today. A membership grants you access to 2.5+ million products from 8,000+ suppliers.
With SaleHoo, you can find products and start selling them online in a matter of minutes.
For 15+ years, more than 137,000 people have used SaleHoo to sell online with dropshipping services. Here are some other reasons why they come so highly recommended:
- All suppliers have been pre-vetted
- Unlimited dropshipping training
- Award-winning customer support
- Plans are backed by a 60-day money-back guarantee
- Market research tools for hot products and high profit margins
- Easy to navigate with a modern interface
- Ability to automate your online store
Annual pricing for the SaleHoo supplier directory costs $67. Alternatively, you can pay a one-time fee of $127 for lifetime access. Try it risk-free.
#6 – Dropified Review — The Best For eBay Sourcing
Dropified is another popular dropshipping solution. It seamlessly integrates with ecommerce platforms like Shopify, WooCommerce, BigCommerce, and more.
Unlike other dropshipping tools, Dropfied is also compatible with eBay and AliExpress.
If you’re using eBay or AliExpress for inventory, Dropfied eliminates the need to copy and paste customer order details. These orders can automatically be shipped to your customers directly from the supplier.
Other top features and perks of using Dropfied include:
- Automatic order fulfillment
- Automatic price change updates
- Dynamic Facebook feeds
- Automatic product availability updates
- Simple product variant setups
- Easy product filtering
- Product and inventory sync
- Add to your ecommerce store with a single click
- Product customization
- Automatically import product reviews from vendors
- Easy to change vendors for different products
This list of features and benefits goes on and on. It’s quite extensive, to say the least. Dropified plans start at $47 per month. The entry-level plan supports 15,000 products and unlimited monthly orders. Try it free for 14 days.
#7 – Inventory Source — Best Dropshipping Automation Software
Inventory Source is a bit unique compared to other dropshipping companies on our list. They provide software to facilitate dropshipping automation.
To improve the logistics with your existing suppliers, Inventory Source will be a great option for you to consider.
Here’s why I like Inventory Source so much:
- Integrates with 25+ ecommerce platforms (Shopify, eBay, Amazon, Walmart, Magento, WooCommerce, 3dcart, etc.)
- Full product data integration
- Dropship order automation
- Automatic inventory sync
- Free directory of 230+ suppliers
- Ability to add your own suppliers outside of the Inventory Source directory
- Bulk feed management tools
Overall, the software is really easy to set up. It will benefit you and your suppliers alike. Plans start at $99 per month. You can create an account for free to browse supplier product feeds, automation tools, and integrations.
The concept of dropshipping is extremely appealing for anyone interested in selling online. But it only works well if you’re using the right dropshipping company.
Which dropshipping company is the best? It depends on your needs.
Just use the recommendations and buying guide explained in this post to find the best dropshipping services for your online store.
The recession is officially here, and that means finding financing for your business is going to be more challenging than ever. It is possible however. Check out Streetshares recession financing for example.
A Comprehensive Review of Streetshares Recession Financing Options
Funding is a huge obstacle for virtually every small business, especially in a recession. It can seem as if there is almost never enough. This is why having more than one option when it comes to small business funding in a recession is vital. Most assume the first stop is a traditional bank or credit union. That isn’t always possible however. Sometimes you need to research alternative options. This is exactly what Streetshares recession financing is.
Traditional lenders rely heavily on personal credit scores and are not set up to specifically help small businesses thrive. There are some non-traditional lenders that, while still acknowledging risk reduction is essential, know small businesses are a different breed needing special help.
Because of this, they are willing to take other factors into consideration rather than relying so heavily on the personal credit. Factors such as business credit, time in business, annual business revenue, and more can come into play.
Is Streetshares one of those companies? In some ways yes, it is. In other ways, not really.
Find out why so many companies are using our proven methods to improve their business credit scores, even during a recession.
What is Streetshares?
Streetshares is an online small business funding service offering much more than traditional loans. It all began in 2013 when Mark Rockefeller and Mickey Konson both agreed a small business financing solution for everyday small business owners was necessary. The idea for Streetshares was born.
The idea was to create a lender which would offer small business solutions for veterans and their communities. Today, Streetshares offers financial products to all types of small businesses. While you do not have to have military or veteran affiliation to take advantage of these products, they do maintain their dedication to their military and veteran roots.
What Products Do They Offer?
Streetshares offers a variety of recession financing products with fast application processes and funds deposited almost immediately. There is never a prepay penalty, and the credit check is a soft one, so there is not an impact on your credit score for applying. This is a huge plus when it comes to financing during a recession.
Streetshares Recession Financing Products
Term Loans– These are lump sum, traditional style loans. They run from $2,000 to $100,000 with terms from 3 to 36 months.
Patriot Express Line of Credit– A revolving line of credit for amounts between $5,000 and $100,000. You draw only what you need, when you need it, and only pay interest on what you used. Terms run from 3 to 36 months.
Contract Financing– An advance on contract invoices. You can receive up to 90% of the total of unpaid invoices on a contract, and Streetshares will collect from the contractor. The beauty of this is you get your cash right away, without having to wait for customers to pay their invoices.
Factoring– Similar to contract financing, accounts receivable factoring allows you to collect a portion of your receivables from Streetshares, while they collect the total amount from those who owe you. This allows you to receive your funds immediately without having to worry about collections.
Our comprehensive Streetshares review revealed that this is a flexible product rather an a one-size fits all. The company lets the borrower determine how many and which invoices to factor in the way best suiting their needs. The business does not have to factor all invoices.
You may be wondering how your credit score will react when you apply for a loan. With most lenders, you credit score can drop some due to the credit check made by the lender. However, while we were doing our Streetshares review, we learned they do a soft pull when they check your credit score, so your credit isn’t affected at all by the application.
Find out why so many companies are using our proven methods to improve their business credit scores, even during a recession.
Streetshares Recession Financing: Repayment
They deduct a set amount from your bank account weekly, so repayment is easy peasy. They also do not have a prepayment penalty, so if you want to pay ahead, you can totally do that.
Other Services: Investment Products
Veterans Business Bonds– These bonds pay a flat 5% interest rate with as little as $25 to start. You can withdraw from the bond in the first year with a 1% fee, and after one year can access your funds at any time without a fee.
Streetshares Pro Investing– If you choose, you can let the Streetshares pros build a portfolio that will help you reach your financial goals.
Financing Application and Requirements for Streetshares Recession Financing
Online application for Street Shares recession financing is quick and easy. If you want or need personal help, you can call and speak with a qualified professional who will walk you through the process. Approval typically comes the same day as application, and funds can be in your account within 3 days.
The basic loan pre-approval qualification requirements are:
- United States citizenship
- At least one year in business (in some cases 6 months is enough)
- Minimum required earnings
- Business guarantor with reasonable credit
When you apply, you will need to have the following information ready:
- Business owner’s social security number
- Total outstanding business debts
- 6 months of the most recent bank statements
- Most recent business and personal tax returns
In some cases, financial statements may also be required for Streetshares recession financing. These would include the Profit and Loss statement, the Balance Sheet, and other information as requested. If you use QuickBooks Online, their system can review your financial information directly from there, making the process even faster!
Streetshares changed how they accounted for closing costs mid-2018. Previously, these fees came from funds before they went into the borrower’s account.
The new policy allows for the disbursal of all funds to the borrower, who is then allowed to either roll closing costs into the payment, or pay them back immediately. Streetshares says they made this change to allow borrowers to receive all their funds and have more control over how they used the money based on the needs of their individual business. This is a huge plus for Streetshares recession financing.
There are a few exceptional benefits to being a Streetshares member.
Members of Streetshares enjoy discounts at various retailers. These include but are not limited to discounts on bookkeeping services, services offered by Amazon, and combat attire. In a recession, every penny counts, right?
Best Price Guarantee
When it comes to Streetshares recession financing, they are serious about offering the best deals and rates when it comes to small business funding. In an effort to do just that, they guarantee they will beat or match a competitor’s offer, or give you a $100 gift card. Here are the details:
- You must have a loan offer from Streetshares that has been fully underwritten.
- You must also have an approved and underwritten offer from one of the lenders listed below.
- There will need to be proof of the competitor’s offer.
This only applies to online lenders. These are defined as lenders that:
- Are not a bank, credit union, CDFI, or thrift
- Operate as a for-profit lending agency
- Are not a brokers or ISOs (Independent Sales Organizations)
- Provide Merchant Cash Advance products or is one of the lenders in the following list:
- Strategic Funding
- BFS capital
- SOS capital
- IOU Central
- EBF partners
- Flash Advance
- Swift Capital
- Breakout Capital
- PayPal LoanBuilder
- Principis capital
- Par Funding
- National Funding
- Quick Bridge Funding
- Business Backer
- Advance Capital
- Mulligan Funding Knight Capital
- 1st Global Capital
- SFS Funding
- Itria Ventures
- EIN CAP
- Pearl Capital
- Prime Meridian
They must also, of course, provide small business lines of credit or loans as part of their normal operations.
Brass Tacks of the Best Price Guarantee
After reviewing your offer, Streetshares will generate an Annual Percentage Rate (APR) for the costs of your Streetshares offer in an effort to give you a fair comparison. They will then offer lower fees, a lower interest rate, or make other changes to their offer to beat or match that of the competitor.
Find out why so many companies are using our proven methods to improve their business credit scores, even during a recession.
If they, for some reason, cannot beat or match the offer, they will give you a $100 Amazon gift card.
We would be remiss if we didn’t talk about the Streetshares Foundation along with Streetshares recession financing. The foundation’s mission is to encourage and support veteran small business owners. In keeping with this, they present a grant to 3 veteran-owned businesses each year.
There are three prizes as follows:
- 1st Place: $15,000
- 2nd Place: $6,000
- 3rd Place: $4,000
To apply, a business must meet the following requirements:
- The applicant has to be a veteran or reserve or active duty member of a branch of the United States Armed Forces, or a spouse of an armed forces member.
- They must be at least 21 years old.
- The business must be legally incorporated or a formal partnership or sole proprietorship.
- There must be some sort of social impact on the veteran or military community either in conjunction with or in addition to the primary business function.
The foundation will choose 5 to 10 finalists based on the social impact, business idea, how they will use award funds and the social impact of that use, fit of the product market, and the history of the team and the company.
The final selection process is one of the best parts. Once the finalists are set, they post a list on the website and the public votes on which businesses will receive prizes!
What is “Reasonable Credit? And What if My Credit Isn’t “Reasonable?”
To gain approval for Streetshares recession financing, you need to have “reasonable” credit. It took a little digging around, but it turns out they define reasonable credit as a credit score over 650.
What If My Credit Score Doesn’t Meet that Definition?
There are some steps you can take to improve your score. First, pay your bills on time, every time. You also need to take a look at your credit report. You can do this by obtaining a free copy. Get one annually at no cost.
Review it with a fine-toothed comb. It is even more important to do this during a recession. If you find mistakes, have them corrected. Do this by submitting the detailed request in writing, with back up documentation of the correct information. Never send originals of backup. Always make copies.
You can also ask those that are not required to report payments to credit agencies to do so. A couple of examples include landlords and utilities. If you are making your payments to them on time, you can ask them to report those payments.
They may say no. It can’t hurt to ask though. If they choose to do so, it could improve your score much faster.
The Better Business Bureau: What Do They Say About Streetshares?
You really can’t talk about a lending company without checking out their profile on the Better Business Bureau. It’s pretty important when considering Streetshares recession financing. As it turns out, they have an A+ rating! There are only two complaints on file, and they are each in reference to unwanted solicitation. The company has responded, and in each case the individual complaining was taken off of their list.
There are 3 reviews on file, and all three relate to the investing option. One is a 3-star rating because there seem to be no financials available for the past 4 years. The last ones are when they first filed with the SEC. The reviewer would like to see how the investment money is being used.
Another 3-star rating is from a reviewer who was not impressed either way yet. They note a few good things and a few not so good things and state they need more time to form an opinion.
The last reviewer gives a 5-star rating and says their investing experience has been “as advertised.”
Do You Need Streetshares Recession Financing?
It depends. If you qualify, Streetshares recession financing could be the perfect solution for whatever you need. The company prides itself on offering fast financing options with little hassle. They have lower interest rates than other online lenders. Also, while they offer their products to everyone, they take their original mission to use their business solutions to support businesses run by those in the military and veterans seriously.
The main drawback is they are a newer company. This inevitably causes some kinks, but they seem to be working them out nicely.
(Note: We make every effort to update details regularly but always check the lender’s website for the most up-to-date information on terms, rates, and requirements as these details can change frequently.)
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