The top richest dropshippers in the world are:
- Andreas Koenig and Alexander Pecka
- Sebastian Ghiorghiu
- Harry Coleman
- Alex Ikonn & Mimi
- Pierre Emmanuel
Top dropshippers like Adam Greenspan, Sarah and Audrey, Mike and Yuliya Pavlou, Alex Philip, Cole Turner, Irwin Dominguez, Aloysius Chay and Galvin Bay, and Tze Hing Chan have generated millions in the dropshipping market. For example, Andreas Koenig and Alexander Pecka have made $10 million in sales with their pet store Doggykingdom. Dropshipping is a profitable and low-risk business model since you don't have to manage inventory or manufacture products. Anyone can be a successful dropshipper if they can find a reliable supplier and follow the right strategy.
However, dropshipping has challenges like high competition and market saturation. A report from Oberlo shows that there are about 1.5 million dropshipping stores globally. It's hard for a new ecommerce business to stand out from other online sellers offering the same products. This is why 90% of dropshipping businesses fail within the first 30 days according to AppScenic. Competition in international dropshipping also drives down your profit margin to only 15%-20% per sale. You need to consider how much you're willing to invest in product sourcing and niche market targeting if you want to succeed as a dropshipper.
This article will list the top richest dropshippers in the world and their success stories. It covers how much they made from their dropshipping business and what you can do to get the same results. I also share 6 secrets to become rich through dropshipping. At the end of the article, I introduce a different business model that can be more profitable than dropshipping.
Top 13 Richest Dropshippers In The World
1. Andreas Koenig and Alexander Pecka: $10 Million Per Year
Andreas Koenig and Alexander Pecka from Vienna, Austria are entrepreneurs who succeeded through their dropshipping venture Doggykingdom, a pet accessory store. Andreas received his MBA in General Management competencies at Danube University Krems. They became known for their strategic approach to online marketing and understanding customer needs in the pet product market. They share their expertise through the König & Pecka Institute for E-Commerce. Andreas and Alexander have a combined 37.3K followers on Instagram.
Andreas Koenig and Alexander Pecka Dropshipping Success Story
Andreas Koenig and Alexander Pecka's first business idea was selling automatic toothpaste dispensers using Facebook ads. It didn't work out because they didn’t have much experience with them. Their next business idea was Life-Hacks, a general e-commerce store with products to cater to a broad audience. However, it was challenging to coordinate the stocks of 40 different dropship products from multiple suppliers so they decided to close it down. They shifted their focus to starting a dropshipping pet business, Doggykingdom. They focused on pet products which have a niche market with high demand.
How Much Did Andreas Koenig and Alexander Pecka Made With Dropshipping?
Andreas Koenig and Alexander Pecka make about $10 million annually with dropshipping. They initially set a goal to make $1,000 daily when they started their dropshipping business. They didn't make money for a year but continued to adjust their branding strategy and customer acquisition. By 2019, their pet business was bringing in $500,000 a month.
Key Takeaways From Andreas Koenig and Alexander Pecka
2. Sebastian Ghiorghiu: $8 Million Per Year
Sebastian Ghiorghiu from Peoria, Arizona, US is a self-made millionaire who made money through dropshipping. He started his online business at 20 years old, which earned $10,000 every day. He now runs a successful Google Ads agency called Digital Wealth MB founded in 2019. Sebastian runs two online courses, EcomAlphas and Discover TikTok Dropshipping. He has a YouTube channel with 970K subscribers where he shares advice on e-commerce, dropshipping, and online entrepreneurship.
Sebastian Ghiorghiu Dropshipping Success Story
Sebastian Georgiou worked at places like Taco Bell and a car wash to save money. He got into dropshipping when he came across Graham Stephan's YouTube channel and saw a video about earning passive income through real estate investments. Sebastian realized the potential of dropshipping to generate substantial income with relatively low upfront costs. He committed to learning this business model by experimenting with online stores and leveraging platforms like Facebook and Instagram advertising. Today, he runs several online shops selling different types of products through Shopify dropshipping. Sebastian uses marketing automation and paid ads to increase sales.
How Much Did Sebastian Ghiorghiu Made With Dropshipping?
Sebastian Ghiorghiu initially made $35,000 with his dropshipping business on Cyber Monday. He also had other income sources, such as consultation calls, affiliate marketing, and YouTube ad revenue. He then turned to Facebook and Instagram ads to boost his online visibility. This strategy earned him $70,000 to $80,000 in monthly sales. His net worth is now around $8 million.
Key Takeaways From Sebastian Ghiorghiu
3. Harry Coleman: $5 Million Per Year
Harry Coleman from England, United Kingdom is a successful dropshipper and e-commerce expert known for his dropshipping store that sold pet products. He goes by his personal brand called Beast Of Ecom where he offers consultancy services on Shopify dropshipping and Facebook ads. Harry runs the Best of Ecom YouTube channel which has 73.3K subscribers. He shares his knowledge and experiences in generating $10 million in revenue from dropshipping and online business.
Harry Coleman Dropshipping Success Story
Harry Coleman's journey into dropshipping began in 2016 when he researched various online money-making methods on forums. He then learned about AliExpress dropshipping. For his first dropshipping store, Harry picked nail products. Harry then began a general store that would sell various products. Facebook ads proved to be an effective marketing strategy for him. He launched effective ad campaigns using Facebook Ads to expand his reach to more customers and find the best product for dropshipping. He started selling unique items like jewelry for horse lovers and LED dog collars.
How Much Did Harry Coleman Made With Dropshipping?
Harry Coleman made $100 to $200 daily selling niche items like horse-themed jewelry and LED dog collars. He kept trying different products and advertising methods until his sales increased. He went from making $1,000 a day to eventually reaching $10,000 per day. He has earned over $1 million in 2 months on Shopify. In 2018, he had an approximate revenue of $5 million.
Key Takeaways From Harry Coleman
4. Alex Ikonn & Mimi: 7 Figures Annually
Alex Ikonn and Mimi Ikonn from London, England are business partners who founded the start-up Luxy Hair in 2010 while they were based in Toronto, Canada. Luxury Hair was later acquired by the Beauty Industry Group (BIG) in 2018. Alex studied at York University and has a Bachelor of Commerce degree. Mimi studied at Seneca Polytechnic and George Brown College. In 2013, they also founded Intelligent Change which sold 1.9 million units of the popular Five Minute Journal.
Alex Ikonn & Mimi Dropshipping Success Story
Alex Ikonn and Mimi's dropshipping journey began with Luxy Hair. After realizing that finding the perfect hair extensions was difficult, they decided to sell it themselves. They bought $20,000 worth of hair extensions on Alibaba and used YouTube to promote their products. Alex and Mimi realized that hair was a visual product so people needed to see it. They optimized their videos with SEO and keywords to target the right audience. They also used influencer marketing and social media to post positive reviews of their products online. This strategy grew Luxy Hair into one of the largest direct-to-consumer (D2C) beauty e-commerce brands online. Luxy Hair has over 3 million YouTube subscribers and 595k Instagram followers.
How Much Did Alex Ikonn & Mimi Made With Dropshipping?
Alex Ikonn and Mimi have not disclosed an amount of how much they have made with dropshipping, but they did say that make around seven figures annually.
Dropshipping Takeaways From Alex Ikonn & Mimi
5. Pierre Emmanuel: $1.6 Million Per Year
Pierre Emmanuel moved to Nevada, USA from France with his wife to work as the Director of Digital Marketing at SPEEDVEGAS Motorsports Park. He is a dropshipping guru known for building a problem-solving dropshipping business. Pierre attended EF International Language Campuses and EDHEC Business School. He has certifications as a Bing Ads Accredited Professional, Shopping Ads Certification, Google Ads Video Certification, and Google Ads Search Certification.
Pierre Emmanuel Dropshipping Success Story
When Pierre Emmanuel and his wife moved to the US, Pierre had to find an extra source of income to support his family. His wife’s visa didn’t allow her to work in the country. Pierre created a profile on Upwork to offer digital marketing services. While working with various e-commerce clients, he encountered clients who were dropshipping using Shopify and AliExpress. He saw this as an opportunity to establish his own brand, but it wasn’t easy. He had to deal with several returns because his customers weren’t happy with the material of his product. Because of this, Paypal would also hold his money so he experienced cash flow problems. Once he found a different product and dropship supplier, he started getting more customers. He decided to bump up his efforts and invest in high-quality promotional materials. He also leveraged Facebook ads and software to spy on his competitors. If a product worked well for them, he’d also test it. He invested almost $600k in Facebook and Google ads in 2019 to promote his brand.
How Much Did Pierre Emmanuel Made With Dropshipping?
Pierre Emmanuel made over $1.6 million from his dropshipping business. His success came from smart marketing, like using Facebook ads and learning from his competitors.
Key Takeaways From Pierre Emmanuel
6. Adam Greenspan: $102,000 Per Month
Adam Greenspan is known for his unique dropshipping business Wallplate Warehouse which sells switchplate covers, light switch plates, and electrical cover plates. He has worked for Yahoo and Mark Cuban. Adam's Shopify dropshipping store was later made available for sale on the Shopify Inc Exchange. He plans to sell his store for a fair price and help with the transition to the new owner.
Adam Greenspan Dropshipping Success Story
It was in 1998 when Adam Greenspan met a friend who manufactured wallplates. Adam saw the opportunity in e-commerce, and in 2002, he asked his friend about the possibility of selling these wallplates online. In 2003, Wallplate Warehouse went live on the internet. It was a different product that not many people would think of selling, but it was in demand in many households. By focusing on this niche, Adam understood his customer’s pain points and needs and made it easier for them to browse his website and find what they were looking for.
How Much Did Adam Greenspan Made With Dropshipping?
Adam Greenspan makes around $102,000 in sales monthly. He has garnered a 7-figure revenue in dropshipping.
Key Takeaways From Adam Greenspan
7. Sarah Khelifa and Audrey: $2.5 Million
Sarah and Audrey are French entrepreneurs who made a mark in the dropshipping industry. They began their dropshipping journeys before meeting and deciding to combine their skills and resources. Their success is particularly notable in the e-commerce world, where they've become examples of women's empowerment in a predominantly male-dominated field.
Sarah Khelifa and Audrey Dropshipping Success Story
Sarah and Audrey had individual businesses before joining together. Sarah and Audrey started separate shops, which would both fail. But this would not deter these two women. They both tried to learn as much as possible, especially from available online sources. Sarah used influencer marketing, while Audrey used Facebook, Google, and Pinterest ads. After meeting at an event, they both realized they had much in common, including their business visions. In 2020, they decided to officially work together to expand their business in the US market.
How Much Did Sarah and Audrey Made With Dropshipping?
Sarah and Audrey experienced significant success, particularly during U.S. lockdowns, achieving sales of a million dollars in a matter of weeks. They are developing two major worldwide brands that are already generating over $2.5 million in sales in just four months, with a 45% profit margin.
Key Takeaways From Sarah and Audrey
8. Mike and Yuliya Pavlou: $200,000 Per Month
Mike and Yuliya Pavlou are entrepreneurs from New Jersey who own an accessories e-commerce store using the dropshipping model. Yuliya is a health coach and a business consultant. Mike finished his Ph.D. before he and Yuliya decided to venture into dropshipping.
Mike and Yuliya Pavlou Dropshipping Success Story
Mike and Yuliya began with a subscription box, NeuroBox, which they eventually sold after 6 months. They said that they overcomplicated it and talked to different people. With their accessories store now, they chose a specific niche they were interested in and focused their attention on a specific audience. They select their top products and niches by using various research tools like AliExpress and Google Trends. Their use of email marketing has helped connect their brand with their customers. Their marketing efforts also involve crafting personalized email campaigns, offering special discounts and promotions, and consistently sharing valuable content with their audience.
How Much Did Mike and Yuliya Pavlou Made With Dropshipping?
In their first year, Mike and Yuliya generated around $200,000 in sales revenue. Now, they have a multi-million dollar brand.
Key Takeaways From Mike and Yuliya Pavlou
9. Alex Philip: $250,000 Per Year
Alex Philip is a teenage entrepreneur from London, England who started his online business at age 11. He is one of the youngest and top richest dropshippers in the world. Alex runs a YouTube channel with 1.9K subscribers to share his insights on Amazon dropshipping and ecommerce.
Alex Philip Dropshipping Success Story
Alex Philip began his e-commerce journey by selling Pokemon toys on Amazon. In 2017, he learned about dropshipping and decided to start a dropshipping store of his own called Cool Life. His strategy involved finding wholesale products on Alibaba and selling them at a markup through Shopify. He would stay updated on social media and look at trending products. He also collaborated with Julian Hall of Ultra Education to help optimize his online store and improve customer conversion and branding.
How Much Did Alex Philip Made With Dropshipping?
At 14 years old, Alex Philip made $30,000. He had an annual turnover of $250,000, with a projected profit of $60,000 in a single year. At 15, he was earning $2 million from sourcing products from Alibaba and selling them on his Shopify store.
Key Takeaways From Alex Philip
10. Cole Turner: $2.1 Million in Sales
Cole Turner is an entrepreneur who started his dropshipping journey when he was a college student pursuing an engineering degree.
Cole Turner Dropshipping Success Story
Cole Turner first started dropshipping when he was 18. His first store focused on plants and pottery but didn’t do well. He then opened a general store. Later, he decided to focus on selling jewelry and used Facebook Ads to promote his product, which was a success. Cold sold this jewelry store to start a different niche business with a partner. His marketing strategy was using Facebook ads to drive traffic to his products and direct ads to his store’s homepage featuring multiple popular products.
How Much Did Cole Turner Made With Dropshipping?
Cole Turner made $75k in sales from selling a single jewelry product. Later, he would make over $700k in sales from a niche store. In 2019, his latest store had over $2.1 million in sales.
Key Takeaways From Cole Turner
11. Irwin Dominguez: $10,000 Per Day
Irwin Domiguez is former local marketing consultant from San Diego local who helped landscapers and plastic surgeons find more customers on the Internet. He studied Bachelor of Business Administration, Accountancy, and Business Administration and Management at California State University San Marcos.
Irwin Dominguez Dropshipping Success Story
Irwin Domiguez started his dropshipping journey after hearing his friend’s success in the field. He opened a Shopify account, created a store, and added a few products. He learned more about dropshipping by doing it, instead of researching beforehand. He also tried and learned more about how to maximize the use of Facebook ads, which eventually led to the success of his store.
How Much Did Irwin Dominguez Made With Dropshipping?
Irwin Dominguez has made $1 million in sales within 8 months of starting his dropshipping business. His highest sale was $30k in one day and at one point he was averaging at $10k per day in revenue.
Key Takeaways From Irwin Dominguez
12. Aloysius Chay and Galvin Bay: $60,000 Per Day
Former Macau professional poker players Aloysius Chay and Galvin Bay started dropshipping when their gambling winnings became insufficient. They started Hydragun in 2020, which is an e-commerce performance consumer tech firm. They are also co-founders of Bay & Chay Pte Ltd. Galvin attended Nanyang Technical University to study business, banking, and finance. Both of them live in Singapore.
Aloysius Chay and Galvin Bay Dropshipping Success Story
Aloysius Chay and Galvin Bay first started dropshipping after hearing about it from a friend. They saw this as an opportunity to make money. Within months of opening their first store, a niche marketing jewelry, they already opened a second store. It wasn’t easy since they had to test about 30 products before finding out the right one for them. They also had losses before figuring out that targeting a specific audience per country would be better. They also mentioned the simplicity of using Facebook ads compared to other tools for marketing their product.
How Much Did Aloysius Chay and Galvin Bay Made With Dropshipping?
Aloysius Chay and Galvin Bay made $60,000 a day on average within a year of starting their dropshipping store.
Key Takeaways From Aloysius and Galvin
13. Tze Hing Chan: $100,000 In Revenue
Tze Hing Chan is a Malaysian entrepreneur. He studied at Singapore Management University and the University of Melbourne, where he took finance and marketing.
Tze Hing Chan Dropshipping Success Story
Tze Hing Chan’s dropshipping journey started during his internship, where he met people in the industry. Since then, he has dedicated much of his time researching how to start an online business. His first store called Subtle Asian Treats sold bubble tea-themed items like phone cases, kitchenware, and merchandise. He chose this product because he saw the trend in the Asian market. It wasn’t as profitable as he thought, but he didn’t give up. When he started selling bubble tea plushies, he saw his sales increase. He would also run Facebook ads to promote his product.
How Much Did Tze Hing Chan Made With Dropshipping?
Tze Hing Chan made $7500 in revenue two weeks after he started selling bubble tea plushies. In two months, he earned a revenue of $100k. His average profit per transaction was $24.57.
Key Takeaways From Tze Hing Chan
6 Secrets To Become Rich In Dropshipping
1. Find A Profitable Dropshipping Niche
Finding a profitable niche is important because it targets a specific market with a high demand. This approach increases your chances of sales and business growth. Successful dropshippers often find that the right niche is a balance between interest and competition.
You can find a profitable niche by looking at dropshipping market data to spot popular products. For example, the global market for products in the eco-friendly niche has reached USD 46.54 billion according to Precedence Research. You can also use Google Trends to find which product keywords are increasing in search volume. Dropship supplier databases like CJDropshipping and Spocket make it easier to find an inventory source and dropshipping supplier in your chosen niche.
2. Add Value To Your Offer
Adding value to your offer is about giving customers more reasons to buy from your dropshipping store over another. According to Help Scout, 78% of potential customers back out of a purchase because of poor customer experience. Streamlining your order fulfillment process helps prevent cart abandonment.
You can add value to your offer by focusing on:
3. Implement Effective Marketing Strategy
An effective marketing strategy helps you reach the right people, sell more, and grow your dropshipping business. The richest dropshippers invest in Facebook ads and run Google ads campaigns to promote their products. You can also look into influencer marketing to reach a wider customer base. Sharing success stories in your content act as proof and builds trust with buyers.
Successful dropshippers use multi-channel retailing to sell the same product across different platforms like social media, mobile apps, and ecommerce websites. According to Lead Squared, online retailers listed in multiple channels generate 190% more revenue. If you're not sure which platforms to use, you can check dropshipping statistics to optimize your campaigns and increase profit margin.
4. Focus On SEO
Focusing on SEO improves your dropshipping business’ visibility online. It leads to more organic traffic, which is crucial for long-term business growth and profitability. Research and include keywords that potential customers use to find products like yours. Put these keywords in your listing and product descriptions. Creating quality content related to your niche helps.
5. Adopt a Long-Term Approach and Set Goals.
Adopting a long-term approach and setting goals helps a business owner make decisions that contribute to sustainable growth and success in dropshipping. This process involves building a sustainable brand that you can scale. Applying dynamic pricing to your products can help you adjust your earnings depending on real time market fluctuations. Setting goals for your dropshipping business can benefit from revenue forecasting so you can have accurate projections of your product sales.
6. Provide Outstanding Customer Service
Providing outstanding customer service helps build customer trust and loyalty. A good customer experience leads to repeat business and positive word-of-mouth. You can use customer service software like Zendesk or Freshdesk to keep track of orders and respond to customer inquiries.
Can Dropshipping Make You Rich?
Yes, dropshipping can make you rich if you're ready to put in the hard work, smart planning, and consistent effort. Success stories like Andreas Koenig and Alexander Pecka of Doggykingdom or Sebastian Ghiorghiu show this well. They didn't become rich from dropshipping overnight. They had their fair share of failures, but this didn’t stop them. They learned from their earlier mistakes and tried to understand their market better. They learned more about effective marketing strategies, specifically in digital and social media advertising. So while dropshipping has the potential to make you rich, you still have a lot to do before then.
The highest income that dropshippers can make can be around $10 million a year, but that’s in the upper range. Most dropshippers might earn somewhere in the lower six figures. The amount you earn can change because of competition, product quality, issues with your dropshipping service, and your chosen ecommerce platform.
What Are The Top Dropshipping Niches For The Richest Dropshippers?
The top dropshipping niches for the richest dropshippers are:
What Are The Top Dropshipping Products For The Richest Dropshippers?
The top dropshipping products for the richest dropshippers are:
What Are The Top Dropshipping Platforms For The Richest Dropshippers?
The top dropshipping platforms for the richest dropshippers are:
3 Obvious Drawbacks Of Dropshipping
The 3 obvious drawbacks of dropshipping are:
1. Dropshipping Is Highly Competitive
Dropshipping is highly competitive because it's easy for anyone to start doing it. With so many people selling similar things, it's hard for a dropshipper to get noticed and make sales. For instance, a report by Oberlo showed there were about 1.5 million dropshipping businesses worldwide in 2021. To stand out, dropshippers must spend more on making their brand unique and marketing it well. They need to find ways to be different and uniquely connect with customers.
2. Dropshipping Has Low-Profit Margins
Dropshipping has low-profit margins, meaning you don't make much from each sale. For example, a Shopify study found that dropshippers usually only make about 15-20% profit on their products. This small profit makes it hard for dropshippers to earn a lot unless they sell many products. Unexpected costs, like higher shipping fees or more money spent on ads, can quickly reduce their earnings. This is challenging for new dropshippers, to spend money on things that could grow their business, like better marketing or website upgrades.
3. Dropshipping Give You Little Control Over Inventory
Dropshipping gives you little control over inventory since you don’t keep the products you sell. This lack of control can cause problems like running out of stock. A virtual warehousing software helps you track inventory but it won't help if your inventory source or supplier no longer has the item. You also can't check the quality of a product before it gets shipped which can result in more returns and damage to your business's reputation.
Create Sustainable Wealth With Local Lead Generation
Creating sustainable wealth is possible when you choose the right business model. Although dropshipping has its upsides, as we’ve been with the success stories in this article, there are also the challenges that come with it. It's hard to stand out because so many people are doing it. Dropshipping profit margins are low and you can't control what's in stock since you don’t keep the inventory.
Local lead generation is a better business model to create sustainable wealth. While scaling in traditional business models like real estate or brick-and-mortar stores requires significant capital, local lead generation can be done with a few hundred dollars. It's all online so you can build and rank your digital assets from anywhere in the world. A single lead generation site can yield profits comparable to a significant real estate investment without a hefty down payment. If you want to make good money online without competing in a saturated market, consider local lead generation.
