Most millennials these days have different priorities from older generations. While most adults are trying to adjust to the ongoing circumstances brought about by the coronavirus pandemic as they have been hit the hardest in the economic sense. Millennials feel the repercussions of unemployment and the lockdown has made things much worse.
It is a good thing that not everyone is so quick to throw in the towel in the face of hardship. Bailey Knight is a young man who has outshined business people the world over. As a very successful entrepreneur, he shares how he overcame the challenges of the last year and has thrived.
The Market for E-commerce
Because of the implemented lockdowns around the world, many businesses have suffered considerably. More notably, business establishments that do physical operations are in danger of closing for good. Unfortunately, many such physical storefronts have already shut down their operations.
On the other hand, what this scenario means is that businesses run virtually will most definitely benefit. The world of online commerce is now considered a vast opportunity that many entrepreneurs are looking into entering. While some consider it saturated, there are still ways to win.
Dropshipping his way to success
The business world is delving deeper into the inspiring story of Bailey Knight, being able to boost his income to seven figures in a short period is a massive feat for any entrepreneur. He attributes his achievements to the rise of the dropshipping industry.
Dropshipping is very much in demand now since the pandemic has led to limited physical interactions for everyone. Consumer habits were affected by the change in dramatic ways. As a result, people resorted to doing both essential and non-essential transactions through the internet. This trend has been a major contributing factor to Bailey Knight’s business accomplishments at the young age of 25.
Fueling the entrepreneurial spirit
Thanks to Bailey Knight’s sharp business mind, he has made things work. In dropshipping, everything is easier than a brick and mortar business because there is no need to keep an inventory of any goods. The unique concept behind this retail business model is that the selling entrepreneur sources the product from a wholesaler or manufacturer who directly supplies the purchased goods to the customer.
With the use of ecommerce platforms such as Shopify, he can be connected to several suppliers in different locations anywhere in the world. Distance is not a hindrance since supplier databases are abundant and can be easily found online. Shopify apps make the job easier and faster by allowing the selling entrepreneur to forward the customer’s orders to the supplier. The latter then ships the said orders directly to the customer, regardless of location.
These days, the number of online consumers has grown dramatically because of the pandemic. The opportunity will continue to grow even after the pandemic, which explains why things have gone so well for Bailey Knight and his dropshipping empire. From being a young boy with a dream to succeed, Bailey Knight has become a well-respected businessman. Bailey Knight’s success story shows that nothing is impossible when there is a will to excel, even for a millennial.
Photography by: Bailey Knight