Are you into print-on-demand?
Whether you are thinking of starting your POD business or have already started,
There is always a question that comes “ Is print-on-demand still profitable?”
In recent years we have seen rapid growth in the POD business, where we can see new t-shirt startups, stickers, phone cases, and other POD businesses,
I’ll provide a FREE checklist to launch your POD business, so be sure to read until the end.
If you are the one who wants to know whether POD is still worth it in 2024 then this article is for you.
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What is Print on Demand?
It’s a cool way for suppliers to make products with designs that take regular stuff like shirts, hoodies, mugs, towels, art prints, phone cases, and more!
Here’s the best part, we don’t have to deal with stocking the items as a retailer. The supplier takes care of making and shipping the product with your designs.
Simply a goodbye to all the hassle of managing inventory and delivery!
Here is a simple diagrammatic explanation,
Present market saturation of POD and Future
According to research done by Grand View Research in 2022,
The worldwide market for this industry was worth $6.18 billion. Between 2023 and 2030, experts predict it will grow at an average rate of 25.8% every year. That’s an encouraging rate, showing that joining this market could be both worthwhile and profitable.
Also read, Ultimate 5 min guide to design stunning T-shirt using Leonard AI.
Because of this trend, there has been an increase in manufacturing and POD platforms like Redbubble, TeeSpring, etc. POD business is easy to get in, and also it produces a lot of profit, the average print-on-demand profit falls between 15% and 60%, with the majority favoring the 25% to 50% range.
Look at this data by Google Trends,
According to this graph, it’s evident that the print-on-demand business remains consistently trendy, presenting a prime opportunity for seizing.
Are there any opportunities for newbies?
From the above numbers, you must have got an idea of the current scenario. The POD business has not gotten saturated, and is currently growing at a good speed,
YES, there are lots of big companies, but they are covering the general market.
If you as a newbie want to generate profit in POD you must sell your specific design and specific product to specific people.
It is all about how good a niche you choose and how good your marketing strategy is.
No problem, scroll ahead I will explain everything from the top 4 niches you can choose to grow your POD business and a little marketing hack.
Why do people fail?
People are failing in the POD business because of choosing a generalized/ concentrated niche.
I’ve had my fair share of setbacks in the POD business, but each failure has been a valuable lesson. Now, I’m eager to share the key points to focus on when diving into the world of POD
Here are the key points why people fail in POD business,
- Lack of market research
- Poor product selection
- Low-quality design
- Ineffective marketing
- Overpricing or underpricing
- Getting into a competitive niche
- Poor finance management
- Lack of consistency
- Poor business management
- Ignoring customer feedback
Lack of market research -
In the POD business, not doing market research can lead to failure. Market research means understanding who wants your products and what they like.
If you skip this step, you might make things no one wants to buy. Research helps you make better choices and stand out from others. So, before starting a POD business, always do your homework!
Poor product selection -
Choosing the right products is crucial in the POD business. Picking items that nobody wants or likes can lead to failure. It’s important to research what people are interested in and what’s trending.
By selecting popular and unique products, you’ll attract more customers and increase your chances of success. So, always think carefully before deciding what to sell in your POD store!
Low Quality Design -
If your designs are low quality, customers won’t be interested in buying them. It’s essential to create eye-catching and appealing designs that people will love.
Invest time in creating unique and professional-looking designs to stand out from the competition. Remember, high-quality designs lead to happy customers and business success!
Ineffective marketing -
If your marketing efforts are ineffective, it’ll be hard to attract customers. Make sure to promote your products on social media, use catchy ads, and engage with your audience.
By spreading the word about your POD store in creative ways, you’ll reach more people and increase sales. So, don’t underestimate the power of marketing in making your business thrive!
Overpricing/Underpricing -
Overpricing might scare away customers, while underpricing could mean losing money. Find a balance by considering production costs, market demand, and competitor prices.
Interactive pricing strategies like discounts or bundles can attract customers while ensuring profitability. So, remember to price smartly for business success!
Getting into a competitive niche -
Entering a highly competitive niche in the POD business can lead to failure. With lots of sellers offering similar products, it’s harder to stand out. Instead, try finding a niche with less competition where you can offer unique designs.
By targeting a specific audience, you’ll have a better chance of success and building a loyal customer base. So, choose your niche wisely for a thriving POD business!
Poor finance management -
Effective finance management is crucial for success in the POD business. Poor handling of finances can lead to failure. Keep track of your expenses, sales, and profits.
Set a budget for marketing, production, and other expenses. By managing your finances well, you can ensure that your business remains sustainable and profitable. Use tools like spreadsheets or accounting software to stay organized.
Lack of consistency -
Consistency is key in the POD business. Failing to maintain a regular schedule for uploading new designs or promoting products can lead to failure.
Keep your audience engaged by regularly updating your store with fresh content and interacting with customers on social media.
Poor Business management -
Poor business management can spell doom for your POD venture. Without proper organization, you might struggle with inventory, customer service, or marketing.
Take time to plan and prioritize tasks, streamline operations, and invest in necessary resources. Interactive management tools and regular evaluations can help you stay on track and adapt to challenges
Ignoring customer feedback -
Ignoring customer feedback can lead to failure in the POD business. Customers’ opinions help you understand what they like and don’t like about your products.
By listening to feedback, you can improve your designs, customer service, and overall shopping experience. Engage with customers through surveys, reviews, and social media to show you value their input. Interactive feedback loops build trust and loyalty, driving success in the POD industry.
Also Remember, Sell to people who want your product, and have the purchasing power,
The 4 most successful POD products
In the upcoming year, what concepts will help you succeed? The simplest method to break into the print-on-demand industry and make first sales is to provide gifts of eco-friendly products, Journals, Pet Products, Coffee mugs, and socks.
Eco-friendly products,
People are selecting eco-friendly products for their lives at an increasing rate. 50% of customers worldwide have lived more sustainably, according to a PwC survey from 2021. In 2019, this figure is only approximately 40%.
Compostable phone covers, eco-friendly generators, wooden tech accessories, pet leather made of hemp and cork, self-watering plants, and other items are all part of the eco-friendly trend.
Journals,
Journals are a hit in the POD business for several reasons. They’re versatile, serving as diaries, planners, or sketchbooks. People love customizing them with unique designs, making them great gifts or personal keepsakes. Interactive features like lined or dotted pages cater to different needs. Plus, journals never go out of style, ensuring a steady demand.
So, whether for writing, planning, or doodling, journals make for a successful POD product!
Pet Products,
Pet products are booming in the POD business. Pet owners love to pamper their furry friends with personalized items like bowls, beds, and apparel. Custom designs featuring pets’ names or photos add a personal touch.
Interactive options such as size and color variations cater to different pets and preferences. With pets being cherished family members, these products are in high demand, making them a successful POD venture!
Coffee mugs ,
Coffee mugs are a top seller in the POD business for good reasons. They’re practical, used daily for sipping favorite beverages. Customizable designs add flair, from funny quotes to beautiful artwork. Interactive options like different sizes and colors cater to diverse tastes. Plus, mugs make great gifts for any occasion.
Also read, Learn to make 200$ per mug designing coffee mug using Kittl.
With their popularity and versatility, coffee mugs are a surefire success in the world of POD products!
Socks,
Custom sock designs let people express their personalities, from funky patterns to favorite characters. Interactive features like different sizes cater to everyone, from kids to adults. Plus, socks make unique gifts for any occasion.
How to build a successful POD business?
To simplify your tasks, I’ve crafted a FREE Notion template detailing the process of launching and managing a POD business effortlessly.
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Final words,
Is print-on-demand still a money-maker in 2024?
Absolutely! But here’s the catch: Success depends on doing it the right way. Print-on-demand ventures can still bring in big bucks.
The trick is to craft a solid business strategy, pick the perfect niche, and team up with top-notch vendors to produce your goods.
Most of the Image were made using Canva,
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