Monodrop — $1.5M in its First Year through Dropship Program to 50+ Retailers
Background
Monodrop is an innovative dropshipping platform set up to offer online retailers an easy and effective way to sell its products. This platform connects retailers to its fashion brand, a global mens streetwear that has combined quality Turkish textiles with the rise of street fashion. Monodrop has leveraged the power of Syncio and dropshipping to incredible effect, making more than $1.5 million USD in revenue in its first year, selling across 50+ online retailers in Europe, UK, USA, and many other countries.
A brand in demand wasting a great dropshipping opportunity
Monodrop’s products were in-demand, with no shortage of online retailers desiring to sell its streetwear. With the rise of dropshipping as an inventory model preferred by retailers, Monodrop was ill prepared to meet this demand as it was time consuming to send inventory updates to all the retailers in its network on an ongoing basis.
Retailers also felt the same pain — they would receive a CSV file in which they would have to manually upload the products onto their stores, and then download the product images from the Monodrop website. All of which would take hours to complete. Then there was the risk of overselling once the product was listed live on the retailer’s website.
Every retailer represented a distribution channel to a set of potential new customers for Monodrop. If they could set up its dropshipping program properly, they would potentially be able to gain a large amount of new customers and resultant sales from minimal impact to its normal operations. The problem was that there was no easy way to allow retailers to import its products and then keep inventory up-to-date between stores. This was a wasted opportunity for Monodrop to reach new customers and ultimately more sales.
Setting up a program that can scale dropship retailers
So how did Monodrop capitalise on this incredible opportunity to distribute their products to dropship retailers all over the world? They created a dropshipping platform that was designed to allow any entrepreneur to start their own clothing retail brand to drop ship its products.
Monodrop focused on key aspects of the program that would deliver success:
- 1–3 days global delivery: Monodrop partners with DHL and UPS to deliver orders in 1–3 days. As every e-commerce store owner knows, shipping and delivering orders fast is very important but with other suppliers, this is a big issue because deliveries can take more than a month most of the time, which poses a big threat to the sustainability of the business.
- Shopify inventory sync (Syncio): Monodrop provides instant inventory synchronisation for stores using Shopify. Shopify is already a user-friendly platform which enables anyone to open an online store without the need to learn how to code. And thanks to Syncio, Monodrop can offer its inventory for Shopify stores to sync instantly, helping save time and effort constantly uploading products manually to their stores.
- Custom packaging: Monodrop offers a custom packaging option for every retailer so that their customers know where they receive the package from. This is important because the retailer can create their own brand with their own brand logo and assets on the package.
- High quality products: The products Monodrop offers are high in quality and follows the latest trends in men’s fashion. This is a very critical point as even with the best program setup, if the product is not good, the customer will not purchase again. Monodrop has an incredibly high customer retention rate above 25% and an extremely low return rate of 5% compared to the industry standard of 15–20%. This demonstrates that customers are happy with the quality and style of its products.
“By using Syncio, we know that we saved a lot of time and effort. Without it, it would be very difficult and complicated for us to provide CSV files etc to our drop shippers. We have been and will be very thankful for the Syncio team.”
With a technical solution in Syncio found, Monodrop fully leveraged its strong brand and product with the technology to scale its dropship distribution network. It also set up a dedicated landing page and ran promotions to capture retailers that were interested in selling its products.
“We work constantly to improve the quality of our services because technology is improving every day and companies need to adjust to changes to build a sustainable business.”
This program has been wildly successful, turning over $1.5 million USD in its first year, with over 70 retailers dropshipping its products globally. This number is rapidly growing as the use of Syncio has enabled Monodrop to scale the number of retailers to a number it could not imagine previously.
Benefits
As highlighted previously, Monodrop has made over $1.5 million USD and now has over 70 retailers dropshipping its products globally. Because they are using Syncio as a multi-store inventory sync solution, it is a highly scalable program that continues to attract more and more retailers to join and start selling. Each retailer brings with it a whole new audience that ultimately drives more sales to Monodrop. It has also allowed Monodrop to strategically expand into new markets without the need to do any marketing.
Monodrop is an emerging brand in the men’s streetwear space thanks to the quality and style of its products, but also because of its innovative use of Syncio to drive its dropshipping program. The future is incredibly bright for Monodrop as it continues to scale through its ever growing retail dropshipping network.
Find out more about Monodrop.
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