Dropshipping accounts for 24% of all global online sales. Digital entrepreneurs have raced to capture a portion of this growing market and the marketplace has become increasingly competitive. SaleSource is a SaaS platform that empowers dropshippers to optimize the offerings in their storefronts through a data-driven approach. The AI-powered platform allows sellers to find top-rated vendors to source products from, analyse the competition, understand the economics associated with marketing and advertising, and discover trending products. SaleSource is priced at $49/month.
London TechWatch caught up with CEO and Founder Kyle Dayne to learn more about the state of the drop shipping industry, the company’s future plans, how the pandemic has encouraged more entrepreneurs to set up dropshipping businesses to diversify income, and much, much more…
Tell us about the product or service.
SaleSource is a subscription e-commerce software that helps dropshippers find winning products, analyse their competitors, and search for the best suppliers.
Tell us a little about your background and what inspired the business?
I started dropshipping at the beginning of 2018. I was looking at different ways of how to make money online and I came across dropshipping business model. It seemed very accessible as I didn’t need to have much capital at the beginning. I started with €200 that I got from my grandma. I started a vegan clothing store as I wanted to target the niche that is very passionate about the products and I know would be willing to spend money on them.
I was always into software, computers, and entrepreneurship. Dropshipping was a good starting point for making money with passion.
The idea of SaleSource developed from obstacles that I was facing as a dropshipper. The whole process of finding the right products to sell online seemed too complicated and time-consuming. That’s when the idea for creating an AI-powered by machine learning software occurred. With SaleSource, you can find the best suppliers, best products, and spy on your competitors at the same time.
The idea of SaleSource developed from obstacles that I was facing as a dropshipper. The whole process of finding the right products to sell online seemed too complicated and time-consuming. That’s when the idea for creating an AI-powered by machine learning software occurred. With SaleSource, you can find the best suppliers, best products, and spy on your competitors at the same time.
How is it different?
It stands out from its competitors in terms of the number of features, friendlier UI/ UX design, and top customer service.
What market are you attacking and how big is it?
SaleSource is operating in the dropshipping market within the e-commerce industry. The market is huge; there are around 16 million people on Facebook with “dropshipping” interest, the dropshipping market alone is valued at around $500 billion, and e-commerce as an industry is valued at around $5 trillion.
What is the business model?
We are a SaaS company. Our business model is subscription-based. We provide a 7-day free trial, then $49/month.
How has COVID-19 impacted the business?
More people want to start an e-commerce business. During the pandemic, more people were encouraged to start their own businesses or side hustles to secure their financial future, became more available due to working from home, and had more time to learn how to make money online. The dropshipping business model is very approachable due to the low barriers of entry.
More people want to start an e-commerce business. During the pandemic, more people were encouraged to start their own businesses or side hustles to secure their financial future, became more available due to working from home, and had more time to learn how to make money online. Dropshipping business model is very approachable due to the low barriers of entry.
Tell us what building your company in London has been like?
It has been amazing, I’ve hired great people since London has a greater pool of talent. I think it’s the best place to start the company; everything about the city is great for business.
What are the milestones that you plan to achieve within six months?
Start hitting 500 trial signups a day (around 70 now), develop better shipping solutions, provide more value, grow the overall range of services, and hit 500 reviews on the Shopify app store, where we just launched last month!
What does being “Made in London” mean to you and your company?
You get to work and create the company in one of the best cities for entrepreneurship, it gives credibility and increases the level of respect.
What else can be done to promote early-stage entrepreneurship in London?
Young people should have more opportunities to be taught about entrepreneurship and inspired. Provide students with courses and free resources. We are developing an educational marketing strategy for that purpose.
What is your favorite restaurant in London?
Zima – Russian Restaurant in Soho, I’m looking forward to exploring more places since I moved to London during Pandemic and not every place was open.
