Is Print-on-demand Still Profitable In 2023? Latest Update
The incredible growth of print-on-demand in recent years raises suspicions about “Is print-on-demand still profitable in 2023 and upcoming years?” or “Does it reach the highest development and gradually level off?”. If you cannot find convincing answers to the above questions, this article is for you.
1. Is Print-on-demand Still Profitable in 2023?
Print-on-demand is still definitely profitable to new and experienced sellers in 2023 and the near future. An evaluation of Shopify – a multinational e-commerce company shows that print-on-demand stores can earn a 15% - 20% profit margin.
The market in the US keeps growing fast
According to the research Print-on-demand Market Size in 2022, the global market of this industry was valued at $5.4 billion. From 2023 to 2031, the market will witness a CAGR of 24.6%. This rate is much higher than in the previous period.
However, that bright future isn’t the whole picture. You should research the present market to know “Is there any chance to join and open new print-on-demand stores in 2023?”
2. Is Print-on-demand Saturated Soon? Is There Any Chance for Newbies?
Print-on-demand is NOT going to saturate soon. Although existing merchants are taking up the majority of the market, there are still great chances for starters.
The increase in purchasing capabilities, internet coverage, smartphone usage, and personalized niches will give you advantages as the first-mover. Besies, a rapidly changing in fashion trends and advancements in printing technologies will help leading-trend merchants to stand out.
Find a new print-on-demand niche and become the first seller
Moreover, the market always has gaps that you can take advantage of:
- Numerous niche products: The number of niche ideas will continuously increase each year, along with the development of the economy. Besides, not every POD business sells the same products in the same niche. Therefore, you can start with different and new ideas.
- The elimination of the POD market: People now have more concerns about quality. Shops that copy from competitors or have poor products and bad service will disappear quickly. It’s your turn to join with superior items and an excellent customer care policy.
- No perfect POD business: It is the truth that nothing is perfect in the world. When reading reviews, pricing, shipping, or return policies of a POD business, you will find the competitors' weaknesses. Then, you can find ways to improve and make them to your advantage.
💡 You may concern: Best-selling niches and designs for Print-on-demand merchants in 2023
3. Why You Should Start a Print-on-demand Business This Year?
In addition to the fast growth, 5 other reasons to start your print-on-demand business this year are:
Low Risk and High ROI Business
Managing a print-on-demand shop is less risky, yet with higher ROI. Owners don’t need to invest in an offline store, manufacturer, or inventory. They also don’t have to deliver products to buyers.
Your business connects the first and the second step of the print-on-demand process
As mentioned in the first section, owners can get an average profit margin of 15% to 20%. If the newer one has great designs and effective marketing strategies, ROI will even be higher.
Low Starting Cost
The cost of starting a print-on-demand store is much less than for manufacturing, agriculture, architecture, etc. Are you curious “How much does a print-on-demand business cost?” Here are all of the costs for starters:
- Creating an e-commerce website to sell print-on-demand items. A third-party marketplace offers tools and apps to personalize a website. You can make use of free platforms to optimize the cost or pay to use advanced features.
- Creating the brand identity: You can design yourself for free or hire a professional to get the most satisfactory logo.
- Creating designs for products: It comes to be more challenging because you have to produce a mass of high-quality designs. So, consider spending money building a good staff.
- Marketing cost: Along with free methods such as SEO and social media, adding paid advertisements can boost your store effectively.
- Charge from partners: Payment gateway companies, shipping, or fulfillment partners may charge you a fee. It is necessary to know about their charge policy to build your pricing strategy.
Abundant Products to Sell
Print-on-demand product ideas are as immersive as stars in the universe. You can sell designs for everything people need. From basic items like clothing, sneakers, mugs, and decorations to high-end products like jewelry, cars, watches, etc.
Tips: Choosing a niche with a high-profit margin can help to build a strong business.
T-shirt is one of the most popular print-on-demand product in the US (Source: Statista)
Selling online gives you the chance to work whenever and wherever you want. You can also run a business online without renting an office.
Moreover, it is much easier to change products by season and year. The core thing you should notice is the design quality.
The process of designing, personalizing, adding products, creating campaigns, paying, and sending orders to fulfillment partners are both highly automated. Thanks to that, you can manage your time more effectively to create more revenue or have your hobbies.
The future of print-on-demand is promising. However, there are still disadvantages to overcome. Let’s discover Teeinblue’s expert tips in the section below to earn profit from your POD store!
4. How Do You Make Your Print-on-demand Store Profitable in 2023?
To get high revenue when selling print-on-demand products, the following basics and experience can help. Check it out!
Utilize Your Strengths
It is not necessary for the owner to handle everything. Focusing on making the most out of your strengths is expert advice. Don’t worry that other tasks cannot run. It brings more value when you have a team in that every member has different strengths.
Find your strongest skills and start
For example, if designing is your best skill, it is wise to focus on creating amazing artwork. Then, consider working with a web developer and an advertiser.
Know Your Customer
Remember to prior to this step at the beginning. Everything you prepare is for the target audience. You need to identify their favorite, purchase behavior, financial ability, etc. Then, you can create products they love as well as improve service quality.
You also need to know where your customers are. The fastest growing market is Asia Pacific, including Japan, China, Singapore, and India. The largest market is still North America, including America and Canada.
Tips: Carrying out a survey on social networks or reading reviews of competitors is the best and fastest method to know your customer.
Pay Attention to Brand Building and Customer Service
To win immense competitors on market, a strong brand is key. Consistency in policy and action not only impresses new buyers but also keeps loyal customers. This is a solid start for widening business sustainably.
Tips: Pay attention to improving product quality and customer service. While the customer is so depressed because of bad providers, this sustainable strategy is definitely useful.
Start a print-on-demand business with a professional logo
Make Use of Free Resources
There are always free choices for website, design, or marketing. Free website creation platforms are ideal resources for beginners to know about print-on-demand. It also helps to save money.
You can take amazing free resources below:
- Design tools: Canva is the best online designing website. The free version is easy to use with basic features. Moreover, it offers numerous templates for most print-on-demand products.
- Free Marketing methods: SEO (Search Engine Optimization) can bring great organic traffic to your website. Or you can share your product on social media such as Instagram, Tiktok, etc.
Diversify and Personalize Your Print-on-demand Products
After building a strong brand in your customer’s minds, it’s time to diversify and sell more products. In this way, you can get more revenue and earn more profit.
And don’t forget to add product personalization options. This is the hottest trend in the upcoming years. A report from Salesforce shows that 65% of customers prefer customized items to normal products. Among Gen Z, this rate is even 74%.
Customer can upload their photos, write their text on the products
Take Notice of Contradictory Information
When researching on different websites or asking other people, you may be curious about contradictory opinions. It makes you think more but helps to obtain useful results.
Tips: To avoid incorrect information, it is better to consult POD experts, high-reputation statistics sites, market research, etc.
Be Patient and Hard-working
Every start is hard and challenging. Building a new print-on-demand store and making it profitable requires creativity, meticulousness, and great patience.
Don’t rush and expect that the print-on-demand store will give you a high profit after a short time. You may meet troubles when setting up your store or launching the first campaign. But don’t worry, the second try will go smoother.
5. Top 4 High Margin Print-on-demand Products for 2023
What ideas will bring you success in the next year? Eco-friendly items, basic apparel, art, and home decor are the best suggestions.
More and more people choose eco-friendly products for their life. A PwC survey in 2021 says that 50% of global consumers have lived greener. This number in 2019 is just around 40%.
You can catch the going green trend with compostable phone cases, clean generators, wooden tech accessories, hemp and cork-based vegan leather for pets, self-watering planters, etc.
Recycle phone case is a great idea
The need for clothes to wear from home to the street seems not to stop. Basic apparel is the favorite item of busy and simple people because it is not only tasteful but also comfortable.
Top high-margin print-on-demand basic apparel are T-shirts, hoodies, polo shirts, and leggings. The advice is to choose one product at the beginning and update seasonal trends.
Art & Printings
It is cheap and fast to buy an art print instead of drawing or taking a photo. Print-on-demand arts are also beautiful, high-resolution, long-lasting, and easy to personalize. That’s why these products become more and more popular.
It’s worth trying the below trends:
- Simplistic and timeless pictures and photos
- Minimalistic arts
- Realism fine arts
- Nature pictures and paintings
- high margin print on demand idea for starter
- Recycle phone case is a great idea
Home decor items are never outdated because people always want to keep their house new and worth living in. Therefore, selling print-on-demand these product is still profitable in 2023.
Here are the hottest niches for home decoration in 2023: Christmas ornaments, posters, doormats, pillows, blankets, baskets, acrylic decor gifts, etc.
6. Best Print-on-demand Sites and Apps for Creating Custom Products
You’ve got the answer to “Is Print-on-demand Still Profitable?” and a basic guide to get a profit. Consider our suggestions below to start creating your own store.
Shopify provides everything you need for an e-commerce website. It allows you to design, customize, manage, and advertise your business.
It is easy to use and affordable for every merchant. Don’t worry if you are a beginner, their team will enthusiastically support you from the first step.
Shopify is one of the best e-commerce platforms in the world
Print-on-demand providers are your partners who provide white-label products, printing services, shipping services, etc. They are also called POD fulfillment companies.
9 companies that receive the highest rate includes
Product personalization apps
Product customization apps help you to enhance customer experience. Now, Teeinblue is one of the best POD product personalizers. The app allows you to:
- Design and add custom options for your customer to choose from.
- Add product base (white label) from the above every POD provider.Combine the design with the product base to launch a campaign and sell on Shopify.
- Send orders automatically to your fulfillment companies (if you require).
In conclusion, making a profit from a new print-on-demand store is absolutely possible. The keys to success are choosing the right niche and creating high-quality designs. Still wondering about “Is print-on-demand still profitable in 2023?”, don’t hesitate to leave comments below to have further discussion.