Souljaboy is claiming he made $850k in one day from selling his new game console, posting photos & screenshots on Twitter & Instagram to back up his claim.
Nice stack of cash! Here's the alleged screenshot from Shopify dashboard. Dropshippers love to post screenshots and Souljaboy is no exception.
We decided to investigate! How much profit could Souljaboy really be making with this?
Let's start with a quick look at the website.
The website Souljawatch.com looks the same as hundreds of terribly designed dropshipping sites, with the addition of the word Soulja prefaced on every word.
As we are fairly familiar with the world of Shopify, we recognized all the products on Souljawatch as some of the top AliExpress dropshipping classics. The unbelievably cheap smart watch, the knock-off Gameboy, and other "pretty boy swag".
AliExpress… \ </br> The same product on SouljaWatch.com \
We found all of the products for sale from various dropshipping websites…here are the links if you want to try it yourself.
Products located! The knockoff Airpods in particular seem disturbingly cheap. Either Apple is screwing us, or these don't work. Somewhat confusingly, they are listed on Souljawatch.com for $6.58 but when you go to buy them, the price rises on the product page to $17.92.
Anyways, this type of comedy is all over Souljawatch.com.
Let's get to work figuring out the profit. We know he made $850k from 33,760 orders on December 15th.
As you'd expect from us at OrderMetrics we are factoring in shipping & transaction costs as well to try to get an accurate picture of the SouljaWatch business. Note that he is not a customer of ours and if he becomes one we will not be sharing his real numbers with anyone.
We did a little fancy Excel work (Goal Seek) to reverse-engineer his product mix from his Average Order Value. We didn't include every SouljaTech product here for the purposes of a quick analysis, just the ones he is promoting heavily, so this remains an estimate, albeit one we took fairly seriously.
It appears the best selling items are the Retro Souljaboy Mini & The SouljaGame Fuze. Or at least the math can work out that way. And not surprisingly are the products featured most heavily on his social media.
Good news for Souljaboy… it seems he is making a massive profit from what looks like a couple days work!
We estimate Souljaboy made $307,476 in Net Profit in just one day! Take note, aspiring dropshippers.
We don't have access to Souljaboy's refund and chargeback rate, which is typically high for dropshippers since the products can take 30+ days to actually arrive. We did not try the "Souljachat" customer support module built into the page yet but I assume wait times will be high.
Scroll around in our Google Doc embedded here showing our work.
<h2>Lessons for other B-List Celebrities Who Want To Try Dropshipping</h2> <p> * Don’t worry about best practices of web design. Just look at SouljaTech’s nausea inducing checkout page!! * If you don’t have to pay for costly ads to drive traffic, but instead rely on your massive social reach, you can make a lot of profit * It might work better if you don’t rip off classic trademarks like Playstation & Nintendo, or you might end up in trouble with the law one day. We would not be surprised if it's hard for Souljaboy to collect his funds from Shopify. Finally and most importantly:
If you actually want to track your profitability for your e-commerce store sign up for a 14-day free trial of OrderMetrics today. Even you, Souljaboy.