Looking for products to sell online? Read on!
Before jumping into the online business world there are a few things to consider. Anyone can build a website but getting a website in a profitable position requires a great deal of market research and strategy. Just because it is a business that can be operated virtually does not mean that traditional business techniques do not apply. It takes a good idea, hard work, a positive attitude, the right tools, and in most cases some professional assistance. So what are the best products to sell online? Electronics? Books? Apparel? Software? This may be the most important thing to consider when opening an online store. How do you create a business that is profitable? What kind of products do you sell to set yourself apart from the competition? Once upon a time, you could sell just about any commodity and you would actually be able to make a good profit doing so. But not now. There are millions of e-commerce stores out there so yours needs to stand out in order to make sales.
1. Select category
Think of a particular category of products you want to sell. Take time to do some significant research to learn about how much competition there is in the category of products you have selected. Also research the demand for your products. Choosing a market with relatively low competition and high demand has the potential to grow your business.
2. Find manufacturer
The biggest problem is that even if you manage to choose a product or a set of products you want to sell, where the heck are you going to source your products from? How and where do you contact the manufacturer so you can get wholesale pricing? So find manufacturing units, big or small, who are close to you and can give you desired products at feasible prices.
3. Know your profit
Choose a product that can help you to make money. That’s why you probably decided to begin a new business venture in the first place, right? Why sell a product that only allows you to make a few bucks? This will take millions of visitors and thousands of sales in order to make a significant profit. Offering a product with a decent price tag allows you to make good money with a few months’ sales. Research the market to see how the competition is pricing their products and make sure you can compete.
4. See for shipping
The product should not be fragile and easy to ship. Fragile products can be an invitation for trouble.The product should reach the customer in fantastic condition. Also, the product should not take up much physical space. Product size and weight can have a big impact on your sales. These factors also determine the shipping costs. More and more customers expect free shipping these days. If your product is oversized or heavy, ultimately you will have to bear the shipping costs which will bring down your profits. Asking the customers to pay for shipping should be your last choice. (It has been observed that shipping costs are the number one reason for shopping cart abandonment.) Always keep in mind that even if it’s the shippers’ fault, it is the customer’s experience which becomes bad with your store. You are ultimately responsible for that entire experience.
5. Check on value
Having a good product is one of the most crucial pieces to an e-commerce business, if not the most critical. Preferably, the product’s inherent value should be ambiguous. For example, I would never sell electronics because there is a set value for your goods that everyone is aware of. Also, the product should be timeless. Once again, I would never sell electronics because they lose value the longer they stay on the shelves.