Do you wish to be a successful in selling products online? Then, the best way to reach that goal is to find unique and hard-to-find products that you can market. If you are selling the same items that consumers can easily find on Amazon or other sites, how will you compete with these other vendors and their prices?
Trying to sell what many others are already selling is one of the classic mistakes of people who wish to start an electronic business. Competing in an already saturated market would be the biggest roadblock yet. So, what should you sell? In order to ensure a profitable venture, the most important step is to find the perfect product to sell. Below are two things you should consider before jumping on the bandwagon.
1) Market Research
Do not make the decision of figuring out what you will sell lightly. When you decide what product to sell, you are shaping up the other details of your online business, from your pricing to your branding and your marketing strategies. You should understand that if you start your online business without a solid product line, you are already facing an uphill battle – and you haven’t even started yet.
This is why those who have been successful in their e-commerce ventures recommend conducting a market research before you dive in. Looking at the trends in the marketplace may influence and inspire you. By studying the marketplace, you can see the demands and evaluate the needs of your target market. Now, where do you look for these market trends?
Newspapers and magazines are common sources of information. The advertisements are great indicators of the demands. The bigger and the more prominent the ads are, then the more likely that the demand is high for that particular product. You can also check on the lifestyle and business sections.
Websites that show trends, such as Google Trends, TrendsSpotting.com, Trend Hunter and TrendWatching.com, will also be very helpful in finding out the latest and most favorable consumer trends. By looking at the trends, you can also gain an idea about how big your potential market is. You can study their demographics, attitudes, behaviors and expectations as consumers.
Studying the market will also give you an overview of the competitor landscape. Because, unless you’re selling a unique product, there will always be competition.
2) Product Characteristics
When choosing what to sell online, you should also consider the product’s characteristics because these will determine a lot of other factors when you go about your business. For example, you will decide the pricing of your products depending on their size, weight, durability, plus storage and shipping costs. If you have perishable items, you should consider a fast marketing strategy or your products would go to waste. Does your product contain restrictions or are there regulations that you should follow when selling these products?
Although entering the e-business industry with a unique product may give you an advantage, it will always be best to evaluate its viability and run it through certain criteria in order to increase your potential for success.