This article will help you to choose a product to sell online without risk of total failure. What do we mean by failure? Purchasing thousands of dollars on a product that isn’t popular, could be undercut by a competitor, or a saturated market of the product you want to sell. E-commerce is massive. The majority of consumers shop online now. There are various means by which you can sell your wares, such as shopify, having your own website, or eBay.
But first, we’re going to help you out with what products will be successful. We aren’t going to name all the buying trends right now, because ultimately what you sell is an individual choice. We’ll give you a general sense of what will work and what will not. From there, follow your passions to make the choice that is right for you. Without loving what you sell, you probably won’t go too far, so this is the first rule of thumb.
There are a lot of possibilities for opportunity when it comes to e-commerce. As of 2014, the worldwide global market was worth 1.3 trillion dollars. With the growth that’s being seen, it’s estimated that by 2023, it will be a $6.5 trillion market. Right now is the right time to get involved. There are so many apps, programs, and websites on the market that are available to help you succeed. Get in before there’s no space left.
So what should you sell? That’s what we want to help you determine. The products you choose are the fundamental backbone to this endeavor. They affect how you’ll market your product, what profit margins you’ll have, and what designs aspects you’ll choose. What you choose could also influence what countries will be most interested in your products, so you’d also have to consider shipping and logistics in some cases.
What Will Your Niche Be?
E-commerce brings in a lot of money because so many companies are doing it. This means that most mainstream ideas are saturated. You are going to need a niche if you want to make money. The name of the game is getting the largest audience, of course, but when you have a niche, you’re more likely to be noticed. You can’t really go against large companies such as Google or Absolut Vodka.
Do some research on the smallest market you can think of. Think yoga props for seniors, travel accessories specifically for digital nomads, or other things that are a “one-off” and not thought of yet. The perfect opportunity that sustains you which you are able to adequately serve is what we’re talking about here. This can grow into something bigger later but in a beautiful organic way that makes it less stressful and more fulfilling. It is a highly successful recipe that has been preached and practiced by the likes of Seth Godin, the highly acclaimed marketing professional.
Give the People What they Want
By addressing a need, it’s easier to market and ultimately easier to sell. Think of a problem that your potential product will solve. If it does solve a problem, you’re in business. For example, if you could create a beach bag that keeps sand off your personal items while you’re at the beach, chances are, beach lovers would be into buying your product. This could be a one-off product where you could build other products along the way. Eventually you could become the premier beach bag company or travel accessory conglomerate. It starts with one idea that solves a problem that everyone faces. Look to the Swiffer, a household name.
Think of needs that aren’t being filled with the industry or product you have in mind. If you have a hobby that you’ve loved for a long time that fills this need, even better. If not, listen to people’s problems and see if there is an idea that flourishes to solve them.
Forecast the Profit Gain
It might be fun to go into business because you’re passionate about something, but all said and done, is it going to make money? When you put all your heart and soul into an idea, this is an important factor. When you first start selling your product, you want to ensure success. Keep it simple in the beginning. Don’t sink too much money into development and marketing if you’re not sure if the product is going to be successful.
Look to the profit margin. How much is it costing you to buy the product and how much are you selling it for? A higher profit margin will help you succeed in the beginning phases. When your business is showing revenue, you can start making a lower profit on items but in the beginning, look to products that will support your business.
Go With the Trends
Another way of making money with products online is to pay close attention to what is trending. I wrote an article about Fidget Spinners a while back. These products were huge for awhile. You can make money by piggybacking on a massive trend like this for awhile. However, there is something to be said about looking for trends.
There is a difference between fads and trends. Something that is consistently good is what you should keep an eye on. A fad dies out quickly, so you could put a lot of time and effort into marketing only to have it die down when you’re finally on top. Trends will stand the test of time, making it worth your while. You do not want to end up with a bunch of merchandise you can’t sell. Choose something that has some staying power.
These tips should help you find a great product that will be successful to sell online. If you want to be successful and make money, it’s going to take thought and effort. Find a niche, find a market, solve people’s problems, and be proud of the product you stand behind. These are ways you can develop and create a successful e-commerce product for yourself.