What To Sell Online: Effective Strategies To Decide The Best Products
According to the latest report released by Google, Indian ecommerce market is likely to touch 100 million customer base and would be valued $15 billion. That’s a huge boom. No doubt, more and more people are willing to grab this moneymaking opportunity on the internet. Today, there are several DIY ecommerce software and platforms available online, which has made ecommerce website creation much easier. However, there are many other aspects that you need to look upon before starting your online business. One of them is what to sell online.
This is where it all begins. As a startup, choosing the best products for your ecommerce store is a tough job. So, which products are the key to a successful company? Well, you cannot name one, neither you can come up with any product just for the sake of starting your business. Surely, you don’t want to jeopardize with hard work, time and ofcourse, money. You need to judge about the source of products, marketing, shipping, competition, and much more.
Confused? Don’t worry, because the following information is going to be ‘gold’ for you. Here is a comprehensive guide on what to sell online and the basic strategies or factors that you should take into account before you decide the best products to sell online.
Factors Determining What To Sell Online For Maximum Profits And Growth
Check out the following key strategies of factors that will make it easier for you to judge the best products to sell online.
1) Check Online Market Trends
If you got no idea about where to start, then jostle online and look for products that is emerging online. Check out the various marketplaces, well-known ecommerce websites and social media platforms and prepare a list of the best products that you think might work.
2) Is The Product In Demand?
This is an important factor. Because if the product is not in demand, there is not point of selling it online. Do a little research on the top ecommerce website and the things that they are selling. You can also carry out a survey on social network sites or among your personal or professional circle. Check whether your product is still in trend or going to be the ‘next big thing.’
3) Opt For Products That Are Search Engine Friendly
Since, you will be selling online, Google and similar search engines are going to be your BFFs. Since, the marketplaces have already given you a hint about the target audience, you should focus on the search engines. For this, you can search your products and check them (or its keyword) on Google Adwords, to determine its popularity on the web.
4) Determine Your Target Audience
In the initial stages, you don’t really need to get into the details of your target customer, but you should have a brief idea about the type of customers that you will be dealing with. For example, if you are selling electronic items, your store will need a prepaid payment system or COD payment method, in case your customer base is mainly women.
5) How Will You Source Your Products?
If you are a manufacturer, then its fine. But, if you are getting products from a drop shipper or purchase products from the manufacturer or wholesaler, then you need to complete certain formalities beforehand like search for such product providers, decide a commission base and opt for the best options.
6) Test The Water Before You Jump
Search for who are your competitors, whether there are too many, few or no competitors. This will help you decide your marketing strategy. For example, if you are going to sell women apparels, then competition is huge and you need to come up with something new or unique. In case, you are targeting a niche market, then there will be low competition and you can go a little easier.
7) Smaller Is Better
If you have just started with the online business, make sure that you start small. You don’t want to spend too much or start with a huge inventory during the initial stage. Start with a smaller number of products. You can increase its number anytime, as soon as the demand increases.
8) Decide your Product Price
It has already been discussed in the previous blog, The Art of Pricing, about the importance of product pricing for business success. In case, you are dealing with products that has huge competition, then you need to lower down the prices or come up with something new so that your store comes out of the crowd.
There is no second thought that what to sell online is an extremely important decision that you need to make, even before you decide any other factor. Make sure that you do it the correct way. The above factors will help you decide what product to sell and will that help you grow your online business. Do you think that there are other important factors that are missing in this blog? We would love to know. Leave your comment below.