If you find it difficult to choose products to sell online, you are not alone. With so much competition, taking a decision about which product to sell is one of the biggest challenges faced by every online seller as there’s hardly a product which is not already being sold.
There’s lot to think about before you finalize what to sell. Without a good product idea its quite difficult to get successful.
So before you start selling, ask yourself this important question:
Why would people buy your product and how will you compete in a highly competitive market?
Sellers commonly ask which product category they should choose. Though some categories are hot selling but you can find good product(s) to sell in almost any category.
Here are some ideas that will help you choose products to sell online:
1. Decide who is your target customer and make a list of products that can be sold. Look in your house and work place. Also, get ideas from TV commercials, magazines, trade journals and newspapers. This exercise is highly effective and you will be able to make a huge list. Keep yourself aware of the latest trends and cash in early to become a leader.
2. Its a common belief that we should sell what we are passionate about. This may be true but you have to check market demand before you do something & check if it’s feasible. Its not necessary what you are passionate about will attract customers.
3. Sell evergreen products with at least 50% margin as you will have to bear the costs of shipping, marketplace fee etc. But, don’t focus on big profit. Small profits give large sales volume.
4. Identify and exploit the opportunity gap by offering something unique and what the customer is looking for. An example of how an opportunity gap offers opportunities is the thriving business of courier companies.
These companies offered their services because customers wanted fast deliveries. Find out the pain points of your customer and list products with additional features. To understand what opportunity gap is, read this – what is opportunity gap?.
5. The secret to launching a successful online selling business is research, research and research. Don’t be lazy or feel its difficult to come with an idea. B2C and B2B marketplaces are huge treasures of ideas.
You just have to find one hot selling product to get going fast. Then, you can add more products.
You can make your task easier by hiring an expert on Fiverr, world’s leading marketplace for freelance services, who can do product research charging as low as $5. Don’t believe it? Give it a try.
6. Importing from Alibaba and reselling on a good marketplace is a great strategy to make more profits. But finding hot selling products is a really difficult task.
7. When you start selling on a marketplace, they will keep on sending suggestions about hot selling products that you can add to your product catalogue.
This is because marketplaces want you to be successful as it is their business as well. And don’t hesitate to ask their executives for any tips to choose products to sell online.
8. Amazon Bestsellers and eBay sold listings are amazing tools that give you an insight on currently-selling products. These tools also allow you to see which products are in great demand and how much money customers are spending on a particular product.
You can see sold listings using advanced search option in eBay. Just search for a specific product and select the ‘sold listings’ box. eBay will show the relevant results.
9. You may like to sell products in fast selling categories like fashion, electronics, mobiles. Entrepreneur.com recently published this post about Indian e-commerce. They reported that some categories like ‘Furniture & furnishing’, ‘Beauty and personal care’ are lesser explored categories you should think about selling in.
10. Go to shopping malls and wholesale stores like ‘Best Price’ and get feedback from the executives about the trends. I personally have experienced they are more than willing to help you. Tell them frankly about your plans to launch online selling business and they will give you tons of ideas. Ask as many people you can and get their suggestions.
11. Google trends is an extremely useful resource to get ideas about the products people are looking for. Read this article on how to use Google trends to find highly searched keyword ideas to choose products to sell online.
12. You can also try to sell products in a niche which have less market share but can attract more targeted customers. Here the competition is less as compared to products which have a high demand with cut-throat competition.
14. Become a part of the mastermind group by attending e-commerce fairs, conferences etc. These events are great places to meet entrepreneurs who are already successful in e-commerce and to get ideas.
You might have to spend money to travel and to attend these events as these are mostly held in major cities, but long term rewards are huge.
15. In the beginning at least, sell lightweight items as you would have to bear less courier charges. Also, avoid selling fragile products to avoid damage in transit.
16. Get product ideas from social media. Join communities, Facebook groups, forums, Quora etc. Read this about Social media selling.
I hope these tips will help you choose products to sell online and become the next success story.