How to Choose the Right Product to Sell Online
The products that you choose to sell is fundamental to everything else that you do as on online seller. It effects every component of your business from profit margins to marketing as well as logistics and even perhaps legal restrictions.
The basis to any successful online store is an amazing product, there are many stories about people who have great e-commerce knowledge and expertise but do not invest enough into choosing the rights products.
The choice of products is the most important decision that any e-commerce business will undertake so it is important that sufficient time and energy is devoted to the process. It needs to be the right product for you to sell – so many times we hear from people that someone else had success with the item but they are not making a profit – the choice needs to be the right one for you, there needs to be enough interest from the seller in the product to spend time marketing, promoting and working on making the business work (whether you are doing it yourself or engaging the services of a sales and management consulting firm).
Here are a few pointers for picking the right product for your e-commerce store.
We have already alluded to this above, you need to be passionate about the product. This will make the everyday activities much easier as you will have the extra drive to keep going. Often, we already know a lot about the things we are passionate about, which can make getting started easier and quicker, for example, you can understand the customers needs more easily and build more effective marketing strategies or have knowledge of any technical requirements.
Niche and Unique
Choose a product that fits into a niche; any new e-commerce business trying to sell a mass market product can be tough as you are competing with so many other stores. The e-commerce field is saturated, but sellers are still finding areas that can make a profit. A product that fits into a smaller niche means that there is less competition and often higher profits.
A great type of product is one that is unique, not easy to replicate. This immediately makes your product attractive to the market. If you differentiate your product from others this means you will not be in direct competition with other shops – you will have a unique selling point (at least for a while).
Address a Need
Often the best business ideas are those that address a need. Choosing a product can sometimes start with the question of “is there a need that is not being met?” Look around and see whether there is a product that you have looked for but have not been able to find. This point can be directly linked to finding a product that you are passionate as this means that you are perfectly positioned to identify this gap.
Trend not Fad
Identifying a trend is a good way of choosing a product that has room for growth especially if you can jump onto a developing trend and be one of the first in the market. But be careful that it is not a fad, where interest in that item can disappear as quickly as it started, and you could be left with lots of inventory when the fad dies down.
Something that a lot of people do not consider when choosing a product is storage and shipping – these are more technical considerations that sellers are faced with once they get going but it can significantly impact on your business and should be thought about from the beginning. Generally, products that can be stored for long periods of time or those that can be produced and shipped quickly are better. Also, those that are easy to store and ship for example products that can be packaged easily and will not break en route to the customer have lower shipping costs which can translate into less money being wasted on replacements and more profit for the business. If the technical aspects appear daunting, then the services of a sales support company can assist with these.
Choosing the right product is critical for any e-commerce business, and if you want to find success it will take time and effort, however, with our tips you are on the path to being prepared to find the perfect product.
How the London Bridge Project Can Help to Deliver Success
The London Bridge Project (LBP) is a leading sales and management consulting firm that provides both amazon consulting services and amazon sales support for businesses looking to grow exponentially within the biggest marketplace in the world. We offer a complete end-to-end service for Amazon based businesses, which includes providing valuable insights into Amazon sales data and a pipeline of under-explored opportunities within your niche.
If you would like to learn more about how the London Bridge Project can help your online business, make sure to contact a member of our team today to discuss your requirements.