You intend to start up ecommerce but you are not sure about what will you sell: don’t worry you’re not alone. You can reach numerous products to sell your environment but the question is to reach the right product to sell.
If the issue is to sell the right product, there are a lot of various measures. When these measures are got together the result is profitability. But profitability cannot be the only measure. If you need a help on this issue you are in the right place, here we collect some of the significant points for you to analyze the correct product.
1-Can you make a profit ?
As we mentioned before the unique measure is not profitability for the correct product but it’s one of the most important. It doesn’t mean that a product with high profit margin is the correct product. The products with high profit margin are generally the products which are sold slowly. If you wish to sell faster, you need to choose the products with low profit margin but with high demand. Choosing a product with high or low profit margin is totally about your business strategy. Do not forget to take into account the factors like storage, shipping that affect the profit margin.
2- Consider your competitors
It would be very useful to research in the beginning if there is another seller except you. If there is a competition also analyze their capacity and how their prices are aggressive. If the competition is low, there is not any problem do not forget that you need to highlight the features of the product to increase your chance to success of the product with high competition.
Related Post: Shine Up Your Ecommerce Business: 5 Quick Tips to Beat Your Competitors
3- Fast moving goods need to be sold fast!
We hope you can finish your product stock as soon as possible, but you need to take into account the risk to break down or rot in case your stock doesn’t finish in a short time. If you don’t want to risk it you need to try more durable products. It’s also important to analyze deeply the products which have the possibility to break during the shipping. Even if the responsible of the break is the shipping company, the customer probably thinks that your product and you are the responsible for that.
4- Target audience
The target audience of the product which you choose is one of the most important parts of the product selection. Determining your target audience in the correct way would provide you advantages in a lot of points from pricing to marketing. For example, if you think to sell cosmetic products, your target audiences will be different from an online store which sells auto spare parts. Determining your target audiences will affect the priority of the things that would affect the decision of the customer, your pricing policies and marketing plans. Choosing the most suitable product is just possible if you can determine your target audience.
Related Post: How to Define Your “Target Audience” for your E-commerce Business
5- All seasons products
The products, which you choose, will attract the same attention in every period. Or does the attention or the demand increase for a season in given periods? It would be a good decision to prefer the products that would be sold in every season, because of that the products which are sold only in the given periods; it’s possible to have difficulties in cash flow. You can find out that which products attract attention in which periods using Google Search Trends.
As with any traditional business, it takes time and effort but will be rewarding in the end. Deciding what your business will be about and starting it will be the hardest decision for you. If you can judge wisely these issues and still need a little extra help, just contact with Shopio, an Ecommerce Solutions Company for assistance. We will always be here for you.
Start your Free Trial today, together, we can build you a gorgeous Online Store.