Photo by : photo credit :
More than half the battle of starting a successful online business involves in the search for the right product to sell online.
The funny thing about finding the right product is that it 's hard just to sit down & start brainstorming mindlessly & hope to find the right product to sell.
You might be lucky & come with a great idea in this way, but don't forget that 'creative ideas don't fall from the sky' very often.
In fact, when you try to think of good ideas on your own, you often end up in wasting your time. You may find products on your way to market that is too saturated or a brilliant idea that have zero demand.
You can't take an entirely random approach to the product finding process, or else you will end up with brainstorming forever.
So, try a methodical approach to finding the best, most profitable product to sell online.
Because selling online is entirely different from selling in brick & mortar store. Therefore you want to choose the product that is helpful to online purchases & appeal to average online buyers.
The most important aspect of online selling is that you need to be looking for a single profitable product to sell, rather than the valuable products.
If you are looking for more products to operate in, you are not going to be looking for the right thing.
If you want to create a brand & branch out, you probably still want to start with a single product, the one that will be your most profitable. All you need to worry about in finding a single useful product to sell & selling it.
There are certain common mistakes in the search for the new product to sell.
You try to find something that no one else knows about or at least the product that the other marketers are not already competing. This is not the case at all.
There are no unknown or new products at all, that may be just new to you. Someone else always knows about them first.
When it comes to selling physical goods online, always start with a particular set of guidelines during the product selection process.
Here are some of the "must have" product directions when you are going to choose "what to sell".
1. The product should not be fragile & should be easy to ship. Because you are going to send the product through the mail, so always try to choose a product that won't break during the shipment.
2. Your product should be small & light in weight. It is in your best interest to choose something small to sell. The bigger &, the heavier it is, it will cost much on shipping & will require more space for storage.
3. Sell goods that sell from Rs. 200 - Rs. 1000. There is a lot of money, you can make, in the products above this range. But you will need an enormous capital in starting your business & also it is just going to be riskier.
Because, most of the items below Rs.500 are typically running by great marketers, who can work on small margins, so you will not be able to stand in the competition. So this is the sweet spot for pricing for online purchases.
4. You should avoid selling seasonal products. You want something that is going to sell consistently throughout the year & also for the foreseeable future.
5. Products' inherent value should be obscure & timeless. Don't look at products, which you can't double the price.
For example, you can't sell electronics items because there is a set value of your products, which everyone is aware. So, choose the product, where you have the freedom to place your price tag.
Similarly, don't sell a product which loses value with the passage of time as it stays on your shelves.
6. You must choose the product that is personalised & consumables. The margins on personalised products are always going to be higher than regular products.
While selecting the consumables, your repeat customer sales will be much higher. As a result, your sale tends to be much stable.
7. You should avoid selling products, which already have cut-throat competition in the market.You need to find a product that doesn't have a tonne of sellers, but the one that is selling consistently.
It doesn't mean; you don't let a little competition discourage you, but also don't try to start selling socks & be able to compete with 20 companies on Great Platform, selling 20000 socks per month on direct factory rate.
Also, don't try to purchase anything with the trademark on it as it will not get you too far.
Also, choose dedicated blogs or fan pages for your products because you have an instant set of customers to your market.
After reviewing these guidelines, now it is time to start the brainstorming process.
Below are the tools & platforms, you can use to find the profitable products to sell that meet these criteria.
The Amazon is the largest online shopping platform around the world, with the greatest e-commerce market share of any individual company.
As a result, the sales data derived from Amazon is an excellent representation of overall market demand. More & more people are going straight to Amazon for all of their online shopping needs.
But it may be difficult for you to get actual sales numbers from the Amazon. But there is a way to find out the data.
The every item sold on Amazon is assigned a BSR or best sellers rank. This number is used by Amazon, to rank how well the product is selling, in the comparison to the others within the same category.
So, by the BSR, you can guess on how many units the company is selling per day.
You can also get the list of goods selling on the other big platforms. You can also make price research & get an idea of volumes; these e-commerce giants are selling.
Now, try to find out the product you could sell. This is a simple spreadsheet to keep track of the different products. Try to find out 5-10 good products before pulling the trigger on samples.
Open up all these links because you will be jumping around all of them in your search.
Once you have a few products on your spreadsheet, take a second to "really think about each product" & compare them against the things mentioned above.
Once you have decided on 2-5 products to try out, now you get to find suppliers & samples.
In conclusion, I am sure there is money to be made in products that break every rule set above, I help you with what I know works.
The list above is just a framework to guide you thinking, just a set of filters to run your ideas through, before researching to save time.