U.S. consumers spent 99.4 billion dollars on ecommerce retail in the fourth quarter of 2017. With more people making their way online to shop, we expect these numbers will continue to rise.
Are you getting your piece of the pie? How do you even get started?
There’s so much to think about from what products to sell, how to promote your store and how to scale your business. Continue reading this article as we talk about picking the right ecommerce products and launching your online store.
Choosing Which Products to Sell Online
As you’re looking through products to sell online, you need to learn more about launching your store, but if you don’t pick the right product, it may never launch. Here’s what you need to know.
Sell What People Need
When you sell what people need such as toys, clothes and other commodities that’s a good place to start. You may start to think about the giants that also sell these items. If you didn’t keep them in mind, you’d do yourself a disservice.
In 2018, Amazon’s product sales were up 20%. How can you compete with this beast of an online retailer?
You’ve got to figure out your unique selling proposition. You’ve got to figure out why your store is different and why people want to buy from you. One of the ways you can set yourself apart from the big bad retailers is through niche products.
Offer a Niche Product
Offering a niche product or multiple niche products is a great way to gain attention and sales.
What is a niche product?
A niche product is a product that appeals to a certain segment of the online retail world. When you’re thinking about niche products, you should look for things that aren’t easily recreated.
Some of the types of niche products you might consider are things that are handmade or one of a kind. When you sell these types of products, the big retailers can’t copy this part of your strategy easily.
Mix Niche Products & Commodities
If you only sell commodities, you can’t grab attention. If you only sell niche products, you won’t make as much in revenue in most cases. If you want to get attention and make the most money, you can choose to sell niche products and commodities.
One of the ways to effectively use this strategy is by promoting your niche products for attention and having commodities sold near those products as a cross-sell or an upsell.
Finding the Perfect Products
Now that you understand more about the strategy you need to make your ecommerce store work, the following tips will help you find those products.
1. Look for Problem Solving Products
If people have a problem, they want a solution right away. When you can find or make products that solve a problem, your product won’t have a difficult time selling.
Let’s say that you find out it is difficult to find a shoe organization solution for small spaces. You search for a very long time, and finally you find a product that will solve that problem.
What do you do now?
Reach out to the person that makes and sells the product. Since it was so difficult to find the product, you can pitch them on why they should work with you for visibility.
Finding products that solve problems quickly is the best way to make sales quickly. When people have a problem, they don’t have to think about whether they want to buy a product or not.
2. Offer Products with a Passion
When you sell products people are passionate about, their emotions do the buying for them. While they might have other things they “need” to spend their money on, these passion products are sure to separate them from their money and move some over to your pocket.
Think about people that love owls, butterflies, dogs, cats, and other niche products. When you can offer these types of products, you can group these products together in a category and even make collections of products.
3. Offer Brandable Products
If you want to sell brandable products, do a competitive market analysis to see what’s out there already. What is already selling well as a brand?
Brandable products are unique, and no one else can sell them since it is your brand. These unique products will even the playing field and can be the flagship product that brings people into your store.
4. Sell Trending Products
Do you see a trend that is taking place or about to take place? Create products around this trend. If you can get in before the trend hits its peak, you can make a good amount of money.
5. Give the People Their Guilty Pleasures
What are some guilty pleasure products you can think of?
Maybe bath bombs for moms? How about chocolates in the shapes of butterflies?
Think of all the things you and those you know consider to be a guilty pleasure. The guilty pleasures you enjoy are often a great place to start when this is your strategy.
Launching Your Online Store
When you launch your store, don’t just open the door. Have a launch strategy and get people excited about your new venture.
You may appear on podcasts, get bloggers to write about you, send out a press release and more. There are plenty of ways to get the word out about your store, but you need to launch your store vs. just placing the website and hoping people will learn about it.
Boost Your Business Knowledge
You need to know more about running an online business than what products to sell. Running a business online takes effort and the desire to continue learning.
On this site, we share business information on all topics in order to help you grow your business. If you’re just starting out or if you want to make sure you’re on the right track, we recommend you read through our articles about starting a business. You can read through our starting a business articles here.