The scariest part of setting an online shop is deciding which products you should sell. The wrong decision will leave you stuck with a bunch of unwanted products in your inventory and forcing you to sell it at your own loss. And for drop shipping stores, the pressure is far less manageable however choosing the perfect sellable products can still be a massive undertaking.
Now, let me help reduce the pressure of selecting the best products with these 5 tips:
- Choose the product that you want to focus on
The first thing you need to do is to decide whether to focus on unique products, commodity products, or a combination of both.
Both types of products sell well in an online store:
- Unique products: These are items that come from famous artisans and crafters around the world. They include items such as pieces of arts, one of a kind jewelry sets, handmade soaps, wood crafts and more.
- Commodity Products: These items are what everyone needs and are regularly re-ups on such as clothing, food and more.
Selling a combination of both product types is also a great idea. Commodity items in your shop can attract people to your store and helps increase the amount spent on every purchase while unique items can help build a strong brand.
- Identify Popular Items
eBay, Amazon, and Etsy all openly promote their lists of top-selling items. So, use that opportunity and spend some time browsing to their lists of best sellers in order to get the idea of what trends are currently taking and where customers and audience interest may be looking for to next.
After that, you need to consider which items have the best profit margin. You also need to to do a competitive analysis in order to learn how many other people sell the products or how they can market them.
You can check the top products that are trending this 2018 at Oberlo, a company that allows you to easily import products for drop shipping directly to your e-commerce store and directly ship them to your customers.
- Give old items a fresh new life
To be successful in business, you do not always need to be innovative. Sometimes it is as simple as providing new life to old items or even reviving an old idea with fresh eyes. One thing you can always count on is that every trend that goes around always finds a way to come back around.
Literally reselling old items can give old items new life. Take a look at the past popular products for the past year or take an overlooked idea and brainstorm on how you can make it better.
- Think carefully before choosing expensive items
At face value, choosing expensive items to sell looks like you will make more. However, quite expensive items are tougher to sell and usually have lower margins than other items.
- Reviews matter
Product reviews are invaluable. You can visit reputable e-commerce marketplaces and online stores in order to find out in advance what customers think of a certain product or brand that you are considering.
Finding the best product for your online store can be a daunting task, however, it is quite doable. With few techniques and following the tips above, your online store will boost sale and will be teeming with customers in no time.