If you are planning to start your own online business, you need to be able to develop a plan that includes your goals and how you plan to achieve these goals. However, what if you are still stuck on the first step – determining what product or service to sell.
What is E-commerce?
Let us begin with the basics! E-commerce or electronic commerce is the act of engaging in the buying and selling process of products on the internet. Online payment encryption to mobile shopping to overseeing the logistics until the product arrives at the customer’s doorstep – these are the process involved in e-commerce.
Do note that e-commerce and ecommerce business pertains to the same thing. There are actually a lot of spelling variations in using e-commerce business – eCommerce, e-commerce, e commerce, E-Commerce, and Ecommerce.
The Difference between Commoditized Products and Niche Products
To address the elephant in the room, commoditized products pertain to those that are a daily necessity by your customers. A great example of a commoditized product are clothes, toys, food, kitchen wares, and plenty more.
On the other hand, niche products and services are those that serve a particular segment of customers. If you can find products and services online that are one-of-a-kind or are handmade, be advised that these are the niche products.
A great number of businesses would sell either a commoditized product or a niche product. Furthermore, there are those that sell both commoditized and niche products.
How to Find the Best Niche Products to Sell Online
- Choose a Customer Problem and Solve It
Choose a Customer Problem and Solve It
If you plan on selling niche products online, you have to ensure that the type of product you choose should be in demand for your business to earn. How do you know if it is in demand? Well, identify if it helps solve a problem. If there is a need for that product, there is a high chance that someone will buy it. This is all about finding which customer or demographic you plan on targeting with your niche products and services.
- Seek Enthusiastic Hobbyist
Seek Enthusiastic Hobbyist
When a customer is passionate about something, there is a high chance that they will be inspired to buy more and more of the products related to their hobby. In the previous point, we have discussed the importance of looking for a particular demographic for your niche products. If you are still undecided, why not try those enthusiastic hobbyists. All that is left for you to do now is to find a hobby that you will serve.
- Choose Your Passion
Choose Your Passion
Basically, looking for the perfect niche product entails seeing the bigger picture but paying more attention to the details. The bottom line is that you have to find a product that will sell despite it only serving a particular type of customers. If you are still not confident into tackling a field you are not familiar with, why not focus on what you know – your passion!
- Consider Your Professional Journey
Consider Your Professional Journey
Assess your professional journey as well – Does working in a consulting company allow you to possess certain information about a particular kind of client? Does working as a teacher for the last couple of years taught you something about what the students or parents really need? The skills you acquire over your professional years makes you more knowledgeable than the average ecommerce business owner.
- Capitalize on Emerging Trends
Capitalize on Emerging Trends
No one is saying that commoditized products have better sales than niche products. In fact, if you know how to properly target the right customers at the right time, your e-commerce business can incur high sales. Nonetheless, be wary of any emerging trends. The internet is a vast place and keeping track of all that is going on can be very difficult – but worth it for you and your business.
- Research on Customer Reviews
Research on Customer Reviews
Try researching on some of the customer reviews on existing products. With this, you can check whether or not the public loves it. Nonetheless, if you have already started your online business, you can check if people are buying your product, which aspect of the product they love, and which aspect they hate.
- Utilize Product Keywords
Utilize Product Keywords
To gain organic traffic, you have to be able to apply basic search engine optimization (SEO) practices. Using the same mindset like this, you can try searching for keywords that work for other successful online businesses. While this tip may be a bit technical, you don’t have to worry too much because there are those that offer their services on this field.
What You Need to Know about Using Magento Services
Magento services are something that you should also look out for when starting your online business. Magneto is a platform specifically for ecommerce business owners to provide their customers with a more flexible shopping cart system.
Magneto will also provide you with an enhanced sense of control over the functionality, content, and look of your online shop. It offers a powerful marketing strategy, amazing search engine optimization (SEO), and various catalog tools.
Basically, a Magneto tool makes use of MariaDB or MySQL, a PHP programming language, and various elements of the Zend Framework to create the shopping cart system. This tool provides Magento services and applies the conventions of a model–view–controller architecture as well as object-oriented programming.
Starting your own online business can be an exciting task but it can also be very nerve-racking. You have to start with what you have and what you know. Try to research on what demographic you plan to target as well as the emerging trends evident in your local community. With ample research, you can easily find a niche product that will sell online!