Looking forward to starting your online business? Perfect! This guide will help you decide the best product that you can sell online. Keep reading to know more. The first thing that you must comprehend is there are no best product exits. It is 100% true that you cannot find a perfect product to sell online. But, it doesnâ€™t mean that you canâ€™t be successful in your new online venture.
You can make it for sure, all you need is powerful strategies, strong research related to market, audiences and everything that is involved in your new venture. Letâ€™s explore how you can select a product to sell online successfully.
Table of Contents
1. Start with Category Selection
Selecting a product is quite time-taking and challenging for anyone; therefore, you can make the processes easier by selecting a category first. Some of the most common online product categories are:
- Clothing & Accessories
- Home & Garden
These are a few popular categories that you can select for your online business. If you are not sure about the direct product, then reviewing categories will be a good option. It will give you a basic idea about the products that are currently available in the market.
Moreover, when you will start making a list of categories, then it will start your brainstorming, and you can get the most suitable product idea during the session.
There are many electronics startups like Direct Macro, FindChips and many more who are running well. In case, if you donâ€™t like electronics then you can also go with apparel or cosmetics, they are also very well-earning categories.
2. Identify your Interest
If you havenâ€™t got the time to pursue category selection, then here is another way to select a product. Take the challenge and utilize the opportunity to live your dream in an extremely unique way. Start exploring your passion and attach the most relevant product with it.
For example, if you are interested in an artist, you can sell related products like paints, brushes and things like that. Also, letâ€™s assume if you are interested in music then you may sell musical equipment and other related stuff.
If you donâ€™t want to start with an expensive product then you can also go with affordable artistic t-shirts, jewelry for girls, economic gym clothing and much more.
3. Think As a Problem Solver
One of the most legit ways to select the best-selling product is to be a problem solver. You can be a problem solver by analyzing people around you. For example, if you are a parent, and you find your children are facing trouble in carrying heavy school bags.
You can think over it, and find a solution for that. In this case, you can also introduce lightweight school bags in the market. The newly launch product may give you the leverage of maximum purchases. You might get super successful because you are adding something that is solving buyersâ€™ problems.
Be sure to be realistic in this regard. You canâ€™t claim false when it comes to solving problems. Only introduce a product when you are 100% sure that your product has the capability to solve the relevant problem. Keep in mind that false claims for a newly launched product will hurt the product reputation.
You can also seek help from your friends if you believe that you canâ€™t solve the buyersâ€™ problems alone. If your product needs technical expertise, you may ask your friends who are really good technical experts. Such professionals can help you deploy your product with the required functionality.
4. Modify an Existing Product
Your new online business demands you to be a dynamic thinker, and thatâ€™s the reason you really need to think about things differently. If you are 100% sure that your product is a real problem solver then itâ€™s good to get started. But if you are unsure then you can research the market and find a product that has little competitors.
Donâ€™t select a product with no competitors because it indicated reduced market demand. Therefore, the best bet would be modifying an existing product with a new feature and sell it. This will give you an edge because you are coming up with something new in the market.
5. Don’t forget the Suppliers
Before finalizing your product, donâ€™t forget to think about your suppliers. You will need to be in touch with suppliers in the long-term, therefore, be vigilant about it. Always, choose a product which easy to obtain otherwise, you will face various troubles during market distribution. When it comes to product supply, you can consider the following options:
Do It Yourself
Comparatively, it is an affordable option that allows you to buy material and make it yourself. It is a good option, but it requires a lot of time. You have to get 100% involved plus, it is very hard to measure scalability. In case, if demand exceeds then you have to hire professionals.
Find Wholesale Suppliers
Another option that you can avail of is buying from wholesale suppliers. It is the most common option when it comes to selling online products. It is considered as one of the most lucrative ways. It enables you to buy bulk quantities of ready-made products. One drawback is that you can miscalculate product quantity sometimes. Also, if your product demand decreases, then you will end up with excess stock.
Dropshipping is another option through which you act as an intermediary. In this option, you sell someoneâ€™s product to the client using your platform/website. It is a good option to sell online because it is a low-risk approach.
You donâ€™t need to invest in inventory, you simply sell someone elseâ€™s product. However, the drawback is you get low-profit margins up to 15% or 20%.
6. Understand Productâ€™s Attributes
Your product selection should not be random. It has to be planned and organized. The more you plan, the more the risks reduced. Before selecting any product, just make sure to understand each of its attributes to better analyze your businessâ€™s future growth.
Product Weight and Size
Donâ€™t let the product size out of your mind because your product weight and size will be directly linked with its shipping cost. Therefore, choosing lightweight/small products will be more profitable for your business.
The fragile products will not be a good-go. Such products are extremely risky to ship plus, in case, if they get broken then you will get many return requests that ultimately increase your costs.
Product durability is also a considerable option because if you will select perishable products then you will require careful stock management. The best way is to select items with higher durability and long-shelf-life.
Try to sell products on which you can at least get a profit margin of up to 30% to 50%. You have to pay for marketing and other expenses therefore, it is quite important to earn larger profits so that you can reduce your sales volume.
Go for Sustainable Products
Donâ€™t select any product that is impermanent or contains a shorter lifespan. Research well, search for Google trends and select a long-lasting, sustainable product for your online business.
Some More Guidelines for Selecting a Product to Sell Online
Read Online Reviews
Reading online reviews will be helpful and will let you comprehend customersâ€™ views. By reading online customer reviews from multiple websites you will identify why customers are disappointed. Also, you can take measures to satisfy your client base to the maximum.
Searching out your competitorsâ€™ site reviews will let you know how their product functions. You will also be able to analyze where is the gap lies between product functions and customer satisfaction through which you can better improve your product functionalities.
Watch out Current Trends
Watching current trends is helpful because it reduces business risk. Since there are so many efforts and money involved therefore you have to keep an eye on what is running in the market. For example, According to the Google trend, healthy food has been a rising product since 2012. You will need such data to take vital business decisions about your product selection.
Keep a Check on Historical Data
Well! It seems quite complicated for your little dirty mind, but in reality, it is not. You just need simple tools to search for the relevant sales numbers of your desired product. Place the number over the spreadsheet. Now, use an applicable formula to process your data and see forecasts about how your product will be achieved in the future.
You Are Set to Get the Winning Product!
When you have got all the relevant information about the market, target audience, current trends, product niches, and product attributes, then you can select the winning product easily.
No matter, whatever you are choosing just make sure that your market has the acceptance for that product, and you are sure to deal with it in the long run. Doing all the mentioned steps will help you get the best product to sell online.
Featured image source: Freepik