Before you choose to get a web hosting shopping carts merchant accounts and sign up for a storefront shopping carts service, you must first choose what to sell.
But what should you sell? A practical search of best-selling items on the net will distinguish you that airline tickets, books, CDs and DVDs have been some of the best-selling items for years. A little more studies will also tell you that there’s no point going down that road as certain prominent names have already got those products completely covered.
Consequently best-selling items aren’t necessarily the best items to offer. What then are the aspects that one needs to acknowledge before choosing on what to sell?
Demand
Needless to say, products are very much easier to sell if there is a demand for them. You should always try to offer products that are continually in demand.
Consumables are your best bet. The shorter the lifespan of a product, the more frequent the purchase. But of course, the products that you pick should have a reasonable lifespan. As matter of fact, promoting a product with a better lifespan than the ones your competitors are promoting could give you an edge.
If you already have a online store selling sports products, for example, you could jump on the fad bandwagon once a while. You could take a better look at into Serena Williams’ latest trendy-looking tennis kicks or the jersey of a famous player who has just switched clubs. Demand for fad products doesn’t last long so you need to have a good eye for them and sell them while they’re still hot. It would not be ideally to only sell fad products on an online store as it isn’t a very viable long-term venture, unless of course you are seeking to make a fast profit.
Product suggestions: Weight loss supplement, Beauty and Health (i.e skincare)) products.
Niche
All you need is a proficient shopping carts and a reliable marketing strategy to get the ball rolling.
Products like line dancing shoes are a niche product with a global demand. And the best thing is that these shoes don’t last forever. The more you wear them, the faster they wear out. So if your customer service is good and so is your product, you should be able to get repeat orders.
You don’t have to look far to get inspiration on what to sell. Kick off your search around you. If you spot something, ask yourself if you would make use of that item yourself. Look at the products that you use. Go to potential places like gyms to see which products fitness freaks use, wear or consume. Went along on fishing trips and observe the stuff that avid game fishermen use.
In some cases one particular item can open opportunities to other items and thus, a whole new avenue for revenue. For example, a person who buys nicotine gum or patches would probably be interested in improving his health and outlook as well. You could cross-sell products for example whitening toothpaste specially formulated to get rid of cigarette stains, running shoes and other related exercise gear.
Product ideas: Hair-fall control cream/shampoo for men and women, non-alcohol based perfumes, ‘green’ toys/puzzles and hypoallergenic products.
Margins
Electronic products like cameras and mp3 players are all the rage. However, the profit margins are pretty low. You would have to move a ton of these products to get a decent amount of profit.
Again, try searching at the niche market for a particular kind of product. Let’s take cameras for example. Not all cameras are strong. How about targeting adventurers for this exact product? You could market durable underwater casings, monopods, point-and-shoots, longer-lasting batteries and other camera gear an adventurer would need. Bear in mind, not all who shop for these products are adventurers. A lot of just like the association.
However, do not get carried away by over-charging just to raise margins. Do a bit of competitor analysis before you finalize your pricing. Online customers can be very fickle and a difference of just a few dollars could cost you a sale or worse, a customer. Try to market products that have high perceived commercial value.
Product suggestions: Weight-loss and beauty products.
Now that you have an insight of how to go about choosing what products to offer, you can finally put that shopping carts to good use.
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