Before you decide to get a web hosting shopping cart merchant account and sign up for a storefront shopping cart service, you must first decide what to sell.
But what should you sell? A quick search of best-selling items on the net will tell you that books, airline tickets, CDs and DVDs have been some of the best-selling items for years. A little more research will also tell you that there’s no point going down that road as certain established names have already got those products completely covered.
So best-selling items aren’t necessarily the best items to sell. What then are the factors that one needs to consider before deciding on what to sell? Read on to find out…
Demand
Needless to say, products are easier to sell if there is a demand for them. You should always try to sell products that are constantly 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 choose should have a reasonable lifespan. In fact, selling a product with a better lifespan than the ones your competitors are pushing could give you an edge.
If you already have a store selling sports products, for example, you could jump on the fad bandwagon once a while. You could look 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 advisable to only sell fad products on an online store as it isn’t a very viable long-term venture, unless of course you are looking to make a quick profit.
Product suggestions: Weight-loss, Health and Beauty (i.e. skincare) products.
Niche
All you need is an efficient storefront shopping cart and a good 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 use them, the faster they wear out. So if your 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. Look around you. If you spot something, ask yourself if you would use that item yourself. Look at the products that you use. Go to specific places like gyms to see which products fitness freaks wear, use or consume. Tag along on fishing trips and observe the stuff that avid game fishermen use.
Sometimes 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 such as whitening toothpaste specially formulated to get rid of cigarette stains, running shoes and other related exercise gear.
Product suggestions: 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 looking at the niche market for a particular kind of product. Let’s take cameras for example. Not all cameras are durable. How about targeting adventurers for this particular product? You could market durable point-and-shoots, underwater casings, monopods, longer-lasting batteries and other camera gear an adventurer would need. Mind you, not all who buy these products are adventurers. Many just like the association.
Of course, do not get carried away by over-charging just to increase margins. Do a bit of competitor research 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: Beauty and weight-loss products.
Now that you have an idea of how to go about choosing what products to sell, you can finally put that storefront shopping cart to good use. If you have any suggestions on what products are hot or have the potential to be hot sellers, do leave a comment.
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