How to Choose the Best Product to Sell Online
In a recent report by Google, it is claimed that India is soon expected to reach a booming 100 million customer pool which is a humongous $15 billion worth of business. With so many user friendly platforms to create your own e-commerce website, everyone seems to be after this gold pot. But when it comes to choosing the product to sell on these websites, one often finds himself stuck.
There are so many things to consider before choosing a product, including demand, availability, shipping, cost, marketing, competition and even more. So, let’s get started with these really useful tips to help you choose the right product for you.
- Checking the Trends of the Online Market
Hop on to the popular e-commerce websites and check for the products that are emerging. You need to prepare a list of all the products that you think might work. Also keep an eye on various social media platforms and traditional markets for the same. It will broaden your vision.
- Checking for Demand
Look out for a product which is hot and selling. Take a good look on the established e-commerce websites for their bestselling products, carry out a survey on the social media and in your personal circle. Also, be a visionary and see if your choice of product is in demand or can be the future’s ‘next big thing’?
- Go for a Search Engine Friendly Product
You are going to sell your product online, so it only makes sense that you pick out a product that is Google and other search engine friendly. Meaning, search for your product online and check it and the related keywords online; on Google Adwords, to get a fair idea of its online popularity.
- Determining the Target Audience
You need to have a fairly good idea of the niche of audience you want to sell your product to. This is necessary because, only then can you direct your efforts and channelize them accordingly. For example, if you are selling a microwave, you can then advertise them on homemaker websites, target women and restaurants etc.
- Determining the Source of Your Products
In case you are going to manufacture your products yourself this will not be a point of stress for you. But if you are going to be purchasing your product from a wholesaler or manufacturer; you need to keep in mind certain burning issues like, who will be your suppliers, delivery and transportation, contracts, commission etc.
- Determining Your Competition
Before you launch your product you need to check who your competitors are, how strong or big is the competition and what their strategy is. This will help you make your own strategy for marketing and selling your product. For example, if your product is women apparels, your competition will be huge; while, if you are catering to a niche audience, like if you are selling surgical equipment, then it may be lower.
- Sizing the Inventory
Keep in mind that the initial stage is when you are only testing water so you should not pile up on your products store rather have a small inventory and see how it goes. You can always increase the product number as its demand goes up.
- Deciding the Product’s Price
Before bringing the product out in the market you need to analyse the cost, market, competition and other such factors to determine its price.