No Hassles! No Big Investments and Small Effort! Yet Amazing Profitable Returns!! That’s what smart resellers have been doing while selling online on Amazon and other such marketplaces.
Diamond Candles got 1,055,014+ Facebook likes in no time and TechCrunch, NBC and other big media platforms are talking about it everywhere; DodoCase won Shopify’s Build-a-Business Contest and raised a huge amount.
But unfortunately the percentage of such successful resellers is very low. More than 95% of the sellers are struggling with expensive shipping charges, poor-quality products, negative feedbacks from customers and many such bothersome issues.
What differentiates successful resellers from the struggling ones? Why do very few retailers make thousands of dollars in just months whereas many are stuck with their inventory and capital locked in the vicious circle of reselling? Why do majority of the aspiring businessmen quit their online businesses in just a couple of months?
Two major questions that completely flip the game of reselling online are, ‘what kind of products are you selling online? And how are you selling them?’
In this article, we will cater to the first important concern ‘What to sell online?’ or to be precise ‘What kind of products sell best online and what fails terribly?’
Here are 10 quick aspects to be kept in mind when choosing a product for selling online:
Select something unique & rare but of course in-demand – preferably something that carries an emotional connect
Let’s assume there are 2 similar-looking fruit baskets, both beautiful and of good quality.
One is handmade by a 19 year old girl who is creative and follows her passion
The second is factory-made and manufactured in bulk.
Which basket would attract more customers if both are available at the same price?
Well, to a vast set of buyers, the first one would carry more appeal because it has an emotional connect and is unique in itself.
Keywords like handmade, hand-carved, etc. have always generated a lot of traffic on online platforms. So try to connect your products with these keywords and showcase the ones that are unique, rarely seen and carry an emotional connection.
No matter how these mats look, if they are authentic and of good quality, there is a high possibility that your inventory will always run short of yoga-mats. By using the positioning of these mats and their inherent unique characteristics, you can entice customers to your online stores.
Select a product not available in local markets and Best Buys when selling online
Anything that is available in the market, especially at Best Buys, will struggle to catch the attention of the buyer in online stores. And the worst aspect of this is that there will be immediate price comparison between the online and offline stores, and this might mean that you struggle to justify expensive shipping charges and other unavoidable expenses.
So, you need to explore far away areas especially the ones that have rich heritage, and pick the authentic specialties of that land. This would quickly create hype among local consumers.
An interesting example here can be of the Inkkas hand-crafted shoes that are inspired from the patterns from around the world. Considering the idea was new and creative when introduced, the founder Dan was able to capture the North American market in just days, and raise funding of over $77,000 in pre-orders. Essentially, this example teaches us that creative and arty things along with great utility excel instantly in the market!
Handmade theme–based wallets, throw pillow covers, sculptures, journals, etc. can be picked up from different parts of the world for selling online and showcased in a manner that makes them irresistible purchases.
Target a wide target audience
If you sell CDs/radios in the era of pen-drives, it means you are just catering to an extremely small and select audience of elderly people, who are probably not very comfortable with technology. Even though this is a unique way to position yourself, this is a risky path and the returns are not that promising. Instead, you should select items that the wider and larger audience would be interested in.
For example, there are sellers like http://www.nappadori.com/ who create everything that carries the fragrance of rich Indian heritage and caters to all age groups. Even though their items are catchy and unique, they are not priced at wholesale prices. If you can find products like these, offered at competitive prices, you can rule the market.
Target products with high profit margins when selling online
Remember, packaging, import shipping cost, customs/ duties, fulfillment handling cost, advertising, rentals, etc. are some unavoidable expenses involved in the reselling business. So, keep an initial markup when choosing a product that can cover all the variable costs involved.
It pays to pick something that gives you the choice to add your desired price tag. For example, Infitea is an offline as well online store to sell all kinds of authentic teas to the whole world. They promise quality, exquisiteness and variety. Since they pick and ferment the teas themselves, they can charge what they need to for the product.
Choosing something that allows you to sell the product for at least double the price without any conflicts is highly recommended.
Select a product to sell online that attracts a consistent 365 days stream of buyers
If your product is seasonal, it might bring an inconsistent flow of money to your account. The websites like http://www.merry-christmas.com/ do incredibly awesome during the holiday season but just after Christmas, the traffic goes down to almost negligible levels.
Select products that are preferably small in size and light in weight
Experiences and disasters can actually bring the best of learning. SouvNear, now known for selling more than 100,000 unique products on Amazon in just 18 months, introduced a heavy bronze artifact at the nascent stage of their business.
A masterpiece in itself, it weighed 7.8lbs and was bought at $180. Due to heavy weight, the shipping charges crossed $100 and then there were fulfillment charges and much more. The total cost of this artifact was $375 and there was no way the team could sell it for less than $450 to earn a decent profit.
Even after advertising and backing up with the best offers, the product didn’t move for months. And finally, it was decided to drop the product.
This example illustrates that the even though the product should be of great quality, it should also be light and not unmanageable. This will take some extra costs from your online business.
7. Try to ensure your products fall in the range of $9-$25
Well, any product that fulfills the above mentioned conditions can be a good product to sell. Still maximum number of buyers generally spend close to $50 for their online purchases. The exceptions to this are when they buy a couch or refrigerator or an iPhone; these are things they buy from exclusive stores or proven online sources.
Considering the add-on expenses of every product, the best proven price range is $9-$25. This is comfortable for most consumers, whether online or offline. For example, an elegant tissue holder box that is available for $30 on Amazon sells immediately as soon as it is in stock. The reasons for such scenario are pretty clear:
- The product is useful, unique and catchy
- It is hand-crafted.
- The product falls in the affordable price range.
Consumers don’t even mind buying more than one box as the product offers excellent utility and is also a gifting item at a good price.
So! Pick something that suits almost everyone’s pocket!!
Pick products to sell online that don’t require high maintenance & warranties
Selling electronics, gadgets, or something with warranties can actually be grievous pitfalls.
Firstly, such products have fixed prices and have high competition, and then if they get stuck in your inventory for a long time, they completely lose their value and warranties.
At times, even the most promising and popular websites have to bear huge losses.
Here have a look at Amazon’s big loss story:
For example, something that is antique or antique-in-look would become more valuable with time. Even a small ashtray that is inspired from the old world arts would become a quick grasp by non-smokers for décor purposes. And interestingly at a good price!
So play safe and avoid something that loses its value and charm with time!
9. Products should come with no restrictions and regulations when selling online
In 2015, a lot of beauty products that were sold online turned out to be toxic and hazardous for health and skin. The products were immediately banned leaving the sellers in huge losses.
Quality checks, restrictions and regulations can actually put huge, stashed inventory at stake. So avoid eatables, beauty products and any health related products when choosing the product to sell online.
Rather go for wooden, marble, ceramic products, etc. that get a clean and quick entry at the check centers without putting you into any trouble.
Type ‘Best Selling Products Online’ on Google and you will get thousands of similar references. To quote, some mobile phones, gadgets, accessories, shoes, clothes, etc. are going to be the top ones.
Unfortunately the no. of searches for this goes to millions per day and this means high competition. If you already run a big brand, have loads of money, and risk taking capacity along with excellent online selling skills, then go with the list!
Else pick the moderately hyped products like home or office essentials, games and toys, journals, etc. and enjoy a safe and prosperous online selling ride!
Choosing the right kind of product to sell actually makes a lot of difference to your online selling business. Frankly, the above mentioned suggestions are not hard and fast rules that would be valid everywhere. But considering these can definitely minimize the risk, especially if your business is new.
In short, following these quick guidelines can actually help you understand the product in the right way and increase your chances of success when selling online.
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