You can have a thriving online business with minimum risk.
Wondering when you should get into e-commerce? The answer is now. E-commerce is and has always been massive and continues to grow each year. In 2014, global e-commerce was about 1.3 trillion dollars and projected to be a whopping $6.5 trillion, by 2023. That’s less than three years. The FIRST best time to get in was when it was in its infancy. The most exciting news I can give is that the second most significant time to get in is at this very moment. Right now.
You’re still saying, “okay”. “Yeah, but, I have no idea where to start. How am I going to decide what to sell?” These are great questions, and one that’s easier to answer than you might think, but you must nail this down. The products you sell are a basic fundamental to all you do. Simply put, they will directly affect your marketing, profit margins, and it will even change the design you use. Legal restrictions and logistics come into play, too.
Here’s an example: what if you’re selling wines and spirits (aka the hard stuff)? Understand that you’ll have extra types of taxes to deal with. What is you want to sell or ship large, bulk items like china closets across your country or globally (think big)? Maybe you’re importing from a different country. You’ll have to learn about importing. Know the rules and most importantly, how it works in your favor. Whatever the case, the product you choose better be the bedrock of your e-commerce goals and efforts. Here’s how to hone in on what’s right for you.
LOOK FOR A NICHE
Let’s be clear, the e-commerce field is saturated, but people are still finding profitable niches where they can turn a profit. Everyone wants to see the perfect audience and strives to be the next ‘Big Thing’, like an Amazon, YouTube or Google. But, you’re often better off hedging your bet on the niches.
Marketing titan, Seth Godin is one of the chief proponents of this. “Stakeout the smallest market you can imagine,” he says in one of his blog posts that “The smallest market that can sustain you, the smallest market you can adequately serve. This goes against everything you learned in capitalism school, but in fact, it’s the simplest way to matter.”
Instead of just being the 30-millionth corner store on the market, or Merlot from the Canadian Okanagan Valley, or wine provider. Instead of just selling dice for tabletop gamers find a niche large enough to sustain you but small enough that you can be a significant player. You’re in business for goodness sake!
ADDRESS A NEED
Now, this is for those that are looking for or creating financial opportunities for themselves ask yourself this: What is there a need for that’s not currently being filled? Find that need and fill it! What industry do you work in? Or what industry have you always been interested in? Or do you have a passion for a specific hobby? That’s a fantastic place to start. Only you know better than anyone else on earth are what you’re looking for. Embrace that, now! Listen to what people want in those areas (be a ruthless troll by joining groups, interacting and providing value). Whatever you do remember that filling a need is the/e best way, in my humble opinion when choosing a product, service or offer.
TURN A PROFIT
Look, money is important. One of the most important things about your offers, no matter what it is, is how much money does or can it make for you, as well. Can it make enough money selling it to keep the lights on? Especially when you’re starting, selling something that has a higher profit margin is a goal excellent to make sure you don’t go under immediately.
Jacob Elggren, the founder of wallet-maker Andar, knows a thing or two about this. “We knew going in that we wanted something that we could turn a profit with fast,” he told me in a recent email conversation. “We saw an opportunity with leather goods — accessories tend to have a little higher margin than some other niches we were looking at — and the proof is in the numbers. With Amazon and Shopify, we went from $531 in revenue in the first couple of months to $1.7 million in 2018. Having a higher margin early on helped us stay afloat.”
After you’ve been in business for a moment, you can trade more on volume and take a lower profit. When you’re first getting started, every dollar counts. Make sure you have a product that can support the business.
BETTER CHECK TRENDS
If you’re looking only to sell a product by way of e-commerce, and don’t much care what it is, you can browse Facebook Marketplace, Amazon, eBay and other large e-commerce platforms to find out what’s hot. Look over some time and note what’s consistently good. BEWARE: Do. Not. Jump. On. Fads. Look for trends. A fad dies out lightning fast. But trends or patterns have staying power. If you’re seeing a particular type or genre of product consistently show up across platforms. Over time, you’re more than likely, looking at a trend.
Remember, fidget spinners? They had massive success online almost instantly. But notice, that success fizzled out even faster. This is what not to do, especially when dealing with physical inventory versus dropshipping alone; because if you do, you might just end up sitting on stock, you can’t sell on your website. Make no mistake; trends are essential. Fly-by-night-fads are not. The singular way to make money on a fad is to jump in at the start. This way, you can ride the wave before it dies. It’s a far better choice to select something or a category with some staying power.
While choosing the right product is critical for any e-commerce business, you must remember that it is your choice! If you want to find the success, you must be willing to put work and tremendous focus. With these tips, you’re well on your way in being well-prepared in finding perfect products and offers properly on your e-commerce website.
Want to start selling e-commerce for your business? We can help.
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