It doesn’t matter how much experience you have as an entrepreneur, starting an online business is easier than ever. Let’s take a look at the online landscape for 2020.
- There is intense competition.
- Product markets are saturated.
- Convenience is more important than ever for consumers.
Before you can start to design an online store or your company’s website, you need to decide what products you want to sell.
This is a strategic decision in and of itself. What you sell will have an impact on every business decision you make such as:
- Brand name
- Website design,
- Loyalty programs and
- Fulfillment and shipping
Each of these components is essential for a successful online marketing strategy. However, without great products to support them, they will be ineffective.
Let’s take a look at how to find the right product to sell online.
What Products Can I Sell Online?
No matter what industry you work in, you have two options for products to sell:
- Products that are not readily available
- Niche products.
Online sales are dominated by commodity products. You can think of any product you purchase at Amazon or Walmart that is associated with a large brand — food, clothing, toys for kids, etc.
These are often unique, one-of-a-kind, or handmade products. They are some of the most sought-after items online.
Niche products can often be made in small batches or on-demand. You can think of unique necklaces, handmade frozen yogurt, and leather iPad cases.
Many store owners, however, sell both commoditized and niche products in order to increase their profit margins.
It will be extremely difficult to succeed if you only offer commoditized products, even if these are well-known products on major online marketplaces such as Amazon.
Online marketplaces and retailers can purchase large quantities of products, making them more profitable. Your startup may not be able to compete immediately.
Instead, you should offer niche and commoditized products to your customers. This will help your online shop to succeed.
How to choose which products to sell
All of us are looking to be the next big company, similar to the D2C brands that are so popular. It’s hard to come up with product ideas in today’s saturated market.
We have compiled a checklist of product ideas to help you unleash your entrepreneurial spirit.
1. Create products that solve a problem.
It’s important to reflect on your own problems when brainstorming for a product/service.
It was Kyle Kirkpatricki’s desire to listen to music as a coach in Olympic gymnastics. But there’s a caveat. The caveat?
You don’t have to make your product or service complicated. It doesn’t need to be complex.
There are also product opportunities in other areas.
- Product features improved
- You may have a new market that your competitors are not able to access.
- Unique product positioning and marketing.
2. Find products that you are passionate about with other people.
Although “Passionate” might seem like a trendy word, it is actually a valuable term.
It’s not as glamorous and glamorous as it looks in movies to start your own business. Reality is a lot more like hard work, some rocky terrain, and occasional sacrifices.
Passionate about your work will help you get through difficult times. It will also help you craft a brand message that resonates with people.
Let’s face it, passion is the only thing that drives your online business.
You can make your product more valuable and help the market by emotionally investing in it. An emotional story can help you stand out from your competitors.
3. Look for products that have branding potential.
You have identified a product potential that solves consumer problems and is passionate about. What’s the next step? It’s possible to make a big splash in the competitive eCommerce market by creating a strong brand message.
You will need to spend time researching and getting to know your audience to create a memorable brand.
In other words, loyalty is built on the identity of your audience.
Here are some great questions to ask:
- What is your target audience’s preferred way of being addressed?
- What position will you take for your product?
- How can you design your website to convey your brand and appeal directly to your customers?
- Market research.
- Finalize products for sale.
- Identify your customer base and segment it.
- Start researching the ecommerce platform that you would like to sell on. This could be your online store, Amazon, eBay or Facebook.
- High-quality product content, including product descriptions and imagery, should be created.
- You should create a marketing strategy that targets your potential customers so you can drive sales to your store.