Selling products online is not an easy task. You have to work a lot to find a good product and valuable platform to sell your product online. Also you have to source your product and find a good supplier for it.
Selling products online is not an easy task. You have to work a lot to find a good product and valuable platform to sell your product online. Also you have to source your product and find a good supplier for it. If you are planning to sell your product online here we will discuss the following points for you so you can easily choose a product, find a supplier and sell your product.
- Choose platform
- Business Strategy
- Choose a Product
- Finding Suppliers
- Getting Customers
1- Choose Platform
Choosing a best platform to sell online is the very first step in selling a product online. You must have knowledge of different platforms and ways you can use to sell your product online. There are four ways to sell a product online
- Ecommerce store builder such as shopify
- Build your own online store i.e. woocommerce
- Marketplaces like Amazon, eBay
- Social media like Facebook, instagram
Ecommerce store builder
You can build your store by using online ecommerce store builder platforms such as shopify and Bigcommerce. These platforms provide you drag and drop features so you can easily build your store. These platforms charge some amount per month as maintenance charges. There are following ecommerce store builders you can use to make an online store
Build your own online store
If you are a developer and you know how to code then this option might be fit for you. You can develop your own store by using woocommerce, wordpress or develop your own store by coding it. To make these stores live you have to buy domain and hosting where you can make this store live. The good thing is that you are open to selling your products there are no extra limitations on you as compared to other ways.
This is the most used option nowadays. You only have to sign up with these platforms and after approval you are open to sell your product on it. The big advantage of these marketplaces is that they already have a huge number of audiences and your product is reachable for all of these interested customers. But on the other hand these marketplaces also charge you a valuable amount for their fee. There are following marketplaces you can use to sell your product
Different social media platforms also provide facilities to sell and promote your product. You can take advantage of these social media platforms. You can also run paid promotions and campaigns for your product to reach more and more audience. You can use most popular social media platform like
2- Business Strategy
After choosing a platform you have to prepare your business strategy for this business. This is the main point to make your business successful or failure. There are some basic questions you must answer in preparing your business strategy such as
- What are your goals?
Write down how much money you are going to spend and how much time it needs to return your capital amount. Also list down your achievements and give yourself deadlines for it.
- What margin have you decided?
Don’t start your business blindly. Write down margin per product you have and calculate all of your expenses to reduce risk factor.
- Who are your competitors?
You have to take a deep look at your competitors, define your strategy, how you will compete with them and how much time it needs to compete with them. You also make it confirm that your product is not brand dominant.
- How will customers find your product?
Customer is the king. You can make profit by selling your product to customers. Therefore you must define your strategy on how the customer will reach your product.
- How much loss do you bear?
There are about 50% chances that your product will fail on online stores. So you have to decide how much loss you can bear to stop this product and start with a new one.
3- Choose a product
Now you have decided about your marketplace and also define your business strategy. It’s time to choose a product for your business. You need to choose a product having more sales so you can make profit easily. But this is not a simple task almost all online sellers are in search of these types of products. Below here is a criteria your product must fulfils to give you a handsome profit.
- High Demand low competition
Product must be high in demand and low in competition. So you can gain more customer attraction for your selected product.
- Keyword search volume
If there are more searches on your product’s keywords than there are more customers looking for it.
- Seasonal Product
Your selected product shouldn’t be a seasonal product. Otherwise you will make profit in one season and in another season your sales goes to zero.
- Size and Weight
Your selected product is low in size and weight so you can easily ship it without any heavy shipment charges.
- Brand Dominance
Be careful in selection of products that you are not selling any branded product which is already selling by brand online. Otherwise almost all of the customers go to this brand store and you will get a very little amount of audience.
- Breakable Products
Your selected product shouldn’t be breakable so you can’t get any negative feedback that product is broken or something else like it.
Your selected product must meet the above mentioned criteria to make handsome profit for you.
4- Finding Suppliers
After finding a successful product you need to find a supplier for it. For this purpose you can signup with different platforms such as Alibaba and Aliexpress. There are a number of suppliers providing products in bulk. Now here you need to choose the best supplier from these. Here we have written a detailed article about supplier selection criteria for you to find a good supplier.
5- Getting Customers
After your product selection and sourcing of product this is the point where you need to rank your product among your competitors. So you can get more and more customers. You need to do seo of your product or run paid campaigns on social media or your selected marketplace so customers have knowhow about your product. There are different techniques you can use for getting customers such as
- Email marketing
- Product Ranking
- Social media Campaigns
When you are looking to sell products online you must follow the complete roadmap to make your business successful. It is not an easy task for beginners but need a complete practice to start this business. Here you can find complete guidelines for selling products on Amazon.