Having an extra source of income is a wise move, especially in a struggling economy. Whether you want to supplement your earnings or to venture on a new career as an entrepreneur, one of the best ways you can sell online is by finding popular products to sell online.
However, since markets are saturated you stand out as a seller?
With this in mind, there are many things to consider before your business can take off or even before you can make a sale. Extensive planning and strategy are just part of it, but once you have those down, a business can’t be sustained if you don’t produce results. Therefore, you’ve got to be smart with the products or services you want to sell.
Here are some ideas on where to find the right products to sell online for your business.
On Social Media
Everyone uses social media nowadays for almost anything, including buying things. Before everything else, you need to decide if you ship only locally or if you accommodate international orders.
Selling products online like clothes, makeup, and food, among many things, has become rampant on platforms such as Facebook and Instagram even before the existence of their very own marketplace.
One way to know which products are popular and trending it’s to join different selling groups. These groups can be related to products you’re interested in selling. However, it can be problematic to sell the same thing as everyone else is because the competition will be stiffer. In any case, it gives you an idea of which items are hot among the masses, so it is useful information, nonetheless.
Social media influencers are called that for a reason. They often have a considerable following, and these people look up to them.
Product endorsements are how some companies convert exposure to profit. Influencers are spread out a bit, but find the more established ones as they already have a steady fanbase. The products that these influencers endorse can be indicative of what their audience is like, so it’s easy to pick which ones to follow.
Discounted Name-Brand Things
There’s a reason some old brands are popular. They deliver reliable and quality products to sell online, and some items can be expensive. If there’s one thing you should know, people love sales and discounts, so if you can find ways to sell name-brand items for less, it is worth venturing.
The advantage of selling popular products is that you don’t have to advertise them as much as newer products need to be. The results are overwhelmingly positive whether by word of mouth or from online reviews.
Check Out Amazon Sales Data
Amazon is a fantastic e-commerce company, and you can find just about anything you want in there. Its website uses the Best Sellers Rank (BSR), and it is assigned to items based on how well they are selling. If you want to look for ideas on which items to sell, you can always check out Amazon for your research.
Manual research can be tedious, so use a tool to help you mine data. There are tools that you can install as a plug-in so they collate all the information you’re seeking. Here is a list of Amazon product research tools you may want to check out.
Give Niche a Chance
There are niche sellers that are doing well on their own. Most first-time entrepreneurs tend to stay away from “unpopular” products because those have fewer buyers. However, these specialized products have established patrons who need the items for their needs or lifestyle. You’ll be surprised by how loyal niche customers are.
Some Helpful Selling Guidelines
The aim of selling is to have a profit. As a business owner, you need to sell whatever brings in the most cash. If you purchase a product in bulk, you need to factor in duty fees, shipping fees, and processing fees if there are any. You should also factor in the cost of advertising if you run sponsored posts or campaigns on social media.
Here is a profit margin calculator to help you out.
Do you know of other ways that online-business owners can use to look for new products to sell? Share any information you have in the comments below.