Here are some things you need to consider when deciding what to sell in your e-commerce store.
Before selecting a product for your e-commerce store, take time to study the market trends. This will show you whether there is demand for the product you are targeting. There are several resources that you can use to can use for your research.
Also known as the target audience, this refers to the people you are planning to sell to. Getting familiar with your target market will help you make a better decision about your products. Here are some of the details you need to find out about your audience.
There are probably several other stores selling the same product you are targeting. Therefore, you need to take time to study the competition, and subsequently find ways of standing out. A quick online search will reveal other businesses that are selling the products you are targeting.
Visit their e-commerce stores to find out which products are featured prominently. Take note of other details such as site design, branding and product pricing. Another great way of learning more about your competition is by signing up for their email newsletters or connecting with them on social media.
If you opt to sell a product for the general market, you will face fierce competition from other larger e-commerce sites in your industry, including giants such as eBay. Though it would be an uphill task, you can still experience some success with such competition. However, it would make more sense to focus on a niche market which is less competitive. For instance, instead of selling clothes to everyone, you can focus on selling clothes for pregnant women. Though the pool of customers is smaller, it will be easier for you to reach and engage your target market.
Price is a very important consideration when choosing a product for your e-commerce store. The price you charge customers will especially be influenced by the cost of sourcing the product. There are three main ways of obtaining products:
How many products are you planning to offer in your e-commerce store? Whether it is 5 or 500, it will have a significant effect on the effort and time required to build your store. Besides the number of products, you should also figure out if there are any extra product variations or accessories that need to be added.
The success of your e-commerce venture will be determined by what you decide to sell. Before plunging in, take time to consider the factors mentioned above. This will help you avoid wasting your time and money.