The job of a ‘seller’ can be a difficult one due to the competition that is around now. Shopping online is big business and if you consider Amazon, with its 300 million users and $230 billion revenue in 2018, online shopping is certainly on the increase.
In 2018, Amazon’s total product count was over 350 million, so as a seller, you have to compete in that market if you want to sell on Amazon and then comes the question of what to sell. When people come to purchase a product, value for money comes into their equation but so does quality and need.
Everyone wants the next best seller and they would like to be one of the first retailers to offer that top selling products on Amazon, so how do you find a product that will sell well.
Understand People’s Needs and Wants
People like to feel good, they like to be happy and they like to be comfortable. They like to have things around them that look good and also serve a function that may help with life’s journey. Try to buy into that need, educate yourself in a bit of ‘human psychology’.
Look at the Best Selling Lists
You can check the best sellers on, for example, Amazon and Ebay. Usually however there will be a number of sellers selling the product and so there will be some stiff competition but it doesn’t mean that you won’t be able to get a share of a very popular market. Look at the customer reviews and ‘listen’ to what the customers are saying, Which are the best ones for them and are there any features that they don’t like or would like to have included. The reviews can often point you in the direction of other ideas and related products.
Pick ‘Needed’ Products
You have to pick an area that a large number of people will relate to or buy into, there is no point in selecting a fabulous product which has a very narrow niche market and then expecting to market it widely. Health, for example, is an area where more and more people are looking at ‘natural’ options.
Target an area of ‘need’, everyone has pain, suffering, wants to be younger etc. Have a look around at some of the options that would appeal to a large swathe of the population that would help them, say, in their efforts to prevent or ease a chronic condition.
Use Your Passion and Experience
If you have passion and experience for what you are selling that can very much come across to the consumer in the information that you are able to provide. Unique information that would attract a seller to your product compared with others, shared experiences. Your experience could perhaps allow you to market your product in a unique way that would appeal to a buyer.
Target Hobbies / Interests
People are inclined to spend money on their hobbies and interests and will spend significant amounts if they feel that the product could enhance their interest or benefit their sport.
People are very keen to make sure that their animals are well serviced and well cared for, look at products that may target animal owners. Give people a reason to buy the product and think ‘outside the box’.
Check TV ads and Other Media
By looking around at the media, including TV, social media etc., you can get an idea of what people are currently talking about, the issues they have, the product ideas that might suit them and try to target a product to that need. Look around to try to identify trends that may be emerging and that are likely to be sustainable, for a time anyway. There is no point in spending money on marketing a product that may be here today and gone tomorrow so make sure that it is a product with sustainability.
Leisure is another popular area where people are prepared to spend a lot of money to make themselves feel good. What could you offer in that area?
Maximize Your Potential Profit
You can go one of two ways, you can either offer a product which produces a small return and sell lots of them or you can look for a product that will allow you a bigger profit per item sold. The ideal would be to be able to find a product that does both. You have to consider your buying, selling, marketing and shipping costs so what you offer has to be profitable enough to make it worth your while. Shipping costs can be expensive so if your product is big and bulky, that can significantly increase your transport costs.
Appeal to all Seasons
A good product will have a large year round market from all countries in order to maximize profits. The latest trendy umbrella with all its features may not provide that and may only provide you with a seasonal market, which in turn will reduce your customer base. You may do very well in the rainy season but you have to balance whether the sales generated over that time balance the ‘leaner’ periods when there are less sales.
Where are you going to source your product and will it be easy to source? Can you get the product easily year round and if your supplies happen to run low, can your supplier provide you with more quickly or is there a long waiting or shipping period. It can be difficult when you are first selling a product to judge demand and you don’t want to end up with a large customer base that you cannot fulfill.
Selecting a product to sell is not an easy task. You have to take time to research your best options. There are many products out there that do very well for different reasons so take time, look around and come up with the product that is a best fit for you.