We are in an increasingly digital age in which the internet is flooded with aspiring retailers looking to take advantage of the many channels there are to sell online. Selling products online gives retailers new customer pockets and a wider audience than the traditional brick-and-mortar businesses.
E-commerce is a lucrative venture but getting into it especially if it is an area you’ve never explored can be overwhelming. Launching a successful online venture requires planning, a dedicated level of research and strategy.
Deciding on what products to sell online
You cannot launch an empty e-shop. You have to offer something to your customers. The decision on what to sell online is very crucial when launching your e-commerce venture. It influences every other element of your business. You need to ask yourself the following 4 questions to help you decide on the products to sell.
- What am I knowledgeable or passionate about?
Starting a business online is a challenge in itself, so you do not need the extra stress of venturing into an industry you know little or care little about. Play your strengths. Do a bit of soul searching to find out what you are willing to invest your time and money selling.
- What are other shops selling
If you are not sure what to sell online but are still committed to launching your own e-commerce store, you can browse other stores and learn from them. Look at what they are selling, their bestselling lists and promoted lists. Established online stores have plenty of data and experience and some hire large teams to select their products and organize their sales. Learning from them and improving on their ideas can be very beneficial especially as an inexperienced online retailer.
- Are the products I am choosing practical?
The size, fragility or lifespan of a product can affect your business cost and operations considerably. Before settling on a product, you must factor in everything that you need to source, sell and ship your products successfully. Make sure that dealing with your preferred product is a viable idea.
- Do I source a manufacturer or drop ship my products
After you’ve decided on a product, you must then decide on how to source it. Your product supplier plays a massive role in your business costs and operations. Launching a business and later finding out that, the manufacturing costs are astronomical or that your drop shipper is unreliable is not ideal. List down the pros and cons of both and use it to figure out the best fit for your business.