Everyone knows the benefits of an eCommerce store over a traditional brick-and-mortar location. Selling goods over digital channels offers quicker startup and fewer up-front costs, which gives you the opportunity to grow quickly. Add in research projections that show online market revenue should reach over $2,411,638 in 2020, and the idea of opening your own store gets even more interesting. However, if you are considering an internet store, you need to understand the best practices for success in an area with serious competition and market saturation. You also need to learn about lucrative products to sell online for quick growth and increased revenue.
Selling on eCommerce Platforms
Before jumping right into buying a domain and creating your store, it is important to consider what you plan to sell. Choosing your online products plays a key role in multiple aspects of your business, including:
- Your overall brand and store name
- How you design your website for optimal traffic
- The methods you use for marketing
- Shipping and fulfillment decisions
- Whether you offer loyalty programs and other buyer perks
When choosing your products, carefully considering each of these aspects helps you gain a better understanding of how your store will work and grow. One important caveat of deciding what to sell is making sure that you actually have an interest in the products. Selling something you are passionate about helps you stay interested in your store, and makes sure you keep up on new offerings and technology that could impact your revenue. Consider how you plan to source and ship your products. A hot commodity only remains popular if you can properly fulfill orders and meet your customer expectations. Selling on eCommerce platforms requires you to learn about the different marketplaces available so you can choose options that align with your business model. Major online retailers like Newegg let you sell a variety of products to a large customer base. Niche-based outlets focus on specific product types and buyers. It is possible to combine these types of platforms depending on what you sell, it just requires a serious focus on marketing and reaching the customers most interested in your products.
Trending Products to Sell Online
There are a variety of products to sell online, and that gives you multiple options when creating your store. Market research shows that fashion is the largest eCommerce segment with expected sales volumes reaching over $664 million in 2020. While this segment offers the opportunity for growth, it is also highly saturated and that leads to stiff competition. When starting out in fashion, it helps to focus on products that address specific needs, or even developing clothing items that are hard to find. This helps reduce competition with large chains that have considerably more buying power. Those large chains can sell items at cheaper rates due to the amount of products they can purchase up front. By focusing on clothing items that meet particular needs, you lessen the need to compete against sellers that offer lower prices.
Electronics and media are also trending products to sell online. With an expected annual growth rate of 5.3%, this segment will see an increase in market volume by 2024. Beyond the obvious computers, smartphones and tablets, electronics play a key role in everyday life. From vacuums to headphones and car audio equipment, electronics are used daily in homes and businesses. Developing or selling a product that consumers need gives you a solid customer base. For lower startup costs, consider offering refurbished or repaired goods when looking for product ideas to sell online.
Online stores carry a variety of other product types ranging from hobby and DIY to toys, personal care, appliances and food. Consider your options and the things that interest you for a solid footing in the eCommerce world. Take a moment and think about areas that give you trouble in your own life and see if there are product offerings that meet those needs. Chances are, if you find something that meets one of your needs, others are looking for the same thing. If you can create items that answer those problems, you also limit your competition and boost your potential sales.
Creating Your Own Brand
After coming up with product ideas to sell online, the next step is creating your own unique brand that speaks to potential customers. Research your target audience and design your store around them, rather than your own ideas. Developing a memorable brand that customers recognize easily helps your store gain traction. Your branding encompasses everything from the products you sell to your website, storefront and shipping options. Whether you are selling on eCommerce platforms or starting your own website, potential customers look for brands that resonate with them and their needs. While that cool logo and store name may catch their eye, customers might just skip it if it does not align with their needs or clearly show what your store offers.
Your brand is about much more than a name and logo. Your website plays a key role in customers finding your offerings and ultimately making purchases. Building your own website is much simpler today, and there are numerous platforms that assist with designing, theming and hosting your site. Make sure to design your site for usability and focus on mobile responsiveness to meet your customers on the go. Take the time to test your site as you build so you avoid convoluted navigation that could send customers away from your store. Focus on ease of use and simple designs that guide your customers through the buying process.
Other Considerations for Selling Products Online
While creating your brand and website, consider your options for receiving payment and shipping. While the easiest payment solutions are credit cards, today’s buyers utilize alternate methods for added protection. Consider accepting Apple™ or Google Pay®, Masterpass® and other digital wallet solutions that make it so buyers don’t have to enter their credit card information. This can be especially important when starting out so that customers do not have to worry about your store being one of the many scams currently operating.
Shipping your products in a timely manner starts with order fulfillment. The faster you fulfill orders, the quicker they reach paying customers. Selling on eCommerce platforms lets you choose from popular shipping solutions like Fedex, UPS and the postal service. These options provide calculators that help buyers know the cost of shipping when purchasing. While free shipping is popular and may seem like a great way to attract customers, your business needs to be able to absorb those costs. When starting out, including shipping calculators helps your customers with their buying decisions and lets you offer other deals and discounts that can help you increase revenue without taking on shipping costs.
Learning how to sell products online before diving right in helps you start out on the right track. Careful planning and product consideration helps you find out what customers need and how you can fulfill them with your offerings. Following these steps helps you develop your brand and store so you stand out in a saturated market.