There are some individuals who have such a talent for making sales that they could sell ice to the Eskimos. Sadly the rest of us have to work a little harder if we want to make any money from selling products online, so if you want your online business to be as successful as possible, you need to target your customers with the right products.
Good question—and one that needs to be answered before you even think about buying stock and filling up your virtual shelves. Unless you are targeting a very niche market and you already have a long list of eager customers queuing up at your door, you need to figure out the demographic of the people you are targeting. For example, if you are planning on selling fashion hosiery, the majority of your clientele will be women, so the design of your online store should reflect this if you want to keep your customers engaged.
When it comes to selling, there is always going to be a certain amount of luck involved. Some people hit on a brilliant idea and miraculously discover they have tapped into a hitherto undiscovered market. They source the right product and in no time at all, they have a waiting list six months long and are struggling to keep up with demand. Others, sadly, end up buying a truck load of stock, only to discover that there is no demand for their products and they are massively out of pocket.
Anyone can set up an online store using eCommerce software, but not everyone can make it work, so in order to minimise the chance that you will end up with a pile of products you can’t even give away let alone sell for profit, do some market research and see if there is a gap in the market you can fill. Sometimes the simplest ideas are the best, so if there is a product you have looked for and failed to find, there is a good chance other people have experienced the same problem. You can then maximise on this opportunity by finding a good supplier and cashing in on demand.
There is little point in identifying a gap in the market if your products are so sub-standard that nobody wants to buy them. Obviously you need to have a reasonable profit margin or you may as well not bother going into business, but you also need to find the right balance between making a profit and selling quality products people actually want to buy. You may find that there are several suppliers who are willing to supply you, but start off small with samples of stock to assess quality before you place a larger order or you could have quality control issues.
Customer feedback is important, so don’t ignore it. Take note when a customer asks for something you don’t stock and consider adding it to your product list. Conversely, if you have product lines that do not sell, consider dropping them altogether.Share / Add Comment