Have you always wanted to launch an online store yet you are unsure where to begin? There is no time like the present! The first step begins with figuring out how to choose online store products that your customers love. We created this how-to guide to find the best products to sell online, how to choose products (that actually sell), and where to source your online store products.
1. Make Sure the Product Is Profitable
Why do you want to launch an online store in the first place? To make money, right? If your business doesn’t make a profit, you won’t last very long-term, so discovering the right eCommerce product opportunities is vital.
When choosing the best products to sell online, do a little market research. Explore the profit margin of best-selling online store products from other companies. Costs to consider include purchasing, storage, postage, and marketing which will help you set your prices when setting up an online store. The key here is to source items at a low cost to sell for a higher rate, increasing return on investment (ROI).
2. Choose Your Product Type – Commoditized vs Niche Products
You can choose between two types of online store products: commoditized and niche.
Commoditized products refer to everyday necessities in high demand. Online businesses can see good value in them, which means competition is fierce.
Niche products serve a specific customer and often come as a one-of-a-kind product or handmade item. Usually, entrepreneurs take an existing product or service and improve it then launch their own version that becomes very successful.
Now, you don’t have to choose between the two. Many online store owners will offer a combination of both. This iconic duo builds your brand by delivering an exceptional customer experience that will increase your profit margin. You’ll attract more customers if you provide an all-in-one store where consumers can shop for everything they need from the comforts of their own home.
3. Solve a Product Pain Point
The best ideas provide solutions to problems. When choosing your online store products, scan the market to discover any potential gaps or improvements. Ask yourself, “What’s missing? What needs improvement?” Answer a specific problem that prospective customers of your business are experiencing.
A great example: Amazon Lockers. Online shopping saves us time and is convenient. However, a downside of this is the delivery process. Those expecting an order may not be at home to receive the package or miss it for other reasons. Amazon invented lockers that allow customers to pick up deliveries from convenient locations at a time that suits them. Product pain point solution at its finest!
4. Define Your Demographic
Who is your customer base? Get to know your target audience by gaining knowledge of what they like, need, and want. Use this information to create a marketing strategy specific to your potential customers, which will drive traffic to your online store.
You can also keep an eye on your competitors that have the same demographic with Koala Inspector. This Chrome extension allows you to view your Shopify competitors’ inbound traffic sources, ad campaigns, and more so you can adapt your strategy and stay ahead in the market.
5. Learn from Successful Online Stores
You can find what works and what doesn’t by learning from successful stores that sell products online. Look for things like best-selling products, new releases, competitive price points, catchy branding, and so on using eCommerce apps. Take the successful approaches used by other online stores and incorporate them into your own eCommerce strategy.
6. Consider Online Store Products with Branding Potential
Effective branding helps your business stand out from others on the market. Think of it like creating a personality for your online store using logos, graphics, images, funny sayings, and memes. Some products allow you to customize with your store’s branding—T-shirts, pens, coffee mugs, the list goes on.
Tying in branding with your product helps make your business more memorable and recognizable. This also developshttps://www.hulu.com/ stronger relationships with your customers and increases brand loyalty, backed by research published in The International Institute for Science, Technology, and Education.
7. Read Customer Reviews on Existing Products
Need some product inspiration? Head to review sites. You can gain valuable insights by reading what others have to say about existing products on the market. Explore customer feedback from other companies to see what people have to say about their personal experience with these products or services. Then use this information to choose online store products that customers love.
8. Sell Products You’d Actually Buy
Setting up an online store can be difficult at times. If your business is backed with love for what you do, it will be easier to find the time and energy to commit to it. If you sell products that you love, you’ll feel even more passionate about promoting your store. So, what are your passions and hobbies? If you love the outdoors, look for camping equipment. Or, maybe you’re enjoying staying at home these days. So, why not create self-love kits?
9. Pick Products You Can Easily Source
So you found a product you want to sell at your online store? You don’t have to scour the internet to find product sources. Apps like Koala Inspector make eCommerce product sourcing easy, saving tons of time. With one 1-click, you can inspect Shopify stores, learn their best-selling products, and discover where they source the products.
If you have a specific product in mind, go to the Koala Inspector Find Retailers feature. Search for the item. You will instantly receive a list of all of the places you can source the product, including Amazon, Shopify, and eBay. Then you can sell that product at your store—dropshipping made easy.
10. Test Products to See What Sells (and What Doesn’t)
When it comes to setting up an online store, you’ll learn a lot by testing out different strategies to see what works. Generate some interest and investment level from potential customers before you begin shipping to create brand loyalty. Then try out different products and see which gets the most engagement/sales.
Pro tip: Landing pages can attract potential customers and help test your eCommerce strategies. You can create more than one landing page and run A/B tests to see which products, branding, and marketing work best.
Launching an online store may seem overwhelming at first. But with the right product choices (and a little help from top eCommerce tools), you can make your online store a success! Ready to find online store products that actually sell? Download Koala Inspector with this easy-to-use Chrome extension and reveal all of the secrets behind every Shopify competitor.