I know the internet is a "goldmine," but WHAT should I sell?
For most people, the internet is a "goldmine" where they can find the information they need in seconds. But even though you might know what to sell, it's not always easy to figure out HOW. That’s why we've put together this post with everything you need to know about how to start your own successful online store or e-commerce website.
We'll start from the very beginning with setting up your online store and go all the way to learn how to generate traffic, convert visitors into buyers, and scale up your e-commerce business.
When deciding on what to sell, you should first answer these questions:
1. What's your niche? 2. How much money do you want to make? 3. What products merit a full-blown online store? 4. What internet marketing strategies can drive quality traffic? 5. Which payment processor should you use? 6 . How do you get people to come back after their first purchase? 7 . How can you help customers refer their friends and gain loyalty points? 8 . How can you build an email list to stay in contact with customers? 9 . How do you handle shipping and returns? 10 . How do you find a manufacturer and ship your products? 11 . How do you decide on your product prices? 12. What are some product ideas that make good online store products?
Now, I'll go into detail on each of these questions to help you figure out the perfect items to sell in your own e-commerce store.
1. What's your niche ?
When deciding what to sell, it's a good idea to start by asking yourself where your interests and passions lie. Do you enjoy making crafts? Perhaps you take photos and love creating albums. Do you make toys? If so, you might want to sell your finished products on Etsy or another marketplace. Or maybe you like to read new books and music? Create a store consisting of audio books or MP3 downloads.
For the sake of this guide, we'll assume that neither of these possibilities interested you. You're more focused on building websites to sell your hobbies instead. That's fine, but what kinds of items can fulfill this niche? Here are some ideas:
Deals - if a customer wants to buy something at the lowest price possible , they're going to go with an online store instead of the actual store itself. For example, if you want to buy a new iPhone 7 Plus, you're probably going to buy it online. Why? Because the only way to save money is to get it from an online store.
- if a customer wants to , they're going to go with an online store instead of the actual store itself. For example, if you want to buy a new iPhone 7 Plus, you're probably going to buy it online. Why? Because the only way to save money is to get it from an online store. Exclusive items - If you love something like LPs or musical instruments, create an item that is 100% exclusive . 99% of your competitors will never even consider selling it because of the exclusivity of this item. For example, maybe you collect old jazz LPs, but you only want to sell the ones that were released in the 1960's. People love this idea.
- If you love something like LPs or musical instruments, create an item that is . 99% of your competitors will never even consider selling it because of the exclusivity of this item. For example, maybe you collect old jazz LPs, but you only want to sell the ones that were released in the 1960's. People love this idea. Niche items - try selling a niche item no one else sells . A popular way to do this is to look at Reddit subreddits and find products people want but can't find anywhere else online.
- try . A popular way to do this is to look at Reddit subreddits and find products people want but can't find anywhere else online. Luxury and exclusive products - if you can sell an ultra-luxurious item, by all means, try it out . Think about what makes you happy. Maybe you love seeing BMW's or Mercedes-Benz's around town. If so, try looking into what kind of cars these companies sell. If they don't offer any services online yet, maybe it's time for you to get in on the game.
- if you can sell an ultra-luxurious item, by all means, . Think about what makes you happy. Maybe you love seeing BMW's or Mercedes-Benz's around town. If so, try looking into what kind of cars these companies sell. If they don't offer any services online yet, maybe it's time for you to get in on the game. Where do you find your inspiration? - Are you a graphic designer who loves to create beautiful and unique things? Or maybe you're an entrepreneur who loves learning new ways to run a business . If this is the case, go ahead and create products that are related to your passions.
2. How much money do you want to make?
Every online store has different goals, but one thing that is always true is that money is never the reason someone becomes an e-commerce customer. Why? Because most people don't have much money to spend. So if you want to make money selling online, you need to realize that your customers are going to be a bit different than those in brick-and-mortar stores.
The first thing you need to consider is how much money you want to make on each sale. The obvious answer is that every sale has a certain value, but at the end of the day, there's only one number you really need: how much do they buy?
For example, let's say your business is an e-commerce store for antique furniture and antiques of all types. Your niche is for antique furniture and antiques, so that's what you decided to sell. You decide that the cheapest item in your store is $5, but the most expensive item will cost $2,000.
A customer looks through your products. With up to four items in each category, this customer could buy four things at a time. Let's say they want to buy one of everything. That means they're going to spend $30 on one antique chair and one antique chest of drawers or $105 on everything in each category (everything costs $2,000).
Two things happen here:
1. The customer decides to buy everything in each category and not just one of everything.
2. They also decide to buy more than one item from each category. In this case, the customer decides to buy three antique chairs instead of just one.
Let's say you don't want the customer to be able to buy all the chairs in a single category, so you limit them to only three per category. In our example above, they can only buy three antique chairs for $105 ($35 per chair).
We've now made $105 on our first sale and have made a total of $135 on this order ($5 + $105).
Conclusion: Always remember that even if a customer only wants to buy one item, that doesn't mean they will. They might buy two or three or five. The best way to make money in an e-commerce store? Sell more than one product per order. If you can do this consistently, you'll be able to generate more money and grow your own business.
3. What is the profit margin?
A few years ago, Amazon shocked the world with a patent application for an unmanned 30,000 square foot warehouse. You read that right – 30,000 square feet! This warehouse would be able to hold over 1 million products at one time.