Okay you want to start an online business or you already have an online business, be it Woocommerce, Ebay, Amazon, Facebook shop or one of the many other ways of selling good online.
So why do you need to know what is likely to sell?. A number of reasons:
- You may be buying a product/s that are selling for less than you can buy them for wholesale,
- You may buy a product/s that are either not popular or not popular in the brand or product variation that you have purchased.
- You still have to pay listing fees, advertising costs for products that you don’t sell on many online product marketplaces which costs you money.
Otherwise you are doing a Best Guess type of purchasing what happens when you make a best guess when purchasing?.
You sell some products and some you don’t inevitable you LOSE a lot of money.
What can happen:
- You have products that people are not interested in buying, full stop.
- You have products that are not in the brand, variation or style that people want.
- You have products that are not popular or trending at the moment so you may sell some products but not many.
- You have a lot of money tied up in stock that is either not selling or not selling quickly which means that you don’t have the cash available to buy more stock, promote your products etc.
- To sell products that are not selling you may need to liquidate them and sell them at a drastically lower cost sometimes less then what you have bought them for in the first placing resulting in heavy financial losses.
How to reduce your risks of being stuck with products that don’t sell?
Do your research into product:
1.What are the previous sales results?.
- Are the products affected by seasonal variations?
3.What products have recently sold on Ebay, Amazon, Etsy and other online marketplace that me be relevant to the products you are planning on selling?.
4.Can you buy the products that are selling a a wholesale price that will allow you to make a profit after taking into account selling fees, payment fees, shipping costs etc. Basically all of the costs involved in selling and delivering your product. As a Pawnbroker/Second Hand Dealer once said to me we base our wholesale purchase price on what something will sell for and that ris how they calculate their purchase price.
What tools can you use for product research?
Google Trends To see what is trending on the internet now and previously
Terapeak To do product research on Ebay & Amazon allowing you to see what has sold previously, for what price, what average delivery cost, by highest amount of items or highest amount of revenue. Click this link to get a free 7 day trial. **This is a paid affiliate link(if you continue after the free trial period), however I do personally use this product***.
About the author
Darren has over 20 years experience in online marketing, website development and e-commerce. He has recently built a successful Ebay store for a client that sells car roof racks and accessories online that has generated over $25k a month in sales in it’s first 2 months of operation. You can see this store at http://stores.ebay.com.au/a1roofracks/ If you need help with your online sales & marketing he can be contacted at http://bisonit.com.au/contact-us/