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Remember when you came across that new product that seemed great. You thought, oh your god, people would love it. So, you ordered it in bulk, excited about the cash out because, you know, it was such a great product. You sold a few because your friends and family love you and then a few more because you ran a 70% off promo. Months later, the bulk remains of your seemingly great product became the perfect resting place for dust bunnies. Don’t worry hun, most of us have been there. It’s okay to make these mistakes, what is not okay is not learning from them. Fortunately, today you get to learn from them because we will guide you on how to identify a great product that can earn you profit.
Identifying a great product is a crucial skill you must hone if you own, or are considering starting an online store. New products are produced every other day, mostly without prior thought about the need for them. Therefore, you need to be able to identify a great product that is likely to make profit for your business. How hard can this be right? Wrong. Because people are constantly creating new stuff, wholesalers often end up with seemingly great products that are not as needful as the manufacturers thought. This makes it hard for you, the salesperson, to recognize the really great products that customers need. So, you need to understand that not all great products are a recipe for profitable online sales.
Now, to the real question:
How Do I Identify a Great Product?
Identifying a great product isn’t such a task when you know what to look out for. It should have at least three of five attributes listed below:
A Great Product is Profitable
Any product you want to sell should be profitable. That should be the first thing you look out for when choosing a product. Mostly, amateur sellers just start off by selling products they use and think people might want. They don’t conduct market research or calculate what the profit margins will be after all other costs have been accounted for. More importantly, you ought to consider the cost of packaging, transporting, marketing, and running your website, to know if your selling price will yield profit.
A Great product is Affordable
Another feature of great products is that they fall within the sweet spot price range; they are affordable. The more costly your products are, the harder it will be to sell them. This is simply because you would have to spend more time convincing customers to buy.
Let’s flip the coin for a moment. You’re online window shopping, and you see a pretty ankara wrap dress of N4000. You add it to your cart instantly because you’re worried it would go out of stock. Then, something else catches your eye: a drop-dead-gorgeous-rock-your-world type dress; it costs N45,000. You start to wonder why it’s so expensive; if it was a golden thread they used to sew it; if it will last long enough for you to wear it to your grand-daughter’s naming ceremony (you’re only 24). So, you let it go because you didn’t intend to buy anything in the first place, but you checkout with your wrap dress.
In reality, you are going to be the one selling the products, therefore you must keep it in mind that it requires more effort to convince a buyer to purchase an expensive product.
They are Small/Light in Size/Weight
A great product should be light in weight, and not occupy too much space. This makes delivery for your products much easier and less costly. Also, if your products are bulky, it makes it harder for you to expand your business out of your state, or country. The heavier your product is, the more it will cost to waybill it or ship overseas. You’re probably wondering why you should be thinking of expanding when you’re just starting out. Don’t overlook it completely. It may seem uncalled for right now, but a couple of years in, much more people will need your product; then you’ll need to expand your reach.
They are Exclusive
Stay away from selling only mass-produced products. You can’t sell only the same products that people can get from your competitors; you also need to sell exclusive items. By exclusive, we mean products that are in demand but difficult to get. Exclusive items make for great products because they help you stand out from the competition, and you don’t have to resort to price slashing to keep up with competitors.
They are Popular
We can’t stress enough how important popularity is when identifying a great product. Look out for products that have a significantly higher level of demand than supply. When a product is already in demand, you have a chunk of your work cut out for you. To know what products are trending, you should conduct research to find out what people want the most. You can use tools like Google Trends to analyze data of people that have searched for a specific product over a period of time. You can also use it to see what products are in demand in other countries.
As a salesperson, picking the right product to sell online is a step towards success because the products you choose will shape your entire business. Also, finding a great product to sell online doesn’t have to be such a task. Once you are able to identify these features we’ve listed above, it’ll be easier for you to identify them.
However, you should note that identifying a great product is not the only step you’d take to successfully sell your product online. For starters, if you don’t already have one, you’ll need an online store. You can hire a web designer from affordable web solution companies like MoonCode; you can also save yourself the spend and create one yourself with platforms like Wix, or sign up for Copit, our free online marketplace. Other important steps include the online marketing strategy you use- most people use SEO, Paid Marketing or Platform Marketing- and your customer service. At the end of the day, all these factors combined, bring you closer to a successful sale.