Just because you have an e-commerce business doesn’t mean you should fill it only with products you use and love. To make money and grow your business, you want to sell products that require a low investment, allow you to turn a profit, and attract repeat buyers. Here are some tips for choosing products for your e-commerce business.
Consumers gravitate toward products that solve problems, so do some research. Peruse social media and popular blogs to find out the kinds of problems people with niche interests are looking to solve. Say, for example, your online business caters to runners. Products that help runners solve problems include heart-rate monitors, hydration belts, and weather-specific clothing.
Your e-commerce business might appeal to people in a particular geographic area, in which case you might consider choosing products that are hard to find locally. If your niche is natural health, for instance, you might stock certain types of highly sought-after supplements that aren’t easily available in your city, town, or province.
You also want to keep price point in mind when choosing products for your e-commerce business. If you price your products high, customers avoid them. Pricing them too low means you have a hard time turning a profit. Choose products that fall within the so-called “sweet spot,” which falls between $100 and $200, according to Shopify.
Lastly, you want to avoid seasonal products, since you’re stuck with products you can’t sell when they become outdated. Instead, select products that you know your customers want to buy year-in and year-out.