In the world of online selling it’s very easy to get distracted by seemingly endless products to sell, there’s an overload of information. Here are some tips to selecting winning products.
Product selection and pricing apps
Customer insight data will take the guess work out of managing products. It’s never been easier to consolidate information on products through apps and websites setup specifically to help you make the right decision on pricing and selection.
If you’re selling through a marketplace you can run some basic research through ‘best seller’ categories. This is a cheap and easy way to start your research.
These tools also help you price appropriately, what price can you realistically charge to compete and what demand can you expect? This will help you plan out your cashflow.
Historical demand trends
Understanding historical demand trends can ensure you select a product or niche that isn’t in decline and can also help make you aware of seasonal demand patterns. The best tool for this is Google Trends where you can search for particular niches or products by geography. Some tools like Jungle Scout also map historical sales patterns for particular sellers.
Once you understand these trends you can then conduct further research to build a clear picture on whether demand will remain strong for your products. If there are seasonal trends, sell on more than one marketplace or platform so you can rotate between the northern and southern hemispheres.
Size and weight of your product
It may seem obvious, but the larger and heavier your products are the more expensive they will be to courier from your supplier to warehouse and warehouse to customer. If you are going for larger products you must factor these costs into your sales price to keep your profit margins healthy. This places more importance on selecting cost effective shipping partners.
Rules and regulations
If you’re selling on a marketplace like Amazon or Trade Me you need to thoroughly investigate what can and can’t be sold on their site. Marketplaces need to protect their brand so will have the final say on what products are listed and how they’re presented.
Platforms like Shopify allow for more flexibility on product selection as you’re the website owner, but you still need to consider what channels you can use to market your website e.g. if you’re selling adult entertainment items, you won’t be allowed to promote these products through Facebook but can advertise through Google.
When selling internationally you should also research customs regulations. For example, items within the hunting niche will be fine in the US but not in Australia in many cases. Government sites are the best source of truth.
CURRENCY SOLUTIONS FOR YOUR BUSINESS
WorldFirst open local currency receiving accounts for the countries you’re selling in, meaning you’ll be able to receive better exchange rates when repatriating your international marketplace and platform revenue and make transfers at times that suit you.
If you’re selling locally and sourcing your products internationally, we can help you achieve better exchange rates when paying your suppliers.