The Easiest Way to Find Low-Cost Products to Sell on your own online store.
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3. Introduction
98% of all ecommerce businesses fail. Many reasons of these failures can be
contributed to work ethic, lack of commitment, and ignorance. Ignorance in business
can be deadly, and must be dealt with by the thirst of knowledge. Many of you who
are reading this hold the knowledge that there is money to be made selling products
online. The thing you do not know is the criteria one uses on deciding the type of
product to sell online.
Using this eBook we can discover five ways to help us refine and search for the most
profitable products to sell online. The first way is to find a Product Directory. The
website Directory I use which is also a Wholesaler Supplier Directory is Salehoo
website. “Two birds with one stone,” even though finding a wholesale supplier directory is
not part of the 5 ways to help find the most profitable product, when a product is
chosen, it will be very nice to have a directory of suppliers who are certified safe to
work with.
The eBook will also outline “Who are the competitors selling this product.” A good
measure of competitors is Data analytics and eBay listings which we will be getting
from the Salehoo website. Competition is important but the tools from Salehoo will
definitely help us find the most successful products to sell online.
This eBook will also outline “How to find the profit for a product.” Profit is a very
important aspect and we will determine how to find the profit margin in dollars and in
percentage, by using specific types of prices and supplier websites as references. The
website we are using for reference of the price is the Salehoo website.
Another thing this eBook will have is “How to check for the demand.” Demand has
always been an interesting factor because it gives a vivid picture as to how many
people are searching for this product, and how well it sells. We will be using Data
analytics and tools from the Salehoo website.
We will be also taking a look at the importance of comments
5. How to Find the Right Product
Product Directory
The first thing you need to do before even starting this process is begin finding over
10 products you can see yourself selling. I like to use Salehoo to search through there
directory of products. The trick with this part of the process is not to be too picky.
Try to find the stuff that is in your niche. Do MININMAL research for this part.
Many people like to spend 2 hours looking up only ONE product to find a dozen
problems they can’t solve so they give up. You want to start off nice, and simple, no
more then 10 minutes for each product.
7. How to Find the Right Product
Who are your competitors
The people who compete with your product are just as influential as the amount of
demand in your product. Finding your competition may seem like a vague objective at
first, but after you narrow down the tasks, it seems pretty simple. The first thing I do
when I find competition is look at the amount of eBay listings there are for the
product. To get a quick number I use the Salehoo website.
The greater the amount of listings the more people you can clearly see are trying to
sell this product or something like it. EBay is a huge platform for people to sell their
products on, knowing how many people are selling in this platform is our first
indicator of the amount competition and where the competition is for this product.
Salehoo also gives a graph of competitors who are also looking for this product as
well.
9. How to Find the Right Product
How much profit are you making?
Profit is always something very hard to estimate accurately. I mean how much profit
each sale is very important, but depending on whether you are getting your product
from a manufacturer or wholesaler the price can vary. If you are ordering a product,
the amount of product you order will also change the price. Another factor that
people need to look at is dropshipping. If wholesalers or manufacturers are prepared
to dropship for you they will take a higher amount of the profit margin pie to cover
the costs of shipping. All things that you can find and discuss at the Salehoo website
platform.
When calculating the profit amount in dollars we must first find the costs of the
product. To find this, we must use supplier websites such as alibaba or aliexpress just
to get a rough estimate. I like to find the lowest supplier value when determining
costs .
I also need to find price value that I will be most likely selling close to. One thing I
like to use that is nice and simple is salehoo, which gives me the average price of the
product.
10. How to Find the Right Product
How much profit are you making?
I do not concern my self too much on the exact price because depending on your
actual cost or perceived product value and quality you may increase or decrease your
price. If you find cheaper prices on amazon does not mean you can necessarily sell it
at that price as well. Some people have processes that allow them to undercut and
sell it at these low prices. It is also pointless to estimate selling something at its
highest price because most stores probably already have a brand trust, product
quality and other things that allow them to sell at that price.
Now that I have the cheapest cost of the product and the average price I can
determine a very realistic profit margin I can expect to have when selling this
product. Profit = Average Price - Lowest cost. Now when calculating the profit it is
always good to keep in mind all of the things that can take chunks out of the profit
margin pie. Things like shipping, weight of the product, and marketing can really eat
up the percentage of your pie. That’s why I always put my profit margins in both
dollar and percentage amounts. These will be useful when you begin to talk to
suppliers. Do not forget to record any particular comments about a product that may
affect your profit.
12. How to Find the Right Product
Do people even care about your Product?
Do people even care about your product? Well just because you and a couple of your
friends and family care about your product, doesn’t mean that there is a large enough
amount of people to sell this product to. Today we are going to learn how to
calculate the demand for the product.
Using Salehoo we can easily find the sell rate of a product and the trend of demand
as well.
These tools from Salehoo market research lab gives us the insight of how
exclusive a product is, the times it is expected to sell most, and if it is indeed
gaining popularity. Make sure to record any anomalies within the trend.
14. How to Find the Right Product
Comments
Comments can be a very helpful factoway in deciding whether or not a product is
profitable. I mean sure we can run the numbers and make fancy graphs on which
product will do the best but I think the individual comments of each product should
also matter in the overall decision.
Comments should be written down throughout the whole process of the product
competition, profit, and demand analysis. Every feeling, hunch or doubt should also
be documented thoroughly.
Sometimes its hard to decided whether or not a comment is helpful, especially in
determining it's success. Some comments may bring ambiguity pertaining to a
product's success probability making the overall comment inconclusive, but remember
any comment at all is better than no comment. It is always good to answer as many
concerns one has about a product within the research phase. Although some question
cannot be answered until actually going through the full process. The more you know
about selling a product the less surprises you will receive and in this businesses
surprise are usually no good.
The one thing I look for in the comments is my overall confidence and excitement in
a product. This can be very helpful down the road when you actually have to market
and sell this product. It is easier to sell a product when yow believe in it.
.
15. The easiest way to sell low cost products on Ebay,
Amazon, Etsy, and shopify
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