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products to sell online - Choose Wisely - How to a Pick Profitable Product Line

by Chris Malta

If you're like most new online sellers, the problem with selecting the right product line-up for your web site isn't a lack of choices. The problem is you have so many choices you don’t know how to start narrowing them down. The key, according to Vinnie Busnelli, General Manager for USellCorp.com, is to base your product decisions on facts, not emotions.

It's Not Personal... It's Business
New sellers often pick products based on immaterial factors, rather than studying the indicators that tell them whether they can make money with an item. Explains Busnelli, "Your Internet business is a real business. If you want to make real money, you have to select your merchandise based on what the market is telling you, not on your personal preferences." Over the years, he's developed a few rules for determining the right wares:

    Don't choose a product just because you personally enjoy it.
    Many new e-tailers are more interested in selling products they love, than products that sell well. But you can't afford to limit yourself to only selling products you're passionate about. If there's not enough demand for your product, or if there's an overabundance of supply, you won't be able to move your inventory, let alone make any serious money.

    Don't choose a product just because you know a lot about it.
    In online sales, you don't need to be extremely knowledgeable about a product to do well with it. Unlike in a physical store, Internet retail doesn't require you to talk to your customers to sell them an item. Your web site does most of the talking for you, and you can learn about your products as you go.

    Do choose a product based on market research.
    You need to know what kind of consumer demand there is for a product, as well as how saturated the supply sector is.

    Product markets like iPods and PS3s have tremendous demand, but they have at least an equal amount of supply. There's no room left in those markets to charge competitive prices and still make a profit. For long-term, sustainable profits, you need to look for product markets with a steady, median demand, and enough room for you to establish your corner of the market.

    Do choose a product based on the risk factor.
    When determining whether a product is worth carrying, consider the difference between your costs and profits. For example, it's far less risky to source a watch for $100, and sell it for $200, than to source a $2,400 plasma television set and sell it for $2,600. With the television, your profit is $100 higher, but you stand to lose a lot more if something happens to it. When selecting your wares, the less risk you assume, the better.

Creating the right product line comes down to making smart, informed choices. Do the research, find out where you can do well, and then put that knowledge to good use. States Busnelli, "Choosing the right products is so important to any new business. By basing your sales selections on the bottom line – not on a whim or your own tastes – you're really positioning your business to succeed."
 
Archive List

ARTICLE ARCHIVE LIST

 

What is Drop Shipping?

Sell what Sells, NOT what's Cool

The Wholesale Misconception

Don't Get Taken by a Fake Suppli...

Wolves in Wholesale Suppliers' C...

Working Within the Process

Is Santa's Sleigh Big Enough for...

Beware of Drop Shipping 'Agents'...

Direct From The Factory?

4 Strategies for Seasonal Sellin...

3 Tools for Product Sourcing on ...

Tradeshows the Right Way - How t...

Tradeshow Sourcing - When the Sh...

Preparing for the Holiday Season...

What a Wholesale Supplier Expect...

Product Sourcing Using Trade Pub...

Tips for Finding and Getting Goo...

Storage Units Auctions - Buying ...

Starting an Antiques and Collect...

How EBay PowerSellers Source Pro...

How to Build Your Online Consign...

Dangerous Mindsets - Changing th...

Sourcing Customer Returns - Buyi...

Product Sourcing Strategies - Ne...

6 Common Product Sourcing Questi...

Increasing Your Profits through ...

Importing Basics - What You Need...

Selecting and Changing Your Prod...

The Inside Scoop on Trade Shows ...

How to Make Product Liquidation ...

Shopping with Uncle Sam - A Brea...

One Man's Trash... Could Be Your...

Our Town - Sourcing Products Loc...

An Intro to Closeouts - A Produc...

How to Find Authentic Suppliers ...

Beyond Borders - Sourcing Overse...

Heads or Tails? - How to Find Yo...

Five Holiday Trends - What Every...

Seeing the Whole Picture - A Who...

Drop Shipping Pros and Cons - th...

Far From Home - 4 Keys to Succes...

Product Sourcing Strategies for ...

The Ins and Outs of Importing - ...

How to Choose Your Product Lineu...

The Fine Art of Product Sourcing...

Sourcing The Secondary Market - ...

Local Sourcing Techniques - Prod...

Global Sourcing - Importing for ...

A Foreign Affair - Preparing to ...

Choose Wisely - How to a Pick Pr...

Made in China - Importing Option...

The Color of Money - How Color T...

The Nuts and Bolts of Liquidatio...

How to Break Into Importing - An...

Trend or Fad? What to Ask Before...

What Your Country Can Do for You...

Opportunities Abroad - China Sou...

Trade Shows Year-Round - What Pe...

5 Product Trends for 2008 that E...

Successfully Negotiating with Yo...

5 Strategies for Safely Sourcing...

Informed Compliance for e-Tailer...

Locate Qualified Drop Shippers f...

What is Product Sourcing? The So...

Where Do I Find Products to Sell...

Tips for Finding and Working wit...

A Beginner's Guide to Buying Dir...