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Tradeshows the Right Way - How t...

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products to sell online - Dangerous Mindsets - Changing the Way You Think About Selling

by Chris Malta

3 Classic E-tailer Mistakes
Since the birth of eCommerce, certain faulty thought patterns have plagued online retailers. Says Lisa Suttora, founder of WhatDoISell.com, "There are things I see new sellers do that are very, very common; and these things can really hinder their ability to grow their business and make the profit they want." Having the right mindset when sourcing and selling your products is critical in avoiding those regrettably typical seller mistakes.

Mistake 1: I'm Only Going to Sell Product X — That's All I Need.
There are two main problems with focusing on a single product:

    Markets cycle and fluctuate. Product X may perform very well in May but do poorly in October. You want to do business year-round, not just during one particular selling season.

    You limit yourself and miss a lot of selling opportunities. You want repeat customers and repeat business - which means giving your customers choices and providing them with a full and complete product line. You need to surround your main product with a wide selection of ancillary products - products that relate to it, that your target market might also be interested in.
Mistake 2: My Products Will Sell Themselves - Buyers Will Automatically Choose Them Over My Competitors' Products.
You need to distinguish your web store and set it apart from every other web store selling the same thing. This is known as adding value to your web site - one of the best and easiest ways to do this is to provide information that's relevant to your product line and to your target market:

    • If you sell cookware, you might share recipes.

    • If you sell dart boards, you might provide your customers with the rules for the various games you can play.

    • If you sell ski equipment, you might write a few articles on the country's best slopes.
This puts you in a unique selling position - customers come back to your site to get the knowledge they desire. And they're a lot more likely to pick up that item they've been wanting, while they're on your site, than to go off to another site and buy it there.

Mistake 3: If I Don't Net X Dollars on an Item, It's Not Worth Carrying.
Think about a computer store: they sell the actual computers for minimal profit margins. It's the accessories - the cords, cables, printers, etc. - that carry the high profit margins. Without the computers, no one would go into their stores in the first place.

But without those other products, the stores couldn't stay in business.

If you eliminate every product that doesn't clear a set amount, you're missing the big picture. Advises Suttora, "Your business goal is to generate long-term, sustainable profits." Low-volume, high-profit items and high-volume, low-profit items both make their own contributions to your overall product line-up. Every piece of inventory you buy carries a different profit-margin percentage, and all of them combine to create your total revenue stream.

 
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...