Doing proper market research is a critical first step when thinking of products to sell online. Not all products are profitable and easy to sell online. I learned a painful lesson when I started my first online business.
I was too eager and didn’t do enough research. I underestimated how difficult it is to sell skin care products online. I invested lots of money and time in coming up with my own brand of skin care products.
What I didn’t realize at the time was that skin care is an ultra competitive market! If you don’t have the budget to do the branding and promotion efforts, nobody is going to trust their money with your products!
To avoid making the same mistakes that I did, here’s a checklist to review before picking a product to sell or promote online. Identifying the right product to sell online is your key to success. Make sure that it meets most or all of the requirements below to increase your success rate:
- It has high margins – Whether you sell high ticket items or low cost items, it takes the same amount of time and effort. You might as well pick a product with high margins to sell/promote.
- It is a high quality product – Your reputation online is important. Only sell or promote products that are of high quality so that you have returning customers.
- It solves a certain problem – People often go online to find products that can solve a certain problem they are having or help them in some ways. And if it happens that you can deliver a solution that they can’t find anywhere else, you will have a good chance of earning money.
- Easy and inexpensive to ship – Shipping can cost a lot. Therefore, you should pick a product that is light, non-fragile, and easy to ship.
- Little competition – You will have better chance if there’s little competition for the products that you are selling. And if there’s competition, then you must be better than your competition in your website design and your customer service.
- Connection with the products – If the products are related to your hobby or passion, it makes it easier for you to sell.
- It’s legal – Make sure you don’t sell anything that’s not legal.
As you know, anyone can set up a website and start selling online in a matter of days. But to be successful, it’s important that you pick products that meet the above guidelines.
