How to choose the right e-commerce product
The pandemic resulted in a tremendous loss globally, but e-commerce businesses continue to thrive. Experts predict this industry will continue to grow with over 2.14 billion consumers in 2021.
Even though most trends have become difficult to predict, Statista reports 22% of retail sales will transact through online means by 2023. Safe to say, if you're looking to start an e-commerce business now is the best time.
The first step to becoming a successful online seller is deciding on a product to sell.
What Products Can You Sell Online?
Products can be categorized based on availability as:
- Popular Commodities: High-demand commodities that are essential products or services which can be material or digital.
- Niche Commodities: Selling specialized products or services to a specific audience or business category.
These categories can be further divided based on type:
- Physical Products- Sale of material goods such as clothes, food, or stationary.
- Digital Goods- Computer-based virtual products or services. E-books, creatives, content, or online games.
- Accessibility- Access to content or other information through a paid platform such as Netflix, YouTube, or Spotify.
- Service- Gaining profits for your time, skill, and knowledge. For example, therapy, consultancies, writers, content creators, and other such services.
- Invites/Tickets- Selling limited access to events, movies, or gigs both online and offline through a website. Example: MakeMyTrip, BookMyShow, etc.
How Do You Find The Right Product?
With so many options available, it's difficult to narrow down on one product to sell online. Here's a step-by-step guide to determine the right product for your e-commerce business:
Step 1: Recognize The Problem You Want To Solve
When you're trying to brainstorm for ideas, think of the problems in your own life and how you could solve them. The solution can be a service, a new product, or an upgrade to existing products and services.
Step 2: Consider Your Passions
To start an e-commerce business isn't always glamorous and fun- sometimes it's grueling, disappointing, and difficult. Finding something that you're passionate about will not only help with your progress but will also help you find your audience.
Step 3: Use Professional Experience To Your Advantage
If you have more knowledge, skills, or aptitude for certain tasks than the average person, you could monetize your skills to make a place for yourself in an otherwise competitive market.
Step 4: Find Your Niche
Define your niche segment if you want to pursue an idea that is unique to a customer base. Create a product or service that solves a specific problem for a very passionate and specialized audience segment.
Step 5: Do Your Research
You can always conduct market research if the creation and sale of your products is something you want to do. Understand the latest trends and what is “in demand” and then create a supply chain to help you sell online.
Bonus Step: Choosing the right delivery partner
Following these steps will help you strategize a good e-commerce business plan. But to be successful, you need excellent service delivery and support.
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