Do you currently own an eCommerce business? Is it profitable or does it feel like a money pit? Are you making some sales, but haven’t been able to break even or make any profits?
Many people get into eCommerce because of the promise of making a lot of money. Is it possible to make a ton of money? Absolutely. But you’ve got to be willing to be strategic while doing the work. Most people just assume that all they have to do is find some products and start selling.
And when that doesn’t work out, they conclude that eCommerce doesn’t work; that it’s all hype. The tips in this article might help you grow your eCommerce business and take it to the next level.
This is at the heart of every successful eCommerce business. It’s not enough to try to sell a product that catches your fancy. You’ve got to go where the money is; where there’s demand –trends are great for this. No matter how amazing you think a product is, if there isn’t enough demand for it, trying to sell it will be a waste of your time.
For instance, if you’re a model train aficionado, you might be tempted to sell it. But, unless you don’t mind low sales volume, that might not be a smart product to choose. So, forget about your passions and go find those high-demand products.
Check out Amazon for fast-selling products that are in high demand. Then, use Alibaba to identify manufacturers who can private label it for you.
While you can do the product sourcing manually, the best thing to do is to identify technologies that will help automate some, if not all, of the processes. Thankfully, there are excellent tools that can do all the heavy lifting for you.
For instance, Junglescout is an excellent market research tool. This will help you determine high-demand products without enough supply. Then, you can go fill that gap. You can also use tools like Shopify to quickly set up an eCommerce store.
Can your products sell in international markets? If they can, and you’re currently selling well in some limited markets, then you should look for ways to sell to international markets.
It’s important to make this distinction as some products sell better locally than internationally. For instance, even though there’s demand for gas oil internationally, it’s easier to sell it locally than it is to sell it internationally. If your product is in demand in international markets and it doesn’t cost a fortune to ship, then selling to the international market can open up new revenue sources for you. if you can sell internationally, consider signing up with Amazon’s international markets through the Amazon Global Selling program. This will expose your products to an additional 12 markets across the world.
No eCommerce store succeeds without promotion and advertising. So, you need to start promoting your online store like crazy. Use every available channel with your target audience.
If possible, take advantage of cross-selling opportunities by partnering with other store owners whose products complement yours. This way, you’ll be exposed to new audiences and markets that are open to buying what you sell.