Starting an eCommerce store is not enough to transform you into a millionaire in this billion-trillion industry. That is merely the first step. When it comes to success in this industry, a lot of factors come to play. One of the remarkable things about online business is that it leads you to the path of financial freedom you always dream of.
You don't need to work as a bulldozer for all hours. You don't even need to keep your nine to five job. By doing the right thing online, you become your boss. However, it isn't as easy as it sounds. Become a successful online business person entails that you play the ball well.
According to research, it was discovered that out of 12 million eCommerce websites, only 650,000 makeover $1000. That's roughly 5%! It is pathetic. The aim of that study isn't to discourage you, but to compel you to do something differently.
What is the secret of the 5%? What are they doing differently than others? It isn't magic. The reason why they are successful boils down to the kind of products they are selling and their marketing strategy. On this page, you will be able to learn how to make an insane amount of money by doing just one thing – selling the right product in your online store.
Forget about other factors that impact success; the most distinctive element is the product an online store is selling. If you are selling the wrong product, no amount of promotion or marketing will change a thing. The most important is to discover a trending product, a product with high demand.
Remember the reason why you are in business. It is to solve the needs of your potential customers. If the need for a silver watch is what they want, give it to them. That is the only way you can be successful in the eCommerce business.
Before delving on the delving on the kind of products that sells most, you must know what makes a great product. With this guide, you won't need to always punch keys on Google about trending products. You will know based on the status of the marketplace.
What Makes A Great Product?
The first thought that crosses the mind of an entrepreneur is; "How profitable is this product?" But this is where the majority of first-timers make most of their mistakes. Instead of dealing with profitable products, they decide to settle on a product they love and use. There is nothing wrong with selling a product you like, but ensure that it has the right profit margin. After all, you are in business to make money.
Let's assume you purchased bedsheets at the price of $12 from your supplier per set. Now, add duty fees, shipping costs, and credit card processing. When all these are added, your product will immediately rise to $19.
Once again, let's also assume you will run some Google AdWords campaign, Instagram, or Facebook sponsored posts that will add to the cost of the product. Before you know it, your bedsheet is now at $22. That is not where it ends. In other to make the margin on this beautiful product, you will need to sell at a minimum of $32.
To get an idea about how to price your product, taking a look at Shopify profit margin calculator will guide you a great idea.
- Price of product
Price is another crucial factor you need to consider when it comes to making a product desirable and trendy. Like the natural laws of demand, the lower the price, the higher the demand. However, selling your products ridiculously low, or going for cheap products won't cut it. Instead of selling toothpick that sales for $0.50, consider selling something that is worth more. Selling products priced at about $60 and above is most advised.
Why is this so? Selling hundreds of toothpicks won't make you any richer. But selling a few products priced at $50 and above is what makes a difference. Following this model ensures that you get a decent profit per sale.
As you progress in this lucrative online business, nothing stops you from aiming higher. Nothing prevents you from selling products priced over $1000 and even more. But, you need to work your way through. It isn't a feat that is achieved overnight.
- Size and weight
It doesn't matter if you are into dropshipping business, or whether you have an actual warehouse. What ensures you sale is when your products come in varying sizes and weights. If you are into clothing, have different dimensions of a particular cloth. It helps you to serve as many customers, irrespective of their choice in terms of size, weight, even color.
By having more options for your potential clients, you have a high chance of converting them to loyal customers. Apart from giving them more choices, dealing with light and small size products cuts down cost in terms of shipping
7 Profitable Trending Products You Can Dabble In
So, you have been wondering about the kind of product that pulls in the most sale? In this section, you will be learning in detail some products that have been known to appeal to potential customers. In other words, they have been found to sell the most compared to other products. Also, note that you can dropship these products. There is no restriction in that aspect.
1. Keto Supplements
Ever wondered why most ads you see online always have something to do with supplements? The reasons aren't far-fetched. They perform better as more and more people are looking forward to a ketogenic lifestyle. In case you are yet to know, a ketogenic diet has to do with people cutting down on their carb intake. It is done to control weight, maintain a sleek nature, or, perhaps, live healthier.
Keto related products have been known to carry a massive demand in the market. Investing in such products will never be a mistake. One of the upsides of these products is that they are small and easy to carry. But, they are often subjected to strict import laws.
When it comes to an evergreen niche that is profitable to sell, you talk about fashion in the ladies' world. After Kim Kardashian and Nicki Minaj broke the internet with their fashion sense, it was apparent that the ideal shape for women is a curvy one.
As more and more women are looking to achieve that perfect hourglass shape, they turn to shapewear. When you run a quick search on google trends, you definitely will discover how popular these wears are to women in the fashion industry. According to Google Trend, the monthly search volume for shapewear is 26,000.
One of the pros of this product is that it is small and lightweight. It further helps cut down costs in regards to shipping. Additionally, it is super lucrative and comes with a considerable profit margin.
3. Pet bed
Another great trending product that you can sell is pet beds. There are lots of pet owners who won't mind letting go of a few dollars for the comfort of their pets. These pet beds have been trending, and judging by current trends; it isn't going down anytime soon. A little research on Google Trend revealed that the keyword, 'dog bed,' has enormous growth in search volume. The keyword gets 270,000 monthly searches.
Cat bed, on the other hand, gets over 60,000 monthly searches. It further goes to prove how lucrative this niche is to any prospective online store owner. To make more money in this niche, you can even partner with high fan pages for a shoutout. If you can make that happen, the results will be overwhelming and mind-blowing.
According to research, about 1.3 billion watches are sold worldwide every year. That is not the end, as growth has been recorded to be on the rise. The minimalist watch is one of the watches known to be gathering lots of buzz and attention.
To grow in this niche, social media like Instagram and Facebook will be your strong pillars when it comes to promotion. Gurus already in the niche has confessed that these platforms are excellent sources to double sales.
Lots of online store owners who used this model has been known to make mouth-watering figures weekly. So, you can start your online business with smartwatches. These watches often include a camera, a built-in sound recorder, counter for footsteps, sleep monitor, calls, and more. The market for this product is growing daily, and every smart entrepreneur is already exploiting this opportunity.
5. Posture corrector
For some months, these posture correctors have been creating lots of buzz on social media. Posts sponsoring these products have been known to attract lots of engagement and sales. If you are looking for a product to add to your stock, posture correctors are the product, to begin with.
People spend most of their lives sitting or in a sedentary position. It has led many to have a slight hunchback or an unappealing posture. Even looking down on your phone has been found to cause some severe damage to human posture. But with this product, it can be corrected.
This problem is something that the majority of people can relate to. They won't mind letting go of a few dollars to correct their degrading posture. By including this product in your store, you will be able to make much more within a short period. With a little promotion on social media, the result will be fantastic.
6. Beard oil
It is not only the female gender that knows how to spend on fashion; even the male folks do spend to maintain a great look. The target market for this product is enormous and has been found to double sales. With a great marketing strategy, you will be able to make a lot.
You will discover how lucrative this product is when you conduct a little research on Google. In Google's trend, you will find that this product often pick a pace around December. It has a monthly search of over 60,000.
One of the glaring pros when it comes to this product is men will spend any amount to groom their beards. The more expensive the beard oil, the more they brag about how valuable it is to be a member of the beard gang.
The only downside is the competition in this niche. But when you play your ball well, you will be able to beat them hands down without hassles.
7. Minimalist jewelry
Here is another profitable niche that can turn your online store around. Coming across these shiny, sparkling pieces of jewelry makes it hard to resist. With this, be ready to make more money than you have ever made.
When potential customers are given a choice to customize to their specifications, you make even more money. Most brands like "Pura Vida" sell their jewelry with or without any precious stones or metals. You don't need to be goldsmith to make money in the jewelry business.
It is excellent when it comes to taking aesthetic pictures that look great on social media and real-life. When you take a look at the Google trends, you will discover that this niche is very profitable. The average monthly search is 3,200. The good part is; it is an easy keyword to rank for. The unique aspect of this niche is that it is straightforward to export. Thanks to its lightweight and small size.
There are lots of amazing and profitable products you can sale on your online store and make a lot of money. They are pretty easy to discover if you search. However, never overlook products that seem to perform low in terms of search volume. The fact is, you can easily rank for them and make money. Have you been able to decide on the product to sell? Taking time to do more research about the product will ensure you don't make any mistakes.