It’s time to start thinking about new products for your store. You want to be sure that you’re ready for 2022 and not left with a bunch of outdated inventory. This article will help you pick new products, choose the best ones, and make more money along the way!
Size & Weight:
When sourcing new items to sell in your online store it is important to consider size and weight and how these factors will effect your profitability. Small lightweight items are often some of the most profitable products to sell online as they are significantly easier to transport and store. Whether you are shipping next door or across the globe you can bet that your shipping cost will be lower than with a large bulky item. These sort of items often have a lower cost to manufacture than larger more complex goods and can help a newer seller to minimize their cost.
Unique Value Proposition:
What makes your product special or helps it stand out from the crowd? Why should a customer buy from you and not one of your competitors? This is what you need to focus on when selecting new products. What can you offer that others cannot? Is it lower cost, faster shipping, better quality or more variety?
When considering new items to sell online it is important to remember that simply being the cheapest option is not always the most profitable. Instead of competing on price I recommend finding your niche or unique value proposition that can help you to stand out from the competition.
Many sellers go wrong by either not differentiating their product enough from the competition or by trying to create something entirely new without a proven market segment. Some of the most effective UVPs I have seen over years of selling involve changing just one or two attributes such as; size, material, color, quantity, shape, etc. Get creative with it there are a million different way to make a product your own and with the right UVP you will be selling container loads in no time!
One of the most important factors to look at on a potential new item for your online store is anticipated selling price. You want to be sure you are selling an item that give you a high enough return on investment that you have enough excess profit to weather unforeseen expenses or cost increases. Returns, selling fees, PPC advertising, and shipping costs are all variable with a long enough time horizon. It is important to make sure your items have a strong enough margin that if you see an up tick in returns or a marketplace increases fees you are able to still make a healthy profit.
Is there a healthy demand for the product or category you plan on introducing? Can you find existing sales data to demonstrate the health of this particular product or category? It is important to make sure you are purchasing a product that people actually want and value not just because the item fits some of the other parameters on this list. For example, in 2022 the demand for DVD players is decreasing and it may not be a good time to enter this category. A healthy consumer demand is what helps fuel sales.
Fit & Brand Reputation
A lesser but important factor to consider when selecting a new item to sell online is how the item fits within your current offerings. Is the product a natural extension of your brand and existing product lines or is it something completely unrelated. Although there are tons of sellers selling random assortments of goods and making a profit if you hope to build a brand it may worth considering how your product selection influences your brand and vice versa. For example if my online store sold shoes getting into socks as an additional category may not be a bad idea, but sourcing electric toothbrushes might not make sense for my footwear brand. Your product selection should help tell the story of your brand.
When selecting new products to sell online in 2022 it is important to consider a wide range of factors. By focusing on finding a unique value proposition, lightweight high margin items, and healthy demand you will be able to increase your chances for success. Remember to always stay true to your brand and what makes you different from the competition!