How To Find Profitable Products
There are lots of profitable products one can get to sell online. However, finding that one product that is right for you is an uphill task. All online sellers must be aware of one thing before they venture into business: that perfect product that they are dreaming of for their online shop does not exist. There are only good and bad products. To differentiate and pick the right one for you, you must choose the one that is better and suits you. In this guide we will review how to find profitable products.
One of the biggest challenges that aspiring entrepreneurs face is finding profitable, trending products that will sell, whether it is a single product or a full product line that occupies a niche in a market. This is why if you want to know what to sell, you should beware of the ways to identify the most profitable products to sell. This article takes a deep look into critical ways to find a profitable product that will earn you high returns. So, what are we waiting for? Let’s get started.
Scrutinize the product’s characteristics
There are a lot of attributes one should put forth before embarking on any online business, especially when you are learning how to find profitable products . They include:
• Price- Yes this is very vital in identifying any profitable product. The final product should not cost more than 100 dollars.
• Size and weight- Here, one is advised to choose small products because shipping large and heavy products will cost you an extra penny. It will be more expensive than you may think.
• Trends- Fleeting products should be avoided, no matter how in fashion they may seem. Use of google trends may help you spot rising tendencies related to long term sustainable products.
• Profit margin- This refers to the amount by which revenue from sales exceeds costs in a business. It is utterly useless to sell 100 euros products if the sale cannot earn a 30-50% profit. Always put it at the back of your mind that you will have to pay for servers, marketing, and lots of other personal expenses. The larger profits you may want to earn, the lower sales volume you will earn.
• Durability- Selling that involves food, drugs, or products that expire quickly will require perfect stock management so that they do not get worse. This way, choosing long-lasting products is recommended as it is set to reward you with more profits.
• Fragility- Fragile products are not recommended at all. These types of products will raise the shipping costs and you will be faced with more returns if they break.
Make the most of your knowledge
Examine your life keenly to know if you have any experience working with any specific products. If you can be able to base your e-commerce around your background, you will get to know that it is easier to become an overseer in your sector.
Have a look into your keywords
Selling online requires you to position yourself using the right keywords to get traffic from google and to save money on ads from Facebook Ads or Adwords. The content contained in your website has to match the words that people use in their various searches. One way to achieve this is by using a Keyword Planner from Google to get some ideas. It is appropriate that your keywords are searched for between 5000 and 10000 times a month. Additionally, you should research and add secondary keywords and long-tail keywords. Long tail keywords have at least four words . For example: ” how to find profitable products” is a long tail keyword and “profitable product” is a “normal” keyword.
Check out your suppliers
In this segment, you should be guided by three basic options:
• Dropshipping- This technique involves selling other people’s products and acting as an intermediary between the maker and the client through your website. This technique is best known for its low risk which also happens to be its main advantage. This is because you do not require an inventory of products. This method has its demerits too. The high number of competitors and the low-profit margins of around 20% pose a risk too.
• Make it yourself- This happens to be the cheapest way because you only pay for the materials. The method has its disadvantage in the name of scalability. The entrepreneur will need to get himself 100% involved. However, no matter how you do this, you still will have limited time. If the demands begin to hike, you will be forced to hire some people.
• Purchase from wholesale suppliers- Buying bulk quantities of already made products is the most frequent option to sell online nowadays, and indeed the most profitable one. One thing to look at here is the miscalculation of your demand or the decrease in the number of orders. If this happens, you will be left with useless products in the stock.
Follow your passion
Are you looking for the easiest way to find the most profitable product to sell? Then, follow your passion. If you don’t have any prior experience that you can make use of for online selling, you will have to reinvent yourself professionally. It does not take much of your time. Meditate on something that you have always wanted to do, something that your heart and soul craves for, and set your business around it.
Select a market niche
Market niches refer to specific products. It is essential that you critically look over your potential competitors to make sure that there is a demand for your product. To help you with this, there are lots of tools to do that, both free and paid ones. One of the best known is SEMRush. A lack of competitors, for the most part, means a lack of demand, but if you focus on a much-exploited niche it will be very difficult to differentiate yourself. The finest market niches are those which have some competitors, but not so many.
Clear up a problem
Clear up a problem
This is the last way on our list but not the least. You are required to look around for a product that makes your life easier. Check out for the methods that you can improve the products that you make use of daily. Remember that people are only absorbed in buying something when they have a specific need. Your role is to solve it and that is the end of how to find profitable products .