How to Choose Products For Your Online Merchant Store
https://admateacademy.blogspot.com/2017/08/how-to-choose-products-to-sell-on-your.html
Affiliate programs have created a platform for many who want to become self-dependent and self-employed by creating online merchant stores with fascinating product links that attract sales and enables them to earn a commission by driving traffic to the site of the advertisers. This has become a lucrative industry mostly for nursing mums who have time to spare while being at home taking care of their kids.
There are thousands of advertisers that offers different products ranging from children toys, games, fashion to cars parts. You will find many product lines that meets your interest, from which you can choose those you want to display on your site. Many bloggers, influencers, content curators and social media managers have taking advantage of affiliate programmes to earn significant income through commissions by sharing product links on their blogs.
There are several online merchandising outlets, which are sales channels for manufacturers, product owners as well as retail store owners. Some of the biggest names in the online store segment are merchant stores, including eBay, Buy.com, Amazon and Walmart. While some of these merchant stores are selling specific items, others sell general merchandise.
Revenue earnings by Amazon alone for Q3 2019, totaled $70.0 billion in Q3 2019 according to a report by Venturebeat. Bricks-and-mortar’s outlets such as Walmart, are divesting from its physical retail outlets and have started investing heavily on digital merchandising. Unlike online retail store, brick and mortar retail stores have continued to experienced steady depreciation in its market share within the last ten years, and there is no indications that this trend will reverse in the near future.
To succeed in the online merchandising business, it is important that you carefully select the items you put up for sale. Selling a product that moves in the market is essentially one of the critical strategy for your online merchant store, and it is necessary to select a good product to sell, because the truth is that, that is what will make or break the business. Reducing your focus to a few items increase your chances of successes.
1. Identify a Solution to a Problem
Look for a need within a market segment and provide a product that would solves that need. If you take a closer look at the marketplace, where you intend to focus on, you will find some products that are in short supply and others that are seasonal, but are in high demand. Identify one or a few of them that you would like to sell.
2. Follow your Passion
If you have a natural interest and passion in a product or service, such a product or service is most likely to produce greater results because, the sound knowledge you have about the product and your passion for it, would sustain you through challenging times, as well as when the market is not doing as much as expected.
3. Find a Niche Market
Let us define a niche market as that market, which attracts a relatively smaller number of customers who have unique taste and high demand, and would stop at nothing to ensure they have that product or service. Identifying a product that satisfies the needs of such a special market, guarantees the success of your online merchant store.
4. Identify you Competition
Have a good knowledge of those companies that are servicing your market. Carry out a SWOT analysis of your business and find out what your strength, weaknesses, opportunities and threats, are, using your competitors as a case study to boaster your own position.
5. Choose a High Yielding Product
In deciding which product or products you want to sell on your online merchant store, ensure you select products that have high returning customer rate and yield higher profit margins. That way, every sale you make, would amount to something tangible, and at the end of the day, would be enough to pay for the cost of the website subscription renewal, site promoting and leave you a fair profit margin.
Conclusion
A study by Kantar shows that consumers tend to prefer online services than merchandise, and that by 2020, consumers will be spending $2 on services for every $1 they spend on merchandise. For some time now in the online retailing sector, Amazon has been the industry leader by a wide margin with as much as 55% of consumers first carrying search on its site, well ahead of the search engine giant Google, with just about 24% of consumers who start their search on its search engine, (digitalcommerce360).
Online stores are some of the highest revenue earnings in the world, with companies like Amazon leading the pack. The online merchant store sector is a $22 trillion industry, with United Kingdom having the most number of online shoppers in the world. According to Monsterinsights, online stores selling fashion products raked in a revenue of over $3.53 trillion as of 2019, making fashion the category that has the most number of online shoppers.
There are several online merchandising outlets, which are sales channels for manufacturers, product owners as well as retail store owners. Some of the biggest names in the online store segment are merchant stores, including eBay, Buy.com, Amazon and Walmart. While some of these merchant stores are selling specific items, others sell general merchandise.
Revenue earnings by Amazon alone for Q3 2019, totaled $70.0 billion in Q3 2019 according to a report by Venturebeat. Bricks-and-mortar’s outlets such as Walmart, are divesting from its physical retail outlets and have started investing heavily on digital merchandising. Unlike online retail store, brick and mortar retail stores have continued to experienced steady depreciation in its market share within the last ten years, and there is no indications that this trend will reverse in the near future.
To succeed in the online merchandising business, it is important that you carefully select the items you put up for sale. Selling a product that moves in the market is essentially one of the critical strategy for your online merchant store, and it is necessary to select a good product to sell, because the truth is that, that is what will make or break the business. Reducing your focus to a few items increase your chances of successes.
1. Identify a Solution to a Problem
Look for a need within a market segment and provide a product that would solves that need. If you take a closer look at the marketplace, where you intend to focus on, you will find some products that are in short supply and others that are seasonal, but are in high demand. Identify one or a few of them that you would like to sell.
2. Follow your Passion
If you have a natural interest and passion in a product or service, such a product or service is most likely to produce greater results because, the sound knowledge you have about the product and your passion for it, would sustain you through challenging times, as well as when the market is not doing as much as expected.
3. Find a Niche Market
Let us define a niche market as that market, which attracts a relatively smaller number of customers who have unique taste and high demand, and would stop at nothing to ensure they have that product or service. Identifying a product that satisfies the needs of such a special market, guarantees the success of your online merchant store.
4. Identify you Competition
Have a good knowledge of those companies that are servicing your market. Carry out a SWOT analysis of your business and find out what your strength, weaknesses, opportunities and threats, are, using your competitors as a case study to boaster your own position.
5. Choose a High Yielding Product
In deciding which product or products you want to sell on your online merchant store, ensure you select products that have high returning customer rate and yield higher profit margins. That way, every sale you make, would amount to something tangible, and at the end of the day, would be enough to pay for the cost of the website subscription renewal, site promoting and leave you a fair profit margin.
Conclusion
A study by Kantar shows that consumers tend to prefer online services than merchandise, and that by 2020, consumers will be spending $2 on services for every $1 they spend on merchandise. For some time now in the online retailing sector, Amazon has been the industry leader by a wide margin with as much as 55% of consumers first carrying search on its site, well ahead of the search engine giant Google, with just about 24% of consumers who start their search on its search engine, (digitalcommerce360).
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