How To Choose Your Product Lineup: Product Selection Criteria For Your Ebiz
The Internet has come a long way - a few years ago, it provided an extremely limited selling venue. Only the most daring buyers ventured online to make purchases. "Today, nearly anything that can be sold can be sold online," asserts online business advisor Ana Rincon, of http://OnlineBusiness.About.com. "Even the most conservative shoppers think nothing of buying a complete set of furniture over the Internet."
Asking the Right Questions
With almost unlimited options to choose from, how do you, as an Online Seller, select the right product offerings? What factors should you consider? Rincon recommends asking five specific questions before determining what merchandise to sell:
• Can I be profitable with this product?
You need to know, not just the cost of sourcing an item, but the total cost of selling it, because some items have hidden expenses involved in selling them. Packaging, shipping, storing, marketing, and maintaining listings for your wares are all a part of the total price of selling.
• What's the demand for this product?
Before you sell an item, you need to know if anyone is searching for it online. There are a number of research tools you can use to determine if there's sufficient demand for your goods:
o Google and Yahoo! both have Keyword Tools that show you how much people are bidding on keywords and how many people are searching for your item.
o EBay's active and completed auctions give you an indication of how many people are looking for an item, how much competition you have, and how much people are willing to pay for your item.
Note: Many new sellers want to source high-demand "hot" products - but these often produce too much competition to leave room for good profits. Finding medium-demand, niche areas is a more stable option than chasing down every "hot" product on the market.
• What purpose does this product serve?
Every item plays a different role in your overall selection. Some have lower margins but are easier to sell or generate more traffic and are, therefore, worth carrying.
• How complicated is this product to sell?
The time and effort you put into selling a product is part of your total profitability equation. Customizable items may have high margins, but if you can only produce a few because it takes too long, the profits may not justify the hours and energy you'd invest.
Many items also have unique parameters. Some require detailed explanations and diagrams or necessitate a greater amount of customer service. Others, such as perishables, have special storage and shipping needs. These extra tasks can add up to a lot of your time and need to be taken into account.
Before investing in a product, it's critical you consider how well it will do online. Look at whether you can be profitable with an item, and whether or not that profit justifies the workload that selling it demands. Says Rincon, "What you sell is one of the most important decisions you'll make in your eBiz. The online companies that excel are the ones that take time to ensure they have a successful product mix."
Related Tags: home business, ebay, internet, auction, online store, ecommerce, sell, market research, estore, ebiz, hom ebiz
Chris Malta and Robin Cowie of WorldwideBrands.com are the Writers and Hosts of The Entrepreneur Magazine EBiz and Product Sourcing Radio Shows. http://www.productsourcingshow.com>Click Here for more FREE eBiz info from Entrepreneur Magazine Radio! Your Article Search Directory : Find in Articles
Recent articles in this category:
- The No. 1 Rule For Projecting Confidence - Speak With Authority
One of the most important characteristics a person can project in a business setting - or any situat - After the Autumn Checkout European Debt Crisis and U.S. Brewing Rebound
In the commotion caused by the Fed on interest rates come to an end, the "disastrous" for the euro a - Advantages Of Arcade Game Rentals
There are many different advantages to arcade game rentals. Most people need something to release th - A General Primer on Truck Cargo Nets
In modern highways it is quite rare to see truck cargo nets in action, this is because they are usua - The United States Will Burst More Severe Financial Crisis
Not long ago, suddenly announced that the central bank to raise interest rates, the interest rate hi - Niche Marketing Profits - 3 Easy Steps to Finding a Profitable Niche Market Income in 10 Minutes
Like most beginners I was having a very difficult time trying to find a niche market to earn extra m - The Importance of Hospitality Management Consulting Firms Toronto
Businesses and the managers that help guide any business are in a constant state of improvement and - New Keynesian Theory Label
2010 winner of the Nobel Prize in Economics three theories have been labeled as "New Keynesian" labe - Federal Reserve Pouring Money QE2 Unpredictable Fortune
U.S. economist Milton Friedman proposed a "throw the cash from a helicopter" view, while the practic - Fiscal Consolidation Should no Longer Delay
British Chancellor of the Exchequer George Osborne today announced fiscal consolidation policy, shoc
Most viewed articles in this category:
- Common Financial Problems to Avoid
One must first change their habits and not procrastinate. American Consultants Inc at offers key fi - How a Bad Hire Can Hurt Your Business
What's worse - hiring the wrong person or not hiring anyone at all? Companies can become almost des - Joel Comm Is Dr. Adsense
What is Adsense? If you are new to making money online and net marketing, you may not know what Ads - 5 Steps For A Dynamic Wealth System Online
Recipe: Opportunity + knowledge + Dynamic Wealth System + Your Action = Massive Success!!! Step 1 - How To Stop Foreclosure
Losing your house to a foreclosure can be very scary. There are times when circumstances are ou - How to Always Pitch A Strike
As business owners, we are always working on new ways to convince people to become customers, client - Membrane Diffuser Solutions for Wastewater Treatment Systems
In the aeration basin of a typical wastewater treatment plant there are both organic and inorganic m - Another Year Hating Your Job or Loving Life?
Copyright © 2007 Mary Foley I've come to the conclusion that to be successful - really successf - Dyestuff Industry In India And China
World demand for dyes and organic pigments to touch $10.6 billion in 2008According to a study on dye - Cma-cgm Case : the Series of Lawsuits Continues in Syria, Lebanon, Egypt, France, England and the United States
Damietta company case : The series of lawsuits continues in Syria, Lebanon, Egypt, France, England a