How to figure out what to sell? Let's talk about "Product".
See product research as your total foundation! Take your time; prioritize using the right tools.
The research phase is crucial for reducing risks; it helps you avoid poor product choices before you invest in inventory or marketing. It aids in determining if a product is just a temporary trend, a passing fad, or a dependable evergreen item. Grasping competitive intelligence is essential; assess whether you're entering a saturated market or one with unmet demands. Research also uncovers competitors' mistakes, providing you with the chance to refine your strategy.
Spending time on product research is vital. It shifts your approach from simple guessing to making informed decisions. To get started, get acquainted with the best tools for product research. ECOMHUNT and DROPSHIP.IO are the leading options, each providing distinct insights. Utilize Dropship.io to confirm a product you’ve discovered. If you're uncertain about what to sell, Ecomhunt highlights trending products. Ecomhunt is the curated hunter; it presents a curated collection for those looking for a polished experience. Rather than wading through raw data, you gain access to a list of successful products that have been vetted by experts. Dropship.io acts as the data scientist; it’s a robust tool for sellers aiming to monitor live sales data and analyze their competitors.
I am not tech-savvy! How do I build my online store?
Scale with an E-Commerce development agency, or do-it-yourself on an All-In-One E-Commerce platform.
If you're just starting out in the tech industry and have limited experience, you have two main options for setting up your e-store. One choice is to hire a reliable e-commerce development and digital marketing agency to manage everything for you. For newcomers, a highly recommended budget-friendly option is SMARTSITES. This service provider is especially economical for those who are just beginning and want to operate independently. They handle all the technical setup, including the creation of your marketplace channels. They provide a store that is fully equipped for ongoing digital marketing, making it an ideal hands-off solution for new starters and one-person operations. There are also other major players in this field, particularly for those with larger budgets, with WebFX and ThriveAgency being the top two.
Alternatively, you can opt for one of the popular All-In-One E-Commerce platforms and manage it yourself. These platforms offer a straightforward, do-it-yourself approach, enhanced by modern AI that assists you in designing and writing your site, among other tasks. Here are five of the most popular platforms you should consider: SHOPIFY | SQUARESPACE | WIX | GODADDY | SQUAREUP. These platforms are perfect for those who prefer to oversee the building process on their own. Be sure to check out the OwnBusiness.us page dedicated to exploring these platforms, which provides valuable insights about each one and All-In-One platforms in general.
Where will I source the products I am going to sell?
Start with choosing your E-commerce path: Dropshipping vs. Inventory-Based vs. Recommerce.
The ideal path for starters is of course Dropshipping model, which requires no owned inventory and no shipping tasks, where you are the middleman. Inventory-Based model requires owned inventory and high control, where you are the retailer. Recommerce is reselling preowned goods, requires unique inventory and high labor, where you are a curator.
Dropshipping allows you to avoid tying up capital in inventory, unlike the other two models. These platforms serve as an automated link between your online store and a network of approved suppliers, managing product sourcing, inventory synchronization, and order fulfillment, so you never have to handle the physical products. To effectively source your products for the dropshipping model, you should familiarize yourself with the five major Dropshipping Platforms: SPOCKET, ZENDROP, AutoDS, DOBA, and DSers.
For the Inventory-Based model, where you purchase inventory to be delivered to your fulfillment service provider, there are three different approaches you can explore: Global Bulk, which refers to the Manufacturer model, involves buying large quantities directly from factories, usually in Asia, to secure the lowest price per unit. B2B Marketplaces function as extensive online platforms that connect you directly with manufacturers and wholesalers. DHGATE is the most popular B2B Marketplace for newcomers, known for its lower minimum order quantities, making it attractive to small-scale wholesale buyers. For specific product manufacturing needs and inquiries about Made-in-America products, MAKERSROW is a well-known resource. Curated Sourcing, also referred to as Boutique, represents the Independent model, where you obtain smaller quantities of unique, high-quality items from independent makers and artisans. In this category, FAIRE stands out as the leading and highly favored B2B Marketplace.
Liquidation, known as the Value model, involves purchasing bulk pallets of overstock or customer returns from liquidation platforms that often partner with retail giants like Amazon and Walmart.
My seminars provide a comprehensive, beginner-friendly roadmap to the e-commerce ecosystem, specifically designed for individuals without a technical background who wish to advance in the emerging 'solopreneur' economy.
Turgan Zulfikar
