Are you stuck in a product line rut? Are you selling the same things over and over again, but seeing little growth or expansion in your business? Perhaps it’s time to inject some life back into your business! After all, there are thousands of new products coming into the marketplace each year, yet all too often people find themselves at a loss for how to expand their business.
And without having the products buyers want, all the marketing, selling strategies and customer service in the world won’t sell items people aren’t interested in. Without enough inventory to sell, you won’t see the revenue growth you desire.
So how do you figure out what to sell, or what else to sell?
Many sellers see their customers as ‘buyers’ rather than people who have a reason behind every purchase they make. The key benefit to mastering the act of product sourcing technique is that it helps you through the process of product selection and sourcing. It’s conscious product sourcing that you do as you go through your normal daily activities. And when you do that, you’ll find yourself becoming aware of new products to sell every day. We have shared some few steps below on how to achieve this.
Understand Your Buyers First, Then Look at What They Want to Buy - When you understand who your buyers are, answering the question of what to sell, or what else to sell, becomes much easier. Taking the time to know your buyers will go a long way in helping you figure out what else to sell.
Here are some questions to ask that will help you with that process: Who are your customers? What are their wants? What are their needs? What else are they buying? Where else do they shop? What are the top products they purchased from you and others last year?
For example, are your buyers’ moms who are snapping up everything they can for their newborns or dads purchasing their office furniture? What are their favorite brands, if they have any? What colors do they like? What new products are they reading? What are they talking about? It’s the answers to these questions that will help you decide what to sell next.
Keep in mind that these questions apply to every online store! Whether you sell baby products or Books & stationery, you need to know who your customers are.
Live In The World Your Buyers Live In - Read what they’re reading online; hang out where they hang out online. Online or offline, your buyers read magazines, web sites and blogs on a daily basis. Are you there, too? This is where shoppers are getting ideas about products to buy next as many buyers tend to discuss various products in forums and share thoughts and opinions. Can you list the top blogs or discussion groups that cover your niche market? That’s where your customers are talking about their problems, wants and needs, and where they’re discussing the latest gadgets and kitchen appliances they want to buy.
What Products Are They Searching For? - Have you ever viewed the most searched products on Google as well as on Konga Mall? Were you able to find out which of these products that keeps reappearing every time you check? As online sellers, you live in a search-driven world right now and you should take advantage of that. Fortunately, the answer to what products your customers are searching for can be found for free, and is as close as the Google Keywords Tool. Products you have never thought about selling will suddenly be displayed right before your eyes! You can also leverage the Konga marketplace. Spend some time looking at related searches and popular searches on Konga.com and you’ll find yourself with more ideas for products to sell than time to sell them!
Make It Your Business to Be On top Of Industry Trends - While it may not necessarily sound appealing to follow up on the selling trends of Alibaba, Amazon, Rakuten or Flipkart, staying on top of the trends of ecommerce across the globe is a fun and exciting process and will infuse you with ideas on what products to sell as you follow these online giants to know their fast moving products, which many are usually eager to share on their online platform. Do you know about the latest and greatest new products in your market? Are you on top of what’s new before your buyer is? Do you attend trade shows and summits around the ecommerce industry? It’s in these places that you’ll get a plethora of ideas or products to sell and find out what’s destined to be the next hot product!
Listen to Your Buyers - How often have you received a feedback or enquiry from your buyer asking if you carry a particular or similar product to the one they purchased? Many sellers ay respond that they do not sell the product and move on. But paying attention to what buyers are asking for can be a clue into what you should carry next.
Get insights from Google Insights - One of the most valuable methods towards figuring out what to sell next is Google Insights. This is a free tool that shows you what products are trending upward, and which are trending down. Making the decision of what to sell, or what not to sell, is making an informed business decision as keeping lots of products that are no longer selling may have a lasting damaging effect on your finances.
Keep Testing - Before you invest your inventory capital in unproven products, it is wise to test-market new inventory in small quantities. This will allow you to quickly distinguish the winners from the losers. A lot of people source products seasonally. But product sourcing isn’t something you can do once a month.
One of the most important outcome of product sourcing is to have at least 10 new products in the pipeline at any given time. What you focus on expands, and being in the mindset will ensure you’ll have a constant stream of new products flowing into your business.