Selling products online has become a popular way to make some money on the side, or even to form the bulk of your income. After all, the figures show that over 60% of purchases begin online – so it’s fair to say that selling via the online marketplace is a highly lucrative option.
It can be difficult, however, for newly established sellers to identify products that are both profitable and popular. There are many products on the market, but not all of them are likely to prove profitable.
So, where do you look first? To help you source the perfect items for your online store, we’ll discuss a few methods for finding products to sell on online marketplaces. Let’s get into it.
What’s the Criteria For A Top-Selling Product?
Whether you are selling from your own website or through Amazon (or someplace else altogether), there are a few guidelines you should follow when choosing which products to sell. Here are three key factors to consider:
- Demand
- Margin potential
- Competition
Demand relates to a product’s desirability in the market. For example, what will be the top-selling items on eBay in 2022? It is safe to assume that what sells best on eBay is also popular on other marketplaces since these are the products that have generated the most sales and attracted the most attention.
It is important to choose a product in demand to ensure that there will be a customer base for your store. Without demand, you will find that your sales quickly dry up, or don’t get going properly in the first place.
Margin potential is the amount of profit you can make on a product after accounting for all associated costs. Costs include purchasing the product, shipping it, and any applicable taxes or duties. To calculate margin potential, divide the profit per unit by the unit cost. This will give you your product’s gross margin percentage.
Competition is how many other businesses are selling the same or similar products. Note that 9 out of 10 Amazon shoppers price-check their products – so the less competition you have, the less likely you are to lose a customer to another merchant selling the same products as you!
Put simply, the more competition a product has, the harder it will be to make sales and earn a profit. You can use various online tools to determine how much competition a product has.
Top Tips for Finding the Best Products To Sell
With the above criteria in mind, how should you facilitate your search for the perfect product? Here are a few tips to get you started.
1. Hit The Internet
Start by conducting some thorough online research. There are numerous online marketplaces where you can find products to sell, and each one has its own unique set of products. By doing a general search for keywords related to the products you’re interested in, you can get a good sense of what’s available.
Once you find a potential product, be sure to research the competition manually or use keyword research tools. How many other sellers are there? What are their prices? How well do they rank in search results? If you’re planning to sell a product that’s already heavily saturated on the market, it may be difficult to make a profit.
2. Explore Niche Marketplaces
If you want to find unique or specific products, it might be helpful to explore niche marketplaces instead of general ones. This will give you a more targeted selection of items to sell and can help you focus your marketing efforts.
For example, if you’re interested in selling pet products, you might want to check out a site like Wag.com instead of Amazon.com. This will help you to find products that are more likely to be successful on specific marketplaces.
Some great niche marketplaces include:
- Artfire: A marketplace for handmade goods and vintage finds.
- Etsy: An online marketplace for handmade and vintage items.
- Bonanza: A marketplace for a wide variety of items, from handmade goods to vintage finds.
- Zibbet: A marketplace for arts and crafts supplies, as well as finished products.
- Storenvy: A marketplace for small businesses and independent designers.
When exploring niche marketplaces, be sure to read the seller guidelines and policies so you know what is and isn’t allowed. Some marketplaces have restrictions on the type of products that can be sold.
3. Follow Google Trends
Another great way to find potential products is by following Google trends. This tool allows you to see how often particular keywords are being searched for online. This can be helpful in finding products that are currently popular and have the potential to sell well.
To use this tool, simply enter the keyword or phrase that you are interested in and Google will show you how often it has been searched for over a period of time. You can also see where the highest search volume is coming from and what countries are most interested in that topic. This information can be helpful when deciding where to sell your products.
You can also use the Google trends tool to compare different keywords and see which one has the highest search volume, which helps in finding potential product ideas that you may not have thought of before.
For example, if you are interested in selling pet products, you can use the Google trends tool to compare the search volume for “pet products” and “dog toys.” The tool will show you that the keyword “dog toys” has a higher search volume than “pet products,” so this may be a good product to focus on.
4. Start With What You Know
One of the best tips you can follow when deciding what products to sell online is to start with what you already know. What are your hobbies or interests? Do you have any special skills? What do people always compliment you on?
Think about the products that coincide with your interests, skills, and personality. This will help make the process of finding products to sell online a lot easier and more enjoyable. For example, if you’re into fitness, you could sell health and fitness products or supplements. If you like fashion, you could sell clothes and accessories.
By starting with what you’re familiar with and even passionate about, you’ll be able to source products much more easily. Not only that, but you’ll have a greater understanding of what customers are looking for, which will help increase your chances of success.
Final Thoughts
With so many products available on the online marketplace today, it can be difficult to know where to start when looking for products to sell. By following the tips in this article, you should be able to find products that will appeal to your target audience and generate healthy profits for your business. And remember – if all else fails, start with what you know!
