Launching a business online has never been more robust, no matter how long you’ve been an entrepreneur. Let’s take a look at the 2024 online landscape:
- Competition is brutal,
- Product markets are saturated, and
- Consumers are demanding state-of-the-art tools more than ever before.
Before you begin brainstorming the design and experience of your company’s name or even the online store, you’ll need to choose what products to sell. This decision is a solid strategy within itself, as what you’ll impact every other business decision you make, such as:
- Company name
- Website design
- Marketing,
- Loyalty programs
- Shipping (Ecommerce, etc.)
While each is essential to a successful online strategy, they’re worthless without a significant product to support them.
Here’s a quick look into how to find the perfect product or solution to sell online.
What Type Of Products Or Solutions Can I Sell Online?
Regardless of the industry, you’re in; there are two types of products you can sell:
- Commoditized products
- Niche products.
Commoditized products are essential, high-demand, or popular goods or services that can be physical or digital products that everybody needs. These products allow the consumer to make purchasing decisions based on the item’s pricing; however, the commoditized products sold by rival companies are identical.
Examples:
- Grain,
- electricity
- oil
- orange juice
- natural gas
Niche products are goods or services that target a particular customer base and product category. They’re often more expensive than generic products.
Examples:
- Organic foods: more expensive, but better quality and better for the environment
- Vinyl records
- Customizable products: e.g., individually tailored toys for children
- Specialty foodstuffs: e.g., valuable, high-quality coffee
How To Choose What Products To Sell
- Identify/Create a product that solves a problem – Example: Beauty and skincare brand Bliss started in 1996 as a modern-day spa in NYC that improved its features while tapping into an unrealized market window. They continue to introduce cruelty-free, PETA-certified beauty and skincare products fitting every budget.
- Find products that you and others are passionate about – When emotionally investing in your business, you can better deliver its worth and value. An emotional story will help stand out to competitors making your brand more authentic.
- Find products with branding potential – Crafting a great brand message can create a swash in the competitive market. To do so, it’ll require putting in lots of time for researching and truly understanding your target audience.
- Hop on trends fast – Take advantage of emerging markets by staying up-to-date on new, trendy products and services before they hit peak popularity, allowing you to own SEO keywords, establish yourself within the market.
- Identify and serve niche fragments – Niche segments resonate with a highly engaged audience. This provides excellent business because you create products that solve issues for a very passionate audience, which helps build brand awareness, online traffic, and new/returning customers.
- Spot business opportunities everywhere – Always push your imagination as an entrepreneur and pay attention to society’s behavior. When kept up-to-date with what’s going on in the world, it’ll facilitate identifying new business opportunities.
How Do I Begin Selling Online?
You’ve got the product(s), and now you’re ready to join the market – online.
Before you begin setting up online, be sure to have completed these steps:
- Do market research
- Finalize the products to sell
- Identify your customer base
- Decide if you want a platform to sell on or not
- Create high-quality content for your product
- Create a marketing strategy for your potential customers
The truth is, launching an online business is not a walk in the park, but with the right tools and an organized pre-and post-launch and marketing plan, you’ll be on the right track toward success.