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What to sell in an online store?

Discussion in 'Starting Your Business' started by West -Jacob, Oct 30, 2017.

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  1. West -Jacob

    West -Jacob Member

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    Hello. I want to create an online store.
    but if I sell household appliances I will not compete with leaders in the market, if I sell goods of a low-competitive niche, I will be the leader. but the profit will be small, what should I do?
     
    digitalmoneypro likes this.
  2. djbaxter

    djbaxter Administrator Moderator Member

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    Hello, @West -Jacob and welcome to BizWarriors Forum.

    Those are not your only options, and indeed you may be categorizing the options for products to sell too narrowly.

    While it's true that the amount of competition is one factor in choosing what to sell, there are ways to get around that if you can offer something the competition doesn't (e.g., lower prices, free shipping, broader range of brands or features, etc.).

    But I think you should start with the products themselves. Consider the following, as a start:
    • what do you know about a specific product?
    • do you have any special experience with certain types of products that would be of benefit in trying to sell them?
    • do you have any special interest in certain products that would help you promote and sell them? Perhaps products associated with a hobby or pastime of some sort?
    Bear in mind too that if you are responsible for delivery of the items, trying to sell large appliances could be a problem for you, depending on where you live and how you set it up.

    And finally, remember that with higher ticket items, while it's true that you will likely make more money per sale, you will also probably sell a lot fewer items per month. You may well be better off, especially with an online business, selling more smaller items and making up the difference in bulk and reduced shipping costs.
     
    digitalmoneypro likes this.
  3. digitalmoneypro

    digitalmoneypro Member

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    Definitely do your research and look for that niche. Most importantly look for the "People" who are in need of your niche. There are various tools across the web that allows you to do this such as Google Keyword Planner, Advanced Twitter Search and many more. just ask :)
     
    Last edited by a moderator: Oct 30, 2017
  4. West -Jacob

    West -Jacob Member

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    Thank you for your responses!!
     
    djbaxter likes this.
  5. West -Jacob

    West -Jacob Member

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    In short, my idea is to sell sports equipment. I am for a healthy lifestyle and
    and I want that all people aspire to this
     
    Last edited: Oct 31, 2017
  6. djbaxter

    djbaxter Administrator Moderator Member

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    I think there's still room for another player in that market.

    As noted above, what you want to offer is something that sets you apart from others selling sports equipment... personalized service, specials, customer loyalty benefits, that sort of thing.

    Consider setting up a WordPress site where, in addition to your static pages and eCommerce pages, you can also add regular posts on the active lifestyle and reviews of specific equipment. Then link that content to social media sites to promote your main site and products.

    If you do this correctly, this is a very viable project, in my opinion. :)
     
    West -Jacob likes this.
  7. West -Jacob

    West -Jacob Member

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    Thank you so much. It's a really good idea.
     
  8. West -Jacob

    West -Jacob Member

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    I think for a start i need to make a business plan. On reviews on the Internet I found a company that writes a business plan for online store. Then create a website and promote it.
     
    djbaxter likes this.
  9. Gin

    Gin Member

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    One other good tip to think about is, research the industry. These statistical reports can show you strong, weak, areas of interest. They can help pinpoint under served or over saturated markets. Good luck!
     
    djbaxter likes this.
  10. coppers

    coppers Member

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    I think some clothes for example t-shirts will be good variant.
     
  11. Small to Feds

    Small to Feds MVP Member Top Contributor

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    Market research is very important in the analysis and planning you are conducting. Here is article that gets to the basics of what market research IS and what it IS NOT:

    “Erika Hall - Wired Magazine”

    “Research is not about whether people “like” or don’t like something. No business should ever use the word “like.” Like is not a design word and has nothing to do with any business goal. It’s just a reported mental attitude with no necessary connection to behavior. (Same thing with “hate”: I may hate The Newsroom, but I still watch it. Why? The better to hate it.)

    In market research, this is known as the difference between “declared preference” — the fruit of focus groups — and “revealed preference” or reality.

    Yet focus groups are not research; they’re research theater. They tell us very little about how real people behave in the real world. The brilliant sociologist and father of focus groups Robert K. Merton later lamented their misuse in replacing research: “Even when the subjects are well selected, focus groups are supposed to be merely the source of ideas that need to be researched.”

    When the research focuses on what people actually do (watch cat videos) rather than what they wish they did (produce cinema-quality home movies) it actually expands possibilities. But a common concern and excuse for not doing research is that it will limit creative possibilities to only those articulated by the target users, leaving designers devising a faster horse (lame) rather than a flying car (rad).

    The key is to be honest about how much we really know.

    We need to identify our most critical assumptions, and then decide how to validate them. For example, a common assumption is that the organization — given its structure and business model — is capable of delivering the service the entrepreneur envisions.

    An even more common, fundamental assumption in any design is that the problem the entrepreneur (and by entrepreneur I mean both at startups and inside large organizations) has decided to solve is a real problem — and one where potential users will value having a new solution.

    Maybe knocking out a prototype or building a company is the fastest, cheapest way to learn. But often it’s not. Sure, a prototype can tell us if the user understands the potential solution — but if it’s solving a problem no one has, why bother building it in the first place?

    It becomes immediately apparent, when we try to understand our fellow humans through research, that we are not rational creatures. But when it comes to making business decisions, research helps address that irrationality and increases our chances to succeed. And make no mistake: in a world where design makes or breaks success, all product design decisions are business decisions. Asking the right questions will lead to useful insights.”

    How the ‘Failure’ Culture of Startups Is Killing Innovation
     
    djbaxter likes this.
  12. gallagher

    gallagher Member

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    Clothes, or some sport goods. Something that will be in demand.
     

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