- Part 1 – [ULTIMATE PRODUCT SELECTION GUIDE] How To Find The Best Product To Sell Online in 2017 – The Latest Approach [PUBLISHED]
- Part 2 – 3 Crucial Product Criteria That Will Boost Your Sales [You are here]
- Part 3 – How to Select a Product with High Demand – Part 1/2 [PUBLISHED]
- Part 4 – How to Select a Product with High Demand 2/2 [PUBLISHED]
- Part 5 – Stop Wasting Time And Start Setting Your Online Business Goals [PUBLISHED]
- Part 6 – How To Smash The Competition With Better Quality Products And Low Prices [PUBLISHED]
- Part 7 – 3 Ways To Find Products That You Can Sell Online Like Hot Cakes [PUBLISHED]
This Part 2 article is a part from the Ultimate Product Selection Guide where we show you the exact system step-by-step how to plan, search, find and sell a product, especially if you are just starting. Even if you already have e-commerce store and your products are not selling well, and you want to learn the little tactics to find a bestselling product and measure predictable sales, then this guide is for you too.
In this part we are going to look at some general critical criteria, you have in mind before you start to sell your product. Most of the e-commerce owners choose a product just by using one or two from those criteria, and don’t understand me wrong, even if you bear in mind just one of the criteria, you will definitely have success.
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But if you want to have PREDICTABLE, measurable success then we advise you to have a close look at what we are going to share with you. So let’s jump at the criteria:
1. Price Range
The general retail price range that we think would be appropriate is between $10 and $50. And frankly, we found out that the sweet spot for a product price range is $20 – $30. We advise our clients to look for products that are typically between this range.
And we use this range as a guideline because it is in that consumer market when they buy from someone that hey never have heard of before. Where they have just found the product, and they will scratch that itch without even thinking about it – in general.
And outside of this price range, on the higher end it’s much less of an impulsive decision, because when there is more investment, they have to think about a little bit more. Your clients are much less willing just to grab that thing when it’s over $50 bucks.
And on the small range of the price range we discussed, the cost involve to get going and to get started, ends up eroding the profit margin – so typically we look in this price range. However, if you found a product that let’s say is $7, and you can buy it for a dollar and make a $4 a unit, and you can sell hundred a day, then would you do it?
Well, of course, you would! So this is just general suggestion on price range of what we see working the best and what we try to stick within. So in that being said….
1.2 Keep the initial investment reasonable.
That’s one of the things that the 10 to 50 dollar price range does because you might be paying $10 a unit, or a $15 or a $20 a unit to buy the products that you are going to sale. And if you are paying $20 a unit, for example, it would be hard to order 1000 unit quantity because that is $20000 investment, just to get your initial inventory.
At the same time if you see a situation and you can afford to outlay more capital, then I am assuming that the average person who is reading this article can outlay, and you see a product that retails for $80, and you can get it for $20, then absolutely go for it.
And if also you can source a product for $5 that typically retails for $50, then please do. But generally, if you are selling a product that retails within to $10 to $50 price range, you can usually buy that for $3 to 15 – 16 dollars per unit.
1.3 In general (spatially at the beginning) pay attention to products that have a retail price range (the price that you are actually going to sell them for) between $10 and $50)
And the sweet spot that we found is between $10 – $30. So just keep in mind that these are guidelines. It’s not a complete deal killer if your products retail for $85 or if your products retail for $4 – this is just a general guideline.
And in the following parts, we will provide you with many general guidelines and very, very precise criteria that we will advise you to try to match.
So this is the general idea about the price range that we would like to keep in mind when selecting a product spatially if you are just starting to develop your online store, then you should definitely remember what we are about to write next.
2. The next general criteria that are crucial in the process of selecting your product are Impulse Purchases and Weight
Those might seem separate categories, but they are actually going together to achieve the desired result and bellow we will explain toy you what it’s important for you to consider the weight of impulse purchases.
So firstly, what are impulse purchases? A lot of people presuppose that impulse purchases are a bad thing, well ts neither a good nor a bad thing. There is no value judgment on it. It’s just a description that matches particular scenario.
So what makes some purchase and impulse purchase?
– Its something that doesn’t require a lot of research.
– This type of purchase doesn’t require a lot of education to the consumer.
– It can be purchased on the image alone.
– People will buy it even if the reviews are not so great.
– This type of purchase also triggers a strong emotional response.
So lets see some examples of an impulse purchase:
This is a Stainless Steel Serving Spoons. The person who needs it doesn’t think a lot about it. The person just know that he/she needs some spoons then she/he see that is only 3,99 pounds the person knows that he/she need it, so the customer just buys is. So if those are some silver aristocratic kind of spoons and it costs a 150 pounds the customer will definitely care a lot more. And it’s not because of the price, but because of the matter at hand.
So if it is something like this, it would have been a lot more of a decision. And usually let’s say that almost everybody can afford a $146, but the customer would still do a lot more of researching, before buying it.
Here is another example of an impulse purchase. This thing is a $14.95 and it’s a Digital Scale. You can tell just from the image and the price that this is an impulse purchase and people just buy it, literally. The product is something that you don’t think a lot about, and it doesn’t require a lot of education. You can see just from the image that it is sort of plastic, metal and some digital counter.
Here is another impulse purchase. This is again something that can be bought on the picture alone. It’s something that the people need. It’s a toilet cleaner. As you can see this thing is a best seller and it doesn’t even have so much good reviews.
So people don’t always read the reviews on a product, and it’s important to know that. People buy products even if the reviews are not great, but as you can see this thing is a best seller. Now, of course, we don’t advocate that you sell a product and your customers and no happy and they leave you bad reviews, but we are just illustrating to you how the impulsive products are selling and what are the thinking processes that a customer goes trough when it comes to the impulsive products.
Here is another sort of an impulsive product. It’s a Men’s Razor Blade. So if someone is interested in razor blades then they will see this thing and will see that it’s a $27.86 and it doesn’t require a lot of education, you can kind of see what it is just from the pictures. It’s just easy to purchase that product; you are not going to do a ton of research on a bunch on a different type of this product. You just find one that you like, and you just buy it.
Now on the other side of things, when we look at the weight then the thinks are almost the same, but a little bit different.
Let’s see a kind of an impulsive purchase again, but this time we will consider the weight factor.
Now here is a Bathroom Spacesaver. This thing is like $20, it’s oversized and why this is important? It’s important because depends on from where you will source the product; your source company usually will have some “oversized” fees or some kind of fee that depend on what is the size of the product that you are selling.
The source companies usually are going to charge you to store your products, and it is generally it’s not a lot, but it is something. So one of the things we advice our clients to do is to try to retail products that are generally small in size, that are not huge, that don’t weight too much, etc.
So, some goo general criteria for impulsive products is to make sure that they are not too heavy or too big. IF you can stay under a couple of pounds, it’s probably a good thing to do. Again, we know people who sell really big items, but if you want to make our life easier, then you want to start looking for types of products that can be purchased just from the picture alone, and that are not necessarily too heavy.
So make sure that you take these general criteria into consideration. And as we go further into the other parts of the article, we will show you very specific criteria’s, so we will go from general to specific, and we will get into things that you can actually measure.
3. The next general criteria that you should look for is the importance of demand
If they are not buying, then you are not selling. And usually its hard to sell something that people are not looking for. If no one is searching for your product, then the percentage of people who are going to buy decreases a lot.
You need to understand that different people have demand for different things. It’s very easy to sell to vegan, let’s say a blender. They definitely want your super food, ultra healthy, biodynamically spiraling blender.
(No bad no any vegans that are reading the article, we actually have vegans colleagues in our company that are in all that stuff, so not making any fun of you.) So vegans are definitely going to want your blender. But that same vegan will never buy your hamburger or your burger press, or whatever.
Even if the hamburger it’s the most delicious one in the world. Our point here is that the successful calculation of demand is very, very CRUCIAL.
Because if you want to be successful on the e-commerce, you need to have a good system in place that will calculate the demand for your products. In that way, you can ensure that whatever products you introduce, it will have the highest chances of success.
Now bare in mind that we are not always looking for the most in-demand products because often the most in-demand products also are the most competitive products. Generally what we want is something right in the middle, where there is a good amount of demand, but there is also not such big competition that is off the chart.
So you don’t want to get trap into a product that has such a big demand that it’s like a Black Friday in Wal-Mart, you want something that sort of right in the middle of enough demand to make you good money, but not too much where you can’t compete.
So those are the three criteria’s that are very CRUCIAL, and you should be looking at if you want to unlock and boost your sales with great predictable results.
In the next parts of the article, we will look at how to calculate demand, and this is one of the most important elements of product selection process. We will go really deep into understanding the demand of a product, before selling it.
You will notice as we continue to go further into the product selection process we will get deeper and deeper into figuring out exactly what product are going to be good and as we do that, we calculate specifically the demand for a product, so we could know specifically what to sell.
Of course, the demand for a product is not the only factor but is a big one that you should consider for the product selection process.