2018年09月04日

Business niche

Choose the right niche for your business


Finding the right product for sale is always a daunting task. Choosing the wrong product, while not necessarily harmful to your business, is always a bit frustrating and can affect the future of your business.


On the other hand, successful product selection can not only make a profit, but also have a wonderful impact on your business self. Happy and confident business owners are usually better at their work.


The first advice you can get is to sell what you know. However, sometimes what you know is a market that is oversaturated with other retailers, or a product that people are not interested at at all. The trick is to know what type of product is a hot seller.


Look carefully, think twice before you act


So how do you interpret this data (and more importantly) what do you do with it? According to the US Census, consumer electronics has the highest percentage of sales, followed by music/wholesale toys.


At first glance, you might think, "This is what I should sell." Unfortunately, many new startups quickly come to an end by trying to enter the electronics market.


There are many retailers selling electronic products that are hard to compete. One of the ways you have to stay ahead of the competition is to lower the price. Since the profit margin of electronic products is so low (5%-10%), you will soon lose your product and start to lose money.


Better choice


Although electronic products and music/video have the highest sales ratio, they do not make the most money because the profit margin of electronic products is very low.


Clothing, cosmetics and wholesale home decor/garden supplies are great markets for you to sell. The Bureau of Economic Analysis shows that the average family spends $331 per month on these types of products.


So how do you use it? This is by no means a secret message. Many e-commerce retailers are selling and profiting from them, and their products fall into these categories. What can you do to stay ahead of the competition? continue reading!


How to do?


This is where you know about the product. The type and quality of the research you do at this stage will determine how successful you are in selling the product.


Clothing is a hot seller and there are good reasons. Everyone needs clothes. Families with children will buy a lot of clothes - even every year - to keep up with their growing children. Keep in mind that retailers usually sell their clothing at twice the price they pay. This gives you the freedom to play with prices without having to worry about hurting your profits.


Another category that sees a lot of success is accessories. Hats, gloves, sunglasses and other seasonal gear are always needed. More importantly - the style is always changing. As traffic volumes drop, you'll always have an advantage because you always have access to the latest products without worrying about overstocking. Many physical stores are hit hard when a quick style change surprises them. They left the inventory that no one wanted. Changing inventory is as easy as updating your website for you.


Know what you are selling


This sounds a bit redundant, isn't it? That's because it's one of the most important parts of selling a product. Now, although what you initially know may not be sold (as described at the beginning of this article), it doesn't mean you can't understand the new product. do research. Take the time to understand what people want to buy. When you find a niche group, try to be an expert. In fact, as long as you do enough research, you can sell anything by shipping. Consider these ideas when you find the product that works best for you and your customers.


Next Read: how to advertise on google



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