How do I decide on what new products to add to my product line?
I own and operate a local online store in Lebanon at www.otloubnow.com. I sell all types of gadgets, electronics, kitchenware, fashion products...
I don't have a specific category.
I need to make a new purchasing plan for 2019, and start getting specific products that sell well in my market.
What type of study can I run to specify the products that will sell best in my online store?
First, you have to make sure that there is a demand for the product(s) you want to sell. You also need to ensure that the product can conveniently compete in the marketplace. When you are certain about these, then you can start sourcing profitable products to sell on your website.
You will need a reliable and competent supplier to avoid any unwanted happenings in terms of out-of-stock and so on. Your suppliers are critical to your business success. They are a vital component of your e-commerce store and must to be a key consideration when selecting products to sell.
This is so true especially if you're going into drop shipping because your suppliers will have to double both as your warehouse and fulfillment platform.
So the best rule of thumb as mentioned above is;
Make sure there is demand for the product.
Make sure the product can compete in the market–is high quality.
Get two suppliers instead of one for your e-commerce store to avoid out of stock issues, pricing, and other issues that might arise.
Hello Serge Dagher,
When you’ve already got a successful line of products on the market, bringing something new to your customers can feel daunting. How will the new product land? Should you just stay in your lane? What if your customers aren’t interested?. First, you have to make sure that there is demand for the product(s) you want to sell. You also need to ensure that the product can conveniently compete in the marketplace. When you are certain about these, then you can start sourcing profitable products to sell on your website.
Best is to take feedback from your existing clients. Especially see why they buy and what additional they may buy along with.
Also, make a study by visiting similar other websites.
Start by paying close attention to what types of items are already selling the most. Focus on selling mostly those items, and items similar to them. Then find a way to tie the remaining merchandise in somehow.