What Products Should I Sell?
"What products should I sell?"
This is one of the biggest questions we get asked on The Wholesale Forums on a regular basis, and we always say – something along the lines of – ‘you need to decide this for yourself’.
Unfortunately deciding what to dropship requires more effort than just seeing what we think you should or shouldn’t dropship.
Many would recommend picking a product that you find interesting or see value in. This, TWF can say with our experience, to not go for that option. Sure perhaps sometimes this may works, however very rarely does it actually provide a constant stream of income.
To find out what products you should be focusing on would require you put together a market research strategy. See what your competitors are selling, see what’s popular in the industry, and see what your prospective market/ target audience is interested in.
Pricing Service: You’ve most likely placed an order online before for a relatively small sum, without any haste. However, would you confidently place an order for stock over £1000, especially on a product you’re not familiar with?
If you’re selling high-priced items, then you’ll need to take this into account. Able to offer your buyers a phone support service will help to justify the price they’re willing to pay. If, however, you are selling much lower priced items, then offering a support service for a low profit margin may not justify this.
MAP Pricing: Many manufacturers will offer a Minimum Advertised Price (MAP) on their products, which means that wholesalers purchase the products all at the same price. This eliminates competition across competitors that may otherwise be much cheaper than you. MAPs also allow you to focus more on your marketing and website design as you don’t need to focus on your competitors pricing.
Accessorize: As consumers, we all tend to shop around until we find the best price for an expensive product that we want. As consumers, we’re most likely to purchase accessories – at High Street Price – from the same store if it’s available. This is something that we most likely won’t shop around for.
Selling Locally: Selling products that are hard to come by locally is a good business model, as long as you’re not too specific. For example, if I can’t pop down to my nearest clothing store to purchase a Filipino Salakot, where do I go next?
Google of course.
Fill Existing Demand: It’s much easier to fulfill existing demand then it is to create it. If you have a product no one wants, then you won’t make any sales.