As Q4 approaches retailers have already geared up to sell billions of dollars’ worth of products and services to hungry consumers. On today’s Black Entrepreneur Blueprint podcast episode # 485 Jay discusses how to identify simple, profitable products you can sell via e-commerce.
Next week Jay will continue with Part 2 of this episode and will decode the different platforms to sell on and identify which platform is best for your product or service.
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LISTEN TO THE FULL PODCAST EPISODE
BLACK ENTREPRENEUR BLUEPRINT SHOW NOTES – EPISODE # 485
The Opportunity – E-commerce trends are going to continue to grow and we are only just in the infancy of e-commerce.
Why E-commerce – Is a business with a low barrier to entry and unlimited income potential, you can start part-time or full-time, and you can sell products that interest you.
How To Identify Winning Products – I’m going to focus mostly on physical products because people like to receive physical gifts during the holidays.
- Size & Weight – If you sell your own brand or resell another brand the size and weight of your product will affect your profitability because of shipping costs.
- Perceived Value – How much does the product cost you and is there a higher perceived value to make your product profitable? Do comparison shopping from Alibaba.com to Amazon and see the price spread.
- Retail Price – Your retail price should be at least 4X the cost of the product.
- Profit (In Dollars, not percentages) – You need money (not percentages to spend on advertising). No product moves without advertising.
- Packaging – How can you make your packaging increase your perceived value and increase your pricing? Example: Put that 12-pack of men’s and women’s holiday socks in a nice gift box vs. a clear poly bag.
- Limited Variations – You don’t want too many SKUs because they can be costly to produce. Limit variations
Where Do You Find Products To Sell –
- You can create your own products (like candles, or T-shirts) – Pros: you own and control the product including pricing. Cons: you have to make the products and it may be time-consuming.
- Print On Demand – You sell the product first and then fulfill the order through print-on-demand printers like Printful, printfly, Gooten, Jetprint, etc. Pros: you don’t have to purchase inventory upfront. Cons: You usually don’t make as much profit per sale.
- You can private label products from other manufacturers and sell them under your own brand. Pros: more control over your branding and imagery. Cons: you usually must order larger amounts to get the manufacturer to put your name on the product or packaging.
- You can resell other people’s products by buying from Alibaba or other manufacturers. Pros: very simple. Cons: A lot of competition.
In Part 2 next week, we’re going to discuss how to sell your products and where to sell your products; like Amazon, Etsy, eBay, social media, and your own website (Shopify.com). Etc.