The ecommerce gold rush has been in full swing for the past decade, and it shows no signs of slowing down. In fact, ecommerce is projected to grow from $1 trillion to $4 trillion by 2021! This means that there are more ecommerce entrepreneurs than ever before who are interested in finding a product to sell online.
But what products should you be looking for? The answer depends on your own personal preferences and business goals. There are so many different types of products out there – clothing, electronics, toys, food – but how do you know which one will work best for your ecommerce business? That’s where product sourcing strategies come into play.
What are the best strategies for finding a profitable product to sell online?
There are two main ways to find a profitable online product. The first option is to choose a category of products that you enjoy, such as electronics or food. The second option is to take the advice of successful ecommerce entrepreneurs and do some market research to find out what other people like you are selling online. This information will give you some insight into which type of product might be popular in your industry.
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How to start product sourcing ?
Product sourcing is the process of identifying, selecting, and obtaining items to sell online.
“Selecting and obtaining” may sound intimidating, but it doesn’t have to be. Product sourcing strategies are what allow ecommerce entrepreneurs to take on this complex process in a simple way. In this post, we’ll cover four popular ecommerce product sourcing strategies: online scouting, attending trade shows and fairs, ecommerce wholesale directories, and ecommerce marketplaces.
When you’re new to ecommerce product sourcing, it’s important that you try different approaches until you find the one that’s right for your ecommerce business!
What are the most popular product sourcing strategies for ecommerce entrepreneurs?
Online Scouting
Checking out the competition (same or different industry) by visiting their website and reviewing their catalogs/products.
Step 1: Find ecommerce platforms to sign up for
Start by looking into ecommerce platforms that you might want to sell on. This can include ecommerce platforms like Etsy and Amazon, or even pseudo ecommerce platforms like Craigslist.
Step 2: Start Scouting For Keywords
Rename the “Product Sourcing Strategies for the New Online Seller” title to “How to find an ecommerce platform”
Find ecommerce platforms that are relevant to your product.
For example, if you’re looking for a product to sell online in the fashion industry, checking out e-commerce platforms like Ebay and Amazon Fashion may be a good place to start with.
Now it’s time to start scouting!
Trade Shows & Fairs
Visiting physical trade shows in your area where ecommerce entrepreneurs can talk to sellers and manufacturers.
1) Research the show ahead of time.
2) Make a list of the exhibitors you want to talk with before attending the show.
3) Be prepared with questions and your ecommerce goals for each conversation before talking to an exhibitor.
4) Always have a plan: Who are you going to speak with? What kind of conversation will it be? Is it all about ecommerce or are there some industry
Ecommerce Wholesale Directories
Online directories that ecommerce business owners use to find products, like the sourcing strategies above.
1) Sign up with a wholesale directory.
2) Select a niche to search for products in.
3) Sift through the products and find ones that are relevant to your product type.
4) Check the quality of the products and their price points.
5) Contact the seller to ask additional questions about the product such as: how long has this been selling for, is there an established demand, is it seasonal?
[activecampaign form=1]Sourcing Marketplaces
Ecommerce platforms like Etsy and Amazon have become incredible tools for eCommerce sellers and manufacturers that need a little help finding products quickly and easily. They provide a platform where sellers can upload their items, making it easier than ever to find what you’re looking for – whether it’s clothes, shoes, housewares, electronics
There are plenty of reasons that sourcing from an ecommerce marketplace is a smart choice for your business:
– You can find products to sell easier than going through individual listings or navigating site searches (e.g., “What types of items do you want?”)
– Sellers who use these platforms have already gone through all the work to upload photos and create product descriptions so it’s easy to bring inventory over without having to start from scratch!
Conclusion
Sourcing from an ecommerce marketplace is a smart choice for your business: it’s easier than going through individual listings or navigating site searches, sellers already have all the work done! If you’re looking for an all-in-one sourcing marketplace, take a look at Super Chain.
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