An online reselling business is a business opportunity for budding entrepreneurs to fulfil their dream of running a business. Since it is on an online platform, it not only requires less or zero investment but also gets you good profits in return. An online business can be run using just a smartphone and these profits can be earned on a weekly basis if you market them well. But, this is only possible if you add good profit margins to the right products. So, how should an online reseller choose the products for their online store? Let’s find out.
About 71% of internet users prefer buying products online. This isn’t only about the convenience of a doorstep delivery but also because online stores offer good deals for customers. So, how do online resellers earn their profits? Which products work the best with the market? How can one increase their sales during this lockdown? Here’s a quick run through for you.
5 ways to choose the right products to sell to get good profit margins in return
- Look for products that are manufactured within the state. This will also lead to ease of delivery and less of damage.
- Figure out the requirements of your target audience and simultaneously the price they’re willing to pay for products.
- Focus on the quality and ensure that you do not sell low quality products to your customers if you want them to buy again from you.
- It is best to avoid breakables and perishables because of the risk of storage, shipment, damage etc.
- To continue your sales for a longer duration, avoid products that pertain to specific seasons. Expand your category beyond seasons so that your sales aren’t affected.
5 products you should sell to get good profit margins from your customers
Beauty and healthcare products
There is always a demand for beauty and health care products. In the age of conscious living, people have started paying more attention to their diet, their health, personal care and so on. There’s definitely a lot of demand for this, so you can actually add good profit margins to your products. Make sure this meets with the market price on some level and isn’t extremely high.
With every new upgrade or launch, one is tempted to spend on gadgets. Whether it is a laptop, smartphone, tablet, headphones, speakers etc.; we are all fond of our gadgets. You can collaborate with parent companies to get these products or get in touch with wholesalers for a good deal. Definitely a niche to tap into, considering the demand is quite large.
Clothes come under basic necessities and also something that we like to upgrade from time to time. With the ever-changing trends and seasons, the purchase and shopping habits of customers also change. This makes this niche a great category that you can add to your online store where you can expect good profit margins. So if you’re just starting off as an online reseller, women’s fashion, kids collection, men’s wear, are something you can take up.
Jewellery is a great niche to add good profit margins
Who doesn’t like jewellery? Jewellery adds that extra sparkle to any outfit. With the festive season coming up in a few days, this is the perfect category to pick. It being a unisex category, you can really look to amp up your sales. You can also improve your sales by adding good profit margins to some of the festive pieces in your online store. You can also offer good deals for some of the popular or trending jewellery items there.
With Dussehra, Durga puja and Diwali coming up, most households want to revamp their homes with new furnishings, decor pieces, crockery and more. Home products is an extremely broad category so you can choose to sell products that you think are in great demand, for example, storage boxes, decorative candles, Diwali lights etc. These are products that will get you the profits you’re looking for, this festive season.
Well, we hope this article helps you revamp your online store. Also, if it has inspired you to take up online reselling as a means to make extra income during this pandemic, check out Shop101. Apart from being a user-friendly app, it’s also a zero investment platform where you can create a store in less than 2 minutes and start reselling. Best part is that you get to earn profits weekly if you market your products well on all social media channels. So, do check it out!
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