Figuring Out What To Sell In Your Shopify Store
While you are figuring out what to sell in your Shopify store, there are many important things to consider. Here are some strategies that will help you out:
- Opt for accessory-Heavy Niches: Online sellers rarely make much on expensive items and will only earn maybe 3 to 10% on products such as laptops, gaming consoles, and TVs. Where sellers really make money, is on the accessories. Accessories enjoy markups up to 1,000%, and customers are not price-sensitive about them. A customer might shop for a couple of weeks to get the best deal on an LED TV but wouldn’t think twice about dropping $10 on an HDMI cable from the same store. Yet, there’s a good chance the business made nearly as much profit on the cable as it did on the LED TV. When you opt for a niche with lots of accessories (whether it’s for cell phone, gadgets, etc.), you’ll enjoy higher profit margins and fewer price-sensitive customers.
- Target Passionate Customers:You’ll find it amazing how much money, these passionate hobbyists are willing to spend. Skateboarders will drop hundreds on skateboard accessories for their perfect set, and avid fishermen are willing to invest thousands of dollars in boats and related accessories.
- Price range $100 to $200:I’ve recently found out that this price range is the sweet spot for an e-commerce store. It’s just enough to create decent per-order profit, but quite small enough that – with a Shopify store – most customers won’t need to personally speak with someone before purchasing a product. As you grow your business, being able to generate most of your orders online offers massive savings rather go for a phone-heavy approach. But if you’re selling products that cost more than $200 or more, most likely your targeted customers will want personal customer service before using their credit cards to buy your product.
- Sell Items that are Hard to Find Locally:If you needed tools or home equipment, you’d likely head down to your local Home Depot. But where would you go to buy surveillance cameras or gardeners’ accessories? Probably online. Picking niche products that are hard to find locally is a good choice as you’d be able to get in front your customers as they search stuff online. However, you must ensure that there’s ample demand for the product, before going this route, ok?
- Low Product Turnover:If your products are constantly changing year by year, well, you’ll end up spending more time on resources that will soon be obsolete. Selling a product line with limited turnover will ensure that you can invest in an information-rich online store that will be applicable for many years to come.
- Consumable Products: Tip: repeat customers are essential to your business, and it’s MUCH easier to sell to these people because they trust you than to new prospects. If your product needs to be re-purchased on a regular basis – and you’re able to keep your customers happy, then you’ll be on your way to building a profitable Shopify store with recurring revenue.
Figuring out what to sell in your Shopify store is only part of the equation. Even a product niche that fits all the above mentioned criteria would be a poor choice in the face of inadequate demand or tough competition. Always remember, understanding a product’s demand, supply, and competition will play an important role in your decision making.