If you’re a fresh college graduate or a person looking to start a venture with a relatively small capital requirement, online selling is the best entrepreneurship option on offer.
During the last decade or so, the increased use of smartphones and tablets has increased the interest of people towards the virtual marketplace. $ 1922 billion has been spent on purchases made online, alone in the United States and this amount is expected to jump to around $ 2356 billion in 2018, which shows the growth prospects of this industry. (Source Statista)
With online selling being the talk of the town these days, following are a few tips which can help you achieve better results as an online seller:
Carry Out a Comprehensive Market Research:
Market Research is an important aspect of online selling. Analysis of the performances of products which are similar to the product which you are planning to sale plays an important role at the time of making a decision about a product’s potential.
Scan the market and identify the bestselling products of the market. Also make an analysis of different tranches of the market and scrutinize your product portfolio accordingly. Don’t waste your investment on slow moving items and look for dynamic and easy-selling merchandise.
Keep Customer Satisfaction as your highest priority:
Product Reviews are vital in generating sales. Since you are not physically present yourself to endorse your product, product reviews perform this task for you. The algorithm of a number of online selling platforms is designed to rank the products on the basis of the ratings and reviews received by that product.
Identify negative reviews posted about your product. Negative Reviews can have a bad impression about your product on potential purchasers, hence listen to the concerns of your unhappy customers and maintain customer satisfaction as your highest priority. Review analysis is important as it shows the performance and brand-presence of the product among the audience.
Use Keywords And Describe Your Product Carefully:
Keywords determine your product ranking when a consumer searches for a particular product online. Research the best keywords and achieve better product rankings.
Product description must describe what your product is about and what does it offer. Since the product is not physically present for the consumer to check, hence any inconsistency in the product description and the product itself can result in high sales return rates and might even get you banned from selling online.
Evaluate Price Trends:
When it comes to online selling, festive or any other sales comprise a great part of revenue generated throughout the year. The evaluation of price trends gets really important here. Competitions are high when it comes to selling your product online. Keep an eye on the price trend of the products similar to yours and frame your pricing blueprints accordingly.
As witnessed, a dip in prices for certain products is recorded while the prices of certain products get doubled, especially during the “sales period”. This is where the scrutiny of price trend will help you in deciding whether you need to stock your product due to a higher return expectation or get it out in the market.
Maintain a diverse product portfolio:
Offer a wide range of products to the customers. This is where choosing the right niches work for you. While analyzing competition, niches analysis is vital, as it tells you the extent of competition for the product which you are looking to sell.
A product with a lesser niche would mean that the presence of competition for this product is low. Hence, the chances of the customer reaching your product will be higher. Hence, add niche products to your portfolio and witness the results getting better for you.
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