When the internet becoming the most sought out market place, it is no wonder everyone is looking for a way to introduce their product online. With the online marketplace, you have the advantage of reaching a larger audience across the globe in different time zones. You can sell your products at a global level and build an international brand.
Here are a few pointers on how you can sell a product online and be successful in it.
Hosted platform or an exclusive website
There are two different ways to approach the online sale of your products. You can either do it through a hosted platform like Amazon, Flipkart, eBay, etc. or you can create your platform online, a website that is exclusively designed for your products only. There are pros and cons on both options, and you need to weigh them carefully based on your product specifications and your niche and make a decision.
The most important step of all is to choose the products that you want to reach out to the greater audience. You might have products that you make yourself and those that you source from other vendors. You have to select the products that you want to take online and reach a global audience.
Knowing your market
This will help you identify whether you should go for a hosted platform or you want to create an exclusive website. You have to know the target audience, how you want to reach them, the recent trends in the market and then decide on the branding and pricing your product. For a brand that already has a strong local presence, sourcing an exclusive website will be more distinctive and beneficial. However, for small-time vendors, selling through the hosted platforms will be more profitable.
Whether you have your website or you are choosing a different platform, your customer service will be the deciding factor for brand building. If it is your website make sure that the site is highly responsive, easy to navigate and the payment process is smooth and trustworthy. Most importantly ensure that the buying process is simple and easy. Being consumer friendly is the key to make more profit in the online marketplace as there are competitors at every turn trying to take your customers.
What is the profit margin?
Selling online might reduce overhead costs there are still other costs like shipping, marketing, payment gateway, storage, and packaging, etc. The profit margin has to be considered after including all these costs and then you have to check if it is viable to opt for online sales.