How to Choose the Right Product


In e-Commerce, products are represented by images, multiple images that aim to show site visitors how the product looks and feels, how it serves the need it is intended for, and how it is superior to other, similar products on the market.

As you can see, this involves several skills, tools and decisions. The first and most important decision must answer the question: Will this product appeal to the visitors of my site, and does it serve their needs effectively? The next question concerns the price: Is the product priced competitively, while still making a profit?

If you’re like many new e-Commerce entrepreneurs who decided to open their own online stores on platforms such as BigCommerec™ and Shopify™, you might have considered drop-shipping as an alternative to traditional approaches.

The idea is innovative, yet simple. Instead of keeping inventory and worrying about shipping to your customers, a drop-shipping model takes care of that. The products on your online store come from suppliers from all over the world, who, once an order is placed, process the request then ship directly to your customers.

In addition to saving time, energy, space and money, drop-shipping makes adding new products or deleting old ones a fun exercise. All you have to do is brows through a supplier’s catalogue, pick the items you like, modify few things to make the product fit your overall theme and categories, then push the product to your store, and it becomes ready to view, and hopefully sell.

But how would you know that what you have chosen meets your requirements? To begin with: Do you know your requirements? Before seeking anything in life, we must ask three questions: What, why and how. Requirements answer the ‘what’ question. But in order to get to the right answers, we need to have a clear idea of what the business is about; what values it serves, and what objectives it aims to achieve.

One of the collections in my online store, storefour.ca is named Digital. For any product to fit into that collection it must operate digitally, or has a digital aspect to it. Here’s an example:

So knowing your requirements is the first step to selecting the right product. The second is knowing the supplier. The e-Commerce landscape is so crowded. Finding the right supplier takes doing your homework diligently: reviews, returns, age on business, location, complains. The list is long, but you will figure it out based on what you’re looking for.

Now you know what you want and where to get it. The third step is to find the right channel and process to communicate with the supplier and secure the product.

If we go back to the drop-shipping model, the e-Commerce platform you use plays a key role in helping its merchants find credible suppliers as part of its service. Shopify™, for example, recommends an app named Oberlo™, which connects you to a pool of previously verified suppliers, making your life a lot easier. Yet, to be on the safe side and save your business future hassles, keep doing your research even on recommended suppliers.

The point here is to use all resources available to select and show the best product on your store.

More details on this in our next post, stay tuned!

The Wealth Maker

©Article Image Credit: https://storefour.ca

Making Money Online – Online Stores


 

So far, in this series, we’ve talked about advertisement and MLM. The first article sets the stage for the whole discussion. Please read it before reading any other article in the series.

3-Online Stores

Have you ever dreamed about opening your own store? Selling something you’re interested in? I guess most entrepreneurs have.

Creating an off-line store involves licensing, real estate, decoration, shipping, etc..

On the other hand, an online store could be as simple as one page, where you display some digital products. You could even delegate the back-office details to the vendors of the products you display on your e-store.

A very common example is Amazon’s (TM) a-store. First, you need to sign-up as an Amazon affiliate, for free. Then, you design your online store using Amazon’s templates and menus. It’s a fairly simple process. You finally end up with a website that shows Amazon’s digital, or physical, products.

Your next step is to promote your a-store’s URL, following the methods we’ve covered so far. If you managed to drive enough traffic to your store, and hence sales, you would receive commissions from Amazon right into your affiliate account. They would take care of accounting, shipping, handling, and so on. Your job is: First to design the site, using Amazon’s help, then promote it, so it makes sales.

Amazon is not the only online provider of e-stores. If you liked the idea, you could search for other companies that offer products or services you are interested in. Become an affiliate, then create an e-store using their ready-made templates and tools.

Some people prefer to have their own thing, completely independent of any existing business. In that case, the first part of the process becomes harder. You would need to have your own domain name, hosting, and web design (if you lack that skill, or don’t have the time for it). Each one of those costs you money, and time. But the end result would be a custom-made e-store, where you would sell products, services, memberships, programs, whatever, of your own choice. You could even list your own products, things that you’ve created yourself. A common example is an e-book, or a traditional book. Another example would be a service you intend to offer, like training or coaching.

If you went that path, you would be responsible for all the details. Your site should be equipped with online payment forms and buttons. It has to be able to process payments by credit cards or e-currencies, such as PayPal or Alertpay. You would need to take care of your own inventory management, website back-office maintenance and update, etc.

The second step of the process is the same. You still have to promote you custom-made e-store, drive traffic, and make sales. But while an affiliate e-store owner is not responsible for anything once the customer decides to buy, the owner of a custom-made e-store must follow-up the steps of completing the sale, till the money actually lands in his/her account of choice. Not only that. He or she has to perform all after-sales activities. Things like returns, refunds, complains, maintenance, and so on.

Please spend enough time researching both options. There is enough information online. But you may also consider talking to someone who has already started an e-store, of either type. Pick their minds, ask them questions, do your own online research, then prepare your strategies and plans.

All the Best…

The Wealth Maker