We have heard all the rags to riches stories. We have heard how Joe Schmoe came up with a fantastic product, quickly built a website, and started selling around the world. Unfortunately, Joe Schmoe’s story is the exception to the rule. It might not even be true. Successful online selling is not necessarily hard, but it is also not magic. It requires a willingness to work combined with some fundamental knowledge.
Hard work is not something you can learn. You are either willing to do it or you’re not. As far as the fundamental knowledge is concerned, you will do better as your knowledge increases. A good place to start is with the top three keys to successful online selling.
1. A Product People Want
The number one item on your list should be coming up with a product that people want. Though this sounds obvious, retail history is replete with examples of people who tried to sell products nobody was interested in. They invested a ton of money only to see their businesses fail in short order.
When it comes to online retail, there are certain products that will always be in demand. Take sunglasses. They have been around literally for thousands of years – if you include the primitive shades first made by Inuit hunters so many millennia ago.
The fact is that sunglasses are a product that will always sell. Now, you may prefer to come up with something that entails less competition, but it still needs to be something that people want. Otherwise, you are wasting your time.
2. Good Wholesale Suppliers
After you determine the product you’re going to sell, you have to establish relationships with wholesalers capable of supplying you with inventory. The only exception is if you decide to sell a product you make yourself. That’s a different topic for another post, though. For now, let’s talk about wholesalers.
Olympic Eyewear is a wholesale distributor of women’s and men’s sunglasses. If sunglasses were your chosen product, you could work with Olympic as your only supplier. Then again, you could work with multiple suppliers. Here’s the most important thing to note: every supplier you work with has to be able to supply adequate inventory at fair prices.
If you cannot get inventory when you need it, how can you sell to your customers? And if your wholesalers are charging you too much, how are you going to make enough profit to survive?
3. A Proven Marketing Strategy
The last thing you need to successfully sell online is a proven marketing strategy. If you don’t know why, consider this fun fact: millions of new web pages are added to the internet every day. Just run a Google search on sunglasses and see how many results are returned. There will be millions of them.
The chances of customers finding your e-commerce site are slim to none if you don’t know how to market. And if they cannot find your site, they will not be buying your sunglasses. It is no more complicated than that.
Fortunately for you, there are entire companies that specialize in online marketing. Find a reputable service provider who knows how to dominate search engines, and you can get the kind of exposure you need to sell. Then it’s a matter of giving customers what they want at prices they appreciate.
There are other things that go into successful online selling, but these three are the fundamentals. You have to get them right if you expect to succeed. Get just one of them wrong and your online venture could be finished before you even get started.