Every other person you meet these days tries building a stream of income online. While some people are skilled in offering services and earning as freelancers, others can find profitable products to sell over the internet to make good money. This is either done by creating an account on one of the giant eCommerce platforms, like Amazon, eBay, or Shopee, or building your own eCommerce website to sell profitable products online.
Profit margin is the difference between the cost of the item and the price at which you sell it. Typically, you would buy the items wholesale and pay the wholesale cost to sell profitable products online, which is usually a bit discounted than the per piece cost. This is because you need to maintain a certain inventory level to avoid issues of running out of stock when you have pending orders.
The revenue you get from the sale of the items is consumed to pay your business expenses. In the case of an online store, these expenses would include a web hosting fee, website maintenance fee or website building platform subscription, marketing fee for paid ad campaigns for store promotion, and salary expense of any workers hired. Once you have paid off all these expenses, you will reinvest the remaining profit to purchase more stock.
The goal in running a business of selling profitable products online is to make as much profit as possible to survive and grow your business. That’s why you always need to hunt for the most profitable products that you can find. Profitable products are those that give you a high enough margin so that even after paying off all your expenses and buying more stock, you still have cash available to invest in business growth.
This requires you to be aware of the market demand and trending products. If you do not know which ones are the top profitable products in the niche you are targeting, you will not make sufficient sales to sustain your business. From the very start of building your eCommerce empire, you need to make sure that you sell profitable products so that you do not crash and burn.
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In this post, we will discuss several profitable products you can consider selling online. But before that, let’s look into a few factors that determine whether or not a product is a good choice for selling online.
Factors That Make a Product a Good Choice to Sell Online
When you observe the most successful online stores and merchants, you might think that they just got lucky. They simply happened to come across the right profitable products at the right time and started making big money. But that’s not always the case.
In most cases, the best online sellers know what to look for to find profitable products to sell. They put in the time and effort to conduct the necessary market research and get their facts right before starting their business.
Following are seven factors you should consider to sell profitable products.
1. Profitability
Of course, profitable products are those that have profitability. But this is included in our list to clarify that profitability does not only mean you sell the product at a higher price than its cost. The price must also cover the merchant’s service charges (if any), shipping fee, packaging costs, your marketing budget, plus the time or human resources consumed in all these tasks. It should also cover any taxes that you’ll pay on your sales.
Successful sellers can identify profitable products by knowing beforehand how much they will incur in selling them. Hence, they can calculate their profit margins based on the forecasted and estimated figures.
2. Competition
To find profitable products to sell, you must also consider the competition. If you have chosen a product that’s already trending, it’s also going to be very competitive. This means lots of other merchants would be selling it as well. The more saturated a niche or market is, the more challenging it is to navigate through the competition, especially if you are new to the world of eCommerce.
You need to choose items that are profitable products and low in competition. This way, you can capture a more significant market share in a shorter period. The perfect combination is to tap into a hot market with less direct competition.
3. Size and Weight
Choosing the most profitable products does not mean ignoring the size and weight. For instance, if you want to sell surfboards, you might want to consider the logistics and costs of getting those to your customers. If your supplier is in another country, you need to account for the shipping processes and costs.
It is best to choose profitable products that are light and small. Your items should ideally be small enough to fit in a shoebox and weigh less than 2kg. These kinds of things are the most convenient to deliver to customers.
4. Durability
You also need to take the durability of your profitable products into consideration. For example, selling remote control cars with lots of complex components does not make a good choice of products to sell online. There are too many unnecessary risks involved. Suppose even a single component in the remote control car turns out faulty. You will end up with a disappointed customer.
5 Profitable Products to Sell Online
Below is a list of our suggested top profitable products to sell over the internet.
1. Jewelry
Jewelry is the first on our list of the most profitable products you can sell online. By finding a supplier that can provide various watches, earrings, bracelets, necklaces, and others, you can build an online jewelry business in no time. The benefits of selling jewelry online include the following.
- Jewelry does not take up much inventory space.
- It is easy to sell.
- It is in demand throughout the year.
The only cons are that jewelry is highly competitive and difficult to pack and ship.
2. TV Accessories
Some online merchants supply beautifully crafted tabletop stands, TV wall mounts, and superb audio systems. These are all profitable profits that you should also consider for your eCommerce business. TV accessories are expected to further rise in demand as so many new video game console systems emerge in the market.
3. Beauty Products
There is nothing more fun for some than choosing beauty items to sell as profitable products through an online store. If you are passionate about beauty products, you can turn your online store into a beauty empire in almost no time. Since beauty products are easy to showcase, easy to package, and easy to ship, the only difficulty you might face is the high competition from the big brands in the fashion industry.
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4. Kids Toys
If you want to sell profitable products, kids' toys are the easiest to choose. As long as you know the trending toys in the market and can get one or two good suppliers, starting an eCommerce toy store could be your ticket to success. Many suppliers out there sell toys tailored to specific age ranges. Decide which age range you want to target, and negotiate your prices with the appropriate suppliers. You may also combine toys with gift items to sell on your online store. Gifts can also be profitable products and can help you boost your sales.
Image taken from Strikingly
5. Women’s Apparel
Women love shopping for the next best dress or outfit. What can be more convenient than being able to buy that online? If you choose women’s apparel as profitable products to sell online, you might rock the eCommerce world through your online boutique. You may choose to incorporate accessories as well. You can find the right supplier to make high profits by setting reasonable prices.
Image taken from Strikingly user’s website
However, you will need to build a strong brand to make big sales.
Another thing to keep in mind is that you might require a relatively high upfront investment to pile up enough stock in different apparel colors and sizes.
Sell Profitable Products via a Strikingly Website
Strikingly is a rising website builder that enables you to sell products online through a simple store section. To create a website on Strikingly, simply register for your free account with us, and select a suitable website template. You will then be able to access your Strikingly editor.
From the left panel on the editor, click ‘Add New Section’ and select ‘Simple Store’. This is the section where you can add payment gateways, build your product pages, set product prices, and make profitable products.
Image taken from Strikingly user’s website
You can actually create any website on Strikingly. Our website templates have an appealing and professional look, and our tools are user-friendly and designed to be used by any layman who’s not adept with coding. If you face any technical issues in signing up with us or building your website on our platform, you can get in touch with our customer support staff via the live chat feature available on our landing page.
We have many users who started selling profitable products through their website built on Strikingly. The ease of use of our editor provides them a smooth experience of keeping track of orders and delivering products to customers on time. With Strikingly, you don’t have to worry about learning to program or paying a costly web developer. You can simply run your entire eCommerce business using our drag-and-drop interface.
