Hi, I am Matt Edmundson and in this video I will answer the question: “What are the suggested products that could be sold online?”
As an eCommerce business owner and coach, I get asked this question a lot. Truth is, if you don’t have a product that people are willing to buy - you don’t have a business.
To find a product that can be sold for a profit online you first need to take out a pen or pencil and a sheet of paper. Then you are going to ask yourself 4 key questions that will give you a starting point for selling online and jot the answers down until you have 40-50 product ideas.
The questions are as follows...
1. What do you already sell?
Don’t be quick to stray from the market you’ve already tapped into. On my eCommerce site, we sell beauty products - so we spend a lot of time researching the latest beauty trends, make-up, skincare, bath and body products etc. Our customers look to us as the destination for beauty - it gives us a clear identity.
2. What do you have around you?
If you don’t have a website - start with what you know. What products do you use on a daily basis? What products have really solved a problem for you/ made your life easier?
3. What are your hobbies?
This is a great one. What are you seriously passionate about - if you can choose something you love, then marketing and selling are going to be a lot easier as you will find it easy to put yourself in your customers shoes. (Plus, you’ll get to try and review products yourself!)
4. What do you know about?
What have you studied? What topics are you clued up on? What could you teach someone? Could you sell an online course about a specific topic? Could you make a product using your knowledge - i.e Vegetology Chris worked in boots, knew so much about formulating supplements. Or Evolve Organic Beauty - handmade skincare products made by a lady called Laura Rudoe who learnt about natural medicine from her Romanian Grandma.
The JERSEY Quadrant
At this stage, you should have a list of 40-50 potential products to sell online. The easiest way to sort the good ideas from the bad is to use what is known as the JERSEY quadrant.
Simply put, you want to work out which of the products you have brainstormed are high in demand and which ones do you have the most knowledge on. Those ones are going to sell and grow your business.
To do this draw out a quadrant with knowledge on one axis and demand on the other. Plot each product idea that you have brainstormed on this quadrant. The products that are assigned to the top right quadrant will be the products you should look to source first.