How To Find Profitable Products to Sell Online - A Complete Guide

Finding Your Niche and Sourcing Products to Sell Online

• Finding the right product to sell online is an iterative process, and it's important not to overthink things or get stuck in analysis for too long.

• The goal is to find products with enough demand to meet income requirements, in a niche that is not too competitive or saturated.

• It's also important to ensure that the product can yield a profit and is not readily available in brick and mortar stores to avoid comparison shopping.

• Small niche sites can compete against larger stores like Walmart and Target because these stores focus on broad-based appeal products and may not carry specific items with smaller appeal.

• Large stores have infrastructure and supply issues to deal with, and it's generally not economical for them to carry a large quantity of goods unless there is significant demand.

Finding Your Niche and Sourcing Products to Sell Online

Finding the Right Niche for E-commerce

• When searching for a niche to sell in e-commerce, it's important to target a smaller group of people not catered to by big retailers like Target or Walmart.

• Criteria for choosing a niche include selecting products that are not fragile, easy to ship, and don't take up much space, as this will make handling and shipping easier for the e-commerce store.

• It's crucial to avoid products readily available in brick-and-mortar stores and those with a clear, easily comparable intrinsic value associated with a brand.

• Timelessness is also a key factor, as products that can quickly become obsolete, such as electronics, should be avoided to prevent being left with unsellable inventory.

• Successful examples of niche products include essential oil jewelry and leather working supplies, which have garnered substantial sales for e-commerce entrepreneurs.

Finding the Right Niche for E-commerce

Tips for Finding and Selling Niche Products Online

• Selling niche products online can be profitable without extensive marketing efforts, as seen in the success stories of individuals making six to seven figures without heavy marketing expenses.

• Identifying niche products tailored to specific groups can still be lucrative, even though they may not have mass appeal.

• An example is Sally from the UK, who identified an underserved market for cross-stitch supplies, started an online store, and now earns seven figures annually with her store featured in the Daily Mail.

• To find products to sell online, start by brainstorming ideas and evaluating their potential profitability using tools like Ahrefs and Jungle Scout.

• Various platforms like eBay, Amazon, Etsy, and Printerist can be sources of product ideas, and keyword research tools help in gauging the market demand for specific products.

• Jungle Scout's Opportunity Finder is a valuable tool for clueless sellers, providing insights into product sales on Amazon and allowing filtering based on income requirements and criteria.

Tips for Finding and Selling Niche Products Online

Researching and Brainstorming Product Ideas for Online Sales

• To start the process of researching and brainstorming product ideas for online sales, Jungle Scout can be used to find keywords and products in the Arts and Crafts category on Amazon that generate at least $5,000 a month and have fewer than 100 reviews.

• Pinterest is another useful platform for research, allowing users to enter a broad topic and explore a variety of images for potential product ideas. For example, typing in 'travel gifts' might yield relevant blog posts and articles, providing inspiration for items to sell.

• Etsy also offers valuable insights into trending products, as users can explore various categories and view real sales data for specific shops, aiding in the identification of potentially lucrative items to sell online.

• In the upcoming video, a step-by-step demonstration will be provided on how to use Jungle Scout to brainstorm products, especially for those who are unsure about what to sell. Additionally, an example of utilizing Ahrefs to assess demand and competition for a specific product, such as knee pillows, will be presented to analyze profitability.

• Ahrefs is a powerful tool for keyword research, revealing the search volume and difficulty of ranking for specific keywords on Google. By entering 'knee pillow' in the keyword bar, users can obtain various permutations to gauge interest and competition for the product.

Researching and Brainstorming Product Ideas for Online Sales

Understanding Keyword Research and Revenue Calculation

• Keyword research involves analyzing search volume and keyword difficulty (KD score) to determine the potential of ranking for a specific keyword.

• The search volume indicates the number of searches performed in the last 30 days for a particular keyword, while the KD score reflects the difficulty of ranking for that keyword.

• For example, 'knee pillows' had 4,100 searches last month and a KD score of eight, suggesting it's relatively easy to rank for.

• After gathering keyword data, it's essential to calculate the potential revenue from ranking for the keyword.

• Using Ahrefs data, if a website ranks number one for 'knee pillows', with 4,100 monthly searches, a 2% conversion rate, and a 37% click-through rate, the potential monthly revenue could be around $879.

Understanding Keyword Research and Revenue Calculation

Calculating Potential Revenue for Your Website

• To calculate potential revenue on Google for your website, a quick and dirty way is to use a keyword and the Google Keyword Planner tool to estimate the search volume and potential revenue for that keyword.

• To know how much other Shopify stores are making selling specific products, a simple Google search can provide insights. For example, a company called The Cushion Lab has 463 reviews for their knee cushion, indicating strong sales.

• To find out the revenue of a specific company like The Cushion Lab, a tool called shophunter.io can be used. It provides information on the revenue generated by the store as a whole and even at the product level.

• Shophunter.io revealed that The Cushion Lab makes over $1,300 per day selling knee pillows, indicating substantial revenue from this product.

• To analyze the revenue for products on Amazon, the tool Jungle Scout is recommended. It offers insights into sales data on Amazon and can be a valuable resource for product research.

• Jungle Scout can be accessed with a 30% off offer, making it a cost-effective tool for daily use and product research.

Calculating Potential Revenue for Your Website

SEO Strategies for Product Research and Profit Analysis

• The Jungle Scout Chrome app can help in evaluating products on Amazon by providing details like monthly sales, number of reviews, and the number of sellers for each product.

• For example, knee pillows generate about 1,650 sales per month, exceeding the criteria of 150 to 300 sales. The average selling price is around $29, which is higher than the preferred price of at least $20.

• An even distribution of revenue across sellers on the front page is an important factor to consider, and the app shows that some sellers are making significant profits selling knee pillows on Amazon.

• Alibaba can be used to determine potential profits by sourcing products from Chinese manufacturers. For instance, knee pillows are priced between $5 to $6 on Alibaba, and they are sold on Amazon for $25 to $30, indicating a significant profit margin.

• It's essential to consider profit margins and pricing strategies when evaluating potential products to sell online, and leveraging tools like Jungle Scout and Alibaba can provide valuable insights.

SEO Strategies for Product Research and Profit Analysis

Tips for Selling Products on Amazon

• When calculating the true landed cost of goods from Alibaba, it's essential to add at least 30% to the sales price to account for shipping to your warehouse.

• After factoring in additional costs, such as shipping to the United States, the estimated cost of goods may be higher than the initially quoted prices from Alibaba.

• Despite the increased costs, there is still potential for a profitable margin when selling the products on Amazon, especially if the selling price is set between $25 to $30.

• To stand out from competitors, it's crucial to offer a product with a strong value proposition and unique features, rather than selling 'me-too' products found on Alibaba.

• Researching the best seller for a specific product on Amazon and analyzing customer reviews can provide valuable insights for product improvement and differentiation.

• Identifying common complaints from customer reviews can guide the development of a superior product with enhanced features, which can justify higher selling prices on Amazon.

Tips for Selling Products on Amazon

Sourcing Products: Overseas vs Domestic

• When sourcing products for online selling, you can consider overseas or domestic suppliers. Overseas sourcing, especially from China and other Asian countries, often offers lower manufacturing costs due to cheaper labor.

• However, sourcing domestically in the United States may result in higher manufacturing costs but lower minimum order quantity, shorter lead times, and easier communication with suppliers due to no cultural or language barriers.

• Domestic sourcing also allows for options like drop shipping, where the supplier directly ships the product to the end customer, and Data Axle is a recommended tool for finding US vendors. On the other hand, sourcing internationally yields the best price for products but requires larger order quantities, longer lead times, and higher shipping costs.

• Planning ahead is crucial when sourcing internationally due to longer production times. Ultimately, whether sourcing overseas or domestically, each approach comes with its own set of pros and cons.

Sourcing Products: Overseas vs Domestic

Sourcing Products for Your Online Store

• Local libraries provide access to Data Axel for finding U.S. vendors.

• Wholesale Central and Worldwide Brands are alternative sites for vendor search.

• Alibaba is recommended for sourcing overseas vendors.

• Attending trade shows like the Canton Fair and Global Sources Summit in China can help find overseas vendors.

• The Canton Fair in China is a large gathering of Chinese vendors offering a wide range of products.

• Visiting the fair allows direct communication with vendors and the opportunity to source products for online stores.

• Tools like Jungle Scout and Ahrefs can help evaluate product demand and potential profitability.

• Various strategies and locations have been discussed for sourcing products for online stores.

Sourcing Products for Your Online Store

Starting an Online Business Class Overview

• Consider joining an in-depth class at ProfitableOnlineStore.com for detailed guidance on starting an online business.

• It is advisable not to have a niche before joining the class, as many people's preconceived notions often result in either highly competitive products or those with insufficient demand.

• The class focuses significantly on finding the right niche and product, as having something to sell is essential to getting started.

• Students receive an extra value add of having their product niche evaluated before starting, providing peace of mind.

• The class covers sourcing products through dropshipping, domestic wholesale, or importing from China, followed by guidance on setting up a branded website and selling on Amazon.

• The emphasis is on establishing a long-term business and brand, without the need for technical knowledge to start a website or online store.

• Validation of products on Amazon and eBay is recommended before starting an online store, with instances of students making six figures during the validation phase due to the vastness of Amazon's marketplace.

• The class also covers driving traffic to your website, optimizing for conversions, and generating sales, with continual guidance provided throughout the entire process.

Starting an Online Business Class Overview

Comprehensive Ecommerce Course with Live Lectures and Expert Interviews

• The ecommerce course is the most comprehensive in the market, consisting of over 450 videos covering all aspects of starting an online store.

• Live lectures are conducted every week, providing real-time interaction for students to ask questions specific to their business.

• Guest experts, including Amazon specialists, lawyers, and Kickstarter experts, are invited to share their knowledge and insights.

• Access to a private Facebook group allows interaction with thousands of like-minded students, providing support and accountability.

• There are no upsells or additional fees, just a single lifetime membership fee.

• 24-7 email support is available for any questions, and the course is run with a focus on fun and student enjoyment.

Comprehensive Ecommerce Course with Live Lectures and Expert Interviews

Conclusion:

Finding profitable products for online sales requires careful research and evaluation. By targeting niche markets, leveraging tools for product research, and understanding effective sourcing strategies, you can set yourself up for success. Take the time to explore different niches and identify products with untapped potential for a thriving online business.