Have you chosen the right products to sell online? [Part 2]

Yesterday we looked at some trends in the consumers’ buying preferences and what they search for online.We saw the importance of doing a competitive landscape to understand competitors and their strategies.

Is going niche the best way to beat competition? Let’s see.

Does it make sense to go niche?

Going Niche is every man’s advice be it a customer or a seller! The mass markets are not only saturated but are also dominated by big players which makes it difficult for new entrants. They deal in most categories that are fast selling and hence leave little market share for other online sellers to invest in.

However, within these mass categories are niche segments that many sellers have spotted and even made their business by creating the niche itself into a value proposition. Take for example, Invisiblebed.com; which grew as a concept because the founders were hindered by the furniture that cluttered their living space. So, even though part of the furniture and home décor segment, a niche slice of the pie seems a good enough business opportunity to chase. Even nestopia.com originates from a niche segment of the same sector as an interior designing marketplace!

Even within the crowded Apparel and fashion segment sellers have found niche segments that deal only with designer accessories (styletag.com) or those that bring out the richness of handmade designs from local weavers (parisera.com). Others have only chosen some niches like lingerie (zivame.com) or even just socks (footsy.in)!

The electronics category is one of the most sought after, but it makes sense to understand what you can offer compared to what is already there. Among the Flipkarts and Amazons of the world smaller players like Shopno47.com promises customers the fastest delivery within 1 hour 47 minutes! Another innovative concept is that of greendust.com that gives people a smart alternative, by running its business with refurbished goods & factory seconds.

It is not only the customers who have found value in these niche market places, but even venture capitalists are funding them. All in all; Niche segments are only rising by the day and they are here to stay!

Here are some strategies to help you pick out the right product to sell online

Below is our list of eight potential opportunities to help you find your own product or niche. Each involves a different mind-set and approach.

• Find Opportunities in Keywords

• Build an Interesting/Captivating Brand

• Identify a Customer Pain Point

• Identify Customer Passions

• Go With Your Passion

• Look for an Opportunity Gap

• Consider Your Experience

• Capitalize on Trends Early

• Take a look at each opportunity in detail and learn from examples of a few successful sellers here.

Find your Success Mantra!

Be it mass market or niche market, it always makes sense to have a vision for your online business. It is important to know how you want to grow and what you want to be known for. When I comes to Success Mantra every online seller has a different outlook.

Krsna Mehta says “My philosophy is very simple. I seek to bring to you a range of products right from home décor to personal accessories that is flavoured with the Indian aesthetic. Neither are our products too traditional and archaic, nor are they very futuristic. They all are a fine balance of the old and the new, the classic and the chic…in short, completely contemporary. Great design at great price.”

While he talks about the value proposition that his products bring to the customers, others credit their work philosophy, people & processes as their stepping stones to success.

Sneha says “As per me, essentially 4 key qualities –  ability to build a AAA team, being innovative when finding growth hacks, tenacity, and ability to prioritise work among many options always available. There are quite a few reasons that have led to our success – an exceptionally talented and dedicated team; excellent, sound marketing strategies; our large and contemporary assortment of more than 25000 products, thorough product display with 360-view of every product, and convenient payment options that even include part-payment option. Add to it, our good customer services. In a nutshell, we have tried to deliver quality to our customer in terms of both – product and services.”

It is nice to have your vision of success in place before you chase the same as it gives you a clearer vision and more realistic goals.

Krsna Mehta adds “Patience and data-driven analyses in order to achieve a successful launch is the key. The initial stages are indeed the most gruelling and difficult, but acute attention to detail and intensive customer service analyses are essential to any brand’s success.”

Customer Speak!

As online sellers even though you feel every idea out there is already present or someone is already in that business, you still have a chance to make your mark. Markets are huge, opportunities are many and customers are lurking in the corner of every dark alley. Some just want choice, while some want more value and some just need you to tell them you can solve their problem.

Here are a few thoughts from customers themselves. Read on, who knows your next big online selling idea may be hiding right here!

Ramya says “I wish it was easier to find seeds and plants online. I keep looking for them but it isn’t as easy as you will find a party dress or some mobile accessories. They are all over the place; I am on the look-out for something more close to nature”

The desire for buying online is growing by the day, from bizarre ideas to genuine concerns, online selling/buying can solve so many predicaments in our lives.

Apeksha says “How I wish there was an online site that would transport local delicacies from one location to another. I miss the yummy dosas at Vidhyarthi Bhawan here in Maharashtra, and I can’t wait to be in Bangalore just to have those dosas.”

Krsna Mehta agrees with today’s customer. His brand extends to those people who have an eye for something unique which reaches them in a convenient manner. He says “Today people are getting more and busier. Time has become something that people no longer have. Between work and home and commitments, there is very little time for personal things, let alone home decor! Online access to such things makes life easier… and people are catching on. Online retail is growing at an alarming rate and simply put, it is just convenient.”

What does the Future hold?

Online Selling is the Future. There are no second thoughts on this. It is no longer an alternate path to retailing. Online sellers will continue to grow and flourish.

So, if you have reached the end of this piece and are serious about online selling; you know there are a zillion untapped opportunities out there. Choose your pick or simply find a better value proposition into an already existing category and get on to the band wagon. Online Selling has just begun and who knows you could be the one changing the landscape tomorrow.