No matter how long you’ve been an entrepreneur, launching an online business has never been more difficult. Here’s a quick look at the 2020 online landscape:
- Competition is fierce,
- Product markets are saturated, and
- Consumers are demanding convenience more than ever before.
Before you begin to brainstorm the design and experience of an online store, or even your company’s name, you’ll need to choose what products to sell.
This decision is a strategy within itself, as what you sell will impact every other business decision you make, such as:
- Brand name,
- Website design,
- Loyalty programs, and
- Shipping and fulfillment.
While each of these components is essential to a successful online strategy, they are worthless without a great product to support them.
Let’s dive into how to find the perfect product to sell online.
What Type of Products Can I Sell Online?
Regardless of which industry you are in, there are two types of products you can sell:
- Commoditized products and
- Niche products.
Commoditized products are essential, high demand, or popular goods or services that can be physical or digital products. These are products that everybody needs.
Commoditized products are what make up the majority of online sales. Think of anything you buy at Walmart or Amazon that has a big brand behind it — food, golf clubs, clothes, kids toys, etc.