Online marketplaces like Amazon have made it possible for individuals to create businesses selling products online. There are millions of products you can source and sell online, but the real challenge is determining which ones are in demand and profitable. Product sourcing is an important part of eCommerce. If you want to be a successful seller, you need to learn how to research products you are interested in. Anyone can source a product, but it takes a knowledgeable seller to find out which products will actually sell. What should you look for in a product?
- Competition and demand levels: Is the product in demand, and what kind of competition exists for it?
- Expenses: How much will it cost to source and ship the product? What kind of marketplace fees will you have to pay?
- Competition quality: Is your competition established, or new?
- Monthly sales volume: Does your product sell every month, or will you get stuck with dead inventory?
- Profit: How much profit will you make on every sale? Can you afford to accept returns and still make a profit?
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