So you have a retail business. That’s the easy part. The tough part of being a business owner is finding a product to sell. The market is littered with products and choice for consumers is getting thinner by the day. It can be a tough task to stand out among the crowd. But if you have a great product, your marketing campaign would be a breeze. Here are several tips retailers can use to find top-notch products to sell:
Focus on a Niche Product
Niche products simply refer to non-generic products. For example, a retail store that sells apparel is not selling a niche products. But if your company’s main tagline is buy mens clothing online, then you are focusing on a specific type of product. You can get as specific as you like, the more the better. Niche products can be branded and marketed as high-value products. These items appeal to highly targeted customer base, which could near guarantee your store loyal customers. Therefore, if you are stocking up on anything, make sure you do with niche products.
Choose Products Based on Wholesale Availability
Choosing a niche product is easy, but acquiring some of these products can be harder. For example, if your company’s main selling point is blue candles, you would first need to find a wholesaler to purchase these blue candles from, unless it’s made by you. Purchasing already branded products is very expensive and would require a different business plan. Therefore, when you choose products, even the niche ones, pay attention to wholesale availability. You should be able to find a reliable wholesaler for the product before anything else.
Qualifiers like “Fair Trade” Helps
Products with qualifiers sell the best. For example, blue candles made with nontoxic, organic materials appeal to customers better than just blue candles. Tags like “fair trade” are valuable to certain industries, such as apparel, cosmetics, and personal consumptions items. You can make your niche products even more appealing with such qualifiers.
Good Quality is Always a Great Selling Point
In the rush to find unique products, don’t ignore the most important aspect—quality. Australian customers are used to high-quality products. However, the recent floods of products that are cheap, but don’t offer much in terms of quality, has created a high-demand market for durable and top-notch products. To endure as a retailer, aim to stock your shelves with guaranteed quality products. Determining quality varies with the industries, but you should take it upon yourself to do so.
Consider Brand-ability and Marketability
Selling branded items is the first step towards securing a loyal customer base. Your retail store can offer products with your own retail brand. Retailers don’t always have to sell branded products, as Amazon shows. But establishing your own retail brand, such as Macy’s, would attract customers. Tie niche products to your retail brand to dominate the marketplace. Choosing the right products is crucial in this regard.
Ultimately, choose a product that can solve a problem for customers, be it of quality, item features, or uniqueness. With the above tips, you will be able to stock your store with products that will sell well within a target customer group.