E-commerce in India is booming. With a growth of 12% in 2020, according to ibef/eCommerceDB, the online sales market still promises a significant increase.
This is because, even with all the heating up in this sector, e-commerce still represents less than 5% of retail sales in our country.
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According to the website Statista, the global average share of virtual stores in 2020 was 12%. This data shows that online sales still have a lot of room for growth in India!
Looking at the numbers, it is clear that if you are looking to start a business, creating your online store is a good idea! However, it is normal for a doubt to arise: but what to sell?
In this article, we are not going to give you a ready answer — after all, there is no magic formula — but we will bring you some tips for your strategy before starting your e-commerce. That way, it’s easier to choose what to sell in order to structure a profitable business!
Shall we go to the tips?
1. Define a category
The first step when choosing what to sell is to select a category. This means choosing a product type more broadly. You can start thinking, for example, about clothes, toys, accessories or cosmetics.
An important note is to choose a type of product that you identify with. That way, it’s much easier to deal with suppliers, do all your brand communication with future customers and, of course, it’s much better to work with something you like!
Many people stop at this first step and believe that deciding on cosmetics, for example, is enough. However, you must go one step further.
2. Be specific
Once you’ve thought about the category of articles you’d like to work with, you should choose a very specific niche. For example, instead of opting to sell clothes in your store, you can specialize in printed t-shirts with vegan fabrics.
The more you delimit, the lower the chance of competition and the greater the possibility of becoming a reference in that specific sector. You will have a customer base that will tend to be more loyal.
There are those who think that differentiating yourself so much can limit the store’s audience. However, it is necessary to consider that consumers tend to prefer e-commerce they already know.
So, if you sell the same products as large retailers, it is unlikely that you will be able to offer the same price and shipping conditions as them, for example.
Therefore, differentiation is a good idea for those looking for a place in the sun in the e-commerce market!
3. Define who you are going to sell to
When choosing specifically what kind of product you are going to sell, you also need to keep in mind who your consumer will be. It’s not because you’re going to sell online and you won’t have the limitations of a physical store that you should consider that everyone is a potential customer.
By defining your persona — that is, the profile of your ideal customer — you can think of a more effective strategy for your sales. That way, it will be easier to understand your consumers’ pains and habits, in order to reach them in a way that the products you sell solve a real need of this audience.
4. Watch the competition
When deciding what to sell, it’s also crucial that you take a look at what potential competitors are doing. See the channels of other brands to understand how they position themselves. Look at prices, products, communication and anything else you can get.
Also, search the social networks of these e-commerces. That way, you can see what their posts are like and what the audience’s reaction to these content is. From there, you can see what you’re going to use as inspiration and what you could do better.
Of course, you’re not going to use this competitive analysis to copy what other businesses are doing. Even because, most of the time, the same strategy can work very well for one company and turn out to be a disaster for the other. However, this research will serve as a thermometer for you to understand the market in which you will be inserted.
5. Focus on differentiation
Another point for your e-commerce strategy to allow you to establish yourself in the market is differentiation. You can do this by focusing on product quality, lower prices than the competition or customer service, for example.
One reason to do the competitor analysis, which we talked about in the previous topic, is to understand which of the points you can take advantage of them.
If, for example, a competitor offers products in the same niche, but at much lower prices than you could sell, you can focus on products with superior quality and exceptional service.
Choosing what to sell may seem simple, but this decision needs to be based on aspects that will help your e-commerce stand out. That way, with hard work and dedication, you can prosper!
So, are you ready to choose what to sell in your online store? Tell it in the comments!