Shownotes Transcript
"How do you pick the perfect ecommerce product?"
This is one of the questions I get asked the most. It's understandable--with hordes of products to choose from and a wide array of Amazon categories, choosing just the right product is overwhelming. If your business is bootstrapped and your products are not selling well, you are pretty much doomed. In this case it's not just overwhelming--it's downright scary.
So in today's episode I will share with you the method I use when picking the perfect products to sell. Before we begin though, let me just clarify that "perfect" is relative--what works for me might be something you don't like at all. But if you'd like see just how I chose my current home-runs and why, then this episode is for you.
Potential products must go through a checklist before I consider selling them. I developed this product selection criteria out of frustrations I encountered with the products I used to sell in my old business. Those headaches gave me a clear understanding of what a headache-free perfect product should be, which would be the following:
- Small, light, and easy to ship
- Hard to damage
- Doesn't have a high return rate
- Is not a fad (what happened to all the fidget spinners?)
- Is not seasonal
- Is not an electronic device and has no electronic component
- Is preferably not oversized
- Consumable, or at least something that customers are more likely to purchase multiple times
- Has high margins
- Can be sold between $25-$100
- Can be differentiated
- People can be passionate about
- Has a direct correlation with a Facebook audience for which you can do free plus shipping offers
I explain each point and why I came up with them in more detail in the podcast. As you can see, some things might not work for you (electronics might be something you're passionate about). But if you're just starting and have absolutely no idea what products to choose, the checklist is a good place to start.
Resources mentioned:
MyEcomCrew) Treadmill.com) EcomCrew course) How Ezra Firestone Spends Money Growing His Businesses)
Thanks for listening to this episode. Until the next one, happy selling!