oo often, e-tailers think 1. Meat-and-potatoes
only in terms of carrying products. These carry a
individual products. strong demand from your target
But according to Lisa Suttora, of market. They’re your mainstay,
title="http://WhatDoISell.com" Providing a solid profit margin,
target="_blank">color="#001000" of your overall revenue.
size="-2">http://WhatDoISell.com<
/font>, “If you’re in the 2. Cross Sellers. These
mindset of selling one are the add-on sales, the
product to one person, tackle boxes you sell with the
you’re thinking about making a fishing poles, the cosmetics bags
one-time sale, not about building you sell with the cosmetics. Each
a business.” You’re not just of these products has a different
vending product X—you’re profit margin associated with it,
creating a product line and but each serves an important
giving your customers a reason to function and contributes to your
return to your site. overall profit margin.
Products with a Purpose 3. Up Sellers.
“Upselling,” says Suttora, “plays
When selecting inventory, it’s right into a basic desire we all
important you evaluate each have—we like to have the best.”
potential item and identify the As a retailer, you need to
role it plays in your store. offer your customers
There are five categories that options. Surround the basic
typically round out your product model with similar products that
portfolio: are a little bit nicer, a little
bit pricier. Today, they may buy
what’s on sale; tomorrow they may just breaking even. You use them
want the most expensive for advertising purposes, to
item—there’s no real way to bring customers into your store.
predict, so make those choices Once they’re there, they’ll buy
available to them. that product, and there’s a good
chance they’ll also stay and
4. Rounders. It’s browse. Hopefully, they’ll see
important to have those items the other, complementary items
that round out your product you’re selling and add more
selection. It comes down to merchandise to their carts.
presentation, and to providing
your customers a full shopping Completing the Puzzle
experience. If they purchase
a sewing machine and expensive Every item in your line-up has a
silk fabric with you, they’ll place in your overall product
probably want to be able to solution—they fit together like
complete their purchase right pieces of a puzzle. When deciding
there, and get the thread and what to sell, ask yourself where
needles from your site as well. each item fits into your product
You might not make a large profit scheme, and what purpose it
off of them, but it’s convenient fulfills. Providing a diverse,
for your customers and makes well-rounded selection for your
their buying experience more buyers gives them a motive to
satisfying. come back, and presents you with
an opportunity to build repeat
5. Loss leaders. Sometimes business.
you sell products on which you’re
About the Author:
Chris Malta and Robin Cowie of WorldwideBrands.com are the Writers and Hosts of The Entrepreneur Magazine EBiz and Product Sourcing Radio Shows. Click Here for more FREE eBiz info from Entrepreneur Magazine Radio!
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