August 2, 2018
Selling Products Online – Product Sourcing Research
It is logical that when we start our business or we are planning on expanding an existing one we begin to think in who will supply the product we are going to sell in our retail business. The concept of product sourcing is one every online retailer needs to understand and product sourcing research is a critical part of your business. It is at this point, that so many fail to recognize the importance of find real and genuine wholesale suppliers for our store. To make matters worse, we simultaneously fail to do a proper marketing research before we decide what to sell in our retail business.
Is there anything an ordinary person can do? Logically, it seems that there needs to be an effort made to increase the chances of locating a real factory authorized distributor – that also is willing to work with home based retail business.
Now, you may be asking yourself why product research is so critical to the success of my business. The answer is that mastering this process can mean the difference between success and failure for your e-Commerce store. People tend to overlook this process because they want to focus only on selling and other marketing aspects, but they fail to realize that if you work with real and genuine wholesalers then you are getting wholesale prices so you could offer better prices to your customers and, therefore, the best possible profit margins.
But, where can I find wholesale distributors for my online retail business? well, If you are just starting into online sales, you might start out sourcing products at yard sales, flea markets and second-hand shops. But it is important for you to understand that these local product sourcing methods are very limited and obviously, have a extremely short duration for your business.
If you plan to build a serious income with your online business, you have to find renewable product sources that can give you a constant and stable stream of goods. That is the reason you need to source your products from genuine wholesale distributors. You need to know about product sourcing techniques like Drop shipping, Light bulk and volume wholesale, Importing and liquidation. Each of these product sourcing techniques comes with a unique set of advantages and drawbacks; and each could give you a specific benefit in your sourcing and marketing strategy.