7 Rules To Find Profitable Products To Dropship
One of the toughest hurdles that all newcomers to dropshipping face is to find profitable products that are in-demand and will sell.
“Just follow your passion!” is a mantra that many people believe in. But it’s a piece of dangerous advice that can lead new entrepreneurs off the track and bring their eventual downfall. Careful research and consideration is a crucial element of success in e-commerce drop shipping models.
You might be crazy about Star Wars figurines, however, that doesn’t mean it’s a great niche to build your new e-commerce store around. You must put enough research into finding the right product and most importantly determine if there’s enough demand for your product to sustain your business.
How do you Find profitable products that sell?
There are no iron-tight rules to finding the niche products that you can sell, but common sense and past experiences of seasoned drop shippers all agree to a selected few points:
1. Products that have good ratings
As a dropshipper, it’s hard for us to know if a product is of good quality that will have low returns because we don’t physically see it. Not to mention, how do we know if people like it? That’s where looking at the product ratings helps immensely.
When you are trying to find profitable products, research for products that have hundreds even thousands of high ratings to ensure good sales, as well as low returns.
2. Avoid fragile products
No one wants to wait for their package to arrive just to find out that the products are broken or damaged in shipment. It creates customer dissatisfactions and also leads to your financial loss.
So the best move when is to avoid products that are prone to damage in shipment, like for example mirrors and picture frames.
3. The $20 to $70 range:
This is the sweet spot in the price range of products that can induce impulse buying by the customers. It’s enough to make a decent average profit but small enough that most customers won’t need to personally speak with someone before the sale. And anything higher than this selling price of a product is going to cost you more to get started selling it. So your products should be in a range between $20 to $70 to get a good enough return right off the bat.
4. Products with limited life
The rule of thumb in the business world is that it is easier to get repeat customers than bringing in new ones. You must try to get your customers to come back. One of the great strategies of getting repeat customers is to sell consumable or disposable products so that they will come back to you again to buy.
So keep an eye out for products with limited life when you are trying to find profitable products for dropshipping.
5. Unavailable locally
If you cannot find something in your local shops, where do you look for them? Online of course!
One of the easiest ways to identify niche products and find profitable products to sell is to browse through your local shops and see what items are not usually sold and you’ll be able to get in front of the vast majority of your customers as they search online.
6. Take advantage of the fads
You do not want to sell products that will go obsolete in the near future. However, it doesn’t mean that when opportunity arises, you should let it go to waste. If you can jump on the craze wagon early, you might end up making a hefty sum of money before the fad is over.
However, be wary of spending and investing all your time and money on products that are constantly changing. Rather, when you are researching to find profitable products, invest in a product line with a limited turnover that will be viable for years if you want a more stress free and stable business.
7. The niche products
One of the best ways to survive in this cut-throat business world is to find the perfect niche products that you know well. But before you commit, research about the products extensively.
There are many ways of finding the niche markets that are not served by the big players of the business world. This makes an opening for the new and upcoming entrepreneurs to take advantage of.
From Bluetooth Speaker Pillows to Scratch Paintings – there are numerous niches out there, just waiting for you to explore!
Even though these strategies can help you find profitable products you can sell, you must keep in mind that understanding a product’s demand, competition and suppliers are the keys to the success of your business.