5 Things You Should Know About Product Sourcing

If you’ve made the decision to start or expand your own work at home business one of the most important decisions you’ll make is what to sell.

Simply put, every sale involves a buyer with a specific want or need. As the owner of a retail business on eBay it's your job to meet those requirements. Product sourcing, i.e. the way you look at and think about the merchandise you ultimately select to sell on eBay, is key. It is critical for you to make your decision based on what products you believe will really move, not just today or tomorrow, but months -- perhaps years -- from now.

These five mindset shifts will get you to "see" product sourcing differently and help answer the burning question of "What should I sell online?"

Shift #1: Look at what people want rather than "what to sell."

You must look outward, turn on your "receiver" and observe what is going on in the hearts and minds of the consumer. Read what they read, listen to what's being said. The biggest mistake you can make is to sit at your desk and "try and think of a product to sell."

Shift #2: Consumer trends are indicators of what the buyers will be purchasing next.

You have to make it your business to know what trends are happening in your industry. If you sell lamps, keep your finger on the pulse of what people are buying now, what new styles are on the horizon and what design shows and magazines are featuring. If you skip this step you’re likely to go straight to the step of marking down products that didn't sell simply because you weren't paying attention.

Shift #3: Stop chasing mainstream products with the goal of selling what's already hot.

If you're just starting out, look at what's currently popular and then "take a step to the left or right" and look at related products and niches. iPods are hot but the market’s saturated so find out what’s coming next.

If you're already in business, focus on product innovations to include in your line and add new products that appeal to your existing customer base.

Shift #4: Always offer different levels of the same product, i.e., entry level, mid-range and deluxe versions.

The people you attract won’t come in with the same needs or expectations. First timers might want the least expensive version, for example, while others might be looking to upgrade. If you're not offering different product and price levels you're eliminating entire groups of customers who would otherwise purchase from you.

Your goal should be to give your customers options they might not even know existed -- that is, until they find them in your eBay store. Remember to clearly explain how your customers will benefit from each variation and what the differences are between the versions.

Additionally, one of the best ways to build your business is by encouraging repeat purchases. Without vertical versions of products, your customers won’t have the option to buy an upgraded or deluxe model from you and will have to go elsewhere.

Shift #5: Always test market products before buying inventory in bulk or making any long-term product line decisions.

Testing is the only way you will definitely know whether a product is going to resonate with buyers. Purchase individual units representing different styles, colors and brands to see how your customers vote with their wallets. You might also consider taking requests to see what product versions you might be overlooking. Once you've tracked your test results, then expand on what works.

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