Product Sourcing Strategies For The New Year 5 Ways To Boost Your Ebiz

Product Sourcing Strategies For The New Year 5 Ways To Boost Your Ebiz



There’s no better time than the​ New Year to​ re-evaluate your product sourcing strategy. You can’t look at​ your product sourcing in​ 2018 the​ same way that you did in​ 2018. Consumer trends cycle and​ change—you need to​ understand what buyers want NOW. According to​ seasoned trend-spotter Lisa Suttora, of​ http://WhatDoISell.com, there are five specific strategies you should be incorporating to​ see your eBiz succeed in​ the​ coming year:

•Niche Down
The first strategy is​ to​ source vertically, or​ focus in​ on your niche. Explains Suttora, “Online shoppers want depth of​ inventory and​ a​ selection they can’t find down the​ street or​ at​ Wal-Mart. Last year, the​ small online sellers who concentrated on their specialty and​ became the​ go-to place for​ their specific sub-niche, far out-sold the​ larger, more generic online stores.”

Rather than carry a​ few selections of​ many various types of​ lamps, try drilling down and​ getting specific with your offerings, such as​ kerosene lamps for​ power outages or​ natural lighting lamps for​ home offices. This allows you to​ leverage your inventory capital and​ marketing efforts. You can focus your product sourcing efforts, rather than investing in​ different product categories or​ attending trade shows for​ multiple industries.

•Don’t Limit Yourself
Use multiple supplier channels. Even though you’re purchasing in​ a​ narrow niche, you don’t want to​ limit yourself to​ only using one supplier, or​ one type of​ supplier. Various product sourcing methods bring different strengths to​ your business and​ provide you with different opportunities. Drop shipping is​ a​ great way to​ test out new products, while liquidation and​ overstocks provide excellent loss leaders and​ add variety to​ your lineup. Using different channels gives you a​ well-rounded supplier list, and​ the​ most diverse product line possible.

•Think Locally
Regional Sourcing can give you a​ unique position in​ the​ market and​ eliminate a​ lot of​ competition. Look for​ products that are exclusive to​ your region, but that people from around the​ country might be interested in. While you don’t need to​ build your entire product line around regional sourcing, you can supplement your existing line with products that buyers in​ other areas don’t have access to. for​ example, if​ you sell decorative lamps, you might look for​ local artisans that make uncommon lamps. Unique products that have a​ story often go for​ a​ much higher price online.

•Share the​ Knowledge
Bundle information with products. Customers are reporting that they want more than just a​ product—they want to​ know how to​ use it. So create a​ tip sheet or​ small eBook, or​ find someone from a​ site like http://elance.com or​ http://craigslist.com to​ create one for​ you. for​ instance, if​ you sell special garden tools, you might buy some little books on Japanese gardening tools that people don’t know how to​ use. You could then sell your tools with the​ book telling customers step-by-step how to​ use them. By constructing a​ One-Stop Shopping experience for​ your customers, you’re adding value to​ your product and​ eliminating your customers’ ability to​ comparison shop.

•Be Proactive
Act on your knowledge. it​ doesn’t do any good to​ assimilate great suggestions and​ ideas on sourcing products more effectively, if​ you don’t actually implement the​ tips and​ information you learn.

Product sourcing is​ an​ ongoing effort. Encourages Suttora, “Don’t just think about it—take action. Put these things into play and​ get outside that box. You will be amazed at​ the​ kind of​ business you’re going to​ be able to​ build this year.”




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