With a strong 16% growth in 2010, there’s no doubt that ecommerce is thriving.
But with that growth comes more competition.
2010 saw an influx of new online sellers entering the ecommerce landscape.
Big box retailers, local mom-and-pop shops and new online start-ups coming online, each with their own line of products to sell.
With more sellers competing for the wallets of online customers, what you sell in your online store has become more important than ever.
Millions of Products to Sell
The good news is there are millions of products to sell.
With new products coming into the marketplace everyday.
Online success is simply a matter of carving out your own profitable niche on the web.
And while you might think the ecommerce marketplace is becoming saturated with products, studies show that ecommerce sales currently only represent about 7% of all retail sales in the U.S. alone.
Leaving plenty of room for growth for online merchants who want a piece of the current $156 billion pie.
What Will You Sell This Year?
Whether you’re new to ecommerce or you’re an existing merchant… evaluating, refining and defining your 2011 product line is key to success in 2011.
- What products will you carry that will be in demand with your customer base?
- Which products did well in 2010?
- Which didn’t sell and need to be discontinued?
- What are your customers asking for? What are the trends in your niche?
These are all questions that must be taken much more seriously in 2011 and constantly asked.
Increased Opportunity Brings Increased Competition
With increased opportunity comes increased profits. And anytime there’s money to be made, there will be more competition.
Don’t let this scare you off!
The ecommerce promise is huge. With a global customer base, there’s room for everyone to participate.
But “ho-hum” and “ok” won’t sell – especially if you’re in a market where someone else has the “mediocre middle’ cornered.
Start thinking today about what you’re going to sell (or not sell) next year.
Your product line is the engine of your business.
Your customers fuel that engine.
Put the two together and you have a vehicle that will take your business where ever you want to go!
Interested in selling some of my homemade items. I tried to send an email, but I am not sure it went through. I would like more information on how to go about setting it up.
How do I find out more about getting started?
If your question is where will you sell in 2011, the Department of Commerce just put out a new guide to help you sell globally online. It is available for free at http://www.export.gov/ecommerceguide.
This is great resource, thanks for sharing it!