With perfect timing, there’s no doubt that you can rack up millions from the latest product fads. For instance, from 2016 to 2017, the hot item, the fidget spinner, helped two of my customers earn big money. But as time passed, fidget spinners are less and less popular, which bewildered these two customers. Now they are faced with problems deciding what new products to sell.
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In addition, if your products are seasonal, it means that you need to sell them quickly in the right season. Otherwise, when the season passes, you have to drastically lower prices to get sales and avoid long-term storage fees. But in fact, it is quite possible they won’t be all sold in time.
So, to develop a long-term business, we do not suggest this kind of speculative behavior. The timing of taking advantage of product fads is critical. Being too early or too late can make a huge difference. But for most of you, it can be difficult to identify the perfect timing. Therefore, focusing on products that would sustain a long-term business would be a wiser choice.
You may always be attracted to low-value products because you think the cost of purchasing is low. But they are often together with fierce competition, low added value, and thin margins.
For a low-value product, the potential to increase its value is little. For example, the selling price of a cheap bottle opener will not significantly increase even if you put it in fancy packaging.
Besides, low-value products made in China only seem cheap initially, because the international shipping cost has not yet been taken into account. Even though it is a low-value item, the shipping fee is still the same high. Once you subtract product cost and shipping cost from your sales, there won’t be much profit left for you.
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One of my customers once sold disposable food containers on Amazon. It seemed like a good business because the product price from China is just $ 0.75/piece. But there were already too many sellers selling the same product on Amazon. As a result, many of the food containers are still lying in his warehouse until now. So, after doing a careful check, if there are already plenty of players on the field, please stop to think about whether this business is suitable for you.
When talking about a good product imported from China, market demand is one of the main factors to be considered. Highly consumed products meet the criteria without a doubt.
Our customers once inquired about the A4 printing paper. But when they started selling some, they found out that it was not as easy to sell as expected.
Selling highly consumed products is utterly a cut-throat competition. Thousands of players are sharing the cake. The profit is totally transparent. Moreover, they have been in this segment for a long time and already established their own stable sales channels.
For large products, like dressing mirrors, shipping will cost even more than the product itself. Besides, the probability of the product breaking must be considered. If the product is sold on Amazon, there will be extra charges for storage and handling. The same goes if you plan to store it in your own warehouse.
For someone who is just starting out, it’s never good to choose products with less value, but higher shipping costs and taking up larger storage space.