Not knowing the right products to sell can cause you not to make profits from your store and can also make you waste your time in carrying out your business.
In this post, I’m going to show you how to excel in the trading sector; this include knowing what to sell and knowing what to do.
Few years ago, when I started trading goods in a small scale, I made a lot of mistakes choosing what to sell and how to sell. This made me run at loss and I had to stop my before I reopened it again after a year.
Before reopening my store, I made sure I did extensive research to make sure I don’t make mistakes again.
I visited blogs, bought courses and followed a lot of successful people who are into trading to know how they do things and I must say I improved drastically after taking that decision.
In this post, I’m going to compile what I did that led to the success of my stores.
Mind you, I now operate three successful stores and I am recording progress on each of them.
In this post, I am going to give you the niches I got involved with and also the niches of my friends which made our earnings skyrocket.
What Is A Niche
A niche is a particular product in which you are selling in your store.
Niches are in different categories which includes; electronics, mobile devices, home accessories and others.
In selling products, your niche can play a role in your success as there are niches that are very profitable and there are niches that don’t pay very well.
The good thing about selling is that there are millions of items you can sell which means that there is always something to sell. The other reason is that sellers in this sector can’t be overcrowded as there are millions of people who are willing to buy products hence there is always an audience you can sell to.
I always advise my mentees to niche-down while opening a store this is because it gives you the chance of understanding the market and your buyers, you can choose to expand your store after you’ve recorded success on the narrow niche you are currently doing.
How To Find A Good Niche For Your Store
Before I go into a niche, I make sure I make research on the niche which involves knowing if the products are in high demand, understanding the market and also knowing who my competitors are.
I usually use some tools to do that, some are premium while some are free.
In this guide, I am going to make sure that every tools you’ll need are free.
Use Google Trends To See The Demand Of Products
Before going into a niche, the first thing I use is to know the rate at which people make demands for the products.
I use a tool called Google Trends for this. Google Trends is a free tool owned by Google use to see the Trends of a particular keyword on Google.
In essence, you can use this tool to know if people are interested in a particular product.
For instance, if you want to go into the mobile phone selling niche.
- Visit Google Trends.
- Input a keyword for instance “Infinix smart 5”.
- Filter my search to Nigeria only.
You should also filter the search for the tool to show you the search trend for “android phone” for the last 60 days.
A graph will be shown showing you the trend graph of that keyword.
You can now use the data of the Google Trends to know if that niche is profitable or not.
Narrow Down Product Category
Like I earlier said, you should try to narrow down the category because becoming a jack of all trades as a beginner isn’t advisable.
I used “android phone” as a case study above, the android phone industry is very populated at you may end up not getting sales if you sell phones of every brand.
Why not niche down to selling only mobile devices belonging to a particular brand? this will make you easily get loyal customers. You can expand to other brands after mastering the niche.
Get product sales data in JungleScout
JungleScout is also a superb tool I use when trying to find a profitable niche for my store.
JungleSCOUT just like its name implies, helps you to scout for your competitors, suppliers and manufacturers.
This tool will reduce the workload of trying to get suppliers and it will also give you a better understanding of the niche you are going into.
Lucrative Products To Sell
There are are a lot of products that are a ‘NO’ for me because those products hardly sell and even if they sell you may end up not getting profits.
This is the reason why I compiled this list to make sure you don’t go into the wrong niche.
Mobile Phones And And Mobile Accessories
One of the product I recommend is the mobile phone niche.
It is no news that millions of Nigerians purchase phones monthly, the phone industry is booming industry and you cannot run of out customers if you carry out your advertisement the right way.
I know a lot of business moguls who have excelled by just carving a niche in the phone industry.
You can choose to sell Apple phones or Samsung phones and you’d see that the number of sells would surprise you.
You can also sell mobile accessories like airpods, earphones, chargers, phone screens and a lot more. People always want to repair their phone or do some minor changes so selling in this niche is easy.
Laptops And Gadgets
Just like the mobile phones, laptops are also in high demand.
Almost everybody wants a laptops; bankers need laptops, students, parent and schools.
With the rate at which desktops are going into extension as everybody wants a device they could go out and travel with, the laptop has proven that it can carry out the task hence the demand.
You can also add laptop to the store by selling other gadgets like USB, modems, laptop bag, laptop desks, laptop charger, game console and others.
Shoes
I am in this particular niche and I must say it is a very good niche.
I’m a fan of beautiful shoes and I am sure there are millions of people out there who loves shoes just like me.
One good thing about shoes is like they are easy to import from Dubai.
A shoe of N20,000 in Nigeria can be gotten for N5,000 in Dubai, you can see the profit margin is high.
The demand for shoe is also high as I usually run out of stock one month after fully restocking my store.
You can choose to niche down to selling only sneakers as they are in demand and has a low competition.
Hair Extensions
Females can go to any length in making sure they have a quality hair.
The number of females in Nigeria is much and a average woman wants to wear a good hair.
The demand for hair products is very high and there is always someone who wants to buy from you. You can add to your store by selling hair treatment products.
Jewelry
This is a very good niche because you stand a chance of getting returning clients as most of your customers would like to come back to you if you sell good and quality jewelries.
You can become the personal jeweler to a lot of people which means there will always be people ready to buy from you.
I love wearing good wristwatches and I spend a lot in making sure I get the best, there are others like me and I must say that even though you narrow down to sell only wristwatches, you’ll still make a good number of sales.
Home Gadgets And Accessories
Selling of home gadgets is also a good niche although the people buying these stuff from stores are not much compared to other niches.
The home accessories niche is a very broad niche as you can sell electronics like television, lightening appliances, pressing iron, sound system and furnitures like dinning table, chairs and others.
Fashion
Fashion is another brilliant niche. Everybody loves looking good and people are ready to spend a couple of bucks to make sure that they look presentable. Clothes are in high demand and the number of suppliers are quite low, you can easily get customers in this niche especially if you are selling to a particular type of audience.
In the fashion niche, you can choose to narrow down to selling only children’s fashion apparels, men’s clothing or women’s clothing.
Conclusion
Those are the niches and strategies I recommend that you use in your business.
Building a webbsite would do good to you but if you don’t have the money to maintain a website, you can sell on Jumia marketplace.
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