Building Your Line-up 5 Product-types Every Seller Should Carry
Below is a MRR and PLR article in category Internet Business -> subcategory Web Hosting.
Building Your Line-up: 5 Essential Product Types Every Seller Should Have
Summary
Many e-tailers focus on selling individual products, but this approach can limit long-term success. As Lisa Suttora from WhatDoISell.com advises, building a product line encourages repeat business by offering customers reasons to return.
The Importance of Purposeful Products
When choosing inventory, consider the role each product plays in your store. Here are five product categories that can strengthen your product lineup:
1. Core Products
These are in high demand among your target market and form the foundation of your business. They offer a solid profit margin and generate a significant portion of your overall revenue.
2. Cross-Selling Products
These are complementary items that enhance the appeal of your main products. For instance, selling tackle boxes with fishing poles or cosmetic bags with cosmetics. While profit margins may vary, they contribute significantly to your overall earnings.
3. Upselling Products
Tapping into the desire for premium options, upselling involves offering customers slightly pricier and enhanced alternatives. While today’s purchase might be budget-friendly, tomorrow your customers might splurge on the best option. Always provide choices to cater to varied consumer preferences.
4. Rounding Out Products
These items complete your product selection, enhancing the shopping experience. If you sell sewing machines and silk fabric, also offer threads and needles. While these may not yield high profits, they boost customer satisfaction by providing convenience.
5. Loss Leaders
These are products sold at break-even prices to attract customers. Once they’re in your store, there’s a good chance they’ll explore further and purchase additional items, increasing overall sales.
Creating a Cohesive Product Strategy
Every product in your lineup serves a purpose, fitting together like pieces of a puzzle. When deciding what to sell, consider how each item fits into your overall strategy and what role it plays. A well-rounded selection not only attracts buyers but also encourages repeat business.
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