How to Find a Profitable Product for Online Selling ?

What to sell on online market place: – This is one of the most imperative factors in creating a successful e-Commerce business to know for a seller and the person who has desire to sell their products on ecommerce platform, because analyzing the ideal products to sell is the most important step in creating a profitable and growing business.

But you don’t worry, ecommerce guru is here to make this process easier with some innovative ideas & suggestion which will help you to choose right product to sell online by few simple steps.

 

  1. Select the Items that are not Gated & Don’t need Category Approval

For selling the items there is a process to categorize the products before listing on market place, where sellers need to take category approval from the panels, but you can also establish your business on the panels by taking the products which is not gated & do not require category approval on most of the panels.

Below are Some Examples:-

  • Mobile Accessories: screen guards, back covers, headphones, data cable, charges, etc.
  • Disposables
  • Ladies Footwear
  • Kids Toys
  • Fashion Jewelry
  • Stationary
  • Goggles
  • Wallets
  • Belts
  • Watches
  • Daily Use: foil paper, napkins, hanky, socks, mufflers, caps, hats

 

  1. Basic Taxation Concept

Before organizing your business you should be more aware of the taxes which you will pay for selling product online, with the correct tax information you can compare the low and high tax products as well.

GST (Goods and Service Tax) Percentage Rate & HSN Code

GST -Whether you’re someone who wants to sell your items online, there are a few artefact that you need to figure out before your next step. You should be aware of the different kinds of taxes which apply in online sales, and ensure that you do not get into trouble because you didn’t know regarding tax which you’re going to pay.

 

Below are some tax rate examples or you can click on the below link to know more information:

https://cleartax.in/s/gst-rates

Tax Rates Product Dairy Product & Vegetables
0% Phool Bhari Jhadoo Milk
0% Books Eggs
0% Unbranded Maida Curd
0% Unbranded Atta Lassi
0% Children’s Drawing & Colouring Books Unpacked Paneer
0% Palmyra Jaggery Besan
0% Salt
0% Fresh Vegetables
5% Coal Spices
5% Fabric Cashew Nuts
5% Footwear (< Rs.500) Tea
5% Apparels (< Rs.1000) Sugar
5% Coir Mats, Matting & Floor Covering  Roasted Coffee Beans
5% Agarbatti Mishti/Mithai (Indian Sweets)

 

HSN – “Harmonized System of Nomenclature” this is a multifunction global product nomenclature expanded by the (WCO) World Customs Organization. It first came into action in 1988.

The primary concept of HSN is to classify goods from all over the World in a systematic and logical manner.

 

What are the tax rates for different product categories?

Here is the complete guide to understand the tax rate in brief, Click on below link:

http://www.cbic.gov.in/resources//htdocs-cbec/gst/goods-rates-booklet-03July2017.pdf

 

You can also click on attached below link to find current and exact GST rate with HSN

https://www.indiafilings.com/find-gst-rate#stq=footwear&stp=1

 

  1. Referral Fee of Online Market Place

Referral fee is the charges which is included each time when you sell a product on the market place or it’s a fee amount which is charged by the panels, basically it is a percentage of the total sales price. The percentage varies based on the product category.

You can also get the referral fee information and understanding of the exact fee which require for any of the product category before selling on line.

As Amazon have the panel to seek the information of the referral fee by its amazon service page.   Click here – AMAZON SERVICES

 

  1. Trending Ecommerce Niche Product

If you already planned that what to sell on panels (Amazon, Flipkart, Shopclues, Paytm, Snapdeal and more), then start searching how equitable your idea is already performing on the market places. Or if you are not sure about selling product, then you can look at new trends to help inspire your decision. Keeping your eye on the marketplace which helps you to recognize the various needs of your product for listing on account.

Here are some resources to begin your research:

  • Product directories
  • Other stores
  • Newspapers & magazines

Product Advised:-

  • Natural beauty products
  • Portable LED projectors
  • Bags
  • Phone accessories
  • Men’s Watches
  • Shoes
  • Kid’s Trending Products

 

  1. Competitive Products and Landscape

There will be similar products on other websites, this means that you need to have a firm understanding of your competition, that way you can stand in between the crowd, by making your product price more competitive and categorize your competitors, for this you need to visit the market places/websites.

 

Target audience: –

Once you have selected reasonable product to sell online, then you need to consider that who you’re selling to, also known as target audience. Having an understanding of your customer needs and requirement can help you to form the price decisions, for this you can plan your marketing strategies and establish your brand and try to figure out the following information about your audience:

  • Price sensitivity
  • Basic demographics
  • Customer motivation
  • Daily Used Product

This will help to increase your business value and revenue eventually.

 

NOTE: – Our motive to provide you the basic information regarding online selling product and all provided information are subjective & could be changed by the time, and depends on the individual software/Application company’s terms and polices.

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