How to Source Products for Your Online Store
If you want to start your own online store, one core business aspect is the purchase of products.
Below, we’ll take you through the most important steps you need to take in order to start right and grow profitably.
Choosing the right products
First, you’ll need to decide what products you will sell.
It’s essential to have a clear idea of which niche you’ll target and the unique offering for the specific market.
Search for a suitable supplier
Once you have identified the desired niche, you can start looking for product suppliers.
The most common options for sourcing products include direct manufacturers, dropshipping suppliers, distributors, and online retailers.
Direct producers manufacture their products and offer them directly to the end consumer.
If you’re looking for specific products, direct manufacturers are the ideal choice, as you’ll be able to buy products from them in bulk, get better prices, and have custom products created specifically for your store.
Those kinds of partners can offer the best prices, but keep in mind that most prefer to work with big clients and companies.
Distributors are buying products in bulk from manufacturers and reselling them to retailers.
This is a good choice if you don’t want to deal with the manufacturing and transporting logistics.
Online retailers, such as Amazon, eBay, and Walmart, can also be used to purchase products.
They offer a wide range of affordable products that can be bought in bulk.
However, it’s good to remember that retailers won’t always offer you the best prices if you’re looking for specific or unique products.
Online retail platforms such as Alibaba and AliExpress offer access to millions of products at competitive prices.
They are particularly useful if you are looking for products from China, where many wholesale manufacturers are based.
Pre-verification of suppliers
The choices around product suppliers require serious consideration.
You must ensure you work with suppliers offering quality products at reasonable prices.
Before placing the first order, check the supplier’s reputation by reading reviews from other customers and doing your own research.
Also, don’t hesitate to ask questions to ensure you understand the ordering and shipping processes well and potential problems.
Having a clear idea of the costs involved in buying products for your online store is also important.
This includes not only the products’ price but also the various associated costs: transport, payment of customs duties, taxes, etc.
When you buy products in bulk, you pay a lower price, but you have to purchase large quantities.
This can be a good investment if you can sell sufficient products fast enough and in a large enough number in your online store.