MAKE A LIFESTYLE OUT OF ONLINE RETAIL

Have gotten several mails asking how you can earn more, make extra money for a lot of other things, I’ll say “Online Retail”, yes online retail! Making not just enough money but also a lifestyle out of it.

This is my proposition and if you know you interested in making more money, read on. The Online retail industry as increased drastically over the years, recording billions of dollars made, but you know the funny thing, there is room enough for ever one to fly. Then most people asks, “What niche/product do I want to sell?”, “Oh! I would really love to sell baby cloths”, all these are excellent replies and really show the fact that there is either passion or urge to start but these isn’t the next thing to think of when taking about online retail.

This next step would be “Market Analysis” and what would this be? It is the detail analysis of where you want to sell, what kind of customers you can actively reach. Most online retailers neglect this point not knowing the result of these analysis would be the one to answer that question, “What niche/product do I want to sell?”

Let me give an example, Emily, a student of Harvard looking to earn extra money for her tuition wishes to start an online retail store, she has around 500 BBM contacts with over 80% being friends from the same school and 20% being her friends from home all around the age range of 18-25. Emily also has around 200 whatsapp contacts ranging from her girlfriends, guy friends, classmates and all. But Emily is really interested in starting an online retail store for baby cloths and baby accessories just because she loves it. It’s not bad at all for you to love something but think of it, Emily would be able to reach over 700 people actively which by research would definitely reach other people actively. But would baby clothes be the best niche for her, considering the age range of her potential customers? This is simply what market analysis does for you.

{Note: Your market might not necessarily be people around you but it’s quite important to analyze people you can actively reach and know what they would be interested in before choosing a product or niche}

After Market Analysis you then have to “Choose your niche”. After carefully analyzing, you would be left out with varieties of option for products to choose from, depending on what result you get from your market analysis.

Below is a list of products/niches you can venture into as an online retailer:

  • Fashion
  • Mobile Phones and mobile accessories
  • Electronics
  • Computer and computer accessories
  • Baby clothes and baby accessories
  • Kids clothing and accessories
  • Women’s jewelries
  • Home and Furniture
  • Kitchen Utensils and appliances
  • Food Order and delivery
  • Office supplies
  • And so much more

If now you have analyzed your market and chosen a niche that would best fit your potential customers, the next would be “How to Start your Online retail store” which I would discuss with every detail you’ll deem it necessary in my next post or the one after. Make sure you stay updated; our feed being opened for subscriptions.

Feel free to post your comment, for personal questions you send me a mail: damiemmanuelofficial@gmail.com

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DAMI EMMANUEL

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