Being a retailer is the reality of more than 5 million companies in Europe, representing 11,5% of the total supply chain companies in Europe. A retailer is a company that will buy smaller quantities from bigger manufacturers or distributors to brand and sell directly to consumers. These companies can be online or offline, meaning they can sell their products to their customers in a physical brick-and-mortar store or through a website on the internet. Online retailers will receive the product from the manufacturer and will sell them online directly to their consumers, being responsible for delivery and quality control.
Finding a product to sell online
1. Take inspiration from others and use benchmarking in your favor
Someone has probably done something similar. If not the same product, then the same market, the same audience, or the same competitors. Take their experiences as a lesson, and learn from their mistakes, so you don’t need to make yours at your own cost. There is nothing with taking advantage of benchmarking and learning from someone else’s mistake.
Not only can you use it as a form of inspiration for your business and as a form of having ideas for your business, but it’s also great to measure your success and monitor your results.
2. Understand your target audience
Understanding the market you are entering, and your audience is an essential step to keep in mind when starting a new product line. Understanding your consumer and their necessities is crucial for the success of your product and should not be overlooked.
Not everyone will like and buy your product, and that’s okay! To try to please every single person in the market is to set yourself to fail. In order to be successful, it’s important to set your priorities straight and understand who’s necessities your product is attending to and who is not being benefited by it. In other words, find your target audience, the people who actually need your business, and pay attention to their needs. It’s important for your brand to really understand its behavior.
Making a good impression will most likely unfold in a relationship-building trust between your client and your brand. Here, social appearance is a key way to connect and create resonance with your audience, reinforcing trust in the relationship.
3. Be aware of trends
If you don’t know yet what you should produce and what private label product line you should start your business in, it can help you to get on the internet and check out what people like. What’s the “next big thing” and when are people going to realize they need it? If you are good at trending forecasting, you can predict what people are going to need in the near future and make it available for them before any other big company takes the chance.
To be good in trend forecasting, it’s important not only to be updated with the news and put yourself out there to study your industry but also to understand your audience, as well as their wants and needs.
4. Have profit margins in mind
Of course, it is great to produce a product you’re passionate about or start a company doing something you love, but you cannot forget to include the profit in this equation. Some things are simply not profitable or have a very high entry barrier that will make your life harder in the long run while not giving you much profit in return.
Profit is important not only for you and your well-being but for the company’s future. A company that doesn’t care about its profits will not last much longer in competitive and saturated markets. When thinking about which product you want to produce, observe your competitors and analyze if they are making the desired profit, or if they are not, if you could change the game and transform this product into a profitable business.
5. Do your research about the product you’re launching
There is nothing harder than launching a product you know nothing about and want to be successful. You need to understand the product you’re launching and who you’re launching it to in order to optimize the product and satisfy the industry you’re in.
Still don’t know what to produce? Wonnda will do the hard work for you. Create a request and get started for free!
Are you interested in producing your private label products in Europe but don’t know how to get your production up and running? Whether you’re an aspiring startup entrepreneur with an innovative product idea or an existing retailer looking to diversify your assortment with your products, launching your brand through a private label or contract manufacturing could be just the step you need to take your business to the next level.
Here at wonnda, we work with top European producers for private labeling and contract manufacturing. The first step in getting your product to market is probably the most crucial – finding the right production partner for your project. The great advantage of wonnda.com is that you can let us do the heavy lifting. Just tell us quickly about your project or product idea. We will then approach the most suitable producers for your project and connect you with them. Sounds interesting? Then fill out the form!