The world of online selling is an extremely competitive place today – and I’d definitely be lying if I told you anything different!
Unfortunately, this competitiveness has put so many prospective sellers off from actually ‘giving it a go’ over the years, fearing that it’s totally impossible to make a living through websites such as eBay and Amazon anymore due to the number of other sellers...
But, I’m here to tell you that this is simply not true! The competition from other sellers has most definitely risen, but look, so has the demand for more and more products in more and more niche markets. So, whilst there might be a higher number of sellers than ever before, there are also a higher number of buyers.
The difficulty with competitiveness on a venue such as eBay comes when you have spent several hours researching a great product and checking out different suppliers to source it at the best possible cost, only to find another seller suddenly jumps in, undercutting you at a price that you can’t possibly afford to match. And I know from experience that not only can this destroy your confidence in your ability to make money selling online, but in a worst case scenario, it can also leave you with a big pile of stock that you’re seriously struggling to sell due to suddenly becoming the most expensive seller within your niche.
If you find yourself in that situation now, or if you’re simply reading this aware that one day this could potentially be a situation that you are likely to encounter, then please let me reassure you that all is not lost.
This type of situation can happen to anyone. And I do mean anyone. You only have to look at supermarket price wars to understand that there will always be competition. It doesn’t matter whether you sell online or offline, or what line of business you are in. It’s the nature of the beast – but can be overcome.
You just have to get creative!
Although many of my online listings over the years have made me great profits even when I’ve been selling the same products as my rivals, I have also managed to carve myself a place in highly competitive niche markets using a simple method which involves creating ‘bundles’ of my products. I’ve found that unique bundles or sets, or kits can really catch the eye of potential buyers, and can help you make a profit from products that you may be struggling to sell individually due to heavy competition.
Here’s an example of a bundled product on the eBay website:
This is a set containing a cycle computer and front and rear lights. The items contained within this bundle could be sold individually but this is a simple idea that together can make you a one stop shop for a selection of products that a buyer might otherwise have to buy from multiple locations with multiple postage fees and more hassle.
You can bundle goods together in any niche market. All you need to do is put yourself in the shoes of your customers and think about what might be useful.
Maybe you could put together a fishing ‘starter pack’ with everything that someone new to the hobby would need, or perhaps some sort of electric toothbrush designed to help whiten teeth could be bundled together with a tooth whitening product. All you need to do is get creative and think about some bundles that could work within your own niche market.
Once you do have an idea for a bundle and have thought of a way to put it together then you will need to do some work on writing a great description highlighting the benefits of buying the complete set from you, and with that in place you could definitely find yourself making more sales - even in a marketplace that is competitive - while benefiting from the other advantages of product bundling:
• The chances are the bundle you’re offering is completely unique, and that means you can charge what you want for it. Granted, you’ll need to pay attention to the prices of similar goods but as the product is technically unique you will have far more freedom to set the price to a value that you’re happy with.
• This freedom to set your price to the value that you want can leave you out of the price wars of your competitors. You might find that other sellers start to copy your idea and add bundles of their own, but it’s unlikely they will put together an exact replica. Even if they do you can always adjust your own bundle to maintain your superiority.
• Have you ever heard of the principle of upselling? This involves selling a customer another related product at the same time as their initial purchase, or persuading them to buy a more expensive model that does a better job. Bundling products together can be a great way to achieve this aim as you won’t need to convince your buyers to go and make another purchase, they’ll just do so right from the outset.
• As a buyer will be able to purchase everything they need from you in one go they may see what you’re offering as far greater value than if they were to try and source each item individually. This could be in the form of a reduction in postage costs, but more than that the convenience could save them the time that shopping around would take, and time today is one of our most treasured commodities!
If you’ve never considered selling bundled packages or sets of goods before then I strongly suggest you take a look at doing so.
Even if you offer a reduced price on the items within your bundles, you could find yourself selling far more - leaving you with a higher profit at the end of the month.
Have you already considered selling bundled packages? Share it to us via comments below!