Tips for Choosing the Hottest Products to Import
One of the most challenging parts of becoming an importer is choosing what products to specialize in, particularly if you’re brand new to the industry. Learning the other parts of the import business, such as how to file an ISF or how to get a customs bond is easy compared to determining which import products will turn a profit. While this is never going to be a simple choice, there are ways to make your product choice less of a burden. Here are some tips to help you make your decision.
Find a Niche Early
The earlier you can find a niche that differentiates your company from every other company selling a similar product, the better off you’ll be and the sooner you’ll make a profit. For example, the category of beauty products is so large that you’ll have trouble distinguishing yourself in the crowd of beauty product companies. Instead, focus on importing natural beauty products or those from a specific part of the world.
Be sure to do your research, though, no matter what niche you ultimately select. If there’s no market for beauty products from Bangladesh, for example, you won’t be able to sell the inventory you pay up front for. Also, make sure there’s an ample supply of the products you’re going to import or you might not be able to meet demand if your niche takes off.
Look For Trends, but Avoid Fads
There may seem to be a small differentiation between the word “trend” and “fad,” but if you’re an importer, the difference is actually a gulf. A trend is something that is going to stick around for a long time and is an importer’s best friend. A fad, on the other hand, is something that’s going to come and go extremely quickly and while you might be able to profit off it in the short-term, you’ll probably be stuck with a lot of inventory when it burns out.
Determining what’s a trend and what’s a fad can be tricky, but by reading past and present articles on your niche, you can start to see patterns emerge. Those patterns tend to be trends. But, if something explodes on scene quickly and becomes a must-have item, you might not be able to get enough inventory in time to take advantage of it before it ends, leaving you with a product you can’t sell.
Take Care With Pricing
In general, expensive items are harder to sell, especially online. While their profit margins can be huge, you may not be able to sell enough of them to make importing them worth it. This certainly depends on your business model and your goals, but if you’re looking to move a lot of product quickly, your price point needs to be on point. Keep in mind that while you’re waiting for these big-ticket items to sell, you’ll need a place to store them, and storage fees can really eat into your profits.
Conclusion
As always, make sure the products you choose can be imported legally into the U.S. You don’t want to select a niche only to learn that it’s a niche because it’s banned. Keep these tips in mind and you’ll have a best-selling import in no time!
