My retail shop

With the advent of the internet, ecommerce opportunities are virtually unlimited for creative and hardworking business people. The biggest area of growth is in “niche” products. These product niches, where people specialize in certain product lines are the “buzzword” that everyone is using today. By specializing in a product niche you can compete with larger companies who are generalists. This is satisfying people’s desires to have unique, custom items that are not easily found in the larger, chain type stores.

The good news for e-commerce businesses is that online retail sales are expected to grow from $81 billion in 2005 to $144 billion in 2010, according to a study released by JupiterResearch. There’s really no bad news, but the challenge for online merchants comes from the fact that the bulk of that growth will come from existing buyers rather than new shoppers. And that means your customers are becoming more mature and more demanding when it comes to what they expect from online storefronts.

Online retailers will have to rely more heavily on existing online shoppers to spend more than they have in previous years. That, of course, suggests that e-commerce operations with inefficient order processing and customer satisfaction could be in for some tough times.

A REAL BUSINESS WITH REAL BUSINESS REQUIREMENTS

First things first though! In order to be treated like a real business person, who can set up an account with a wholesale supplier and purchase products you must be a legal business entity! Repeat after me: In order to be…. I think you get the picture here. The reason I am saying this is because many people don’t realize the legal requirements of being in business.

You must work directly with REAL wholesale suppliers to be truly successful in ecommerce. The only way you can work with real wholesale suppliers is if you are a LEGAL business!

AND, THE SURVEY SAYS: The #1 questions that people who are starting a new business have are:

• What to sell?

• Where can I find products to sell?

There are multiple methods of sourcing products to sell in your business. They range from:

• items around your house that you are looking to get rid of

• garage sales

• flea markets

• closeout sales

• storage unit auctions

• local merchants

• estate auctions

• Online auctions at places like eBay.

It all depends on what your business goals are!

If you are looking to have a part-time business, the above product sources may be fine for you. Just remember that one of the most valuable assets in your business is your time.

Many of the methods listed above will take a lot of time for sourcing products and you most likely won’t be able to develop a consistent source this way. If you are looking to create a full-time business you need to find genuine, wholesale suppliers for your product sourcing needs. Through my research and personal experiences (I use the services of each of these companies) there are three outstanding companies available to help one with your online Niche Business.

They are:

* Nichebot.com - finds exactly what people search for across ALL the major keyword services

* WhatDoISell.com - the best online source of information on how to build your business on eBay.

* Worldwidebrands.com - Drop Ship and Wholesale Product Suppliers of Millions Wholesale Products from the Internet’s ONLY 100% Genuine source of Drop Ship Information

Remember, the biggest area predicted for online business growth is going to be in Niche products. For more information on a complete ecommerce solution package please see our niche focused website – Original New England

I hope this article is helpful to you and wish you the best of luck in your business endeavors.

Tags: Niche, Product, Sourcing, Wholesale

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