What to Sell and Where to Sell?

It is not enough to open a shop at a prime location. This position of the store does not guarantee you a bigger business volume or profit margin. A good location is just another location unless you can offer the right product at the right price.

Every marketplace has a unique essence, every floor or corner of a super market attract different people to buy different products. And if you do not have any idea about the essence of the floor, you might be losing a lot of business or opportunities.

All these are true because people often make up their mind on what they want to buy before they visit a market. Sometimes they are sure about the brand and sometimes they just know about what they want to buy. To add to this, the regular buyers know what they can expect in a certain market and which market offers the best product at the best price under that category. If they do not have any previous experience, they normally depend on peer review.

I am saying these because people often start a shop just because they think the market do not offer a specific product and if they can start a shop to sell that, he or she will do great business. There is nothing wrong in this understanding and sometimes these calculations work. However, we often see that a lot of shops are closed for placing the wrong product at the wrong market and at the wrong time.

There may be two situations:

1.You have a shop but do not know what to sell: This is a very common situation in different parts of the country. Most of the people from this group often go for a product that would offer them better profit margin. However, they often forget to understand if the prospective consumers of the place or market have any need for such a product! To the most, some shop owners visit different stores in the market to locate a unique product that is not sold there. The problem with this method is that you are only assuming that there can be a market for the product and it can be wrong. On the contrary, if you find out a product that people really look for in the market, can be a good option. If necessary, you can select a few complimentary products and do a survey on the running consumers to find out the best product to sell.

2. You have a product but you do not know where to sell: This is another common situation. People often come across an idea or some wholesale products that they can sell depending on their expertise or connections. However, they often do not know which the best spot or market to sell the product is! It is very important to open the store at the right place as it would not only give you many prospective consumers, it will also save a lot of advertisement budget. Without proper product positioning, you cannot expect good enough business volume.

So, what is your situation? It is always better to do some background research before you open up a store.