It’s easier to convert sales when your product is useful and in high demand. But what if everyone was selling the same product? What are you going to sell next?
This is a common sight in saturated online platforms. Competition is fierce, and 95% percent of product launches fail.[ * ]
But don’t let this discourage you.
In this article, we’ll talk about how to find the right products, look for value-added products and attract more customers to your online store.
Commodity products represent things that everyone
Needs and are often purchased in large quantities. Examples are technology, fashion, kitchen equipment, office supplies, beauty products, etc. The advantage of commoditized products is that consumers already know them.
Also, there is no need to educate consumers about product benefits and features. Also, it doesn’t rely on trends and hype database because there is already an established and consistent demand for it.
But the problem with selling commodity products is the competition, plus the wide choice of customers.
One way to fight the material is to engage in a price war . The good thing is, in e-commerce, especially in a business-to-business setting, there are other ways to differentiate your product from others.
How to sell commodity products
Improve customer experience
Having a presence across multiple online channels is one way to enhance the customer experience. Reachable and present. Respond quickly to questions and offer a personal touch by attaching a thank you card or by adding free items.
Another trend that you can take advantage of is Augmented Reality (AR) technology. Companies like Converse, Kate Spade and IKEA are using AR. This will help drive purchasing decisions by allowing consumers to try products virtually.
Increase engagement with customers
First, online purchases lack face-to-face interactions. However, this can be alleviated by live streaming, live Q&A, and by producing informative and entertaining video content.
Live Streaming is already a massive USA CEO shopping industry in Southeast Asia and China. This was manifested at the 2020 annual Sing-Day global shopping festival Taobao where live streaming accounted for $6 billion in sales.
You can also make better use of social media and use digital tools to provide real-time engagement with customers.