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What are the things I need to consider before selling my products online?

What are the things I need to consider before selling my products online? Source: Kampus Production from Pexels

With the countless sellers and products online, how do you make sure what you're selling gets noticed? Financial expert Jerry O'Brien gives his tips on #MayPERAan.

'May PERAan' is SBS Filipino's podcast series which features financial experts seeking to answer the most common questions about money and finances.

 
"A lot of people lost work because of the pandemic; but the silver lining is this allowed them time to focus on other things they want to do. Some of them even monetised their passions."

Financial expert Jerry O'Brien shares that there are certain things that you should consider if you want to monetise your passions.

 

Listen to the podcast

Ano ang kailangan kong malaman bago ako magbenta online?
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Highlights

  • Research on other online sellers offering the same items you are.
  • Develop marketing strategies.
  • Explore vlogging.

Conduct a feasibility study.

Jerry shares that it's important to research on your competition, the products they sell and their price point.

"Your competition may be in the industry for quite sometime and he could have invested in machines or developed methods to make production quicker. His profit margin may be bigger than yours because his cost to make the product is low.

"For example, you may be able to produce two or three items a day, but he is able to produce 20-50. You'll need to sell at a higher price to make the endeavour worth your while."

Develop marketing strategies to get noticed online.

Research on the needs of your target market. Do potential buyers need to experience your product in person? Do you need to join markets before venturing online?

"If you can you do online selling right away, yo can tap into influencers who have a lot of followers? You can send influencers free items in the hopes that they will promote your products.

"Live streaming can also be useful as it educates and helps promote your products. You can do a raffle before and after so they stay throughout the whole online event."

Explore vlogging. 

"If it's appropriate for your items, you can start a YouTube channel. This is another form of monetisation because you can potentially earn from YouTube if you get a lot of views.

"You can also utilise Instagram and TikTok." 

Disclaimer: This article is for general information only. For specific financial advice, you should consider seeking independent legal, financial, taxation or other advice to check how the information here relates to your unique circumstances.

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