• August 15, 2020
FAST-SELLING PRODUCTS AND HOW TO SOURCE FOR SUPPLIERS
Kel Robinson

One of the common causes of concern amongst Nigerian entrepreneurs is deciding what to sell. Even with much access to information, entrepreneurs still find it hard to decide. Although finding a profitable, fast-selling business might prove challenging, it is possible. It is one thing to decide on what to sell and in fact, another thing to select products that leaves the shelves in no time. This translates into consistent cash flow. And you know what that means for any business right? This article will help you identify fast-selling products and how to source for suppliers that will improve your business efforts.

Fast-selling Products you can Invest in as an Entrepreneur

Not all products have an equal rate of demand. To run a successful business, you need to invest only in goods with high demand. Here is a list of products you should consider:

  • Electronic Gadgets

In homes, schools, and offices, electronic gadgets are most wanted. Electronic Gadgets of high caliber and quality are what people seek. To invest in this line of business, you need to sell satisfactory products. Here, entrepreneurs can sell televisions, ovens, washing machines, air conditioners, printers, etc.

  • The Fashion Line

With an increasing interest in fashion trends, this is a good business for entrepreneurs. The fashion line requires design, manufacture, production, and marketing of clothes. For the marketing process to be complete, ads and brand promotion are vital. Two popular ways of doing this are:

Fashion magazines and Fashion shows {Runways and Red carpets}

You can run a niche-specific fashion line. That means you can design clothes aimed at a group of individuals. You can choose to specialize in the sales of jewelry, bags, belts, etc. When starting your fashion business, do well to sell clothes of popular brands. Such brands include Gucci, Prada, Zara, Versace, and so on.

  • Cosmetics

Here is another line that captures people’s interest. Entrepreneurs who chose the cosmetics sector are not mistaken. Makeup now comes with anti-aging, spa, and aromatherapy features. People use cosmetics daily, and as such, it is a highly demanded commodity. You can start your brand and market it if you have the skills, means, and are interested. Among fast-selling cosmetics are perfume, toiletries, skincare, and hair-removal creams.

  • Fitness and Health Products

Every individual wants a healthy life and is willing to pay to attain it. With the internet, taking care of one’s health has become quite easy. Health and fitness products might include supplements, weight-loss products, and pain relievers. As an entrepreneur in the health and fitness sector, you can manufacture, brand, and market your products. Although, products you market need to be registered and must meet the needs of the masses.

  • Hair Extensions and Wigs

Both offline and online, wigs, and hair extensions are high in demand. Several women love a new hairdo at least every two weeks but do not want a stylist. All they have to do is place an order for the style of hair they want. Men who retail or make purchases as a gift also demand wigs. Wigs can come in weaves or human and synthetic hair. You can focus on selling hair accessories like shampoos, lotions, relaxers, etc.

  • Baby Accessories

Baby essentials are always high on demand. Expecting mothers, their relatives, or those already with children desire to care for their children. All children need clothing, food, education, shelter, and other factors contributing to their well-being. At each stage of a child’s life, parents have some needs to meet.

As an entrepreneur, you can invest in children’s clothes, food, educational books, toys, e.t.c. With proper marketing, you can get a successful business out of this line.

  • Groceries and Food Items

Food is essential to human development and better health. The high demand for this commodity reveals that “food sells”. Considering the stress of going to the local stores to shop, some persons decide to purchase food online. Their resolve creates job opportunities for entrepreneurs who package and supply ready-to-eat meals. Grocery shopping is now possible online. Therefore, entrepreneurs can either be in business to supply cooked food or sell raw groceries.

As a highly sensitive niche, you need to ensure proper hygiene. Moreso, you must provide quick-delivery services.

  • Phones and Accessories

With several brands emerging, the phone line has become highly competitive. Highly competitive in no way suggest a shortage of profits. The phone and accessory business is undoubtedly highly profitable. You can offer repair services or sell phones. Of late, phones have become a way of connecting online and making money. As a result, it is high on demand. Several people are dependent on phones to the extent of not being able to do without one. You can sell phones, screen guards, power banks, headphones, etc.

  • Computers and Accessories

Like phones, computers play a role in connecting people. Just like phones, this line of business is no different. It is highly competitive and profitable. Entrepreneurs can focus on computer repairs, installation of computer software, or just sell hardware. Whatever choice you make, the business would yield profit. Some fast-selling computer accessories include monitors, laptops, hard drives, USB drives, etc.

  • Furniture and Home Decor

Everyone desires a well-decorated and fashionable home. Furniture and decorations in a home give it a personal and homey feel. With new buildings popping up each week, there is always a need for furniture. Offices and schools also need decorations. These decorations give them a business or educational look.

Furniture and decorations are highly profitable investments. You might own an e-store and deliver on-demand. However, if you can find a manufacturer willing to share his warehouse, you can supply them from there. All you need for this is to make your presence known online for easy accessibility.

How to source for suppliers of fast-selling Products

Having the right product is not all that matters. With the right product, you need the right supplier. Here is an outline of sites where you can source suppliers for your business.

  1. Orbelo
  2. ThomasNetwork
  3. SaleHoo
  4. Alibaba, etc.

 

Check out our article on sourcing suppliers for fast-selling products for an in-depth discussion on sourcing suppliers for your business. (Insert hyperlink)

 

Advantages of Investing in Fast-Selling Products

There are other advantages of fast-selling products asides their quick turnover. These advantages include:

High Cumulative Profit

Diversification

Brand Appeal: Selling products of renowned brands makes your customers want to buy from you. They might already have trust in the brand and satisfactory experience.  Brands like these have their products off your shelf faster.

Cross Merchandising Opportunities: The business of an entrepreneur thrives when customers buy several items at a go. With fast selling products, you can practice cross-merchandising. Cross Merchandising is the close arrangement of different categories of products to promote sales. For example, in the electronics sector, one could sell a remote-control car and a battery alongside. Cross merchandising allows you to sell your fast selling products even faster.

Disadvantages of fast-selling products

Who would have imagined that fast-selling products have their downsides? After all, everyone dreams of getting their products off the shelf as quickly as possible. Entrepreneurs who deal in fast selling products sometimes encounter problems. Some of these problems include:

  • High competition
  • Perishable items: Non-durable products might incur losses when not sold on time. Examples of such perishable items are ready-to-eat food and some groceries.
  • Inability to supply as demanded (Out of Stock)
  • Difficulty in rural distribution: Delivery of products to the rural areas might prove tedious. It is both expensive and time-consuming.

Final thoughts

Fast selling products are highly profitable. Be careful about what fast selling products you choose to sell. Make sure you have enough prospective customers if you decide to go into the food and grocery industry. For a smooth delivery, you should also consider your distance from customers. Now that you have seen fast-selling products and how to source for suppliers, finding a suitable product to work with should be no hassle.

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