A high-margin product is a panacea for online retailers. These are high-profit products that don’t cost much to store and secure. No online business wants to stay stagnant with inflation on the rise across the globe. To stay afloat in these rough times, profit overhead is crucial.
This article will help you identify and avail yourself of the most profitable products to sell online and make some suggestions on where to sell them. Small stores with homemade or limited inventories will find Wix a good fit. BigCommerce and Shopify are great if you want to start an online store with a vast and complicated inventory.
You could sell through Etsy, Amazon, and other third-party apps, but you won’t get to keep all of your profit, which isn’t ideal. It’s the profit that keeps online businesses afloat. The most profitable products for online sales include beauty products, sunglasses, jewelry, toys, pet products, watches, home office equipment, fitness equipment, and other luxuries. Let’s dive in.
Beauty products
Beauty products such as perfume, makeup, nail supplies, and skincare products are some of the highest-margin products on the market. There is a huge number of manufacturers and suppliers, so you can get them for cheap wholesale. The items are usually easy to market and display.
You can opt for a niche within the beauty industry, such as bioproducts, skin, hair, etc. This can help you stand out. These products are not seasonal, and online sales reached $26 billion last year. It’s no accident Kylie Jenner got so rich.
Sunglasses
It might be winter here, but the sun is always shining somewhere. There will always be demand for a stylish pair, whether from people planning a vacation in a sunny destination or living in a sunny climate zone. Consider dropshipping to eliminate the hassle of shipping and storage.
Watches
With so many options on the market, watches are a very profitable product. There are outdoor watches, designer watches, smartwatches, and more subcategories to explore. Watches have become a fashion accessory on which seasonality has little impact.
Jewelry
Jewelry is one of the highest-margin items. If you find a good supplier, you can achieve a 100% markup. Interest in these products is high all year round because there is always a special event or someone to buy jewelry for. An added bonus is that jewelry is easy to store and ship. This keeps overheads down and increases profits.
Fitness equipment
A lot of people set up home gyms during the pandemic and realized they’d rather work out from home. There are many online suppliers already, but it’s not always easy to source the stock available. This gives you a niche to fill. You can be appealing despite marking your products up considerably. When selecting the products to supply, look at what sells out quickly on competitors’ sites.
Pet supplies
Statistics show pet care products have a markup of approximately 60%. Pet owners the world over buy toys, bowls, crates, and everything else to keep their fur babies happy. This is another product not impacted by seasonality.
Toys
With special events throughout the year, kids’ toys are always in demand. There is a peak around Christmas, but you can build a sustainable business if you source the best products.
Competition in this market is quite substantial. Parents need a reason to choose you, so make sure your products fulfill the highest quality requirements.
Phone Accessories
There are many opportunities to sell accessories, with producers releasing new smartphone models every month. These include cases, trackers, earphones, cleaning supplies, etc. Shipping and storage are easy and affordable because smartphone accessories tend to be small.
Photo credit: The feature image has been done by Dmytro Flisak.
