- What is Mercado Libre?
- How to choose your niches to sell?
- 6 steps use google trends to choose niches
- 4 steps to use social media to choose niches
- 4 tips for looking for legit and reliable wholesale vendors
- How to open an e-store on MercadoLibre?
The world is becoming shrinking as e-commercial technology is dramatically and dynamically evolving, and the resident is enjoying clicking mouses and receiving stuff at home.
Now retails could go multichannel which improves the performance without restraints of neighborhoods and products to thousands of clients.
Extending business to vicinity countries or across the globe is often operated in this age of digitization. It will never ever be surprising news again if you place an order on the websites from China in the location of Mexico you live. By the way, people of Mexico use Mercado Libre more than other shopping websites.
In fact, Mercado Libre is not only for users in Mexico but mainly for the whole areas of Latin America.
What is Mercado Libre?
Mercado Libre is a marketplace as the most famous e-commercial platform in Latin America, which was launched in 1999 and now operates in 19 countries including Mexico, Argentina, Brazil, Colombia, and Chile.
Reference from statista.com, the report says that in July 2020, Mercado Libre surpassed a market capitalization value of 50 billion U.S. dollars.
As of July 6, 2020, the e-commerce platform’s net worth was estimated at almost 51.5 billion dollars, the highest value since the website’s creation in 1999.
This represents an increase of around 62 percent in value compared to the company’s net worth a year earlier.
Mercado Libre is one of Latin America’s most successful startups. The marketplace company-based Buenos Aires, Argentina has been labeled a ‘unicorn’ company.
MercadoLibre is the seventh most visited retail website in the world.
No doubts, it is the most popular and the largest e-commerce website in Latin America with such names as Amazon, B2W Digital, Alibaba, and eBay lagging behind.
If you want to operate cross-border trade and sell products in an efficient way in the LATAM region, the MercadoLibre must be your perfect priority.
It allows the international sellers to feature their products on MercadoLibre, and expose them to the customers based in Latin America.
As a fast-growing region, no matter Mexico or South America, the chances and dreams are pursued by many merchants from other areas and countries.
How to choose your niches to sell?
It is encouraged that you start your own business in modern life. But for every startup, the most annoying trouble is what to sell. To assure it, to gain passions.
However, take it easy! The niches depend on:
- If you have career experiences in a sphere which you know well and even you know the whole information of it, including manufacturers, markets, etc. That means you’ve acquired sufficient knowledge and been capable of controlling everything. Then, please start with this product and it will bring you less risk.
- You really have no ideas about niches.
Most newbies are wondering but wish to start a business. Remember, you are not alone cause success belongs to mankind who are willing to spend time fully studying.
Here are 2 tools for you to make the decisions of what the niches are for selling.
- Google trends.
- Social media trends.
And this article is for the new beginners, therefore, these tools would be introduced in steps and details on the next pages.
6 steps use google trends to choose niches
Google Trends is an outstanding tool to find out trending keywords. Everyone, with a G account, could search how popular a specific term is.
But how to use Google trends to choose niches?
Please check the following steps:
1.sign up for a G account and Log-in into Google
Trends(trends.google.com).Since then, you can search for what people in any place in the world are searching for.
2.Investigate the Term
You can find out about the increase in searches and seasonality at the same time.
Now that you have placed the term, you can customize your analysis. The first thing is to not be afraid of the results. The numbers don’t represent the number of queries, but only the proportion of interest.
As you can see, it’s possible to customize the location. The products may be sold worldwide, or perhaps you only need to know how a specific country behaves.
The first gold hint here is to set the longest possible period. That way, you’ll not only check the yearly seasonality but also how the searches have been increasing.
Also, it’s possible to define if you want to search for a specific category. Besides that, configure if you want a complete Web Search or to look on the News or Images database.
3.Where are the Clients?
Which country or city provides most of the visitors?
Google Trends allows you to check where your prospects live. Customization according to a city, metro, or subregion is possible. The option of your choice depends on the strategy you are trying to build.
Why is it important to know the location?
Well, it matters if your engine has a multilingual function. You can decide which translated content to exhibit on the website. Also, you can customize the needs according to the season of a particular country.
The example shows the states of a single country, but it could be several countries of a continent. Even all the countries in the world. English words usually are how people search for products on the internet. However, knowing the terms in other languages would be a plus to create a good selling strategy.
4.Analyze the Related Data
After checking the geographic information, it’s time to analyze further. The most crucial point is down below. There, you’ll find the topics that are related to it. That’s a good manner of finding out which products could be indicated on the product page.
Next to it, all the queries on the search engine that are related to that one of your interests. You can filter according to the top ones within the period, or those which are increasing in importance.
5.Specific to Google Shopping
This time, we kept the United States for an example on purpose. That way, we can analyze the seasonality of a product. Also, it could work setting to the entire world, but it could generate some complex data.
As expected, the simple example of a jacket shows increasing interest when the season of Winter comes. Using that information, you can customize discounts, sales, and other strategies to attract customers at the right time.
Now you know how to use Google Trends to find products to sell. However, there is one final and small step to take. It will help you to get new ideas, now that you know how to work the ones you already have.
6.Check the Current Trends
Back to the homepage of Google Trends, you can open the left menu and explore its options. One of them is excellent to be a step ahead of the competition.
The Trending Searches is a tool that shows a daily check of what people are talking about.
How the daily news on trending searches will impact your business depends on your products. Also, your strategy will define how fast you can convert the information into products that sell.
That is just another manner to use Google Trends to find products to sell. Checking it once a day for a few minutes is enough. From that, you can get an insight that will reveal itself as a pot of gold. You can read about how to improve your creativity, using general information in your favor.
4 steps to use social media to choose niches
Another way to look for niches is to use social media. With the growth of technology, more people like to show off their different kinds of behaviors on social media, like on Facebook, Instagram, and even Youtube channels.
With the sense of commerce, a businessman shall distinguish the selling parts from the pictures and videos.
For example, a professional fashion jewelry wholesaler Nihaojewelry, they attend to their social media on Facebook, Instagram, Pinterest, youtube and etc,. The users and the following fans could acquire the best-sellers and new trendy ones from its social media.
Now please notice the following and be a that keen man.
1.Sign-up and log-in
It is basic to log into the application or the website. Social media are important to nowadays marketings. Users, buyers, retailers, vendors, passers-by, and governors are on social media to post declarations, news, information, affairs and etc. Personally, it is a kind of privacy gathering platform and people get used to showing off and criticize.
And for businessmen, one of the important functions is to seize the trends of markets.
2. Use Trendy, Relevant Hashtags
Type into the bar with your words and find the hottest hashtags. Using popular hashtags relevant is a great way to trend on Instagram.
These hashtags can help you target the right posts and influencers more effectively as you can show up in relevant hashtag searches.
3.Subscribe to the influencers
An influencer is another excellent way to trend on Instagram. Since influencers have massive and engaged followings, and their involvement could help you gain more information and inspiration for your own business.
They often post pictures or products regularly.
Simply, the main function of an influencer is to post and recommend products to the followers from the retailers.
4 .Influencers’ fans reviews
To check the influencers’ post reviews and feedback, those will remind you of more inspirations. The comment boards are open to most users and passers-by.
4 tips for looking for legit and reliable wholesale vendors
One secret for a profitable business is to own a legit and reliable wholesale vendor with qualified goods and at low prices. Because of the inexpensive goods, you will gain more profits and conduct marketing campaigns and sales.
And the way of buying wholesale goods is to buy goods in bulk which reduces the cost of goods.
For legit and reliable wholesale vendors, 4 tips are below:
1.Use Google searching bar and social media to narrow your vendors.
As Google and social media are introduced to look for niches, they also could be used as tools to look for wholesale vendors.
Type into your keywords in the searching bar on google, and the site will be on display for millions of websites with information.
Lock some vendors and search for them on social media.
To find out their homepages, posts, operating data, and users’ reviews. These are all essential to determine.
2.Use specific wholesale sites to narrow your vendors
The Chinese wholesale marketplace Alibaba is an increasingly popular venue for sellers seeking merchandise.
Another possibility is on eBay through the sales category Wholesale Lots.
Another excellent resource is Worldwide Brands, which maintains a database of wholesale suppliers organized by the type of merchandise they provide.
In the same way, list for your selected and try to investigate them on social media.
3.Find Suppliers By Leveraging The US Customs Database
Any company that imports into the U.S., and any company that exports to the U.S., leaves a paper trail that is accessible to anyone who would like to request the information.
This includes sea shipping containers that carry goods from wholesale suppliers trading in and out of the country. Each one needs to clear customs before it is allowed to cross the border, and is carefully documented in the U.S. customs database during the process.
All of this information is freely available to the public and a supplier database tool allows you to quickly browse the shipments for every company that imports into the United States.
The U.S. Customs and Border Protection website recommends the Journal of Commerce’s PIERS database and the American Association of Exporters and Importers in New York to get the latest information on exporter lists by commodity.
And it is a way for assuring whether a vendor is legit or not.
4.Subscribe to Your Industry’s Trade Publications
Get every magazine or newsletter that targets retailers in your industry. Keep in mind that every advertiser in these types of publications will most likely be a product manufacturer or distributor. You should find a few dozen options from the ads in the back of the magazine. Unlike supplier websites, trade publications usually contain ads with up-to-date contact details and are expecting retailers like you to give them a call.
You can also subscribe to all of the online newsletters, blogs, and other sources of online information. This will ensure that you keep up with industry news, updates, and important things you need to know about your industry and those that are closely related to it. Start a quick Google search by typing “magazines for (your business type or profession)” into your search box.
How to open an e-store on MercadoLibre?
Opening a store in a new marketplace might seem like an intricate task. That is why we have divided the whole process into easy-to-follow steps that will bring you to the MercadoLibre marketplace in no time.
Setting Up a Seller Account on MercadoLibre
The process of creating a new MercadoLibre account is not at all difficult or different from the same procedures by other marketplaces.
- First of all, you need to sign up with MercadoLibre. You can do it by filling out the following registration form on the marketplace MercadoLibre. You will be asked to provide your company information, so you need to have it on hand.
- After you receive a letter with your account registration verification, you need to follow the provided link and log into your newly created account.
- Just to be safe, check that your company information is correct.
Listing First Products
The process of creating a product listing is not different from any other marketplace. You will need to provide the following information:
- Choose the type of product.
- Choose a subcategory for your products.
- Add a title and a subheading for your product, provide a description with the main characteristics mentioned and product images.
- Confirm that you really want to add a new product listing.
How Much Does it Cost to Sell on MercadoLibre?
The listing option is free on Mercado Libre for all sellers. You do not need to pay anything when adding your products. The marketplace charges sellers with a percentage of the product value every time a product is sold.
How to sell on Mercado Libre: Pro Tips
MercadoLibre utilized its own unique principles and mechanisms that helped it to stand out from the crowd. Here are a few things every online seller needs to keep in mind when operating on the marketplace.
- Automatic translation
Multichannel selling is a safe way of attracting new customers, increasing sales, and improving profit margins. If your goal is to reach new markets and sell products in the countries of Latin America, the marketplace of MercadoLibre should be your primary choice.
- Why I need to start a B2B business?
Since the whole world is shifting to eCommerce, having an online store will ensure that you stay in business at all times. Setting up your business online will save you from the extra business costs you may incur if you have a physical store.
- How do I price the products?
Once you buy wholesale goods from your vendor, every coin you pay for the goods including the shipment, the insurance, the tax, or duty, plus your warehouse fees are all shall be covered into the total cost of goods.
While you price the products, generally, add 10-20% profits at the target prices which are enough.
Your final price= cost for wholesale+ shipment+tax/duty/custom+other fees(insurance+in-stock…）+market place+marketing+profits…
But if your marketing strategies are bargains and special discounted sales, you could price at high original prices, then with the bargains and sales tactics, it will be descended at your target prices.
- I really have no good ideas about which industry to start the business in. Is there any recommendation?
Well since this, the recommendation is jewelry and accessories, not the fine and luxurious ones, but the trendy inexpensive ones. The reasons:
- Trends change every season
- Daily looks need
- Daily uses
- Small-size and light-weighted, easy for storage
- Costs of wholesale goods are less lower
- Easy to plan social media tactics
And, some wholesale vendors recommended:
Nihaojewelry: A professional fashion jewelry wholesale vendor in China, 300k+ products, inexpensive.
Chinabrands: dropshipping vendors with professional tools, one-click to get everything on products
RubyImports: a USA jewelry vendor.
Jewelrymax: a top online jewelry store that offers the latest jewelry designs in the market at affordable prices and top quality.
One of the secrets to getting wealthy is to conduct much quicker than others. Of course, planning and learning are also important preparations to be done in the early stage.
The truth is to set yourself a goal for this business and stay passionate, and you will gain what you wish to.