Have you ever wanted to start your own online business? Perhaps it’s time to try!
From the flexibility of working from home to the freedom of making your hours, some fantastic benefits come with it.
If you want to start an online one-product store, you might have some questions. Where do I even begin? How can I stand out? What are some tips for success?
To succeed, you will need patience, persistence, and the ability to stick with it through all the ups and downs.
This guide will help you start an online one-product store in 2022 and show you seven tips for success!
Advantages of starting an online one-product store
If you are going to start an online store, you will have three choices when it comes to the type of store you are going to create:
A one-product store
A niche store
A general store
In short, a one-product store sells just a single product. A niche store sells several products that fit a specific niche. And lastly, a general store can sell anything and everything.
Each type of store comes with its benefits when compared to the others. So, what are the advantages of starting an online one-product store?
- You can dedicate your focus to a single product
When running an online niche or general store, you sell and advertise multiple products. The most significant advantage of running an online one-product store is that you only have a product to market!
When selling multiple items, you will have to spend days and weeks writing product descriptions, selecting images, and creating the perfect pricing strategy for each product.
However, with a one-product store, there is only one product that requires your attention. Therefore, you will have the time, energy, and resources to ensure it shows to visitors in the best possible way!
In short, a one-product store allows you to optimize your whole website, including the home page, product page, cart page, and more, with the sole purpose of selling your product.
- It’s easier to optimize marketing campaigns
One of the advantages of starting an online niche or general store is that it’s easy to test different products when it comes to marketing.
If the ads for one of your products aren’t performing as well as you have hoped, you can try to create ads for another one of your products and see if they perform better!
However, this also comes with disadvantages.
First of all, it’s a lot of work to research your audience, recreate the ad content, and focus on different pain points for each product.
Furthermore, you will often need a decent marketing budget to find out the most effective ad copies, content, and pain points and optimize the product’s ad performance.
So, here comes the marketing advantage of running a one-product store:
With an online one-product store, you have a single product on which you can spend 100% of your marketing budget to test all kinds of audiences, ad variations, and pain points.
In short, you will have a much better chance of finding the optimal combination and running a profitable ad campaign!
- Improve your conversion rate
The third advantage is that a one-product store will likely improve your conversion rate. Now, you might think that this is not true. Offering your visitors a more extensive choice of products will increase their likelihood of finding something they like.
This could be true in some situations, but sometimes the human brain works in ways we don’t expect.
Barry Schwartz, a psychology professor, points out the following in his book “The Paradox of Choice”:
As the number of choices, we face increases, the psychological benefits we derive start to level off.
So, if you offer your customers lots of products, it can make them less satisfied with the product they buy, and they may feel like they are missing out on the others.
Therefore, some argue that by limiting the number of choices you offer, potentially to just one with a one-product store, there will be three positive outcomes for the customer:
It will improve the quality of their decision-making. It will make the buying process less stressful. They will have a higher satisfaction level after the purchase
- An excellent opportunity to private label your product
If your online one-product store performs excellent, it can provide a perfect opportunity to private label your product. One of the cons of private labeling is that suppliers often ask for a minimum order quantity because it’s not worthwhile to produce these unique products.
Often, this isn’t practical for an online seller. Online retailers often offer multiple products on their online store, so they would have to make a significant investment to private label them.
However, this isn’t the case for a one-product store.
Since you will only sell a single product, private labeling becomes more accessible!
7 Tips for starting an online one-product store
The following tips will help you start a successful online one-product store in 2022.
I will try to cover some tips to prevent common mistakes and improve the overall process of building a one-product store.
Let’s start with the first tip!
- Spend a lot of time on product research
As mentioned earlier, the product you choose will have a significant impact on the success of your online store. Since you will be building a one-product store, you only have a single chance to select a great product!
Some products are more accessible to sell online than others, thanks to their winning product characteristics like a “wow” factor, excellent profit margins, or problem-solving abilities.
After studying these characteristics, you can search for the (near) perfect product using some product research tools.
- Choose a domain name that is related to your product
When brainstorming about a domain name for your online one-product store, choosing one about your product is a great idea.
Picking a name related to your product will allow your visitors to recognize that your store specializes in the kind of product you sell, which can increase their trust in you.
And if coming up with a name for your new online store isn’t your thing, then remember that some tools and methods can help you come up with a great name!
- Find a good supplier with fast shipping times
As you now know, one of the significant advantages of an online one-product store is that you only have to do many things once, allowing you to dedicate your entire focus to it.
One of those things is finding a supplier.
You will only be selling a single product, so it’s crucial to find a supplier with fast shipping times, fair prices, and excellent customer service to keep all your customers happy.
- Choose a theme that fits a one-product store
After choosing a product, domain name, and supplier, there will be a point where you should start designing your one-product store.
One of the most popular ecommerce platforms for this is Shopify. However, even if you decide not to use Shopify, many ecommerce platforms will work with themes that provide the initial template for your online store.
Here is the point. Did you know that certain store themes are best suited for a specific type of store?
Maybe not.
But it’s true!
For example, general stores benefit the most from themes suited for extensive inventories.
Niche stores can take advantage of themes designed specifically for their niche. Last but not least, one-product stores benefit from themes suited for small catalogs.
So, how do you find a store theme that fits a one-product store?
As I said, you should try to look for themes suited for small catalogs. If you are using Shopify, you are in luck since you will be able to filter the pieces based on this exact criterium:
Most themes in this category will allow you to showcase your product without the clutter of unnecessary features.
- Focus on building an excellent home page as well
Since you are making a one-product store, it’s essential to focus on your homepage.
You should put all your blood, sweat, and tears into creating two main pages that will impress your visitors. Not only the product page but also the home page!
An advantage of starting an online one-product store is that you can design your homepage like an ecommerce landing page, which is where you can already begin selling the product to your visitors.
- Consider working with a private agent
A one-product store provides an excellent opportunity to work with a private agent.
If you don’t know what an agent for your online store does, let me shortly explain the concept.
An agent is an alternative to a supplier. It’s a person that will source, store, pack, and ship products for your online store.
Your private agent will be the middleman between you and your supplier:
By working with an agent instead of a supplier, you may be able to benefit from a couple of things.
Among others, a private agent specializes in finding the best suppliers, negotiating for the lowest prices, offering the fastest shipping times, and can help you with the branding of your product and packaging:
- Work on building a post-purchase upsell page
Some online one-product stores sell just a single product.
However, sometimes it’s a good idea to offer your customers one or two extra consumables or accessories related to your product as an upsell.
More often than not, it’s better not to offer these upsell products at the beginning of your customer’s buying journey, when they may start to doubt if they need the product.
A great way of upselling your customers is using a post-purchase upsell page. At that point, you have already secured the sale of your main product and can now offer the upsell without the risk of losing your customer!
Conclusion
We have written this article to guide you in the right direction of starting an online one-product store.
Remember that one of the most important aspects of a one-product store is the product, so spend a reasonable amount of time on your product research.
Also, remember to find a good supplier, research your target audience, and design an excellent homepage. And finally, don’t forget to check if you can upsell your customers with any complimentary products!
Good luck with everything!
Private Agent for Dropshipping Success