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7 low cost, high profit products to sell online in 2022

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Sell Online 2022

It is a great time to explore something new and make a profit online! It has been found by Statista that Internet retail growth increased by 40 percent, reaching more than $800 million in sales in 2020 alone, and overall, online merchants grew by 22%.

This article will introduce several products with low cost and high profit to see online in 2022, helping sellers to select the most profitable products to sell online. We will also provide some information that you need to consider when selecting a high-profit margin product.

What is a low-cost, high-profit product?

The profit or net margin represents the difference between an item’s cost (inclusive of all expenditures) and the cost for which you sell it. A product with a high-profit margin has a huge net profit after all the expenses have been included in the sale, while still not dissuading the prospective customer.

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In other words, a low-cost, high-profit margin product can be purchased cheaply and sold for a substantially higher price. For example, this means that if you can buy an item or digital product for $4 and sell online for $40, which is quite a big yield for such a relatively low investment.

There are different meanings behind the terms “low cost” and “high profitability” depending on the business. What one e-commerce business may find inexpensive may prove to be slightly expensive for another one. A large online business with years of profitability under its belt, for instance, may consider $60 for a product to be quite reasonable, more so if it can resell that product for $180. A newer, downsized business might be reluctant to commit to spending $60 on a per-item basis in wholesale eCommerce.

3 factors to consider when selecting a high-profit margin product

Most online sellers like to identify the current market trends, the market demands of the chosen products as well as the market pricing to select high-profit margin niche products.

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Low-cost High-profit Products - Low-cost High-profit Products - Sell online Nigeria

Market trends

When selecting profitable products, it’s crucial to take current trends into account. While trends can be volatile, they can also serve as a pathway to high turnover, and guide toward profitable products. Aligning your online business model to trending products has the potential of becoming a misdirection, however, ensuring that the products you are selling remain in demand are always a smart move. A good illustration is a well-balanced blend of both designs that are in demand throughout the year, and those that are based on current trends.

There are different ways of finding trending products. This can be done through the usage of Google Trends.

Market demand

In the process of identifying a high-margin item, consider closely the response of potential clients. Identify the prospective customers’ desire to purchase the product if they are going to purchase the product you offer and your product is worth spending money on. To illustrate this, consider that, even though a $300 cap could generate an extraordinarily high profit, not a single person is likely to be willing to invest in a $300 cap, and not in an online store.

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Conversely, suppose the average price for a hoodie on the market is $20. Assuming that you decide to retail it for $50, the price is still quite reasonable, and this is especially true if you build up its attractiveness by developing a higher perceived brand value, such as within the realm of urban streetwear.

However, discovering the highest profitable products for online sales involves researching the type of product that you are looking to sell, the price at which the product is currently being sold, and the margin that is reasonable for both you and your customers. Profitability, in the end, is essential to any eCommerce business.

Product’s market price

It is essential to carefully check the price your target audience is willing to pay for your niche products to set reasonable prices for your customers. To do this, you can conduct initial research on the average price of the product in the specific market where you will be reselling it. Thereafter, you could also generate perceived product value through branding, advertising, marketing, and product design to obtain a higher margin. Some platforms provide gross profit margin calculators to help you estimate both your prices and your profit margins.

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7 High-profit margin products to sell online in 2022

We meticulously compiled some of the best products to sell online from the major B2B eCommerce retailers. These are all top-selling products online. If the owners of these online retailers can generate profits from these niche products, then you certainly can too.

Let’s check out the different types of products you can sell to achieve a high-profit margin.

Low-cost High-profit Products - Sell online Nigeria

1. Portable blender

The portable blender has become one of the popular products online. It is ideal for fitness enthusiasts, as the trend of keeping fit continues to gain momentum in 2022. The goal of keeping fit is very close to the hearts of consumers, and of course, a healthy diet is one of the best ways to achieve this. Hence they must consume natural foods and beverages. Therefore, an opportunity to market portable blenders and make profits.

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It is essential to keep in mind that, while you are promoting these portable blenders, you should be careful to ensure that they are of good quality, as low quality is not appreciated by the public.

2. LED submersible lights

LED submersible lights become a terrific feature to be installed in swimming pools or Jacuzzis. Given the fact that the majority of people have started spending most of their time at home, the popularity of LED submersible lights has significantly grown, and the demand for these lights is expected to rise further throughout this year.

Therefore, this can be a great product to sell this year, especially with the summer season approaching promptly.

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3. Cell phone lenses

Cell phone lenses are designed to assist in taking better photos. They come in a wide range of configurations. You should search for those that have improved image quality and a greater quantity of orders when selling them in an eCommerce store. Cell phone lenses have been around for several years and continue to be among the best-selling merchandise in the majority of eCommerce stores. It is great to observe that to this day, these lenses are still very popular.

Cell phone lenses earned a reputation in the mobile handset market. Known for their ability to magnify the images taken twice, they empower photographers to capture mesmerizing photos at the touch of a finger.

The technology of cell phone cameras consistently surpasses anticipation. With further strides in cell phone cameras, there will also be more demand for attachable cell phone lenses in the future because more and more people have started exploring cell phone photography.

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4. Posture corrector

In general, the posture corrector makes a great product to sell in any e-commerce store. Designed to support people’s spines by helping them hold up straight and tall. It is also a recommended product by multiple physiotherapists.

Reaching out to the targeted market that needs posture correction is going to make your product sell in great numbers. Individuals have genuinely stepped up when it comes to addressing their posture.

Most notably, since remote work has taken the rise, posture has consequently become very essential, as such it is expected you observe an increasing online search of this item. This is where you need to optimize your products online through SEO and use diverse digital marketing and social media promotion techniques to reach your target audience.

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5. Garden hoses

The garden hose is a profitable product perfectly designed for the car wash or watering of the garden. With a spray gun that is fully adjustable and is supplied in lengths of 25 and 100 meters.

In the past couple of years, the garden hose in particular was the top-selling garden tool. As of this year, it is sure to attract a larger number of buyers.

It can be argued that the garden hose sells the most during the summer season. Therefore, be sure to invest in it!

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6. Permanent laser hair removal machine

Permanent laser hair removal machines are becoming increasingly in demand with an escalating tendency. They are an outstanding product to market, certainly with the restrictions placed on salons throughout the pandemic. The best part is that they come in numerous cheaper options readily available on the market and are in high demand.

All in all, the trend is constantly on the rise because of the surge of pandemics, hence a great product to sell.

7. Rain coats

During the rainy season, style and comfort are very important and both men and women like to wear coats during the rainy season.

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They are ideal to be marketed and  entrepreneurs who have an online fashion eCommerce store and want to market unique products to increase sales during the season.

Because of their trendiness, rain coats are great products to add to an eCommerce store thus easier for you to sell. Therefore, you can use the right marketing strategy such as social media ads towards the end of the Fall season and during the rainy months, as they tend to be high in demand during the rainy season.

Sell online in Nigeria

If you are serious about selling products online and want to get the best out of e-commerce practices there are online shopping sites that are just right  for you.

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We understand that finding low-cost and high-profit products to sell online can be challenging. That is why we have provided you with more insights on factors to consider when selecting a high-profit margin product including the trends, market demands, and market pricing.

 

Grab the opportunity to open a seller account today, and start selling online.

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Goodluck with that.

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Dollar Stays Strong, Naira Falls Massively – See New Exchange Rate

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Naira to dollar rate

Naira has fallen massively with the dollar maintaining a strong position in the black market.

Techscoops reports that the Nigerian official currency, the naira has fallen massively against the United States dollar exchanging at N597/$1 weeks after a steady exchange rate of N588/$1

A survey conducted by financial experts at the Bureau De Change (BDC) market in Lagos, Nigeria’s commercial city, Tuesday afternoon, May 17, 2022, showed that the naira to usd exchanged at N597/$1, failing to maintain the N580 position of 1 dollar to naira it stood for weeks, months after USD to naira exchanged for N530/$1.

Naira to dollar falls massively at Aboki black market (parallel market)

Dollar to naira exchange rate for Tuesday, May 17 goes for [N593 to buy and N597 to sell].

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Dollar to Naira (USD to NGN)Black Market Exchange Rate Today
Buying Rate593
Selling Rate597

Dollar to Naira rate in Nigeria - Naija news now

Techscoops Nigeria reports that the players in the parallel market better known as the black market bought a dollar at N593 and sold for N597 on Tuesday afternoon, May 17, 2022.

The exchange rate between the naira to dollar and dollar to naira on Tuesday afternoon showed that the Nigerian official currency, the naira has fallen against the United States dollar months after a steady rise which saw it gain over N25 since it fell to its lowest of N575 to a dollar on September 20, 2021.

Meanwhile, Newsone Nigeria reports that this is coming months after the Central Bank of Nigeria (CBN) had on July 27, 2021, suspended foreign exchange (forex) sales to BDC operators and directed all those with a genuine need for forex to revert to banks. The naira lost value at a whooping N85 to the dollar in less than two months from N490/$1 to N575/$1 on September 20, 2021.

Even though the dollar to naira opened at the parallel market (black market) at ₦597 per $1, Techscoops reports that the Central Bank of Nigeria (CBN) does not recognise the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.

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Disclaimer: TECHSCOOPS NIGERIA does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.

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Black Market Dollar To Naira Exchange Rate Today 17 May 2022

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aboki exchange rate today
facebook sharing buttonFind below, Dollar to Naira exchange rate for today, 17 May 2022, official and black market rates.

Techscoops has obtained the official dollar to the naira exchange rate in Nigeria today, including the Bureau De Change (BDC) rate and CBN rates.

What Is The Official Exchange Rate For Dollar To Naira Today?

The exchange rate between the Naira and the US dollar at the official forex market showed that the Naira opened at  ₦415.8832 per dollar on Tuesday, May 17, 2022, after closing at ₦415.6642 per $1 Monday, May 16, 2022.

 

Exchange Rate of Dollar To Naira in The Parallel Market [black market]

Dollar to Naira (USD to NGN)Black Market Exchange Rate Today
Buying Rate593
Selling Rate597

Techscoops Nigeria reports that on the black market, the players buy a dollar for N593 and sell for N597 on Tuesday, May 17, 2022, after they bought N590 and sold for N595 on Monday, May 16, 2022.

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Meanwhile, Techscoops reports that the USD started this week at ₦595 in Parallel Market also known as Black Market on Monday, May 16, 2022, in Lagos Nigeria, after it opened at 588 last week Monday, May 9, 2022.

Dollar To Naira Exchange Rate For Today 17 May 2022 [Official Rate]

Even though the dollar opened in the parallel market for ₦597 per $1 today, the CBN does not recognise the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.

“The only exchange rate remains the I&E window, which is the market we expect everybody who wishes to procure or sell forex to get it,” said the CBN Governor, Godwin Emefiele.

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“I am sorry to say that I do not, and I do not intend to recognise any FX in the market.

“Go to your bank. Even if your limit is above what the bank is selling, put it forward, and we will look into it. If you want to sell the dollar, go to your bank and sell it,” he said during a press briefing on September 17, 2021.

Checks by Techscoops online reveal uncertainty in the market as prices move up and down in a directionless manner, thereby making it unreliable.

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Disclaimer: Techscoops does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates are obtained from various sources, including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.

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Aboki Dollar To Naira Exchange Rate Today, May 15

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aboki exchange rate today

What is 1$ to naira in black market?

Dollar to Naira Black Market rate – Here is the current USD to Naira rate today. See CBN & black market exchange rate for dollar to naira aboki fx. You change your USD to naira at these rate or convert dollar to naira at the latest black market rate or parallel market.

Many Nigerians prefer to exchange their foreign currencies especially the US Dollars to naira using the black market because the exchange rate is very high compared to what the bank offers. If you want to know the current black market rate, here is the page to find that.

Aboki fx dollar to naira exchange rate has also been added here so you can easily verify each of the rate for the currencies you want to exchange in the parallel markets. Aboki fx is the most trusted source for black market dollar to naira rate today. You can find their exchange rate for today here.

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How much is $100 dollar in Nigeria now?

Dollar to Naira (USD to NGN)Black Market Exchange Rate Today
Buying Rate58000
Selling Rate58500

What is the current dollar to naira exchange rate in parallel market? Well, it may interest you to know that Dollar to Naira rate in the black market sometimes varies hugely from the rate in Central Bank of Nigeria website (www.cbn.gov.ng).

The price listed above is the current USD to Naira exchange rate. We will always update the latest rate on a daily basis to keep you informed. Dollar to Naira Exchange Rate is the current exchange equivalent of the United States Dollar. Rate varies for various banks and parallel markets.

How much is $1000 in naira today?

Use the calculation of $100 to check this 585000

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How much is 1 Dollar in Naira presently?

Parallel exchange rate (black market) exchange rate is always different from CBN rate. Currently, Naira is trading at 573 Naira Per Dollar. The Nigerian Economy is drastically affected by the Dollar to Naira exchange rate.

As Naira is falling, inflation takes over the economy which usually affects the citizens. Central Bank Governor, Godwin Emefiele has said that the Nigerian Economy needs a massive turnaround and has urged Nigerians to work towards it.

The black market commonly referred to as Aboki market rate for dollars is usually higher than the exchange rate at the banks which is usually regulated by the Central Bank of Nigeria (CBN). The CBN Exchange rate is the rate you can buy or sell dollars for naira listed on CBN dollar to naira website cbn.gov.ng.

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Dollar to Naira bank rate is the rate you use when purchasing something from foreign websites using your Naira Mastercard or Debit card from Nigerian Banks. These rate normally would always be lower than what is obtainable in the black market.

What’s your Opinion on Dollar to Naira Black Market Exchange Rate Today, let us know what you think and how the Government can work with the CBN to provide reasonable USD to naira rates in the future.

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