According to SaleHoo's Market Research Lab, compact refrigerators are hot commodities! These small refrigerators are a staple of college dormitories across the country, but they're also a great choice for people living in small apartments or tiny homes. And of course, they're an essential for home entertaining, when you have a wet bar and don't necessarily want a full-size refrigerator for keeping drinks cold, or a man cave in need of a place to keep beer cold without venturing upstairs. They're even portable now, so you can take them camping and adventuring!
All this sounds great, but what about making a profit? Let’s take a closer look at whether adding compact refrigerators to your online store could earn you a good profit, based on the results gathered from the Labs.
Below are a few types of compact refrigerators that you could sell. It's worth looking at all the varieties because they allow you to target specific markets.
Below are 3 examples of successful compact refrigerators based on the Lab's data. This is a great way to check out their profitability based on success rate, competition, and average selling price.
It's a rare instance when we find a 100% sell-through rate for all 3 examples from the Labs. But there we are, with exactly that! You'll notice that all 3 models are sold by Danby. You may also want to take note that all of these are in the 3.1 to 4.4-cubic feet interior storage, meaning that a bigger size is likely preferable to many consumers. Two of the three models are spotless steel, giving them a high-end appearance.
With the lab results' high average selling price ($250 to $282), you have a better chance of bigger profits. You can get compact refrigerators at reasonable wholesale prices if you purchase straight from the suppliers in bulk. A cost-effective storage solution for them will give you greater profitability.
The lab indicates low competition for each example. This is another advantage, as selling low-competition products make it easier to land a sale.
It's always important to drive traffic to your listings by using the right keywords in your title and description. We used the AffiloTools Keyword Research tool to help us identify keywords with highest search volumes, starting with a search for "compact refrigerators."
*Note: The keyword search results will give you a long list but here are 6 top examples below:
With search volumes of 1,300 to 1,600, it is apparent that compact refrigerators do have a high market demand. You will notice that the word "freezer" has been mentioned a couple of times in the search results. This is a great sign that there's a potential market for compact and mini fridges that feature a freezer, like the mid-size mini fridge and counter-height fridge types.
When listing your products, take note that "mini" and "small" are more commonly used keywords when searching for compact refrigerators. Listing this product with these keywords will definitely help you get found when people search for fridges online.
Just by virtue of being in the market for compact refrigerators, it's a fair guess that your potential buyers are looking for small appliances. You can draw attention to your listings by offering other "compact" appliances such as microwaves, toaster ovens, portable dishwashers, slow-cookers, or even compact ice makers. This strategy also encourages repeat sales, so make sure to keep your customers updated with your listings by sending out newsletters or by blogging.
Apart from eBay, Amazon, or other selling sites online; another way of selling compact refrigerators is by selling through your own online store. This gives you an advantage as it eliminates some of the competition. You may want to target customers with small living spaces or those who want to entertain like a pro.
Try get a whole range of products from a single supplier, and if you buy them all wholesale, you can even get better rates. You can checkout suppliers carrying compact appliances using SaleHoo's verified suppliers.