One of the biggest challenges aspiring entrepreneurs face is finding profitable trending products that will sell, whether it’s a single product or a full product line that occupies a niche in a market.
Coming up with product ideas is admittedly a little tricky, and the importance of selling a product people want can leave even the most motivated people stuck in analysis paralysis. It often feels like everything you could possibly sell is already being sold—not to mention the reality that there will be plenty of competition in the most popular product categories.
Fortunately, there are still golden opportunities out there, proof of this being that new products successfully launch all the time. To help you get started, we’ve put together a shortlist of practical ways to find products to sell in your online store and build a recognizable and memorable brand.
1. Solve a customer pain point
Solving a customer pain point will always be an effective way of developing a product people want. Tylenol wouldn’t be in business if literal headaches didn’t hurt. Abstract customer pain points, meanwhile, are usually about addressing poor or frustrating experiences with the current selection of available products.
Take hiccups, for example. They are something virtually everyone has faced, which is what led to the founder of HiccAway to create a drinking straw that helps get rid of hiccups quickly.
While having hiccups isn’t necessarily painful, it is a huge pain point, for children and adults across the board.
According to HiccAway’s founder, “how to stop hiccups” is one of the most common medical searches on Google. One of the biggest reasons he decided to create a solution was it was so overlooked.
It’s worth paying close attention whenever you notice common frustrations with an existing line of products. Being keenly aware of the pain points and small annoyances you come across in your own life could be just what you need to come up with your next profitable product idea for your ecommerce brand.
2. Appeal to enthusiastic hobbyists
When consumers are passionate about a particular trade or hobby, they’re usually more inclined to invest money to get the exact product they want. This willingness to pay can be an important qualifier when evaluating the potential opportunity of any product, or line of products.
For example, golfers are well-known for investing hundreds or even thousands of dollars to lower their score by a few strokes. This is why knowing your target market is key. Commoditized and niche products can often be the best route to go when choosing products to sell online.
Additional benefits can include higher levels of engagement and loyalty with your brand, as enthusiastic customers are generally more involved in the industry and get more value out of the products they purchase. Let’s look at a few examples from online stores.
Impact Mouthguards sell dentist-level quality mouthguards that come in wild designs that capture the competitive spirit of their customers.
3. Go with your personal passion
While there are inherent risks in choosing a niche based on your own interests, it certainly doesn’t have to be a recipe for disaster. Using your know-how to create and position a unique product can be extremely profitable.
Founder/market fit matters, because building an ecommerce store is a lot of hard work, and you’ll be better equipped to stay motivated and overcome the hurdles if you are deeply invested in what you are selling.
Eric Bandholz started Beardbrand as a blog discussing business and sales strategy. Slowly, his passion for beards crept into the blog. Over time, he turned his passion for the bearded lifestyle into a separate and successful ecommerce business selling beard grooming products.
4. Consider your professional experience
Has working in a particular industry helped you learn the ins and outs? Maybe you have a skill or a particular set of experiences that makes you more knowledgeable than the average person on a particular topic. Turning your expertise into your own online business is a smart way to enter the market with a leg up that isn’t easy for others to duplicate or copy.
Retro Supply is an online shop that sells digital assets for graphic designers and illustrators inspired by history. Founder Dustin Lee, a designer by trade, pivoted from running a freelance web design shop to generating more passive revenue through Retro Supply’s selection of digital products.
5. Capitalize on trends early
Recognizing a trend early enough can be a significant win for a new business. It allows you to carve out a place in the market and establish yourself as a leader before others have a chance to. And thanks to the nature of digital marketing, your paid spend will probably be lower and opportunities to build long-term SEO traffic may be more abundant.
The key is to not confuse a “fad” with a genuine “trend.” A fad is something that has surged into the limelight based purely on novelty or a gimmick., While fads can present great marketing opportunities, remember that if you build your business on a fad, the demand will eventually fizzle out. A trend, meanwhile, is something that fulfills an existing need in a new way, which is why their demand holds for much longer than a fad.
Knoxlabs was early to market with its cardboard VR headsets. Founder Taron Lizagub tested the initial idea with a scrappy splash page, and to his surprise, he was able to quickly pre-sell around 500 headsets. The business later went on to make nearly $3 million in sales.
Here are a few ways to keep an eye on what’s trending so you can act quickly on potential opportunities:
- Social listening: This can be as basic as looking at the trending hashtags on Twitter or topics on Facebook, or as advanced as using social listening tools to identify and monitor trends over time.
- Google Trends: Look at the popularity of topics over time, and see what’s hitting a spike in interest.
- Trend Hunter: The “world’s largest, most popular trend community” uses data, artificial intelligence, and real humans to identify consumer insights and new opportunities.
- Reddit: “The front page of the internet” showcases forums about pretty much every topic under the sun. Visit the Popular page to see what people are buzzing about.
6. Read customer reviews on existing products
Whether you already sell products online or not, customer reviews can be your secret to generating product ideas without having to invest a dime.
If you already have an established online store with a bit of traction, you can see what customers are saying about your existing products. Are there any trends or interesting bits of feedback you can use as inspiration to develop your next product? Pay special attention to shortcomings and complaints being shared.
If you don’t currently have a store, have a look at customer reviews for other brands and products in the industry you want to explore. What “wishlist” feedback is being shared about potential improvements to already successful products? What add-ons or additional products do customers consistently bring up?
If you’re not sure of the industry or product category to explore, consider a specific demographic and focus on brands and products that those individuals gravitate toward.
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Article reference: https://www.bizcommunity.com/Article/196/389/233418.html