If you are a newbie or an aspiring entrepreneur, you may be finding it difficult to finalize the right products for your online store. And you are not alone. It is not just about finding in-demand products but also about finding profitable products for your e-commerce site. Coming up with product ideas that can drive sales could be challenging. But with in-depth research about the product and understanding the market demand trend through Google Trends can make your work easier. The struggle for finding the right products for your online store is real, so we are here to help you out through this blog.
Look For A Product That Solves Customer’s Problem
Identify the customer’s pain point and then look for a product that can potentially solve their problem. You can also come with a solution through your developed product that people want. This way, you are solving their problem and reaching the right audience. There are many expensive popular products in the market, which lack quality, durability, and features. People are frustrated with these types of products and looking for an alternative. Therefore, a good opportunity for you. All you need to do is identify those products and the problems faced by people. So, here you can offer them a quality product filled with features at an affordable price.
Go With Your Passion
Building an online business is not everybody’s cup of tea. It requires a lot of patience from the owner’s side. And establishing a successful e-commerce store is a combination of both smart and hard work. So, it becomes significant to have passion for what you are doing. If you don’t have passion for the work you do? Then there is no difference between doing your regular 9 to 5 job, which always makes you feel sad and frustrated. Choose a product or a blog niche where your passion lies. There are many well-known successful brands, who initially started their online business as a passion. But now, they are earning a six-digit amount per month.
Identify The Niche Segments
Once you have identified your passion, now it will become easy for you to identify the appropriate niche segment for your online store. Although, there are many trending and popular niche segments. But choose the one that you are passionate about and which is also in demand. There are multiple benefits of having a niche segment. It gives a clear picture of your target audience. You get a highly engaging and highly converting audience, which ultimately helps to drive sales. So, below are a few ideas for niche products to sell online in 2021.
Beauty products: The beauty e-commerce economy is growing with each passing day. The introduction of innovative products with a focus on diversity has increased the demand in the market. If you have passion and a better understanding of beauty products, this niche segment is for you. You can easily get several discount coupons for beauty products due to their popularity in the market.
Hobbyist Products: Everybody has a hobby, and they enjoy spending time on it. When people love their hobby, they usually spend more money to get the exact product. All you need to do is target the right hobbyist niche to drive sales.
Tech Gadgets: Tech gadgets are hot-selling products now. The tech niche is broad and diverse. It is one of the popular niches that is ever-growing and forever changing. If you believe you are passionate about tech gadgets and have enough knowledge, then you can do very well.
Other popular niche segments include health & fitness products, pet toys & food, shapewear, camera & its accessories, drones & its accessories, leather jackets, fashion accessories, household appliances, coffee, and green tea.
Understand The Current Trend
Before you choose a product or a niche segment, it is very significant to understand the current trend. Recognizing an emerging trend early enough will help to capitalize on it. Identifying the potential trend early enough can help you stand out as a leader in the market. Here are a few ways to keep an eye on what’s trending so that you do not have to miss the potential opportunities.
Google Trends: Through Google Trends, you will be able to identify the hottest trends in the market. It also helps to discover the trending online topics for a given time and place. It is one of the best tools to understand what’s hitting a spike in interest.
Social Media: keep a watch on social media platforms like Facebook, Twitter, and Instagram to understand which hashtags are trending. Do not underestimate social media, as it is a great tool to identify and monitor trends over time.
Trend Hunter: Trend Hunter is the most popular and world’s leading trend firm. It helps to identify the latest trend, consumer insights, and new opportunities.
Read Product Reviews From Buyer
Product reviews from buyers can tell a lot about a product. You will be able to understand what they like and what they don’t. You’ll find answers to these questions by reading buyer reviews –
- What kind of products are consumers interested in?
- What new features are they looking for?
- What are the best-selling products online?
- What add-ons do buyers consistently bring up?
- What kind of complaints do buyers have related to products and services?
Identify The Product That Has High-Profit Margins
While choosing a product for your e-commerce store, do in-depth research about various products that have a high-profit margin. Choose a product that can generate a high return on investment. Remember, you need to consider the cost of production, cost to promote, and cost of shipping. These factors need to be taken into consideration before you finalize a product.
Choosing the right product to sell is the first step towards your online business journey. Remember, the niche or the products you choose will shape your entire business, so it is a very crucial process, which you need to do it very carefully. Coming up with great product ideas is not enough, but executing the appropriate marketing technique will make all the difference.
To build an online store, you need anywhere from $1000 – $100,000. There is no set price for building an online store because the cost varies for different companies, depending upon what each company needs. A small company can spend $1000 – $10,000, while an enterprise company can spend $50,000 – $100,000.
Yes! Although buying wholesale is more common for businesses than it is for individuals, you don’t need to be a business to buy products wholesale. You only need to apply for a business license if you plan on reselling wholesale goods regularly.
Starting an online boutique is an insanely profitable business venture for entrepreneurs. Statista estimates that the apparel and accessories online retail sector will generate over $153 billion in revenue by 2024.