When selling products online, winning items are unique and trigger impulse buyers. These could be anything from a water bottle that tracks your daily intake to a brush that imitates licking a cat. Finding such products can be difficult, but several tools can help you find winners. Here are some of them.
Look at Your Customers
As you research a potential product to sell, remember that winning products solve consumer needs. Consider the high sales for fidget spinners, for example, or the popularity of the Amazon Echo and Google Home devices. Providing consumers with the right tools to achieve their goals and improve their lives will attract repeat buyers, promote brand loyalty and generate positive word-of-mouth. If you’re not sure how to uncover customers’ needs, training can help you. A revenue optimization specialist offers tools to help you find winning ecommerce products. These tools include a database of top-selling items, competitor sales comparisons, and the ability to evaluate new developments in seconds.
Another way to identify winners is to ask current customers for feedback on product ideas. This can be done through a customer survey or by asking your support team to send out a request for feedback. Follow up promptly to ensure your team can respond to customer concerns as quickly as possible.
Look at Your Competitors
If you want your e-commerce business to succeed, it must sell products people want. But figuring out which products will be the most popular isn’t always easy. For example, if you are selling something already existing, like toothbrushes, you’ll have to find a way to differentiate your brand and convince customers to choose you over the competition. The best place to start is by looking at your competitors’ websites. You can use a tool to gather data from your competitors’ websites, including product listings, paid advertisement data, keywords and more. This will help you identify which products are performing well and what marketing they’re using to drive traffic.
Look at Your Market
In e-commerce, real product validation only happens when money changes hands. That’s why finding winning products starts with a thorough market assessment. It would help to look at your marketplace and the wider business landscape.
A comprehensive market assessment should reveal what your customers want and why. It should also identify any potential growth opportunities. This could be in the form of expanding to new geographic regions or even reassessing your pricing strategy. For example, if you sell clothing, you may find that certain items are constantly trending for various reasons. They might have gone viral on social media, been promoted by a celebrity, or be in season. If these products sell well, consider adding them to your inventory. You can monitor sales trends with tools. These tools monitor popular e-commerce sites to track their top-selling products. They will even notify you when a particular item is about to become a winner.
Look at Your Competition’s Sales
As you explore your competitors’ product offerings, it is important to analyze their sales and marketing messages. Understanding their news can help you better position your brand in the marketplace. For example, if a competitor is selling popular products because of a specific trend (such as medical facials and gloves during the COVID-19 pandemic), consider establishing a niche within that market to capture your share of sales. It is also helpful to analyze your competition’s bestseller lists. This can be done by using a tool or simply searching for the type of product you are interested in on Google and seeing what results come up. You can then analyze these listings and look at the prices, materials, and features of the products sold to see if they are within your price range. You can also check out the comments on these listings to see what people say about the products, which can indicate customer satisfaction.
How to Discover Winning E-commerce Products?
Discovering winning e-commerce products is important for your online business’s success. Here are the top 5 strategies to help you find products that can thrive in the e-commerce market:
- Market Research: Conduct thorough market research to identify trends and emerging niches. Look for products with growing demand and low competition.
- Analyze Customer Feedback: Study customer reviews on e-commerce platforms and social media to understand what products are receiving positive feedback and meeting customers’ needs.
- Competitor Analysis: Examine your competitors to see what products they are selling successfully. This can give you insights into what’s currently popular in your industry.
- Test Small Batches: Start by testing a small quantity of products to assess their market response. If a product sells well in this phase, consider scaling up.
- Use E-commerce Tools: Leverage e-commerce tools and platforms that provide product research and analysis, such as Google Trends, Amazon Best Sellers, or Shopify’s product research tools.
By employing these strategies, you can increase your chances of discovering winning e-commerce products and driving your online business to success.
