So you want join the ecommerce revolution, but you don’t know what to sell?
Then you’re at the right place!
Finding a good product that attracts customers is not an easy job.
Because there are already millions of products!
But don’t worry you can puzzle it out easily if you place your pieces correctly.
To sell a product online successfully, you must have a keen understanding about the current trends in market. Otherwise you end up selling products that people don’t want.
Identifying the best product is always challenging for new e-commerce entrepreneurs. Because the competition in is getting stronger every day.
Almost every product that you might want to sell is available across different ecommerce platforms. So you should find an opportunity gap and place your product there.
To earn a profitable business you must think wisely. Much like the tortoise that beat the rabbit!
Start slow, grow slow and be the best in your segment.
We guide you through the best ways to find your first product to sell online. Let’s get started!
1. Identify Customer Pain Points
Pain points are not always on your back!
You might be wondering:
What are pain points?
The problems of customers are generally called pain points. Every business becomes successful when the problems of the customers are properly addressed.
So, identify pain points and find a product to solve them.
Listening to customer’s experience is the best way to identify a pain point.
An entrepreneur should always strive to fix the customer pain points. Because addressing customer pain points could help you find a niche market.
For example, Ritesh Aggarwal, founder, OYO Rooms, identified the pain point among people traveling across India.
So he offered them budget hotel rooms with great amenities through OYO Rooms. Now his company is the leader in budget hotel segment in India.
2. Identify Your Passion
Passion drives your business forward
Some businesses fail despite having everything needed for growth. They might even have money and investors.
But one thing they lack is passion.
Business isn’t just about making money. It’s also about passion.
Your business will crumble if you fail to keep your entrepreneurial passion intact.
Realize it and make your moves. Success follows.
3. Understand the Customer Craze
Identify people who eat, sleep and breathe their craze!
If a customer is crazy about something, he would be ready to empty his wallet to get that.
For instance, fashion enthusiasts spend more on designer clothes and customized jewelry than usual customers. Because they desperately want to stand out from the rest. The drive for uniqueness is much stronger here.
So identify the passionate customers and place your product accordingly. Because it helps attain loyal customers at once. Moreover, it makes your brand credible.
4. Look for Market Trends & Find your Niche
By examining the trends of shopping. Trends are dynamic in any industry. Don’t merely follow the trend. Create it.
You too can be a trendsetter. How?
Here’s the tip:
Find what the early adopters are using and capitalize on it. Because a product becomes successful after it gets positive response from early adopters.
But where do you find early adopters?
Passionate customers are mostly early adopters. So listen to what they say and follow their lead.
Finding the niche market is the best way to make your store unique.
Here’s the idea of niche market:
You should be the big fish in the small pond!
Here your product gets noticed as it narrows down to a segment of customers.
Niche markets are best suited for small online business. So finding a niche segment helps you get a stable revenue.
Always remember that you’re a trying your hand at a highly competitive domain where you have global giants such as Amazon and ebay.
Niche market ensures higher conversion rates than general marketing.
Niche products can be optimized on Google using long-tail keywords since they are specifically targeted segments.
You can a find a niche by researching on the shopping habits of customers.
For instance, handmade bag is a niche product through which you could attract women customers.
Ask Google what people are searching for before selecting a product. Because you must make sure there is a demand for your product.
If you’re starting off small, keyword research helps you understand the niche market and you can plan your marketing strategy accordingly.
Efficient keyword research helps you find the niche products easily. Niche market offers more specific items and is highly specialized. It targets a particular class of customers.
For instance, customized apparel is a niche segment for fashion enthusiasts
So look out for trends and focus on the niche. Don’t try to be everything to everyone, but sell the best products to your chosen niche.
5. Feed on Experience
Experience is the core element of every business. Your experience defines the viability of your business. Every successful entrepreneur’s first investment is his experience in the field.
The idea is simple:
You are credible if you are experienced.
So you might find it best to focus on products that match your experience. If you are a travel addict so travel products or a mobile phone geek – then sell phone related products. You get the idea.
Discuss your idea with experts. Because expert opinion matters. If you approach an expert community before landing on an option, they could provide you with valuable insights.
For example, you might have an idea about the product you’re going to sell online.
But discussing your idea with a professional ecommerce community will teach you:
How to market your products effectively and whether your product will sell. So sit and talk before starting off!
7. Research on Your Competitors
You’re likely to have a lot of competitors when you venture into ecommerce. Even if you manage to find a niche market, you’re not completely safe!
As an entrepreneur you must identify the pros and cons of your competitors before selling your product online.
Listen to the reviews of your competent products and identify the unique ways in which you can launch your products.
Why should you do it?
Because every problem of your rivals is an opportunity to grow your business. You can even capitalize on a negative review of your competitor’s product if you’re smarter!
8. Find a Brandable Product
When you’re selecting a product, always make sure that it has potential for branding.
Because once your product starts to fetch customers, you might want to brand it.
Because branding motivates customers to buy your products. So think of an easily pronounceable brand name for your product.
Because in future, branding confirms the credibility of your product.
Ecommerce is the best business to generate profit. However, you have to make your moves carefully to succeed in it. The crucial thing is to find a suitable product that ‘hooks’ your customer.
Customers are likely to buy unique products. You should be able to offer them something new.
That is, you must have a convincing answer to this question:
Why should I buy your product?
If you’re able to give a compelling answer, then you’re on track!
Your research before starting an ecommerce business really helps you during crisis. There’s always an opportunity in ecommerce.
Above all, you must remember the fact that you’re catering to your target audience. So give preference to their choices while you’re pondering over a product. Because customer is the king!
What kind of niche product are you planning to sell? We’d love to hear about it in the comments below!