Launching a new business? Do you know which product opportunities to take advantage of?
Knowing what to sell is actually a major step to success. You’ll make extra money by offering items the people in your neighborhood need and want.
It’ll be a loss if you sell items nobody needs or that are already outdated. You won’t see visitors in your online shop if you sell things people don’t rely on.
Don’t fret, we’ve got 10 strategies right here to help you figure which items you should invest in. Learn how to find a good product to sell online with our guide right here:
1. Product Opportunity With Commodity Items
Start by considering items people need every day. These can range from body soap to summer clothes and socks. These are the everyday items people need all the time.
Commodity items see high demand. You’ll have to do more to attract customers. Remember that the stuff you offer is available almost everywhere.
On the good side, however, is the fact you’ll always have a steady flow of consumers. People will always need clothes, toothpaste, soap, and car maintenance tips.
Commodity items sell particularly well on Amazon.
2. Consider Niche Items
If commodity items aren’t your thing, consider learning how to find a niche product to sell online.
Niche items cater to a specific crowd. For example, you can focus on selling Nintendo Switch games and accessories. Doing this locks your business towards customers into video games.
This is a good choice because it reduces the competition. You still get the guarantee that there are people who will avail of your products and services.
A great platform to use to build a niche brand is Shopify.
3. Find a Problem, Solve It
The best businesses don’t sell products people don’t need. Find a problem then sell products that resolve that issue.
For example, if your neighborhood has an abundance of field rats, sell rat traps. Is your business by a lake? Sell products that fight off mosquitoes.
Don’t do the exact opposite. Never get a product to sell and then hunt for a problem it could resolve. Find a problem and then identify which products address that complication.
Now there’s a need for the products you sell. Create a demand where once there was none.
4. Use Analytics to Find a Product to Sell Online
Not sure which niche communities are in your neighborhood? How do you tell which commodity goods or problems have a high demand in the area?
The solution is to use analytics tools. Read the numbers to determine which items sell best and at what day businesses see the most revenue.
You might discover a few surprises. Products you think are in demand might have too much competition and vice-versa.
5. Check Current Trends
Don’t simply sell what you think is hot. Get online and use tools to see which products get the most buzz. Discover which ones people talk about on social media.
You can do this by searching for mentioned keywords, hashtags, and links.
Following trends ensures your products are relevant and in-demand. You won’t end up selling outdated and unpopular items.
6. Look at Product Reseller Opportunities
You don’t always need to have your own warehouse of products to sell. You can launch a business reselling someone else’s goods.
People refer to this as drop-shipping. You don’t have to keep items in your home warehouse. When a customer orders from your site, you’ll order it from the supplier and have it delivered directly to your consumer.
If you’ll try this out, don’t hesitate to sign up for different drop-shipping programs. Some offer incentives which could increase traffic and revenue for your business.
7. Read Customer Reviews
Did you know, most people trust online reviews as much as they do a friend’s word? Take advantage of this fact.
If you’ll focus on drop-shipping, only sell items with a lot of high reviews. You’ll have fewer issues with returns and refunds. These are the items you want to consider putting up on your site to sell.
8. Number of Reviews Matter
Look at products with a ton of reviews and those without. Keep in mind that items with a lot of reviews also mean that the competition is high. Items with only a few reviews aren’t as popular and therefore don’t see a lot of competition.
Sometimes, it’s okay to focus on items without much competition. If they’re not in demand, go back to our previous tip: find a problem and then present these low-demand items as the solution. Before you know it, those items will grow in popularity since they answer a problem people didn’t know they had.
9. High-Demand Items
Keep in mind that you shouldn’t focus on selling products with low demand in the market. You can run a quick test by searching for an item on Amazon and then checking it on a tool like Jungle Scout. This will show how high or low in demand a certain product is.
The higher the demand, the better. It means you have a higher chance of garnering sales even within a tightly competitive market.
10. Follow Your Passion
Even after considering all these factors, you should still focus on your passion. Take a look at what you love and consider selling those items instead.
However, don’t simply put them on your online shop without preparation. Again, look for a problem and then solve them with the products you want to sell. Make your passion products the solution to a problem people weren’t even aware of.
Take Advantage of These Product Opportunities Now
Figuring out which product opportunities to handle depends on several factors: the demand, niche, your passion, and current trends. Look at the numbers, the necessities presented, and focus on selling things you know your consumers need and want.
Of course, mastering your business and seeing success doesn’t end here. We can provide even more eCommerce tips and tricks to help you mold a profitable strategy. Feel free to get in touch with us today and help us to help you.