It’s time for Would You Rather! (E-commerce retailer edition)
Would you rather sell – Groceries or Clothes?
Makeup or Jewelry?
Electronic devices or Fitness equipment?
Wouldn’t life be so much easier if you could just pick your product in a game of Would you rather? Unfortunately, (but rightly so), you need to put some thought and effort into choosing your product. All you need to do is utilize specific strategies and harness that entrepreneurial spirit. Product selection will no longer be a hiccup on your e-commerce journey!
In this post, we’ll look at actionable techniques you can use to find the perfect product to sell in your store. It will also serve as a practical guide to nurture the budding entrepreneur with you.
You can now bid adieu to the question that has been plaguing you for weeks – But what do I sell?!
Let’s get started!
Passion (with a side of profit)
First things first. Business is no fun if you’re not driven by passion. So it’s time to take a step back and check in with yourself. What is it that truly gets you going? What is a product that you would love to sell in the digital marketplace? If you’ve gotten this down, you’re one step closer to choosing your product. When you are passionate about the product you are selling, it shows in your marketing campaigns and customer support.
However, it’s also important to consider a product that you’re knowledgeable about. This can help you optimize your market research, enhance user experience and develop better products. You will also be able to respond to customer queries in a confident and effective manner.
But wait – what about profits? Before you begin your E-commerce journey you need to choose products that have a good profit margin. A good margin varies depending on the industry and the product. But in general, an effective margin is around 20% to 30%. Market research will help you identify the industries that have higher profit margins than others.
What’s hot? What’s not?
If you want to succeed as an e-commerce retailer (I mean, who doesn’t?) you need to identify best-selling products. This can help you understand what products are popular and what people are buying. It will also give you an idea of what the market lacks and what people are willing to pay for them.
Start by exploring specific market segments that align with your interests and expertise. You can dive into online communities, social media groups, and forums where your target audience hangs out. Listen to what they’re saying, identify their pain points, and take note of the products they’re yearning for. Market research can help you develop products that differentiate you from your competitors, and widen your consumer base.
Ride the trend wave
Trends might seem like a Gen-Z fad. A phase. However, the potential of trends is so much more than you realize! Trends can help you identify new product opportunities and build on them. For example, if you notice that there is a trend toward eco-friendly products, you can consider adding eco-friendly products to your store. Trends can also help you stay ahead of the competition. By keeping up with the latest trends, you can work on particular products before your competitors do. T
Trends can help you tailor your marketing campaigns to appeal to audiences interested in that type of product. Don’t shy away from trends! Just be ready to surf the wave of popularity like a true champion! To research trends, you can use tools like Google Trends that track search volume and interest over time. You can also look at social media platforms to understand what products are most popular.
Validate, Validate, Validate.
The golden rule of E-commerce – you need to validate your ideas before you go all-in. You can’t rely on gut feeling or surface-level research alone. Market research can provide insights into customer needs and preferences, market trends, and competitor activity.
To conduct market research for your e-commerce store, you can use tools like Google Trends or SEMrush. They can help you identify search trends and keywords related to your product. You can also use social media listening tools like Hootsuite or Sprout Social to monitor conversations about your product on social media. By combining market research with data analysis, you can make informed decisions about which products to offer in your E-commerce store.
Dip Your Toes with MVPs
Are you ready to take a dip into the entrepreneurial pool? You can start by testing the waters with Minimum Viable Products (MVPs).
How does this work? An MVP is a basic version of your product that includes only the essential features. It can help you gradually make your way into the e-commerce market. MVPs enable you to test your product idea with a small group of customers before investing significant time and resources into development. They can also help you collect feedback from early consumers and use that feedback to improve your product. By using this approach you avoid costly mistakes and ensure that you are building a product that people actually want.
(Wha)t’s the season?
Seasonality in e-commerce refers to the fluctuations in the purchasing behavior of customers. It helps you understand the seasonal demand for products. This includes not just the seasons (summer, winter, monsoon, spring), but also holidays and special events. Analyzing this data can help you launch products specific to the ongoing season. It can also help you plan ahead, and determine which products to launch in the days to come.
Survival of the fittest
E-commerce is an extremely dynamic industry. Therefore, what works today might not work tomorrow. Stay agile and be open to adapting your product selection based on market trends. Make the most of customer feedback and emerging opportunities. Monitoring customer behavior to identify patterns and make data-driven decisions.
Ah, there we go! We’ve reached the end of our journey with product selection. These techniques can get you started, and choose the perfect products for your business! So, put on your entrepreneurial hat, get out there, and take the e-commerce world by storm!
Once you’ve selected your product, head on to Breeze.ai and create compelling images that showcase your product! Stunning images are just a click away!