When you want to start an ecommerce store to sell your product the obvious question that first comes to your mind is what to sell. Selecting the perfect product for your business is the first step of getting involved in ecommerce competition. The success highly depends on what product you are going to sell or what product will be your brand’s icon.
There are millions of products and product’s ideas exist in market and new products are flooding the market every day. It is quite challenging to select the perfect products to start a new business. New sellers often choose the wrong and unfit products which cause them to lose huge money in business.
This article will provide you the perfect product ideas, characteristics of a good product and why your product needs to be good and some essential tips of choosing the perfect product for your ecommerce store.
Where to look for product ideas
Local and international trade shows are the best place to get product ideas. Trade shows offer multiple opportunities with potential suppliers and you will find a variety of product. Wholesalers, manufacturers and local vendors come with their products and new sellers have the opportunity to get closer to products and sources. Trade shows are often considered as the exhibition of products.
Social media channels are also a good way to find out what customers really want or who are they follow for their daily fashion lifestyle. Consumers are now more active in social media channels like Facebook, Instagram or twitter. You can easily find out what your customer do or where they go to buy products or what products they want to have.
You can get the idea of your first product sell online from your local community. Try to find out what types of products are available in your local brick and mortar store or what local manufacturer produce. It is better to understand the local trend and lifestyle to get product ideas and to sell online.
One of the best ways to find trend and new product ideas is following ecommerce blogs. Ecommerce bloggers and fashion writers always criticize existing product trend and give new lines of product and fashion ideas.
Wholesale market places are ideal to find perfect product ideas for your ecommerce store. Marketplace like Alibaba has more than thousands of potential product ideas from which you can choose your product. Following any online business to business marketplace is beneficial to find product ideas because marketplaces update their product inventory and you can easily find sources of your selected products.
Some popular wholesale marketplaces are-
Another rich source of product is online consumer market place like eBay, Amazon or etsy. Here you can find millions of products selling by their retailers and you can filter your search of products. Online consumer marketplaces are the biggest source of trendy and unique product ideas.
Some popular online consumer’s marketplaces are-
What makes a good product?
There are thousands types of products available in market but it is really hard to find a “GOOD” product to start your business. Good products are always good for making profit by increasing sales and conversion. There are some factors to determine a product good-
The product should be unique in the sense that it has to be uncommon or different in function and features from the products available in market. Another important factor of being good is that the product should be practical to solve consumer’s problem. If consumers find the products irrelevant to their needs and problems then they would not like to buy the products.
The product must be durable, easy to carry. A product’s durability depends on its materials and how much pressure it can carry. Durable products last long than fragile products and it is less risky to ship them.
A good quality product has the ability to confirm its all requirements. Quality of a good product includes quality build materials, texture, perfect context and the ability to fulfill customers’ needs and requirements.
A usable product is perceived as being of higher quality. Usability ensures product’s performance and makes the product easy to use. If the product has complex design that general customers do not understand how to use it than your product will lose in terms of usability.
Success of a product depends on how much the product visually understandable and presentable. Product’s visual presentation depends on the ability of the product of being demonstrated. If your product has poor visual context than it may lose customer’s attention as customers always look for the product which has “WOW” attributes.
A good product always has a market demand such as cars or motorbikes always have market demand. Some seasonal goods have demand for certain time but this doesn’t make them perfect for your business. A product’s market demand depends on many other criteria like product’s material, usability and popularity.
The products with more functionality always have a demand in market. Customers prefer multifunctional product than single functional product and you will not want your competitors to steal your potential customers with their multifunctional products.
Why is it important to choose a good product?
While you are investing both your money and time to make profit from your ecommerce store or business, choosing a good product is important to make your effort successful. Good products are considered as customer retaining strategy and often determine your store’s functionality and credibility.
Here are some points to understand why a good product is so important-
If you are selling quality products which have all the criteria stated above then you are in first place to win the competition. Your competitors may sales two times more than you but you already have built a brand which ensures your customer retention and lifetime customers. Your product is your identity and your customers will trust you when they find your products trusted.
Experts suggest selling good products to increase conversion and customer retention. Good quality products always have market demand and customers prefer buying product that have good materials, more functionality and usability. Good and quality products always attract customers and when your customers find your product better than other they would like shop more from you.
If you sell online than compare with your successful competitors who are making more profit than you. It is because they sell more quality products than you and thus they have confirmed their loyal customer base. Good products have better pricing and traffic which ensure more sales and more profit.
Tips to select the perfect product for your Shopify store
You may get confused when selecting the perfect product for your ecommerce business. Now you know where to look for product ideas and how to determine whether your product is good or not. Ecommerce experts suggest to follow some dos and don’ts when selecting products for your ecommerce business.
Here are some instructions to follow-
Look for present trends and what products are more trending when selecting niches for your store. It is better to avoid downtrends or flat because these products may have minimum or no attraction to your customers. So try to select something trendy or at least consistently flat.
Seasonal products have seasonal demand. You can sell seasonal products along with your brainstem products but it is better to avoid selecting any seasonal product to sell. For example, if you want to sell Halloween costumes you can make profit during Halloween time but through all years you may fail to sell a single product.
If your product is fragile and heavy to carry then it can be damaged during shipment and delivery. Large sized and heavy products need more care and fees during shipment-some shipping company charges additional fees for extra weight. Try to select more durable products and avoid fragile, perishable and easily get spoiled products to sell on your store.
Many new sellers choose unspecific product which makes their customers think twice before click “buy” button. Always choose specific product like if you want to sell women accessories or ornaments than choose specifically one type of ornaments like neck bracelets or finger rings etc.
Markup option of products let you make new price for your product to make more profit. Choose a product which you can 100% markup that means you require 50% round profit.
Experts suggest choosing products ranged from $20-$100 to lower the risk. There are lots of good quality products starts with less than $20 and provide you a lot scope of making more money. Spending huge amounts to buy products at the beginning of your startup just increase the risks.
There are millions of products and you have to choose the best one for your online store. It is not easy to find out which one is perfect and which one is not but you can make the difference when selling those products with your brand names. So don’t get confused on criteria. Better select good quality product and with your business knowledge make it perfect for your ecommerce store.