Product research is a significant step for any business owner, eCommerce or brick-and-mortar. So it is only right that finding the right product for the market demand needs to be done and completed correctly.
How can you get an accurate prediction of product profitability?
How can you notice the next “trending” product for the market?
There is no magic formula or science behind it; you just have to put in the work.
Here are some of the beginner-friendly techniques we used to find the best products that will get you that ROI.
Decide on your Niche
Niche definition is the foundational stone on which you will be building your product research on top of.
Without having a well-defined product niche, you will be making it even more challenging to start and run your business.
Product niches can be specific or broad.
Complete or commonly known as ‘Broad; niches involve items under a category.
- Fishing Gear
- Outdoor Apparel
- Pet Supplies
- Lawn & Garden
Advantages of broad niches:
- More products can be offered.
- You are immune to seasonal consumer purchase interests because of the wide range of diversity.
- You in a position to collect more data on a wide range of products.
Here’s an illustration:
You’re shopping for your mother for mother’s day.
She likes knitting, but you don’t know what to get her.
You search “knitting equipment” on Google.
You see all kinds of results for “knitting equipment”, and you choose one.
You browse through many more products until you see a cute knitting needle that reminds you that she loves knitting sweaters.
So you purchase the equipment.
Meanwhile, another store owner of an online store that specializes in knitting needles misses out on your sale because you didn’t get to his or her online store.
This is the advantage of having a broad/wide niche. It enables you to cast a wide net and offer a wide range of products.
Specific or a specified Niche
These niches are usually one particular type of item.
- iPhone Screen-guard cases
- Billiard Sticks
- Hiking Footwear
- Laser engravers
- Fashion Lights
- Specific niches make it simpler for you to drive traffic to the products you want to sell
- You get to fully understand your business niche and the type of customer in detail.
- You will quickly sell to customers that know what they want.
- You have the option to charge a lot more or even offer super-premium items that wouldn’t sell on broad or comprehensive niche sites.
Here’s an illustration:
You want spicy chicken wings for dinner.
You have two fast-food restaurants close to your address: Hot Chicken wings and Bon-Appetit restaurant.
Bon-Appetit restaurant offers chicken wings. But, the higher chance is you will go for Hot Chicken wings.
With eCommerce, the same principle applies. Niche-specific stores appeal more to a target audience that knows what they need.
Find out what is demand.
Using tools like Google trends is an easy way to find what is in demand. Google trends will show you what is trending on the world’s biggest search engine. With this type of data, you can tell what you would like to start selling.
Based on the image above, you can see that the product research for power banks is constant throughout the year. That is a good thing if you plan on selling throughout the year.
Otherwise, you can also choose to sell products that are seasonal. In the image below shows the search trend for “Christmas Trees.”
Using tools like Google trends will help you see what is trending and what is not.
Skipping product research before you even get to product promotion may hurt your business while it is still in it’s infancy. make sure you do not skip this step before you start your eCommerce business