Product Ideas For Sale | 5 Ways To Find Successful Products
With the increase in digitization and massive technological innovations all over the world, e-commerce business is booming like never before. The global e-commerce market is set to reach $24.3 trillion by 2025, indicating a compound annual growth rate of 11.1% since 2018. But despite these staggering numbers, the success of online sellers comes down to their ingenuity in choosing products and target the right customers.
Whether you are a startup e-commerce company or an individual seller, you cannot expect your project to succeed by selling a random product without the slightest study or research. You have to understand what potential customers are looking for, by searching for the best-selling products that fit your own brand at the same time.
5 ways to find product ideas to sell
You can only build a strong and scalable e-commerce project when you discover market gaps, whether online or on the ground, and exploit them to get product ideas for sale with high demand. This is the basis for continued growth in the future.
1. Monitor social platforms
The impact of social media is certainly widespread, and shows no signs of slowing down in the future. A large percentage of people share their favorite brands and products through social media. This is why platforms such as Facebook, Twitter and Instagram are a great way to research high demand products.
You can check groups, hashtags, and hyperlinks on social media to discover popular products in the market no matter what e-commerce category you belong to. This will enable you to find out what customers like, identify opportunities to develop niche products or connect with well-known influencers.
2. Use Google Trends
Google Trends is a free tool that helps online stores discover which products are most targeted by their audience. This resource provides important insights into popular products, thus helping e-commerce sellers make vital business decisions. In other words, if you want to give some life to the products you intend to sell, Google Trends is the perfect place to start your search.
When you enter your product’s SEO keywords into Google Trends, the system will share customer interest and engagement with it over time. You can narrow your results to fit your specific project needs, using location, time, and product category filters. The Compare feature also allows you to study fluctuations in demand for different brands or new products, and gives you greater insight into which items are most profitable.
Google has a lot of data from all the different brands that use google ads to market their products. You can use this data to determine and predict consumer demand.
All these tools available from Google enable you to improve your listings and marketing efforts in a very easy way, which guarantees you more sales and profits.
3. Search marketplaces like Amazon and eBay
Another effective way to check product popularity is to look at e-commerce platforms, which often provide lists of popular items or best-selling products. Information obtained from these websites is guaranteed, accurate, and up-to-date. Some of the major marketplaces include: eBay, Etsy, and Amazon.
4. Find products that solve a problem
Does your product or service solve a problem customers are facing or help make at least one aspect of their lives easier? If not, you should re-evaluate what you’re selling or how you’re selling it. Best-selling items focus on solving a problem, meeting a need, or improving a consumer’s daily life.
Problem-solving does not necessarily require store owners to overhaul their current strategies or sales tactics. All you have to do is adopt a better approach. Instead of going back to scratch and trying to get new ideas, think about how you can improve your existing ideas or even how to put related products together.
5. Current competition analysis
The most profitable e-commerce stores share the same trait: the ability to outperform their competitors. Like in any other market, online sellers are smart about analyzing data about their competition and then adjusting accordingly. Achieving sales becomes more difficult as more companies market the same product. This also usually leads to a price war, as each seller tries to maintain a low price point to close more sales. This situation is bound to destroy your profit margins and confuse your customers.
This is why retailers should look for a profitable niche product with the fewest competitors. You can compare items sold by the most searched listings in online marketplaces. If you notice a product has a high search volume and little competition, take a chance.
Or you can search for high demand products that are not available at the right price online. Or even marketing products with multiple uses in different ways (coconut oil is used for cosmetic and cooking purposes, for example)
Product ideas for the most profitable sale
The success of your online store requires a number of basic components and one of them is obtaining strong profit margins, as they are what allow your project to flourish. But make sure that you don’t code your products without paying attention to the market. No one will want to buy from you if your prices are too high.
The trick is to find good products with low cost and high profit margins, to help increase sales and keep cash flow steady. Here are 5 industries with great profitability and sellability.
1. Fitness equipment
The health and fitness industry has boomed over the past several years, but there is still room for another brand to join the game. All you have to do is find a niche product that the big companies fail to capitalize on. You can, for example, market your product to professional runners or cyclists in particular.
Your earnings from selling fitness equipment will depend on your ability to know what people are interested in. So it’s wise to take advantage of social media to conduct market research, and then stick to your values as you build your brand. If you market yourself as a store of high-quality, comfortable yoga equipment, stick to this approach to avoid confusing customers.
Luxury watches are a multi-billion dollar industry, but it is clear that these luxury watches are not the only type of watch that consumers want to own. The watch market has a wide range of products and prices, from analog and digital watches to casual watches and about thirty other offerings in between. Watches can also be worn either as a fashion accessory, or as a practical device (smart watches).
Starting a watch dropshipping business is a low-risk, low-cost approach. You can easily get your inventory into the hands of customers by simply contacting a reliable dropshipping supplier. But be sure to take note of customer feedback and order volume to help determine the most profitable products.
Jewelry is one of the most profitable products for unisex. Millions of people buy chains, rings, bracelets and more on a daily basis. The jewelry industry does not require a lot of costs, all you need is a small space in your warehouse. It is also one of the high-demand products throughout the year, which achieves large profit margins if marketed properly.
Selling jewelry is ideal for online retailers, because it’s small, easy to ship, and you can keep a wide range of metals, stones, and sizes in a small storage space. You can also increase your sales even more by accepting specific customer requests. Ecommerce platforms like Shopify, BigCommerce, and Squarespace are great options for hosting your product listings.
4. Skin care products
One of the driving factors behind the overwhelming success of skincare products is the demand from younger shoppers. Consumers are now using skincare at a much younger age in an effort to delay the signs of aging. Therefore, companies must adapt their promotional strategies to reach this demographic group, which may be considered key.
Experts believe that the significant growth in the skincare market is sustainable as long as brands commit to innovation in both their product lines and marketing campaigns. If you have ambitions as a thriving skincare company, now is the perfect time to implement your vision and make a unique offering in both packaging and product offerings.
People are always looking to buy sunglasses. If you are not yet sure what you want to sell in your online store, know that sunglasses are a great gateway to entering the e-commerce market. They have a high profit margin if they can partner with a reputable dropshipping supplier, and they also have strong resale value if they are kept in good condition.
The sunglasses industry is a well-established industry. Which means that there are plenty of sunglasses suppliers available to deal with. Plus, sunglasses are generally cheap in terms of source, shipping costs, and are worn by people all over the world every single day.