Ecommerce is growing into a significant industry. Many people are starting businesses online and need to find products that sell well. Profitable products solve a customer’s problem or meet their needs. They also have low competition and high returns on investment (ROI). Identifying good products is critical to your e-commerce business’s success. You can learn to determine suitable products by performing market research and setting product criteria.
Analyze Your Target Market
Creating products that sell is one of the biggest challenges aspiring entrepreneurs face. However, knowing your target market can help you identify profitable trends that will splash the marketplace.
Conducting a target market analysis helps you understand your ideal customer’s buying habits, preferences, and needs. This can be done by asking questions about the demographics of your customers and their psychographics, such as lifestyle and values. You can also look to popular trend publications to find out what people are searching for regarding trending ecommerce products.
Conduct Keyword Research
Search engine optimization is critical to any digital marketing strategy, and ecommerce is no exception. Getting to the top of Google Search for relevant terms can bring vast traffic and sales. However, this can be challenging. Keyword research is a crucial part of the process and can help you understand what terms people are searching for online to find your products or services.
Using tools, you can discover keywords with high search volume and low competition to prioritize. Ideally, your goal should be to identify “informational” keywords that are relevant to the products you sell and will help searchers find what they are looking for. Then, you can optimize your website and product listings accordingly to reach your target audience.
Look at Amazon’s Best Sellers
One of the best places to find new product ideas is to look at Amazon’s Best Sellers. This page will show you the most popular items on Amazon based on sales volume, updated hourly. However, it’s important to remember that this list is a snapshot of what’s selling well at any given time.
Many of the products on this list are manufactured by Amazon, which skews the results. Also, just because a product is famous doesn’t mean it will stay that way.
You’ll need more advanced product research tools to find long-term trends. For example, the AMZScout Product Database (opens in a new tab) has several filters to help you narrow your search. These include bestsellers by category, most wished-for, and hot new releases.
Ask Your Customers
Ask your customers for answers if you need to know what to sell. Conduct a customer satisfaction survey to see their pain points, their passion, and what they want more of.
Profitable products achieve one of three things: they ease a customer’s pain point, serve their passion, or solve a problem. If you can identify those needs, then creating products that will sell is easier.
Capitalizing on trends is a great way to make money, especially if you catch them at their inception.
Look at Social Media
Social media ecommerce marketing—or social selling—is becoming increasingly popular, with influencers and brands using their reach to promote products. By leveraging social media to drive sales, businesses can create and build an engaged audience while connecting directly with potential customers.
TikTok is one of the fastest-growing platforms for social commerce, with a potential ad reach of over 1 billion in 2022. Facebook, Instagram, and Pinterest follow closely behind.
Using the right tools and strategies to implement and monitor social media for eCommerce can help businesses maximize sales conversions, nurture communities, highlight creativity and cultural aspects, and boost brand awareness. Marketers can make the most of their online presence by understanding what makes a profitable product, how to find that trend, and how to market it.