Whether you’re launching an online store for the first time or figuring out how to transition your brick-and-mortar to eCommerce, you want to know the effort is going to be worthwhile. There’s no use in building out a snazzy new website if the products don’t sell, right?
To have a successful eCommerce business, you need to have profitable products.
But what makes a product profitable? What should you look for when brainstorming product ideas to set your store up for success?
That’s what we’re here to answer! Here are four smart techniques you can use to discover a profitable product to sell online.
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1. Go trend hunting.
Want to sell the “next big thing”? The trick is pinpointing trendy products before the market gets crowded. Stay ahead of the trend with these product research tools:
- Exploding Topics – This site scours the internet to see what products keep popping up in conversations online.
- Kickstarter Trending Product – This area of the popular crowdfunding platform lets you see which types of projects are the most popular. That’s an indicator there’s demand for these products.
- Pinterest Trends – What products are on people’s wishlists? Pinterest Trends will help you figure that out, based on the last 12 months of data from Pinterest users.
- TrendHunter – Like Exploding Topics, this site use AI to discover emerging trends, but TrendHunter also has a massive editorial team of 200,000+ people curating those trends, based on interaction data across the internet and on their own platform.
2. Use your own experience.
Have you ever found yourself wishing there was something that could make your life easier, better, or more fun? That could be your product idea.
Many brands were started because the founders wanted to create something to solve a particular challenge. Warby Parker wanted glasses to be cheaper. Supergoop wanted sunscreen that felt good enough you would wear it everyday. Our own eCommerce brand, Roam Often, began because one of our co-founders grew tired of spending her vacations untangling her jewelry instead of sightseeing.
Get started brainstorming profitable product ideas with these steps:
- Write down your hobbies and interests.
- Then, write down a problem or pet peeve that you wish could be solved for each one.
- Now think about potential solutions for those problems.
- Finally, head to Google and Amazon to perform competitive product research. Your last step is to see what’s already out there, and consider how you can improve it.
3. Make something good, better.
We almost gave this one away in the last tip about drawing product ideas from your own experience, but an excellent place to start is with products that are already profitable. These products already have proven demand, but there’s probably something that can be tweaked to make them just that much better — and make your version stand out.
Think about products you and your friends and family love. How could they be improved? Maybe they could be designed more efficiently. Maybe they could benefit from an extra feature. Maybe they could just be better looking.
Whatever it is, make that your angle. Before moving forward, double-check there isn’t an existing patent first. You can use the U.S. Patent and Trademark Office website or Google’s patent search.
4. Become a reseller.
Here’s a little secret: you don’t even have to think up your own original product. You can sell something that’s already profitable by becoming a reseller. With reselling, you can get your online store up and running faster, buy products at wholesale prices, and take advantage of dropshipping.
To choose a profitable product for resell, look for products that are in high demand, but have low competition. They should also provide good margin and be in good supply.
With reselling, know that your margins will be smaller and you’ll be subject to restrictions by the seller. Your customers will be prone to price shop, so you’ll need to get creative with discounts to win over shoppers. That’s why it’s important to find a profitable product to begin with!
What’s next?
There are a lot of profitable products out there, and many haven’t even been invented yet. What product will you dream up?
Before you know it, it will be time to introduce your products to the world. Get started on your journey to eCommerce success with our podcast series How to Start a Successful eCommerce Business in Less than 30 Days. Subscribe here!
