Let’s say you are thinking of starting an eCommerce business. You have decided what product you desire to sell. Now, you want to hurry and begin before anyone steals the idea, right? Well, slow down there! No matter how excited you are to set up your business, you must not skip the vital step if you want to make your business flourish. What is it? Product research!
Product research is one of the essential aspects of market research as it plays a prime role in developing and launching an eCommerce business. Market research for new products encompasses collecting data about your target audience and buyer personas, including their needs, wants, requirements, and where they wish to shop.
Read the blog to learn more about product market research, its significance, and some of the best product research tips to use hand in hand!
6 Best Product Research Tips for your Business
Is it your first time selling something? Or have you been doing it for a long time? No matter how long you are in the corporate world, research on products is necessary. However, you must stay tuned with the market to know what item you should go for, as that is where your business lives and thrives. So, here are six practical product research tips for tackling this challenging procedure:
1- Research Products In High Demand
What industry are you planning to dive into with your business? Are you going to serve technical tools? Or are you more into creative handicrafts? Whatever your interest is, you can scout social media to know the trendy products using hashtags. This strategy works on various networking platforms like Instagram. You can hunt for a specific hashtag using the search box or explore categories directly from the drop-down on the home page.
- Select your niche and evaluate the user’s engagement with posts related to those products.
- More likes and comments entail that many people are interested in the product.
If your product idea has fewer engagements, do not get disheartened. You can modify the items and offer innovation to customers.
2- Find Bestsellers On Ecommerce Marketplaces
There are various eCommerce marketplaces worldwide on the internet, such as Amazon, Flipkart, Myntra, eBay, Snapdeal, etc. You can browse through the websites and find thousands of product ideas. But, it is easier to get lost if you do not have a concrete plan. So, ensure you do not stray from your definite plan. You can visit the bestsellers section on these websites to know the in-demand products. The bestsellers section features various products ranging from toys, games, home appliances, and electronics.
You can also focus on disparate facets when conducting market research for new products. For instance,
- Available product bundles
- Product listing reviews
- Product variants
All this in-depth information will certainly give you a hand in adding a successful product to your online business.
3- Browse Social Curation Sites
Since you already have a rough idea of products you want to deal with, you must pin those that are profitable or have more potential than others.
You can take help from the applications and platforms like,
- Pinterest, one of the largest curation sites and visual discovery engines with over a million users
- Buzzfeed Shopping avails you of curated product listicles.
- We Heart It is prominent for fashion and beauty products discovery.
But how can you use these sites to research products? To get valuable information about products using Pinterest, you just need to type the niche you want to explore- for example, eco-friendly- into the search box. You will soon see tons of products popping up in the results. You can filter the ideas by utilizing tags in your search, like “eco-friendly tools.” Pinterest also eases your process by offering suggestions for similar products.
4- Use Global Websites To Get Feedback
Websites like Quora allow everyone to connect on a digital platform. You can meet people who have tried their luck in the industry sector to get some advice. Moreover, it enables you to ask questions globally, with various users giving solutions and answers to your query. In a way, you can ask anything and everything, like business ideas, Create an account and follow a product or industry-related pages to stay updated and curate ideas.
5- Evaluate B2B Wholesale Marketplaces
It might sound a little surprising, but B2B wholesale platforms can aid you more than you can imagine in your product research. Now, how does B2B matter when you are engaging in a B2C business? B2B marketplaces are nothing less than a goldmine for beginners to explore new things. Moreover, you can find novel product ideas straight from the source by exposing yourself to thousands of potential items to sell.
Some trendy and widely-known B2B marketplaces to consider are:
- Amazon Business
- Global Market
These marketplaces connect you to the wholesalers, manufacturers, and suppliers serving various industries. It is preferable to assess the products on these platforms and cross-reference them with the popular items in the B2C channels. You can add any product you like to your cart and source the supply for your store directly from the marketplace.
6- Narrow Down To Scalable Ideas
If you wish to prosper in your venture, turn your hands to scalable products. You can start by thinking of second-sale opportunities. Reselling to a previous customer requires lesser effort. For example,
- You are planning to sell yoga leggings. When a customer purchases them, you can add yoga mats as an option to your list for cross-selling.
- Or, if you wish to offer consumable items such as organic shampoo, non-toxic conditioner, or digital downloads, you can upsell or cross-sell subscriptions to your customers.
Further, it is vital to prioritize your customers once you establish your business. As an eCommerce business, you must ensure that your website is user-friendly and easy to use. Customers often engage with interactive platforms with attractive interfaces. A feedback or review section is essential in this field as it will help you know what your customers think and expect. You do not have to worry! Several website builders are accessible online. Shopivana, one of the best website builders, is the prime place to knock at if you are looking for an efficient eCommerce website builder to develop a responsive virtual platform for your business.
Starting a business by creating a virtual platform using website builders is easy. The arduous task is to select an ideal item and niche. Research on products performed adequately will take some burden off your shoulder by assisting you in the subsequent steps. However, multiple products do not qualify for advertisements on social media platforms and Google. It is better not to indulge in those items if you are an amateur or an eCommerce entrepreneur about to begin your journey.