Almost every product is available from ecommerce stores or online retailers, due to the Covid-19 pandemic that struck the world in early 2020s. Though ecommerce continues to boom, finding new product ideas to launch an online store is becoming increasingly challenging for newer entrepreneurs. Stiff competition demands that each ecommerce store has to provide something unique to customers if it wishes to flourish and prosper in coming years. Therefore, here’re some effective ways to find product ideas for ecommerce stores, if you’re planning on setting up one.
If you’re setting up an ecommerce store that sells something common such as household stuff and groceries, not much ingenuity is necessary. Obviously, we know what’s in demand and what sells. And the geographical location where we would have to limit our operations. But if you’re planning on offering something new and affordable to clients that’s unique at the same time, try any of these effective ways to find product ideas.
Maybe you’ve come across this scenario while shopping online. You require something believing it would be easily available through an ecommerce store. However, countless searches on the Internet reveal, such a product isn’t readily available in your area, despite its sale being perfectly legit. A bit of research would clearly reveal why something isn’t easily available at your location. And whether there’s a high demand for such stuff. Some more research would possibly prove there’re several more such products that have a high demand but in scare supply. To begin with, launch just a few such products from your ecommerce store to gauge customer response. It’s always possible to expand your range of offerings at a later date.
Ecommerce has made this world a global marketplace. It’s easy to order and stock products from any part of the world that’s rare but appeals to people. Handicrafts, ethnic wear and sometimes, ethnic food preparations that one cannot get at a specific location are stuff that’re always in demand. Explore the market around. In fact, you might be able to get some brilliant ideas from Duty Free catalogs of foreign airports. We’re not talking about the regular Duty Free fare here. Instead, I mean local products from foreign lands that sell at Duty Free stores. It would be fairly easy to import these products directly or place orders whenever a customer places one and pays. Understandably, you wouldn’t be able to compete with Duty Free rates due to import and other costs. Therefore, work out such pricing, including shipping costs carefully.
Finding trending and seasonal products for your ecommerce store can be fairly easy. Google Trends is an excellent online resource to find what’s trending at the moment. The second superb resource is Facebook. Also subscribing to Instagram channels of leading influencers and micro-influencers can provide a good picture of the trending products to offer through your ecommerce store. Now there’s one inherent danger in offering trending products. People’s tastes and choices are subject to change without any notice whatsoever. Hence, it’s better not to stock these products. Instead, tie-up with a dropshipper to sell the stuff on order-only basis. This is much safer since you’ll not be loaded with an unsalable inventory. And the profits from dropshipping remains yours. Though in recent months, dropshipping from China has taken some beating due to Covid-19 and trade wars, look for suppliers in other countries such as India, where you can buy some amazing stuff from dropshippers and wholesalers or even manufacturers.
Teens have some buying power and are always looking for trendy stuff to stay one-up above their peers. This is more common among high school and college students. Teens are also more open to accept or at least try something new, just for the thrill of it. This is one superb idea if you wish, for your ecommerce store.
At the same time, teenager tastes are prone to rather sudden changes. Be prepared to meet this challenge. Dropshipping can help here too, if you can identify the teenage tastes and respond quickly. It’s also possible to create a demand among teenagers.
As you can see, navigating through product ideas for ecommerce store can be like negotiating through a maze. Select a niche properly and later, study about it to find what’s best for your online store.