If you can dream it, you can do it with the right strategy. Selling online an eCommerce platform such as Lazada is easy but finding success selling online requires resilience, tenacity, and perseverance. In this nifty guide, we show you how to find a unique, sustainable, and profitable product in the eCommerce landscape.
Read on to discover how to find a product that you’d love to sell, how to run a market analysis, and how to source a winning product from the right suppliers. We lay these out in a simple, step-by-step process for you to use as a mini launchpad to start or grow your eCommerce store.
1. Consider your Passion and Expertise
Akin to choosing a profession, it is wise to choose a product to sell online based on your passion and expertise. Selling what you love truly makes the selling process enjoyable. Thereafter, growing your business becomes intuitive and naturally woven into your daily routine as an entrepreneur.
Having trouble identifying the products that you have an affinity for? Here are some tips:
- Think about your lifestyle or your favorite activities when hanging out with friends.
E.g. If you love coffee art and café hopping, then selling coffee beans or baking equipment may be your thing. - What products do you purchase regularly? Check out your eCommerce Apps’ order history in the past year and identify a pattern of items often purchased.
2. Identify your target market’s pain points
Use ikigai to build a selection of products that can generate profit and also solve the pain points which your target market (people likely to be interested in your products) is facing.
Think of the products you love to purchase. Let’s say that you often purchase home office equipment and stationery. E.g. ergonomic support pillows, noise canceling headphones, laptop coolers, foldable laptop stands, adjustable folding desks, durable phone holders, and document trays.
What are the pain points or frustrations that can be solved whenever you purchase these equipment? From here, you can identify your target market i.e. people who feel the same as you do. Perhaps you are unable to find all your desired home office equipment in a single online store, finding it frustrating to survey the reviews in various stores.
3. Do market research to identify trending products
Market research is an essential step in finding the right product to sell online. You can use various free online tools to conduct market research. First, use Google Trends to see which keywords relating to your potential product category are trending.
Next, read consumer trend publications such as Trend Hunter. Some interesting consumer trends for April include chic hydroponic or staggered planters for balconies, compact humidifier designs, and aesthetically pleasing yoga weights. Social media platforms such as Instagram, Pinterest, and Reddit are also amazing sources to detect trend patterns.
Instagram is where content creators and businesses carefully curate products. While Pinterest and Reddit show trending topics. The vast range of categories on these platforms include fashion, beauty, food, interior design, travel, fitness, health foods, pets, and gardening. While analyzing the market, keep a look out for products that have potential for high demand, have low competition, and offer high-profit margins.
4. Analyze your competitors and identify the value gap
Market research is never complete without competitor analysis. You can learn the basics from competitors and also identify a value gap i.e. what benefits can your potential product offer, which isn’t already in the market?
Look for other sellers who are selling products similar to yours and try to identify what sets the well-loved ones apart from the rest. Analyze their product descriptions, pricing, and customer reviews. An analysis with some business acumen will help you gain insights on what your target market loves or hates about your competitors’ products.
5. Source your products from reliable suppliers
Lastly, the most important step once you have identified the right product, is to source it from a reliable supplier(s)!
Some due diligence tips include checking your supplier’s credentials and certifications along with requesting for samples before making a bulk order.
The above applies for wholesaling or white- labeling. White-labeling is where you get to sell another brand’s products with your very own branding and unique labeling.
If you have the talent to make something yourself though, sourcing for cheaper supplies in bulk from multiple streams becomes a priority.
