16
Dec

Starting an E-commerce Shop – The time has come to pick a product you want to sell

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Ecommerce Product Selection

The time has come to pick a product you want to sell

 You know you want to launch an e-commerce but are spinning for ideas on what to sell.

How do you determine what product to sell?

A lot of people want to launch an online business but have no idea what they would like to sell.  They often spend wayyy too much time on this area  ….weeks and months trying to find a product then eventually give up and quit.

Or perhaps you’re one of those who has great ideas for products but you keep second guessing yourself.  The product just isn’t right, … oh it won’t work,  or it’s just not good enough, nobody will buy this product.  I can guarantee your product won’t be perfect at the start but entrepreneurship is about diving in, iterating or perhaps even pivoting your product.  How are you supposed to know if something will work if you don’t try?

This post is all about doing, and moving forward. The goal of this section is to make sure you have a product selected by the end of this section.

When I started my first company I found quickly found a product where I believed there was a pain point.  I asked a few friends to about the niche to make sure I wasn’t completely foolish.  They liked the idea, therefore I decided to go with it.

My mentality with my first launch was all about the learning experience and if it doesn’t work then I will have all the skillset to launch my next business.  Of course I want my store to be successful but I wasn’t going to a roadblock and I definitely wasn’t going to sit still just because I was scared my store might fail.

Perfection is a silent killer of achievement.  Don’t expect your product to be perfect from the start,  if it is then all the better but often this is not the case.

e-Commerce is a journey and a learning experience,  the idea is to start and launch, learn and adjust.

My biggest downfall is I wish I would have started earlier in e-Commerce but then again I am grateful for just starting.  The journey has been the most worthwhile experience of my life.

 

Put yourself in the customer’s shoes, What makes up a good product?  What is trending?  What people are buying online?

  • What are customers purchasing?  Analyze Amazon, Ebay, Alexa, or others mentioned below
  • Are you interested in the product?  Sell a product you have a common interest in with your customer
  • The product is easy to ship – the product is small and easy to ship
  • The product is durable and can withstand shipping – don’t sell fragile products as this will drive returns
  • Think of the long-term vision of the product,  how long will the product be around.  The product should have at least a 5-10 year window.

This exercise requires looking internally at yourself,  and asking yourself the right questions.  
here are a few questions,  what are you interested in? Hobbies?  Are there any products you can think of related to one of your hobbies? What products do you touch throughout the day?  What products do you wish existed? What product are trending?

Exercise

Grab a piece of paper, and write down every product that comes to your mind.

Go to the following and set a 10 minute timer  http://e.ggtimer.com/10%20minutes

For 10 minutes write down all the of the products you can think of on put on a piece of paper

  • Think of every product you touch throughout the day – products you use at home,  products you use in your hobbies, products you use on your way to work, etc
  • Think of pain points in your life,  try to break down if you can create this product.  

Go out to your customer and ask if this product would solve a pain point in their life.
New Trending Products  – write down any of the new products you have noticed trend

  • Drones
  • Smart devices – fitbits, mediation wave readers, apple watch accessories
  • Solar Power devices

Research Products

Now take your exhaustive list and affirm if your products are worth selling or not.

Find products are selling and affirm the product are worth selling.  A product with little sales and search traffic is a great indicator the product is not worth selling.
Here are some ideas for locations to research

What the top selling products in your area of interest on Amazon?
Check out – https://www.amazon.com/Best-Sellers/zgbs

Tip:  Check out a tool called Jungle Scout – www.junglescout.com,   this tool analyze each product and sales data for each product.
What is selling on Ebay?

http://www.ebay.com/sch/allcategories/all-categories

http://www.watchcount.com/
What is selling on Alexa?

http://www.alexa.com/topsites/category
Google Shopping

https://www.google.com/shopping?hl=en

Cool New Trending Products

The Gadget Flow – http://thegadgetflow.com/portfolio/category/cool-1/

Buzzfeed –https://www.buzzfeed.com/peggy/genius-new-products-you-had-no-idea-existed?utm_term=.vykmK38AvO#.rdVmqEjAWD

Best Selling Products on Shopify Stores

Here’s a little trick,  if you know a store is a Shopify store then take the following snippet
/collections/all?sort_by=best-selling
And copy it to the url eg www.abcstore.com
You should end up with something like this

www.abcstore.com/collections/all?sort_by=best-selling
This will list all the top selling products in the store

Other Tools for Analyzing Trends Related to Products
Google Trends – www.google.com/trends

Google Adwords – www.google.com/adwords – keyword research tool.  Use Google Adwords to search for how many searches for particular keywords related to the item you wish to sell.

Here is an example

screen-shot-2016-12-17-at-5-55-05-pm

We hope this exercise was useful in helping you select a product.  If you are still struggling with product selection reach out to our team at info@shopidd.com and don’t forget to sign up to our email newsletter if you haven’t already.

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