Today, the competition in ecommerce is higher than ever. That’s why it’s so important to understand what it’s worth to sell online.
You will be surprised at how many people open online stores before deciding what they want to sell. Such a strategy can only lead to failure.
Choosing the right product will affect all your subsequent decisions.
Forget about the tempting brand name, sweet design and delivery terms. Of course, all this is important, but it is much more important from the outset to determine what you will sell and at what price.
No matter which industry you choose, there are only two types of products that sell well.
- The first – consumer goods. These are the products that everyone needs: food, clothing, toys, etc.
- The second – unique products. This is the only one of its kind, most often hand-made goods. They are available in limited edition or are made to order.
At the same time, many brands sell both consumer and unique products. For example, Spearmint Love. This site offers a search for children’s clothing throughout the network (consumer products) and sells unique products of its own making.
If you offer only consumer products that are already sold in hypermarkets and well-known online stores, it will be difficult for you to succeed. Large brands can buy goods in bulk and set low prices. The startup simply can not compete with the giants of the industry.
However, if you can offer a unique product and build a tremendous brand experience around it, you will surely succeed.
But it is not easy to find or create a unique product. There are six basic approaches to generating ideas and choosing a suitable niche. Use them for your inspiration.
1. Solve problems
We all heard this expression: “ Necessity is the mother of ingenuity .”
Consider this when generating ideas for a product or service. Opportunities in this case can take many forms: an improved characteristic, a market undeveloped by competitors or unique marketing.
Think about the tasks that you perform daily. What annoys you, what is missing? These shortcomings can be a great idea for business. Identify the problem and offer a convenient solution.
The history of one invention
Using this approach, Karen Rzepecki created the reCAP Mason Jars Pour Cap.
It all started with a salad dressing. She cooked another portion of the sauce and began to look for a special lid for the Mason Jars jar, so that it was easy to mix, add to the dishes and store.
But there was no such product on the network, so she created her own. Like many other consumers, Karen used eco-friendly Mason Jars to store food. But when trying to shake the liquid in them or gently pour it in, there were difficulties.
To solve this problem, Karen created lids with a narrow neck that fit for large and small cans of Mason Jars, and began selling them online.
Today she owns a successful online store and constantly expands the range of products, which allows her to improve ROI and increase sales.
2. Rely on passion and experience
Let’s be honest, we need a lot of time and energy to start our own business. Believing in your idea and passion will help you not only survive difficult times, but also create a meaningful and interesting brand.
Business as a part of life
Evan Streisand opened his first business after a trip to South America. There he met with the guys involved in the production of shoes. Upon his return to the US, Evan launched Fortress of Inca to support the business of his new friends. Today, he sells their shoes to brands such as Anthropologie and Free People.
A year ago, Evan decided to open another business – this time with a partner. The history of this business is very similar to the previous one.
Two of them traveled around West Texas. At one of the parking lots they bought a pair of unusual robes and did not take them all the way.
When Evan returned to Austin, he opened Highway Robery. This brand is a vivid reflection of the nature of its creators.
3. Create a brand that will love
Creating a brand that will find a response among consumers is a prerequisite if you want to compete in the ecommerce industry.
To develop a memorable and unique brand, you need to carefully study your target audience.
You must speak with customers in their language and build loyalty based on their unique characteristics. First, ask yourself the following questions:
- How does your audience want to be treated?
- How will you position your product?
- What will be the design of your site, through what colors and appeals to action you will appeal to visitors?
When a brand becomes a style of life
Tyler Merritt of Nine Line is an expert in developing an effective brand and experience.
The brand of clothes in the patriotic style of Nine Line was created specifically for veterans and servicemen of the armed forces. However, Tyler soon realized that many other Americans also liked his idea.
The brand promotes patriotism and defends its own point of view. A special spirit permeates every aspect of the business: from the design of T-shirts to electronic messages and packaging. At the same time, only veterans are accepted for work in the company.
4. The first to master the trends
Taking part of the nascent market is a great success. However, for this it is necessary to closely monitor trends and react to promising currents even before they become popular.
But be careful, this approach can take you to a slippery path. Many trends quickly lose their relevance. But if you’re lucky, you can become a leader in the new industry.
Start the business before the excitement
Choosing the right market and the ideal time leads to success. A clear proof of this is the Fugoo online store. The brand was founded by a team of specialists from Acer, eMachines, Harmon Kardon, JBL and Toshiba. In 2015, they even received the “Best of CES” award, which is awarded for the creation of a new unique technology or product.
Fugoo team members used their skills and knowledge of the industry and launched wireless Bluetooth speakers on the market before the trend began to master large brands.
5. Satisfy the secret desires
Another promising strategy is to address the passion of customers or even their vices. Buyers usually spend more on their weaknesses and are loyal to brands that support their hobbies.
The Sweet Obsession
Jeni Britton Bauer was engaged in the production of ice cream for the decade, she founded her own brand Jeni’s Ice Cream in 2002. From the very beginning she used only natural ingredients and offered unusual tastes.
So, Janie could satisfy the secret desire of any ice cream connoisseur – try the most unusual and delicious ice cream.
Today customers order their favorite ice cream online, while it is delivered directly to the door. Now the delicacy gets to the table of sweet tooths even faster than they could imagine.
Janie refers to business as the creation of a community of people united by a single passion. She pays attention to every detail and tries to offer an ideal experience.
6. Choose niche segments
Niche segments are usually associated with success in ecommerce. If you manage to offer a unique product to people who need it, your brand will not be afraid of competitors.
Berkey Water is a unique water purification system. She copes with even radioactive contamination.
The product is really good, so at once several niche markets are loyal to this brand. For example, the survivors who are constantly preparing for natural disasters. Or organizations involved in the recovery of patients after cancer – they need only the cleanest water.
Many other segments also like Berkey Water, but the success of the brand has long been based on the fidelity of niche markets.
7. Look for new opportunities anywhere
If previous approaches did not suit you, here are some more ways to find an idea for business in everyday life:
- Begin serious about compliments . Do people tell you that you are good at something? Use this as an idea for business. That’s how Shari Lott started his business. She was a blogger and made reviews on children’s clothes. Soon she realized that she was attracting more traffic than many of the brands she was promoting. Therefore, Shari created Spearmint Love and began selling clothes herself. Today, her brand is very popular, and she herself is the fashion trendsetter in the industry.
- Learn popular sites . You will be surprised at what things are selling well online: toys for dogs, tablecloths, vintage clothing, decorative pillows. GolfEtail, for example, uses eBay as an additional sales channel.
- Think of a new application for known things . Even simply repainting an old chest of drawers, you can raise its price by a factor of 10. See how Bread & Jam turn the most common things into real treasures.
- Note the products that people buy spontaneously or, conversely, regularly . NatoMounts, for example, sell phone holders for cars. At the same time, 80% of their customers make purchases from mobile phones.
Your sincere passion, experience and deep understanding of your target audience will help you find your niche and business idea. You already know what you want to do. Is it not so?