It’s no secret that having a great product to sell is a critical component of any e-commerce business but coming up with product ideas can be challenging, and it sometimes feels like everything has already been done.
However, there’s still plenty of product opportunities and ideas out there if you just know where to look. In this article, I will show you eight opportunities and strategies that you can use to help you start generating product ideas today to create your online store.
Tip number one: Find Opportunities And Keywords
Creating a business around keyword opportunities is all about strategically finding search phrases that are high in volume and low to medium and competition. In other words, instead of building a business around something you’re passionate about you make one based on what people are searching for in Google.
To get started looking for product opportunities based on keywords you’ll want to head over to Google’s free keyword planner tool. Which allows you to determine how many searches are being made for a particular term, how much competition there is and related conditions.
So if you’ve got a handful of product ideas or areas of interest type them into Google’s keyword planner to see which keywords offer the most favourable opportunity from a search volume and competition standpoint.
If you’re not familiar with Google’s keyword planner, and how to determine what makes a viable keyword opportunity take a look at the beginner’s guide to keyword research for e-commerce.
Tip number two: Build an Interesting and Unique Brand
It is a bran-building approach which is very different from SEO approach. This involves developing a superior understanding of your customer crafting a unique brand and carving out a particular spot in your customers’ mind. Now a big part of building a compelling brand is being able to position your products in a new or unique way.
An example of a retailer that has done this is DODOcase, an iPad case manufacturer. They operate in an extremely crowded and competitive space. However, they are able to differentiate their brand by creating cases that are handcrafted using traditional artisan bookbinding techniques. And if that’s something you want, you can only buy from them.
Tip number three: Identifying Customer Pain Points
Taking a minute to think about pain points and little annoyances in your own everyday life could be just what you need to come up with the next great product idea.
Active Hound is an excellent example of a brand that solved a customer pain point. After talking to other dog owners at their local park, they found out that a significant gripe among pet owners is that dog toys are too expensive, and they don’t last. Understanding this inspired them to create a line of ultra durable dog toys that can take some serious chewing.
Tip number four: Identify Customer Passions
When customers are passionate about something, they’ll likely spend more money. Golfers are notorious for paying thousands of dollars to lower their score by even one stroke. Take Black Milk clothing for example which was created his online shop on Shopify after the community of the founders’ blog “too many tights” exploded.
Noticing the passion and opportunity around women’s tights, he created Black Milk clothing. Today Black Milk is a multi-million dollar company that’s grown to over 150 employees and distributes its products globally. They do a great job of piggybacking on pop culture with their designs which allows them to tap into passion audiences and customers from a range of different areas.
For new entrepreneurs, deciding to start an online business is an exciting time, but it’s also new terrain and many aspiring e-commerce entrepreneurs face the same problem.
What should I sell online well?
Coming up with product ideas can be challenging, but there is no shortage of opportunities.
Tip number five: Go With Your Passion
For some people, the passion for building a business alone is enough to drive them but for others to succeed they need to be passionate about what they’re selling and their industry. They say if you love what you do, you’ll never work another day in your life. And Beardbrand is an excellent example of this.
Eric Bandholz began Beardbrand as a blog discussing business and sales strategy on Shopify. Slowly, his passion for beards crept into the blog, and in time he turned his love for the bearded lifestyle into a separate and successful e-commerce business.
Take a minute to think about what you’re passionate about, and you could unlock the key to your perfect first product or niche.
Tip number six: Look For an Opportunity Gap
Looking for an opportunity gap involves looking at a particular product, niche or industry and identifying a problem or deficiency that can be capitalised on. What can you do differently or better from what everyone else is doing?
An opportunity gap may exist in the form of an improved product feature, an unrealised market by your competitors, or even in your own marketing capability. E-commerce entrepreneur, Chaim Piekarski is an excellent example of someone who seeks out and capitalises on opportunity gaps.
Chaim started out by scouring Amazon ads and thoroughly reading the comments section looking for deficiencies and feature gaps buyers posted about. Using this information, he sourced a manufacturer in China and made the product better. The shower radio is just one example of a product time is manufactured. He has repeated this process hundreds of times over.
Tip number seven: Leverage Your Experience
Have you worked in a particular industry and knew the ins and outs? Maybe you have a skill or a specific set of experiences that make you an expert on a specific topic. Well turning your expertise into an online business is a
great way to enter the market a leg up that may not be so easy for others to
Jonathan Snook is an expert in web design and development. He used his years of experience and knowledge to read a self-published book on web development and CSS. Jillian Michael from The Biggest Loser took the same approach and used her expertise in fitness and weight loss to develop and sell a line of products, including DVDs, books, and fitness equipment.
Tip number eight: Capitalize on Trends Early
Capitalising on a trend early enough can be massive for a new business. It allows you to carve out a unique place in your customers’ mind and establish yourself as a leader before others get the chance to. Jumping on a trend early can also provide a big SEO opportunity allowing you to claim a spot at the top of search rankings before any competition emerges.
To get started looking for trends you can capitalise on, you’ll want to head over to Google Trends. Google Trends is a tool that allows you to browse what’s currently trending online. What you want to look for is a trend that you can piggyback on and create a product around. You can also use Google Trends to search for any ideas you may already have to see if they’ve experienced a spike in search interest.
Understanding each of the eight opportunities I’ve outlined will definitely get the gears turning and will hopefully help you find your perfect first product or niche.