Learn How to Hunt Right Product (s) for Your E-Commerce Business in Five Simple Steps
One of the main pillar of a successful sustainable business is it’s product or service line. This main entrepreneur skill will decides how many you will going to earn & how your business will become sustainable. It is possible that a good product or quality service may not generate enough revenues for you, due to irrelevance of products with time, people, trends or market as a whole. Sometime, bad items perform well due to relevance and connection of product with time or trends. Choice of a product or service to offer, therefore, is a question of do and die for any startup. Product selection is not a standalone decision or just a luck based wild guess.
This article is specially design for new startup founders. Searching products in an open market is not our topic today, rather it must have to be activity second to your five steps product search. These are the must consider factors to consider while choosing right product for the right markets at the right time.
How to Select Right Product For Business:
Any new startup, or business who wants to introduce new products in market should consider these five factors before going for any product to offer. Strategy for right product choice should be inclusive of these points:
- Product in hand
- Search, time or temporary trends
- Market, strategic or long term trends
Note: Wherever, word product or service is used alone; It is recommended to assume as product or services, combine.
1. Product In Hand
The first and might be the most cost effective factor in a product hunt is Product in hand. It refers to any easily available, cost effective product from any contact, family business, relative in business, locality vendor or from a company in which you are an employee etc. Selection of easily available product can create leading edge as compare to big competitor with third party sourcing. Also this consideration can provide you cost effective products to offer. Further, if you don’t have any big investment, then this will also can help offeror to sell things from contact to customer, without making investment in stock keeping.
2. Unique Product
Unique products are those which are new or novel in their niche or market. Such products have a higher chances of easy ranking and can create quick and own market for any business. This will give any new startup a competitive edge with market leadership. We can see today’s market leaders are the those; which offer unique products in their early times.
Microsoft offered windows for personal computing, when no one was offering such home based solutions, Iphone by Apple was a new thing in the realm of Nokia, Facebook was a new thing in the times of chat boxes, bitcoin is a new development in the times of strong financial giants and so on. But uniqueness can prove lethal for business growth in long run. With initial pump up sale, business must grow under their own niche and enhance their line of products with time.
3. Relevance of Product
Relevance can be with customers, locality, events, culture, norms and times. Although, this aspect mostly create hyped traffic and inflated conversions; but still this timely responsive strategy can benefit businesses in many ways. It can provide startups quick revenues, exposure to more shoppers and new customer ship. This aspect alone can increase business exponentially.
What I am talking about is that, try to find products which are more relevant to needs of the time. Let’s discuss every relevance aspect with practical examples. Like during Covid-19 pandemic and country wise lockdowns; many ecommerce stores, although, they were selling fashion apparels, have made special sections for protective gears. In those times, many stores cashed relevance of times. Sales & collections for festive events like Eid, Christmas, Independence Day, Halloween, Valentine’s Day also provide great fluke sales to businesses. Relevance with interest of the people also can be explained through marketing strategies of multinational big brands like Coca Cola, Toyota, Facebook etc. What they do? They design their campaign message for the people of constituencies they are targeting their campaign for. Like during Football World Cups, regional hub of Coca Cola present anthem songs for their own locality to make brand connection with relevant people.
4. Search Trends
Finding search trends are not easy before. These findings shows all the when, where, what and how’s of consumer behavior. Now sustainable businesses are not running mere on common sense of unforeseen expectations and on luck. They run on well informed, rightly anticipated and timely decisions. Google and other such platforms now issues trend and most sort after things on a regular basis. These search trends can be obtained for geographical locations; divided into local and international trends.
As we can see from above google trends & searches in 2020, the clear relevance of trends with prevailing conditions which was; covid-19, lockdown, markets shutdown, online deliveries & services and environment friendly products. Smart businesses cash those opportunities by providing relevant and timely products. These trends are mainly due to temporary developments; which may be short or medium lived. Still, this need based assessment can provide more traffic, quick revenues and new customers. These time trends help businesses to select products or services under their main product line or under their niche.
5. Market Trends
This is the main reason why businesses fails, specially in a long run. These are mainly strategic, behavioral and gender base trends, which have medium to long term effect on consumer market. This will help to decide which market or product niche to target. Consumer behavioral trends can be categorizes under age, gender, locality, education and position etc. Linkage of needs with those parameters can give you sustainably performing products to offer.
Say launch of expensive technologies in under privileged and low income market, can be waste of money, regardless of the fact that, technology is future. Similarly, wrong solutions for right people or right solutions for wrong people also can hurdle business sales. Therefore, selection of right products and connecting with right markets, is the only way forward for any business.
Now that, you have learned how to select perfect and high grossing product for your startup. It is time to learn How to Start & Run Your Own Business.