In this second part of the e-commerce product finding series (first part here) we will cover three more pieces of the puzzle when it comes to finding the right product for you to market and sell online.
Follow Your Passion
Some people really hate it when people talk about “following your passion” but you can’t argue with the truth.
One of the biggest benefits to moulding a business around your passion is that you’ll keep going in the face of adversity. You’ll beat anyone that doesn’t have the passion you have for your chosen field. Passionate people are really hard to beat, because they just don’t give up.
Example: A guy called Eric Bandholz started a blog called BeardBrand, talking about sales and business strategy. Over time, Eric’s passion for all things beards kept coming up in his blog. He eventually went balls deep with his passion and started BeardBrand. A brand that sells beard grooming supplies to men that are passionate about their beards.
Look For A Gap In The Market
Taking advantage of a gap in the market can be very lucrative. This type of opportunity involves discovering problems in a product that can be taken advantage of. A gap in the market might consist of a product that is missing great features, something that hasn’t been done by the current marketplace competition.
Take Advantage Of Trends Early
Taking advantage of a trend early enough can be extremely lucrative for your business. You have the opportunity to establish yourself as a leader in the marketplace and make tons of sales before anyone else can catch up with you. It can also have a big impact in terms of SEO ranking, if there isn’t much competition, it’ll be very easy for you to rank highly for relevant search terms.
Example: Sophie Kovic, founder of a company called Flockstocks noticed a trend for feather hair extensions as soon as it started happening. Before investing her money into anything, Sohpie tested out the market with a mock up store. She made 11 sales in 4 hours! After establishing that there was a hunger for the product in the marketplace, she fully built out her website and stocked a full warehouse of inventory. Oh and did I mention she ended up winning the 2012 Shopify Build A Business Competition?
Understanding the opportunities mentioned above is paramount to identifying opportunities as you search for the perfect product to market online. You don’t need to rush yourself with this. It is vitally important that you pick the right thing to sell online. The right product could be the difference between a successful business and one that only lasts for a few short months.