Kiran Patil is the founder and CEO of Growisto, an E-commerce marketing and technology company based out of Navi Mumbai. He has 16+ years of experience in e-commerce, phone commerce, and digital marketing. Growisto helps brands & private labels to grow their businesses on platforms such as Amazon and their own website. Kiran is an alumnus of IIT Bombay and has worked with companies like Evalueserve and Future group before starting his entrepreneurial venture. His personal interests include travelling, cycling, and trekking.
A majority of ecommerce stores fail because it appears hard to find the right product that sells the best. Know how to find an in-demand product to add to your existing store
Finding the right product to sell on Amazon is as good as winning more than half the battle. In order to sell successfully on Amazon, one of the most crucial steps every seller must focus on is offering the right product at the right time. Many times, sellers fail to make the best of products gaining popularity as it is difficult to keep a track of them. After all, the number of products sold in the market is always on an ever-increasing rise.
In a situation like this, how can one create a stellar product that is also bankable in nature? Let’s find out the key elements that must be considered when analyzing a trending product’s potential and growth in the market.
1. Market Size and Competitiveness
A seller must focus and branch out into a category that has clear distinction from other categories and does not have cut-throat competition. However, the market size should be big enough to handle new players and their increasing sales.
For example, in the recent pandemic, many sellers ventured into the reusable face masks category to fulfil the rising demand for hygiene and safety products that can continue to stay in the market for a foreseeable future.
For products that fall in a particular niche that is yet not popular enough, a powerful initial push is always recommended to gain better sales momentum. More so, sellers must check the various trademarks or permits a product might require or if there are any government regulations which restrict the product’s sale.
2. Procurement and Supply
In case the category is primarily dominated by a few players that have cost and supply-chain authority, entry for new sellers can be quite challenging. Inventory plays a very key role in the e-commerce market.
However stellar the product’s growth opportunity might be, if the product can’t be sourced on time and in good quantity, it will lead to longer delivery duration. A locally manufactured and sourced product is always advantageous as it reduces the shipping and transportation time.
3. Launch and Market Demand
It is important to figure out the right time for launching a new product. When planning the launch, one must figure out how quickly and promptly each aspect of the product can be handled. This will help in ensuring high chances of sales when the product’s demand is at its peak. In case of a behavioural trend that is gaining popularity, understanding what stage the product’s demand and when it will get saturated can be extremely beneficial for deciding the launch timing.
For high usage frequency products like consumables or toiletries, the revenue cycle is recurring in nature. This allows business owners to venture into the next big thing in that category by investing in product, packaging, and supply. For example, during this pandemic situation, immunity and health products have witnessed an increasing demand.
4. Financial Investment
Launching a new product comes with added cost and investment, making it extremely crucial to evaluate the cost associated at each stage. In the case of trending products that must be launched promptly, the cost of accelerating the production and other efforts along with the cost of sourcing, fulfilment, and marketing must be the key focus.
If they cumulatively cost a substantial amount of investment, while launching a product in a given time period, then it might directly impact your final goals. For Amazon, key factors like product size, product weight, FBA, referral fee and Ad campaign budgets must also be considered.
How can these trending products be found?
In order to find trending products that can sell well on Amazon, one must look at both Amazon and off-site trends.
On Amazon, finding new product inspiration and ideas can be extremely easy due to the following dedicated pages:
- Amazon New Releases - Amazon has a focused section that highlights the best-selling new and future releases. Updated every hour, this section can be remarkably beneficial to keep track of new launches from other sellers in the market.
- Amazon Best Sellers - Top-selling products across all categories can be easily found in this section which is updated every hour. If a product is highly in demand and people are frequently buying it, then it will definitely appear in this section.
- Amazon Movers & Shakers - Products that are quickly gaining higher sales rank are listed in this section. This section is updated every 24 hours.
- Amazon Most Wished For - For businesses looking to launch trending products, this section can be a complete blessing in disguise. This section lists the products that people usually add to their wishlist with high intent of purchasing it.
For off-site channels that can validate the demand of your shortlisted products, a quick search on the following channels prove to be highly useful:
- Google Trends - Whether it is looking for a product or a recent trend, there is no better platform than Google to discover it. Google Trends yields results for queries searched by people, over a period of time. If the users are keenly looking forward to the product, its rising trend will definitely play a pivotal role in decision making.
- AliExpress - AliExpress has a host of OEMs (Original Equipment Manufacturers) that supply new and trending products across the globe. Many sellers tend to procure products with custom changes and addition before selling them on other marketplaces. This makes AliExpress a reliable channel to find products with gaining momentum even before hitting the market.
In order to make the most of selling trending products, a seller must be thoroughly prepared to ride the wave from the launch to the end. Market potential, sourcing, launch time, seasonality and cost must all be efficiently analyzed while deciding whether a trending product is apt for your business or not.
For sellers who are confused between multiple trending products, these key factors can serve as a strong base for making informed decisions. Nonetheless, start from the very beginning by looking at the products people tend to search for on and off Amazon to grab any new product launch opportunities.
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