What is one of the main difficulties online business owners encounter? Deciding which goods to sell is the greatest. As much as you want to capitalize on popular product categories with great demand, it becomes challenging once you understand how fierce the competition might be. (And no one desires tiny margins!)
It's not helpful because overanalyzing possible products can result in analysis paralysis. Meanwhile, sluggish sales could result from improper research. In other words, thorough product research is crucial to the success of your Shopify Store.
We're here to help you and let you everything you need to know about conducting market research on possible items, identifying best-sellers, and selecting your winners is provided here.
How Should Shopify Stores Approach Product Research?
In order to find or create a successful product, a customer's pain point must be addressed. Even though we've put up a tonne of information on understanding your target market, which you can check out here, finding product opportunities can be a daunting endeavour when you're just getting started.
Product research for your Shopify store can help with that. Here are some of our favourite and practical ways to get a sneak peek at what customers want and need:
Consumer Review
If you've previously launched your company, the consumer reviews section is a gold mine of knowledge. Look through it while thinking:
- Are there any suggestions for upcoming goods?
- What are some typical grievances or unfavourable comments being made? What are the things you need to work on?
- Do customers wish you offered any extras or related products?
Even if you haven't yet released your products, client reviews might still be useful. Just visit the websites of your rivals and carry out a similar audit.
Trend Hunter
Trend Hunter combines consumer insights and new business prospects using data, artificial intelligence, and its curation staff.
Google Trends
Google Trends is a dependable tool that enables you to comprehend the evolution of the popularity of particular themes (or, in this case, products). Is there a market segment that keeps attracting attention? The first step in conducting product research for your Shopify store is to identify trends.
Diffshop
Diffshop is another place where you can search and find your products for Shopify. Other than researching for products and finding an exact match for queries like How to Find Products to Sell on Shopify, you can also use this tool for Dropship insights and as a Shopify spy, Shopify inspector, etc. In our opinion, right now, this is the best tool in the market right now to find or research the Best Products to Sell on Shopify.
How to Identify Your Most Important Products?
What happens once you've established your product line and placed your goods on your virtual shelves? How do you choose which ones to highlight on your homepage or advertisements?
Although it might seem obvious, your most successful products in terms of units sold aren't necessarily your most valuable ones. So, bear the following guidelines in mind as you choose your Shopify winners:
Popularity: Your top sellers are well-liked for a reason. The social evidence surrounding the overall quantity of reviews is the best aspect of showcasing your top-sellers.
Ratings and reviews: It's possible that your most well-liked product isn't also your highest rated. Think about promoting goods that consumers blatantly adore.
Profitability: Manufacturing, storing, and certain shipping goods are less expensive than others. Do any items with much higher margins merit special attention? Which of your items generates the highest revenue for you?
Possibilities for upselling: Which products are most suited for customers who want to add lower-selling items to their cart or buy extras like personalization and warranties?
Final Words
Value is defined in a variety of ways. It all comes down to testing, testing, and more testing in eCommerce to determine what is most effective. With this knowledge, you may modify your marketing plan or even try out different pricing options.
Additionally, it's critical for an eCommerce firm to prosper that its leadership team spots trends early and pinpoints the goods that will drive expansion. And fortunately, with these recommendations, you're covered when it comes to conducting product research for Shopify expansion. Congrats!
