You can have all of the eCommerce knowledge and expertise possible, but without an amazing product to sell, your eCommerce store will be heading nowhere.
Picking the right product is probably the most important decision you’ll make in starting your eCommerce business, and you should take the time and care to make the right choice.
You’ll want to pick a product that sits in a growing market, as well as one that you’re incredibly passionate about. After all, this will be the basis of your eCommerce business for the foreseeable future.
Here’s how to pick the perfect product for your eCommerce store:
Perhaps the simplest way to pick a product for your new eCommerce store, is to opt for something that you’re passionate about.
Choosing a product about which you’re passionate will make the day-to-day running of your business so much easier, thanks to the extra motivation that comes with doing something you love.
If you’re choosing an industry or sector in which you have experience, then you’ll be able to more easily understand the needs of your customers, as well as target your marketing campaigns effectively.
Having a good understanding of the market you’re entering, as well as any legal and technical requirements, will make getting off the ground a whole lot easier.
For a new eCommerce business, trying to jump right in at the deep end with a mass market product offering can be tough.
Instead, think about a product that fits a smaller niche. You want to be able to target a specific market and address their concerns really effectively.
Starting with a smaller niche market means you’ll likely have less competition, and won’t have your prices instantly driven down by competitors.
Spotting an emerging market trend is a great way of picking out a product with fantastic growth potential.
If you can capitalise on a developing trend and be one of the first to market, you’ll immediately have the jump on competing eCommerce stores.
If you can identify a growing market for your eCommerce store and pick the right product, you’ll have a fantastic opportunity to take advantage of growing demand from customers.
Spotting the right trend can get your eCommerce business off to a flying start.
Think carefully about picking a product that isn’t easy to replicate. If you are able to offer a product that is truly unique, you’re immediately adding value to customers.
Differentiating your product selection enough means you won’t be in direct competition with much larger brands right away.
Perhaps most importantly, you won’t be so susceptible to having your prices driven down by the likes of Amazon. Huge brands like this could otherwise run similar products as loss leaders to squeeze you out of the market.
With the long term success of your eCommerce business in mind, it’s vital that you consider repeat custom when choosing your products.
Unless you’re selling an incredibly high value item, you’ll need to keep customers coming back to make a success of your store.
It’s much cheaper to retain your existing customers than just attract new ones, so think about how often your customer will have to make repeat purchases.
Are your products of choice consumable or will it run out of use often? Perhaps you could run a subscription model to maintain a steady stream of customers?
While it may not be your first consideration, how easy your products are to store and ship can have a big impact on the viability of your eCommerce business.
If possible, pick products that can either be stored for long periods, or produced and shipped quickly. You need to make the most of the storage space available to you, and you don’t want too much capital tied up in stock.
You should also think about choosing a product that is easy to store and ship.
A product that can be packaged easily and won’t break in transit will incur lower shipping costs, allowing you to pass these savings on to customers.
Picking a product to sell is a momentous moment for your eCommerce store. It will define the shape of your business for years to come, and picking the right one can be the difference between success and failure.
A great product is unique, captures a growing trend and is something you truly care about. If you can find a product for your eCommerce store that ticks these boxes, you’re a long way to finding success.
Interested in finding out more about how Statement can help you launch an eCommerce brand? Just get in touch and we’d be happy to discuss your next project with you.