Regardless of which industry you are in, there are two products you can sell; commoditized products and niche products. Commoditized products are essential, high demand, or popular goods or services that can be physical or digital products. These are products that everybody needs. Niche products, on the other hand, are goods or services that serve a specific customer base and product category. In countless instances, these are unique, one-of-a-kind, or handmade products making them some of the most popular items bought online and some of the best niche products .
Niche products are often made in small batch runs or on-demand. Healthy foods and drinks on the go, lunch boxes reinvented, reusable food wrap, zero-waste beauty products, special needs cosmetics to mention
a few are some of the best product niches that see great sales. Now, the big question is, how do you find a good product niche? It is a big ask, but this article guides you on the several ways you can find a good product niche. If you know of any that’s not on the list, don’t hesitate to let us know. Your feedback is valued.
- Identify or create a product that offers a solution to a problem
What is worse than being stuck in a problem for decades? A good product niche is the one that offers a solution to the existing problems. The product or service does not necessarily need to be huge, complicated endeavor – it can be quite simple, yet exceptionally effective.
- Look out for products that fulfill guilty pleasures
Yes, this revolves around what we are passionate about. A successful product is one that caters to customer’s passions or even their vices. A lot of buyers often spend more on their guilty pleasures, developing deep loyalty to the brands that understand their obsessions. This way, the customers feel good about indulging now and then.
- Find products with branding potential
You have indeed identified a potential product that solves consumers’ problems and originates from a place of passion. So, what next? The next step is of great importance to others. Creating an emphatic brand message can make a splash in the competitive eCommerce space. The brand ought to speak to potential buyers in a way that both resonates and gives them an urge to come back for more. Leveraging your product to create a community and purpose is a crucial component to growing your online store. Failure to have a product and brand that your customers can relate to means that you are essentially running your business at very high risk.
- Find products you and other people are passionate about
Underline the word passionate here. Starting your own business is not a piece of cake as many thinks of it to be. The reality is about the whole thing is far- fetched. The process involves a lot of sacrifices, commitment, and endurance. Being passionate about what you will do will not only help carry you through hard times, but it will also help in coming up with a brand message that speaks to people in a way that is meaningful, authentic, and engaging. Passion is certainly the driver behind any online business. Emotional investment in your product helps you deliver the product’s value and mission into the market. Your emotional stance will also help you withstand and face any competitors along your path.
- Spot business opportunities everywhere
One of the most common characteristics of an entrepreneur is to always push their imagination. The entrepreneurs pay attention to how society behaves as they carry out their part as world citizens. Some of the distinct questions that should circulate in an entrepreneur’s mind include; Is there an opportunity to improve the lives of my neighbors? Are there any norms to be broken? What sort of industries is gaining traction? What products gain quick customer satisfaction? These and many other questions should always tingle in any mind of a successful entrepreneur. Keeping up to date with what is going on in the world will help you identify new online business opportunities and thereby guide you in finding a good and popular product niche.
- Identify and serve niche segments
Niche segments highlight the success of any eCommerce business. The niche segments, of course, resonates with a highly engaged and highly converting audience. Serving a niche segment is of immense value as it helps you create a product that solves an issue for a very passionate audience segment. Besides, serving a passionate niche audience comes with its importance too: it helps build brand awareness, online traffic, and ultimately new and returning converting customers.
- Get on the back of trends early
They say the early bird catches the worm. Take advantage of an emerging market and carve out a spot for your brand. The only way to be successful in achieving this is by staying up to date on recent, trending products and services. Don’t leave it there, launch an e-commerce site to make the most of them before they hit peak popularity.
Finding a trending product to sell online can be very cumbersome. You may have to indulge in a lot of research to know the next profitable product to sell. However, some easy ways can help land you the next trending product to sell online and make more sales. They include OddityMall, use of industry newsletters, and use of your suppliers. OddityMall uses cool video to showcase some of the coolest novelty products on the market. One can track which videos are performing the best in terms of views and engagement. That brings an understanding of how much interest and demand there may be for that particular product. After knowing this, one can then carry out a quick research on google to see if such a product has been featured in magazines or is heavily talked about on blogs, newsletters, and so on. The use of industry newsletters means staying on top of your industry happenings by subscribing to their channels and newsletters. Your suppliers can also be used as a good source of information for what is being heavily sold and promoted in the market.