Building a successful e-commerce business is the dream of every entrepreneur. And for that to happen, it is extremely important that you get all the essential facts before you begin your voyage into the online world.
While you begin, there are loads of entrepreneurial challenges such as figuring out the right business model, channel management, website UI and UX, backend management and so on.
However, the most important thing that decides the fate of your e-commerce business is the product itself .
The product has the power to make or break your business. Sell a product that moves too slow, and you will have challenges managing your inventory which will have you looking for ways to clear off dead stocks later on.
If you are selling something too expensive for online marketplaces, you may fail on the ‘lack of trust’ part that comes with online businesses.
In this post, we are going to list some fundamental factors connected to the product that guarantees success for your online business.
Apart from new sellers on Amazon, a lot of existing sellers have started selling their own private label brands. This post is going to be quite helpful for those who are contemplating on how to sell private label products on Amazon and other channels.
Also, we will look into some of the trending products in the current times and evaluate them with respect to the factors we list here.
So, there are a total of five fundamental factors of the product that signals if it is going to succeed or not. These are-
1. Ability to create recurring demand
3. Falling within a specific price range
5. Preferably small size
These 5 should undoubtedly feature in your checklist when you are contemplating about your product line up.
The factors listed above are further validated by our market insight data derived from Orderhive app’s backend.
Have a look at the detailed report for April.
Let’s look at the trending products and evaluate them as per these factors.
|Item||Exclusivity||Recurring Demand||Price in USD (Avg. Range)||Perishable/Non -Perishable||Size|
Wooden Sunglasses and Watches come with an environment-friendly tag. Being cheap, people often buy more than one piece at a time that creates their demand.
Bow Ties and Pocket Squares also draw a similar type of purchase motivation. They are cheap and people often buy more than one at a time.
Often, Paleo bars are consumed as a part of the diet making consumers order them again. Most of the paleo bars are heat treated, which makes them non-perishable according to FDA.
Like Paleo Bars, Matcha Powder goes back to the health and fitness domain as well. It is consumed as per time-tables, helping them generate recurring demands.
Coconut oil also falls within the same category.
E-cigarettes have earned a lot of fans around the globe. It is a quick selling commodity. The market is picking up at this moment creating a lot of opportunity for this product.
Leggings are extremely convenient when it comes to online selling. You can wrap them in a small USPS box to ship. Being cheap, Women often buy new ones and pair them with different outfits.
|10||Health Drinks||Yes||Yes||10-20||Best Before range||Small-Medium|
|11||Detox tea||Not much||Yes||5-20||NP||Small|
Health Drinks are mostly concentrates, that do not go bad too easily. Both Health Drinks and Matcha Powder belong to the health and fitness category. These items are non-perishable which makes them easy for online selling.
Detox teas are also generating a lot of demand recently and sought readily for its health benefits. Not many people can sweat it out in the gym. This is where the detox tea is filling the gap.
Nootropics is another market that has been flourishing lately. A lot of differentiation is also seen among Nootropic products. Packaging is often small, priced less than $20 and easy to ship.
Beard oils and accessories are also high on sales. While long-run demand cannot be guaranteed as this one might turn out to be a fad.
As mentioned above, these create periodic demands, are easy to ship, and exclusive as a product.
Coffee Scrubs are closing a lot of deals on marketplaces. The product has a recurring demand, easy to ship and falls within a nominal price range.
Both, Speciality Coffee and Craft Drinks draw a lot from exclusivity. Both products are special, can be easily shipped and non-perishable.
Ethical Clothing makes a strong lifestyle statement. These are going strong in the market recently. However, every brand is providing something exclusive in this market. Ethical clothing is one product category that goes beyond the $20-$30 mark.
|22||Power Banks||no||May be||7-15||NP||Small|
Subscription boxes are a great way to get stuff that you need on a monthly basis. These make lucrative business, once the seller has built a substantial user base.
Online pet food comes in a lot of varieties, creating the exclusivity factor and sales.
Socks and enamel pins have one thing in common which is they are always offered in a bundle. Conducive price tag coupled with varieties, drive sales online for socks and enamel pins. Again, these can be easily shipped, and non-perishable.
The power bank market has been dominated by brand names that are mostly unknown. A lot of these do not have well-established channels. Hence, selling online is a great way for them to make money.
Fandom has always remained a great selling item online. There always be fans for fandom.
Product choice and product market fit are essential for success. You have to arrive at something that not only finds customers but relatively easy to handle as inventory and can be easily shipped.
Hope you find the points valuable and take them into account for your next product launch.