How to Identify a Winning Product: Behind The Scenes
In this article, we’ll discuss some of the common characteristics of winning products in e-commerce and explain how you can properly identify & validate a potential winner.
Establish High Demand:
A winning drop shipping product should always have a high level of demand. You want to find a product that lots of people will see enough unique value in to believe their life would genuinely be benefited by purchasing it. Use google trends or amazon to search for your products key terms & look for any notable sales trends or trajectories. Always note the adverse side of this too when considering the level of demand for a product. Avoid products or specific niches that are extremely saturated by larger brands or polluted with multitudes of low-end dropshippers endlessly trying to capitalize on gimmicky trends & identical products. Doing this will quickly drown out any new or unique value you intend to propose to your audience & subsequently limit the perceived value of your product.
Suppliers with Good reviews:
Social proof is extremely important in any aspect of e-commerce. Where you can, look for products that have established good reviews and customer ratings. The more, the better! Find suppliers that have already fulfilled large volumes of the product & have a combination of high quality text & image reviews. Knowing your supplier has handled moderate - high orders before & maintained a good rapport with customers, will give you some relief in assuring the quality of your suppliers goods & service, which is a direct reflection on your business. This will also be handy later down the track as you will be able to import the supplier's reviews to your own store & leverage them to help increase customer confidence in quality & deliver-ability of your item. It’s also said that displaying positive reviews will help your brand rank higher in search engines, meaning more customers for free!
Simplify your Logistics:
A winning product goes beyond just aesthetics or functionality. You need to ensure the product you select is a winner on the back end of everything. This is why oftentimes a winning product is an extremely easy item to pack, handle & ship. This means your product should ideally be both lightweight & compact so as not to accumulate unnecessarily high freight costs. If your product is too large or heavy it's a sure fire way to run into a number of potential problems down the line & will just as surely make a diminishing impact on your profit margins. Keep in mind the fragility of the item when selecting a product, where possible avoid glass or other fragile materials which will require extra attention when handling & may become more easily damaged during the delivery process.
In addition to finding winning products, it's important to consider potential winning audiences. Sometimes the most successful products are the ones that appeal to a particular group of people. For example, if you're targeting pet owners, a product that solves a common pet-related problem (perhaps one you’ve even encountered) could be a huge hit.
Similarly, if you're targeting gamer's, a unique, newly released gaming accessory could be just what they're looking for, and you’re simply going to be the one to provide it for them. Look at viral trends, stay up to date with pop culture & find passionate audiences that already exist & simply be the one to show them what they need or where they can obtain something they likely want. Anime is a great example of an extremely passionate audience where a massive consumer base actively exists. Knowing this, you could set ‘Anime' as your audience, and find trends or products within that category, thereby streamlining an otherwise broad product selection process. If you are personally passionate about something, perhaps a hobby or skill, this may be a great place to start as your enthusiasm and understanding of the problem you’re solving will be easily recognized & appreciated by your customers.
So, how do you put all of this into practice?
Whilst we’ve managed to narrow down a few of the most important characteristics associated with identifying a winning product, you must continue to build on the list we’ve provided & create your very own product criteria (and memorize it!). Keep track of what’s currently working, what products users on social media are engaging with and constantly make mental notes on why people may be interacting or engaging with it, positively or negatively. Soon you will develop a brain that is hard wired to identify winning products and you will find yourself getting more consistent with your choices & more profitable with your testing.
If you’re still struggling with this process or simply don’t want to beat around the bush, we've got a team of experts ready who can help you find, set up and launch your next winning product or brand. Whether you're a beginner or a seasoned pro, we're here to help you start & scale your e-commerce business. Join our mastermind team today & let's get started.