21 Ways How to Find Niche Products To Sell Online (2022) – Web Design & Digital Marketing Agency

Covid-19 has expedited the move to e-commerce by 5 years while also causing a steady rise in retail bankruptcies.

It’s a challenging time to establish an internet business, with conventional shops migrating online and the search field becoming more competitive:

Consumers expect two-day shipping and instant gratification.
Amazon’s vertical integration is disrupting entire industries.
Many product markets are oversaturated with options.

However, properly selecting the appropriate product will have an influence on all aspects of your e-commerce business, including logos, web design, and branding, as well as order fulfillment and the unboxing experience.

The foundation of e-commerce success is a fantastic product.

In this guide, I give you tips to find the perfect niche product to start selling online.

How Do I Find the Best Products to Sell Online?

1. Conduct market research.

First, choose an industry to cut down your options. What kind of goods would you like to sell? Is fashion, technology, telemedicine software, food, or fitness anything you’re interested in? Any industry has items that can be sold.

Once you’ve chosen an industry, focus on the problem you’ll be tackling.

Begin market research whenever you have an issue and a solution (your product).

Check out my article on the best market research tools for some great options to get started.

There are several free resources for market research, including Google, Quora, forums, and social media platforms. If you conduct some research and still believe your product is a good fit for your target market, go further.

Send an online survey to potential consumers to uncover what solutions they’re looking for and to get a better understanding of their buyer personas. Next, run a small focus group in your town or interview select responders to gain more in-depth responses.

Speak with those who respond positively and negatively. Those that respond adversely may be able to express what they want, which might lead to the creation of an entirely new product line.

2. Research your competitors.

It’s actually a positive thing if your product segment has some competition. It’s preferable to see other active and selling individuals in your niche than to try to market something entirely new that no one wants. Competition is good for you.

Examine what your rivals are doing correctly as well as what they are doing incorrectly. Check out their customer reviews to discover what they can do to improve.

Can you take advantage of those negatives by producing a similar, improved product?
Or can you offer better shipping options? A cheaper price point?
Are there potential customers that their market isn’t reaching?
Can you beat them when it comes to SEO?

To uncover competitive gaps in the market, use a combination of SEO tools, pricing analysis, consumer data, and your own intuition emotions.

3. Your products need to solve problems.

Looking for anything that addresses issues is the most dependable technique to locate a successful product. People crave convenience; if you can provide a product that makes life simpler, people will line up to pay you.

Begin by considering your personal issues. If you find something annoying, chances are that others do as well and are prepared to pay for a solution.

This does not imply that you must recreate the wheel. You can make enhancements to current items or offer a new audience to an existing product.

Water bottles have been around for millennia, but by creating a self-cleaning bottle, Larq carved out a space for themselves. They developed a thriving business by making this small change to the fundamental concept.

4. Your products should be niche-specific.

Look for product concepts that will pique the interest of a certain target demographic. Start with your own interests; if you’re working on something you enjoy, chances are you’re familiar with the niche and the issues that exist inside it.
It’s simpler to advertise your goods to a specific clientele. You know who you’re talking to and can use that knowledge to develop a consistent brand voice throughout your product sites, emails, social media, and other interactions with customers.

You’ll discover a highly engaged and higher-converting consumer base if you can locate and serve a specialized market area.

It’s simpler to advertise your goods to a specific clientele. You know who you’re talking to and can use that knowledge to develop a consistent brand voice throughout your product sites, emails, social media, and other interactions with customers.

You’ll discover a highly engaged and higher-converting consumer base if you can locate and serve a specialized market area.

5. Your products need branding potential.

Today’s consumers buy from businesses that are genuine and connect with them on a personal level. Your items should be based on your brand’s main objective.

For example, Tom’s Shoes is more than simply a shoe store; their aim is to make a difference, and they give $1 out for every $3 they make. They’ve raised $2 million so far to aid worldwide Covid-19 relief efforts.

6. Look for trending products.

While this isn’t a long-term or sustainable business strategy, it might be advantageous to capitalize on a hot product trend.

You have the potential to own the SEO keywords, be considered an authority in the field, and profit before the trend peaks if you can spot something that’s becoming popular.

This doesn’t simply apply to fads, such as fidget spinners in 2017, or new necessities, such as face masks in 2020. Trends may also refer to political or societal movements that you might profit from, such as the environmental movement, which has resulted in a desire for environmentally friendly items.

Begin by visiting the sites where your clients congregate, such as online forums, popular industry blogs, Facebook groups, and subreddits. These internet hangouts for die-hard fans will frequently feature the most up-to-date technology and trends.

You may also use internet tools to see how the market is going. If you type a topic into Google Trends, the tool will show you how interest has changed over time and which subregions are the most popular.

Amazon also publishes a trend report that shows you what’s popular and what’s not, as well as highlighting best sellers, hot new arrivals, and movers and shakers.

7. Find products that fulfill desires.

Look for ways to indulge in your guilty pleasures. Shoppers frequently desire to purchase items that make them happy. Spanx is more popular than gym gear for a reason: feeling good is simpler and faster than achieving long-term goals. This is especially true in eCommerce.

People buy goods that meet their aspirations, whether it’s a simple luxury like chocolate or a high-end luxury automobile.

Bon Bon Bon, for example, has established a company supplying little, relatively inexpensive guilty pleasures for chocolate lovers. This is a niche product that answers a need, has a lot of branding potential, and capitalized on the subscription box craze.

You don’t have to include all four of these areas in your niche product, but keep them in mind.

8. Find products with passionate fans.

Fans who are enthusiastic about your company provide two advantages. The first thing they do is make a purchase, which is precisely what you want them to do. Second, they tell their friends about your items. These ardent supporters become brand ambassadors, assisting in the free distribution of your items to their friends and family.

What kinds of products have ardent supporters? Look for items that get ingrained in a person’s personality. Grocery shopping isn’t something that people are really enthusiastic about.

Still, if a certain diet, such as the paleo diet, gets ingrained in a person’s personality, food becomes a source of passion. Selling grass-fed bone broth as a business can be lucrative.

Comic books, video games, sports teams, and marathon running are some of the other things that individuals grow enthusiastic about. People are prepared to pay a premium for things that assist them to confirm their identity.

A product that people are enthusiastic about is the Big Green Egg. The porcelain inside sets it apart from other outdoor cookers, despite the fact that it seems to be simply another barbeque from the exterior.

9. Factor in your profit margins.

Profit margins vary by industry, and clients will pay a bigger mark-up for specific items.

Customers are prepared to pay a premium for the brand name and customer experience, hence luxury items have a greater mark-up. Food and commodities, on the other hand, have a poor profit margin and rely on huge sales volume.

To figure out how much money you can make, add up all of your expenses, including COGS, staff wages, e-commerce marketing expenditures, site hosting fees, payment processing, storage, and order fulfillment.

Your e-commerce business plan will have a significant impact on your profit margin, so get those spreadsheets out and figure out the MSRP for your items to maintain a healthy margin.