Regardless of which industry you are in, there are two types of products you can sell
Commoditized products and
Commoditized products are essential, high demand, or popular goods or services that can be physical or digital products. These are products that everybody needs.
Commoditized products are what make up the majority of online sales. Think of anything you buy at Walmart or Amazon that has a big brand behind it — food, golf clubs, clothes, kids toys, etc.
Niche products are goods or services that serve a specific customer base and product category.
In many instances, these are unique, one-of-a-kind, or handmade products, making them some of the most popular items bought online.
Niche products are often made in small batch runs or on demand. Think of a unique beaded necklace, handmade frozen yogurt, or leather iPad case.
However, many store owners sell a combination of commoditized products and niche products to increase their profit margin.
Offering only commoditized items, especially if they are popular products sold on major online marketplaces like Amazon, will make it extremely difficult to become successful.Larger online retailers and marketplaces can buy items in large quantities, which makes for more profitable products. But, chances are your startup won’t be able to compete right off the bat.
Instead, offer commoditized and niche products to your customers while delivering an on-brand experience to set your online shop up for success.
How To Choose What Products To Sell
We’re all looking to become the next big company — similar to some of the most popular D2C brands today. But, the truth is, in today’s saturated product market, it’s difficult to generate product ideas.
Lucky for you, we’ve compiled a product brainstorm checklist to help you unlock your entrepreneurial spirit and drive.
1. Identify or create products that solve a problem.
“If we tried to think of a good idea, we wouldn’t have been able to think of a good idea. You just have to find a solution for a problem in your own life.” — Brian Chesky, Co-founder of Airbnb
When you’re brainstorming ideas for a product or service, it’s essential you reflect on problems in your own life. For Kyle Kirkpatricki, an Olympic gymnastics coach, it was wanting to listen to music while training athletes. The caveat? Being able to use headphones that would stay in place, regardless of whether he was running or jumping on the trampoline performing flips.
The reason behind his success? Pinpointing a problem and conveniently solving it.Your product or service doesn’t necessarily need to be a huge, complicated endeavor — it can be quite simple, yet exceptionally effective.
Product opportunities can also exist in a few other areas:
Improved product features,
A new market unrealized by your competitors, or
Unique product positioning and marketing.
Beauty and skincare brand Bliss took a trending product, improved its features while tapping into an unrealized market opportunity, and introduced it to the market with unique positioning.
Bliss, founded in 1996, began its business as a modern spa in NYC. They sought out to revolutionize skincare by introducing ingenious products to the market and cultivating a sense of community with their customers.
Fast forward to 2020, with the help of new technologies and global ingredients, Bliss continues to introduce new PETA-certified, cruelty-free, clean beauty and skincare products that work for every budget.
By finding your brainstorm in the eyes of a consumer, you will be able to identify ways a product or service can bring value to someone’s life. x
Tip: Reflect on your own life and outline what experiences put a hitch in your giddyup.
2. Find products you and other people are passionate about.
‘Passionate’ might be a buzzword, but it carries a lot of value.Starting your own business is not the glitz and glam that’s shown in the movies. The reality looks a lot more like long hours, likely some rocky terrain, and the occasional, if not frequent, sacrifice.
Being passionate about what you do will not only help carry you through hard times, but it will also aid in crafting a brand message that speaks to people in a way that is meaningful, authentic, and engaging.
By emotionally investing in your product, you can better deliver its value and mission into the market. Plus, an emotional story will help you stand out to competitors.
3. Find products with branding potential.
You’ve identified a potential product that solves consumers’ problems and comes from a place of passion. So, what’s next? Creating a resounding brand message and can make a splash in the competitive ecommerce space.
Crafting a recognizable and memorable brand means you’ll need to put in the time to research and truly understand your target audience.
Your brand should speak to your potential customers in a way that both resonates and compels them to come back.In other words, you want to build loyalty based on audience identity.
Visit : Woocommerce Development services.