A great product is the Shopify website’s most important aspect. But what looks like a great product, and how do you find it? In this post, we’ll look at how to perform Shopify product research to discover great products that improve your chances of success online.
What just looks like a great product?
A great product is one that can be bought, leased, delivered and sold out. In the end, it’s a commodity that boosts your reputation as an online retailer, not hampering it. Brand analysis lets you evaluate the potential for success, by analyzing current information and data, before spending time and money. This not only helps you find money-makers and avoid bad investments but also gives you essential information.
- Supply – how easily and quickly you can get the product
- Demand – whether the current or future need for the product is there
- Competition – whether you’re trying to be the first to market or compete with existing sellers
- Shopify SEO – what keywords you’ll need to target
- Shipping – how much the product would cost to package and ship
- Development – the product’s long-term potential
How to do Shopify product research
Successful product research involves collecting as much information as possible about a potential product according to a methodical approach. Let’s push on.
Find a potential item
If you don’t have an idea already in mind, you need to start brainstorming. Start by drawing up a wide list of ideas with one of the following activities, and narrow it down to four or five possible ideas based on your personal preference.
Solve common ailments
Speak to people, businesses, and organizations about everyday issues and products that might solve those problems. Earthwise Bags, for example, solved the problem of people using plastic carrier bags by offering trendy reusable bags.
Assess market demand
After you have generated a list of potential products, it is time to analyze the consumer demand for each product and decide whether there is a need for a customer. In Google Trends, type the items to see how popular they are now and help you foresee how popular they will be in the future.
Consistent overtime growth suggests steady growth in the future but may also mean that sellers have already settled in the industry. A spike in demand, on the other hand, signals a fad that may quickly fade, but may also represent an opportunity to establish an unknown brand.
Assess your competition
Assessing the competition surrounding your intended products helps validate your research into market demand while predicting how difficult it is to enter the market. Google Keyword Planner, other marketplaces and Google itself are some great tools for completing competitor analysis.
Google Keyword Planner
Type the items into Google Keyword Planner to show your keywords ‘ monthly search volume, competition level, and cost per click (CPC) for Google AdWords;
Type the items through Amazon, eBay and Walmart to see the price and number of sellers for sale. You can also start planning how to deal with these sellers by reading their customer reviews, testing stock levels, monitoring their social media and noting whether they offer free and fast shipping.
Type your goods into Google to see who is using Shopify or another eCommerce platform currently selling via their own website.
Was concourse a good thing? It depends on that. Little or no competition means you’re going to be the first to market–great for establishing yourself as a market leader but difficult to set market interest. Significant competition means that the business niche has already been developed but you will need to compete with a unique selling point.
Calculate your potential gains
Consumer demand, suppliers, and beatable rivalry are only useful if a profit can be made. Calculating the profit potential of a company is a crucial phase in performing Shopify product research.
Measure your target sale price to do this, and subtract your costs;
What to do with Shopify Product Research
Congratulations –you have finished your research on the Shopify app. But while this information is useful for identifying product potential, only the right tools and techniques can achieve that potential.