According to a number of trade analysists, India is projected to be the fastest growing country for e-commerce in the world. A report last year from ASSOCHAM – Forrester showed the country growing at a rate of 51% as opposed to a 18% growth rate in China. Thanks to increasing internet usage, there is a growing awareness about e-commerce and the number of consumers are growing. This is why, now is the perfect time to get into e-commerce as there is a large established market and it is growing rapidly. All you need is to find the correct product which will instantly connect with users. Choosing the correct product is extremely crucial as it forms the base of all your operations. All your operations would be ineffective if you do not choose the appropriate product. Here, we show you 5 steps in which you can select a product for selling online.
1) Identify Audience Needs
The first step in selecting the appropriate product for selling online is to ensure that it fulfills the needs of the user. Therefore, the first step is to identify audience needs so that you are sure that the product will fulfill these needs. Otherwise the product that goes online might be appreciated but will not be purchased because the audience does not truly require it. Here are a few ways to help you achieve this objective:
• Google Keyword Planner which will help you to identify which words users search for quite frequently.
• Market Research to help you identify user needs from the users themselves.
• Use Google Suggestions to see which products are complimenting other products.
You can also refer to our previous article on identifying customer needs, here.
2) Identify A Segment
Once you know which products are demanded, required and needed by users through the initial analysis, you must finalize the segment or category of products. Segmenting products becomes easier because that helps you narrow your focus down to simply a set of products instead of a wide variety. It also helps in future expansion because you can make strategies based upon the industrial performance on that particular segment to see if users would be buying it or not.
3) Visualise Expansion
Visualising the future of your product is absolutely essential. You must identify if the product can become a brand and if there will be any conflicts when it comes the marketing of those products. In case you find that marketing, shipping, procurement budgets are too high for you, then you should not go ahead with selling it. You can start selling it later after you have enough budgets, but if you think that your product will be a burden from the get go, then do not sell it only.
4) Find An Opportunity
After zeroing down on the product, you should then identify the product’s future potential. See if there is an opportunity due to need gap. E-commerce is a great example of a sector which became successful by identifying an opportunity. People had perfectly functional lives even before the introduction of e-commerce. Greater internet usage resulted in an initiative where people could order products online. E-commerce capitalized on a growing resource to fulfill needs, which is the ideal way to spot an opportunity.
5) Resolution To A Problem
Another great way to identify which product you should sell online is by seeing if it can resolve a problem. If users are facing a certain issue, then your product or service should resolve them and help users immediately. Water and air purifiers are perfect examples of products created to help resolve user issues. Such products help in reducing pollution in natural elements which we consume and are therefore needed by users. Your product should similarly try and resolve such conflicts.
These are five basic steps which you can follow for finalizing the product which you shall be selling online. Take your time and understand if users will purchase it instead of simply focusing on aesthetics. Good Luck!