Many Shopify sellers don’t know what products are sold in the independent store Shopify Mall? Here are some ways for Shopify to choose a product. Let us refer to how some people choose the Shopify platform.
For Shopify’s selection method, your price should not be too low and you should keep enough profit. Otherwise, due to other expenses such as advertising fees, your profit model is prone to problems and you need to accept the product. Try to avoid seasonal products, and do not choose products that are too low in price and of poor quality. After all, it’s even more important to make Shopify a repeat customer.
Below are guidelines for finding high-margin products for e-commerce sales.
1.What is the potential market size?
Choose a product that is small but sufficient in the market. Avoid using nids that are too small when searching with low keywords. For example, a product that caters to a pregnant woman between the ages of 25 and 40 may be good. However, products that cater to pregnant women aged 25 to 40 who like punk rock music may be too narrow. It will be more difficult to find customers, and the cost of acquiring customers will be higher, and the size of the small market will greatly limit your potential growth.
Tools: Use Google’s Keyword Tool to help you determine the search volume for your selected keywords. This will tell you how many people are searching for your keyword terms, which in turn tells you the size of the market.
2.What is your competitive advantage?
What is the competitive landscape of your product? No competitors, a few competitors or many competitors?
If there are many players in your niche market, this may indicate that the market has been verified. However, in order to break through, you have to do something different to attract customers’ attention and build market share.
3.Who is your target customer?
You don’t need to know more about this at this time, but you should understand the types of customers they might sell and their online purchasing power.
Tools: If you find that other companies sell similar products, you can use Alexa to get information about their demographics, which may help you better define your target market.
4.What is your mark?
It is important to consider the marking of a particular product before entering the process. This is very important because selling products can result in many other small expenses, which can result in your loss of profits. Having a strong initial label will give you the necessary buffer to absorb these variable costs.
5.Can you provide a subscription?
Selling to existing customers is easier and cheaper than finding new ones. Subscription-based business allows you to automatically sell to the same customer multiple times. There are usually two types of subscription-based e-commerce services, namely discovery and supplementation.
6.Is your product durable?
How fragile is your potential product? Fragile products can be a hassle to invite. Fragile products will cost you more on shipping/packaging costs, and you will inevitably have more customers returning and replacing. Always remember that even if it is the shipper’s mistake, it is still the customer’s experience of your brand. You have ultimate responsibility for the entire experience.
As you enter the stage of ordering samples, test them and push them to the limit. Place them in a hot/cold environment, apply pressure, twist, pull, drop and kick it. Don’t worry about breaking a few hundred dollars in samples. It is more important to understand the quality of potential products more accurately.
7.Do you need to consider perishability?
Perishable products are risky for physical stores, not to mention e-commerce. Because some perishable items require fast delivery, shipping costs can be very high.
8.Is it a consumer product or a one-time consumer?
As we have already discussed, selling to existing customers is easier than selling to new customers. The use of consumables or disposable products simplifies the process by substantially limiting product life.