Success in ecommerce isn’t easy. I’ve had high highs and the lowest of lows. But after more than a decade in this industry, I learned it’s possible to be successful, so long as you have three elements nailed down.
Marketing expertise and passion.
A drive to become successful through consistent practice.
Identifying trending products at the right time.
Below, I’m going to look at number three in this list and help you pick products that you can bring to market that have the potential to start trending with your target audience.
What to Look for in a Potential Trending Product
Identifying a potential trending product involves a combination of market research, analysis, and intuition. Here are some key factors to consider when evaluating a product for its trending potential.
Customer needs
You can’t have a trendy product without customer demand. Therefore, it’s crucial to identify the needs or issues of your audience and try to identify potentially trending products that would solve those issues.
Market size
You could find the most valuable product ever for a specific niche, but if that niche is no bigger than a couple of thousand recipients, there will always be a cap on the potential growth of that product.
Industry trends
Another way to identify trending products is by researching current industry trends. For example, if people started drinking cereal from a bottle, as it is quicker to do so on the go, then you could use that information to create a new on-the-go breakfast drink, similar to brands like Weetabix and Fuel.
Social media
Another element to consider is how well your product presents on social media. This has been a huge factor in any brand I have invested in or started, as I know just how important social media is for product virality.
Market Saturation
I’ve had moments when I think I’ve come up with the next big thing, only to discover that there are already hundreds of brands with a head start. It’s frustrating because the more competition, the less opportunity there is for your product to stand out. When I launched Drop Bottle, I noticed there was a gap in the market for high-quality, eco-friendly water bottles, which was one of the main reasons we were able to scale the brand so quickly.
Long-Term Viability
I often talk about the value of evergreen product ideas to save yourself the time, effort, and trial-and-error aspects of constantly setting up new products.
Check out our article on evergreen products to help you choose the right option for you.
Accessibility
Evaluate the ease with which customers can access the product. A well-established distribution network can contribute to a product’s success. At The 5th, for example, we used to run limited drops for our watches, which made the product easy to access but also desirable due to scarcity.
Don’t Skip: How to Come Up with New Product Ideas (That Don’t Suck)
How to Find Trending Products
So, with all that in mind, let’s learn how to find trending products that meet those criteria.
Where to Look
The best way to ensure your finger stays on the pulse of what your target audience desires is by watching social media platforms closely, especially TikTok.
TikTok and Instagram have the power to skyrocket product popularity. It’s why at least some of the readers of this article are currently drinking an oat milk latte out of their brand-new Stanley Cup.
Ask Your Audience
I’ve been in a fortunate position with recent brands to have access to a loyal customer base, one that I could use to ask them for feedback, opinions, and inspiration.
Not only is this a great way to gauge the desire for your potential product, but it also makes your audience feel more included in the process and more likely to purchase it when you bring it to market.
Use AI
Finally, don’t forget the capabilities of AI!
And no, I’m not talking about generating product descriptions or landing page copy.
I’m talking about using ChatGPT or another AI platform as your sounding board for ideas, asking for inspiration, identifying potential target audiences, expanding ideas in more detail, and so much more.
Imagine having your very own ecommerce product consultant. That is what AI can be for you with the right prompts and guidance.
You can learn more about AI and how it is disrupting the ecommerce industry in our brand-new AI training course.
Keep Learning: What to Sell in 2024 – Unearth Profitable Products
Now You’ve Got Your Perfect Product, It’s Time to Take It to Market
You’ve identified a few ideas you want to explore that could be your next trending product. Now it’s time to bring it to market and promote it to your target audience.
My new and improved free ecommerce masterclass will help you do just that, I’ll show you everything you need to become the proud owner of the next must-have product.
The post How to Find Trending Products from a 5x Ecommerce Founder appeared first on Foundr.
