In this fast-paced world, one of the biggest challenges an aspiring entrepreneur faces is finding a profitable product that will sell efficiently. It often happens that anything you could possibly sell is already being sold in the market and that too with whopping competitors. Fortunately, there is a silver line too –notwithstanding the tough competition, new products are launched every day in every nook and every corner.
To help you get started with profitable products that are sold online, let us first look at the ways you can generate ideas from.
- Solve a customer suffering
Begin with paying attention whenever you notice people’s nagging with small annoyances, either for existing products or for need of a non-existing one. Being keenly aware and solving a customer pain by providing what they want, will always be fruitful in developing profitable product ideas. Otherwise, Paracetamol wouldn’t be in business if literal headaches didn’t hurt.
For instance, Heads Up for Tails aims for making the lives of all pet companions, better by offering comfortable, healthier and happier pet-oriented products and services.
- Appeal to enthusiastic hobbyists
With 7.7 billion population, every individual at least secures one hobby they’re passionate about. Be it a teen or an elderly woman, one is usually more inclined to invest money to get the exact hobby product they desire for. This willingness-to-pay can be a game changer while evaluating the potential opportunity of any product ideas.
For instance, it is that childhood hobby which has made Indiahikes hike across the Himalayas.
- Listen to your personal passion
Choosing niche-based product from your own interest can be time demanding but is worth it. Using your know-how to create and position a unique product from scratch can be extremely profitable.
For instance, Sadia started her blog Pick up Limes discussing healthy lifestyle. Over time, her passion for a healthy living turned into a blog and eventually a successful ecommerce business selling nutritious products and equipment.
- Get benefit out of your professional experience
Has working in a particular industry helped you learn the evens and odds? Turning your expertise on a specific product into your own online business is a smart way to enter the market with a leg up that isn’t easy for others to duplicate or copy.
For instance, Albinder Dhindsa is the CEO and Co-Founder of Grofers. Before starting Grofers, he was the Head of International Operations at Zomato.
- Capitalize on trends early
Recognizing a trend early enough is a win-win new business. The chance to stand out can be sought-after by jumping on the dot-com bandwagon and thanks to digital marketing, your investment will probably be lower and opportunities to build long-term SEO traffic may be more abundant.
For instance, popxo is a trend website that creates stories, videos and social media content about the things young Indian women care about.
Also, Snap store was early to provide trending product ideas as they recognized the demand to print memories.
Here are a few ways to keep an eye on what’s trending:
Social listening: Look at the trending hashtags on Twitter or topics on Facebook, or use social listening tools to identify trends over time.
Google Trends: Look at the popularity of topics over time, and see what’s hitting a spike in interest.
Trend Hunter: The “world’s largest, most popular trend community” uses data, artificial intelligence, and real humans to identify consumer insights and new opportunities.
Reddit: “The front page of the internet” showcases forums about almost every topic under the sun.
Now, that you’ve got a product idea to venture into a new business. If you want to open an e-commerce website then visit primesellerhub.com and get your online business done easily.
You can also check the top 10 most demanded & best selling online products in India.
Co-Founder of Prime Seller Hub.