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The most important part of any Shopify website would be a good product. So how would you identify a good product and where do users look for it? Do you know how to do Shopify product research so that your products are shown up even through search engines?
We’ll examine how to execute effective dropshipping product research and find amazing things that can help you benefit hugely here in the article.
What is Shopify Product Research?
The product research study is a procedure for generating the latest product ideas to sell on your Shopify store and also validating the sustainability of the one product that you’ve chosen to determine if it will be profitable.
It is a step within the product development procedure that not only assists you in determining the best product for sale but also determines whether your concept can match what the client wants and current market demands. The result could be a higher return for the product’s investment.
What Does a Good Product Look Like?
A good new product is affordable, lucrative, transportable, and marketable. Finally, it is just a product that helps you succeed as an online marketplace, and not limit it. By examining current facts and numbers, product research assists you in determining the probability of success before committing time and cost. It not only assists you in identifying moneymakers and avoiding bad investments, but it also provides you with vital information.
Supply — the ease and speed with which you can receive the products.
Requirement – check the demand for the product today and for the future.
Competition– Check If you will be the first to the marketplace or if you will be dealing against existing sellers.
Shopify SEO– Which keywords should you aim for Shopify SEO?
Shipping – what it might charge to pack and transport the products.
Product growth – the item’s long-term capability.
How to Conduct Shopify Product Research?
A systematic strategy for gathering and analyzing information about a new product is required for effective product research. Let us look at the steps you can follow for leading the product research.
Discover a possible product
You should begin thinking if you still don’t have an idea of the product in mind. Begin with a few of the tasks below to get a wide set of potential concepts, then filter it down into five depending on personal preferences.
Study the latest trends
You can check out what is popular on eBay, Google, and also Amazon Best Sellers to see what is trending in the current market. Look for a potential product that might succeed, even in your niche.
Identify and address common issues
Discuss with people, companies, and groups regarding ordinary issues and products that may be able to resolve problems. You may find various solutions to some most common problems people were facing.
Make the most of your favorite hobbies
Design a product using the expertise or interest that you have. You can also use the understanding of your skill and expertise to sell that particular product.
Predict future trends
Apply your intuition to identify another big trend. You should keep up with the newest trends, to maintain a competitive edge and identify new product possibilities.
Take a look at the consumer feedback
Look into well-known online retailers who don’t ship quickly, have poor customer support, or are pricey.
2. Analyse the Market Demand
After you’ve put together a list of all potential items, it’s essential to evaluate consumer needs for every product to see if there is a market for that as well.
You can enter the items in Google Trends and discover how famous they are today and forecast how successful they will become in the next. Throughout time, consistent growth indicates stable future success, but it might also imply that now the seller has so far positioned themself in the field. An increase in consumption, on the other hand, may indicate a passing trend, but this can indicate a chance to develop a new brand.
You can evaluate the market demand my various other ways too. Examine how frequently certain products are discussed on social media platforms. You can also look up the products on the internet to check if there are any connected forums or groups.
Inquire about the product among your social circles and gain more knowledge about it.
3. Analyze the competitors
Examining the market around your intended items will help you evaluate the market demand study while also estimating how difficult it will be to break into the industry. Google Keyword Planner and alternative markets, including Google itself are all excellent resources for conducting competitor research.
Google Keyword Planner
You may discover keywords with Google Keyword Planner.
Enter the products using Google Keyword Planner to get monthly search traffic, degree of competition, plus Google AdWords cost per click (CPC) for chosen keywords. You’ll have to get a free Google Adwords login to achieve this.
Enter the items on Amazon, eBay, or Walmart and discover how many are on sale and also how many vendors there present. Monitoring customer reviews, verifying stock levels, analyzing their social networks, and noticing if they provide quick and easy shipping are all good places to start preparing how and where to compete along with these companies. There have been several Amazon and eBay Product Sourcing toolkits available that provide you access to additional statistics including average pricing, net revenue, and delivery strategies.
Search Google about your popular products and see who is currently selling them under their webpage through Shopify or some other online stores.
Is it true that competition is a positive thing? It is debatable. You can be the first one into the market if there’s very little or no opposition, which is wonderful for branding yourself as a market leader yet tough for building market demand. Significant competition indicates that now the market potential is already present and well-established, but you’ll need some differentiator to stand apart.
3. Consider obtaining your product
The following step for conducting the product research is choosing how to buy your products. Following are the three primary ways to source products for Shopify:
Wholesale: Under which you purchase products in bulk straight from the manufacturer or the distributor.
Manufacturing: It is the process of producing your goods to market.
Dropshipping: Under which you list things from a third-party vendor who also warehouses and delivers the stuff to your buyers.
Some of the most crucial options that matter are:
The price should be sufficiently low for you to turn into a profit.
The time at which you can obtain the products.
You must buy a minimum amount, called minimum order value.
Shipping is the price which is charged to transport the products to you.
5. Determine your possible profits
Factors like market requirements, suppliers, and competitive pricing are only helpful when you can generate a profit. Evaluating a product’s potential profits is a crucial phase in the product research process for Shopify. To calculate the profit of a product, calculate the targeted selling price and subtract your expenses;
Purchasing, Preserving, Promoting, Packaging, and Shipping
The profit will result from that. You may have to rethink your product concept if it does not seem appealing. You can calculate and estimate the expenses of shipping and storing costs of upcoming products.
6. Estimate your product turnover
Having products that need to be updated or renewed regularly can be problematic. Products of this nature run the danger of not selling before turnover. It’s crucial to understand your turnover timetable and make plans accordingly prior to diving in completely and selling the product with a consistent turnover.
Determine how many items you must sell in a given period normally a year to allow for variation of demand to break and earn your desired level of profit. Next take into account whether you can create, acquire, store, or drop ship such numerous products. Lastly, estimate the probability that you are capable of creating the sales necessary to remain profitable that is worthwhile. Your product idea might even be a high-risk investment if such questions don’t appear to be resolved in unison.
7. Validate your Product
Second-hand information simply provides you with a partial insight. Undertake your independent research to confirm your findings using:
Interact with people who might purchase your products, how much they would spend, how they think of your opponents, then what would make them want to purchase through your Shopify website.
Develop a pre-order opportunity for your products so that you may monitor demand ahead of making any significant cash investment.
Assess your supplier as well as the market by ordering sample trials or a minimum amount.
Shopify Product Research Tools
Yes, you can do product research by yourself, but this will require a lot of time, initially. It is wonderful that we can make use of a number of helpful product research tools and get towards our objective more quickly due to the technological improvements. The product research tools give you access to profits made, social engagements, Facebook ads, and video recordings. A software tool for product research is made to locate the most winning product that sells well and give you the data you require to choose to sell them or not. Here are a few of the best tools for product research.
Here are a few of the best tools for product research:
DSers is a smart choice if you’ve been looking at products for a dropshipping business. Only with a few steps, you can import products from AliExpress to the website using DSers. It helps you select products to export from AliExpress.com. This tool is cost-effective. You can choose from, a free plan to the Pro edition. You can also find product being sold at reasonable prices and are getting delivered fast. Get the same item for less from different vendors. Directly import merchandise into your shop from AliExpress. On your DSers profile, manage various Shopify dropshipping stores.
Sell The Trend is a tool for conducting product research which assists you in identifying profitable products using data sources like Amazon, AliExpress, and several Shopify sites. The best features of this tool are:
- Order completion in one click.
- Several ways for selecting and sorting
- There is a brand-new store intelligence function that pulls data from all Shopify stores.
- This is also an alternative for Oberlo and also is a Google Chrome Extension that allows you to add on products directly from AliExpress.
- You can find profitable dropship products with the help of a large database or product catalog.
- To find trending products, many explorers are used.
Read more: Sell The Trend Review
3. Niche Scraper
Niche Scraper is a Software as a Service app that helps eCommerce merchants find the top products to sell on their eCommerce website, regardless of whether it is run on Shopify or some other platform. Find out which product has the best chance of selling by analyzing thousands of items each day. It also helps you build a successful dropshipping business worth a million dollars by helping you choose profitable products.
Read more: Niche Scraper Review & 70% OFF
Find Your Bestselling Product Today
Following the above steps, you completed the Shopify product research tutorial. Amongst the most crucial choices, you’ll make will be selecting the correct product and category for your e-commerce firm. Good product research can help you to move forward with confidence as you release your product. Without using a credit card, you can grab a free trial of Shopify for 14 days.
FAQs on Shopify Product Research Tool
What is product research?
The method to evaluate whether your concept for a new product launch could be profitable as well as the most efficient way to create and promote the product is known as product research. This method starts with a market investigation to identify if comparable products are offered. You can decide if there is a market for your ideas after you are aware of what is currently offered to users.
How do I research a product to sell?
You can undertake the following actions to develop ideas about your product:
Study publications about consumer trends.
Look for bestsellers, on online shopping websites.
Look through social curation websites.
Monitor relevant forums.
Take feedback from your clients.
What distinguishes market research from product research?
The primary difference between these two is that market research focuses on understanding consumer requirements and preferences, whereas product research focuses on methods for discovering ideas for new products and assessing the likelihood that a product would succeed in a particular market.
How can you do product research for e-commerce?
Study customer needs.
On Amazon, look for bestsellers.
Look through social networking websites.
Examine wholesale B2B markets.
Observe specific groups.
Consult your existing clients.
What makes a good product researcher?
A good product researcher must have the following skills:
Excellent analytical powers.
Flexible and creative.
Curious all the time.
How do you do your Shopify product research? Which tools do you use? Please share your experience in the comment box below for other Bossfree Stressfree members. Sharing is caring.