Finding Lucrative Product Ideas For Your Online Store

Finding Lucrative Product Ideas For Your Online Store: You may be thinking of starting a new business venture, but can you be certain that it will offer you attractive...

Finding Lucrative Product Ideas For Your Online Store: You may be thinking of starting a new business venture, but can you be certain that it will offer you attractive returns on your investment? The only way to be sure of success is to find an idea that will sell. Sometimes an idea may strike you when you are not actively thinking about it. At other times, you will need to proactively search for an idea. The obvious place to look for an idea that has the potential to sell is the Internet. But, you cannot afford to spend hours in front of the computer, researching on possible ideas for a business. Therefore, knowing where to look helps

Places To Find Ideas For An Online Store:

  • Using what you have: The best way to find an idea for an online store is to work on a concept that you may have considered in the past. It could be something that has been on your mind for many years, an idea that you could not pursue at that time for lack of funds or expertise. To shortlist some ideas that may be lucrative, you can identify:
    • Industries and products that interest you
    • Products that interest your friends
    • Problems or pain points that you may have faced in your life and solutions for the same.
  • Tapping into the local community: At times, you can get inspiration from your local community. You can consider adopting traditionally successful brick-and-mortar companies into e-commerce platforms to reap more profits.

finding online idea

It is a good idea to adapt a brick-and-mortar shop into an online store.

  • Tracking top consumer products: The best way to find a new business idea for an online store is to browse through the top buyer trend publications. They reveal the most sought-after products, and new concepts appeal to consumers. For instance, you can take inputs from TrendWatching, Trend Hunter, etc. that caters to aspiring entrepreneurs, and also the PSKF, a business intelligence medium inspiring creative individuals.
  • B2B wholesale marketplace: Wholesale manufacturing websites can be the perfect place to find bestselling ideas, but you need to be careful when choosing. For example, there are several platforms, like Alibaba, that can help you interact with successful manufacturers.
  • Online consumer marketplaces: You will come across hundreds of ideas for your new online store at popular consumer marketplaces. Whether its eBay, by far the biggest online buyer auction website, or Amazon, the largest online retailer, there are plenty of options.
  • Follow industry leaders: A good way to find exciting new business ideas is to follow the top influencers in your preferred industry. They will inspire you with new ideas from time to time on social media.
  • Quora: This community can be an excellent source of knowledge on all the latest ideas. There are industry-related topics that you may add to your customized newsfeed to get an idea of the trending ones. 
  • Surveys: These are the simplest ways of obtaining quantitative and qualitative insights into your target audience. You get to know what problems they experience, what they want to improve their quality of life, etc.

How To Start Your Online Business:

Once you have decided on an idea to start your store, you need to put your business plan into action. For this, you need to go through the following steps:

  • To begin with, you must first see whether this idea has a market or not.  Not every idea will take off, and it is best to research its feasibility before you invest a lot of money and effort into it.
  • When you find that the idea has the potential to succeed, you have to make sure it can be executed as soon as possible. So, you have to start creating the product or service you intend to sell. It includes finding manufacturers for your products. 
  • You will then need to establish business funds. It usually involves setting up bank accounts once the business has been registered. You will have tax identification numbers along with other details that the bank needs to open your account. To make new product launches or advertise new products, you may need to borrow funds in the future.
  • You must decide on suppliers and vendors after shopping around to get the best rates.
  • Creating a website is imperative for launching an online store. This website must ensure smooth transactions for buyers. So, you need to choose a domain name and then use a platform such as Shopify for launching your own business.

Can Shopify Help You Launch Your Store?

When you have decided to create a website to launch your store, it is best to choose a platform like Shopify to put your plans into action. You will benefit from their huge range of stunning templates that are completely customizable and enjoy secure hosting and full control over CSS and HTML coding. Whether you sell apparel or digital items, Shopify can take care of all products and services. It will ensure that all payment processing facilities run smoothly. There will be a guru or coach assigned for you to guide you through the process.

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