In order for an e-Commerce business to remain competitive as well as profitable, they need to keep coming up with fresh ideas for products. Coming up with new product ideas is never the problem as is the viability of the idea. In fact, it has been reported that as much as 95% of new products fail.
There is a strategy involved in finding the right product that strikes the perfect balance between uniqueness and a niche product.
About Brainstorming
It’s challenging to find the right product to sell. There is a lot of competition in the most basic products on the market. The key is differentiation. Find your most unique slant on the product. This could potentially define your Unique Selling Proposition (USP).
Instead of just looking at what products are currently out on the market, consider the possibilities. You might want to try it out in new markets, and implement new ways to use the product. You can even launch it with entirely new features.
Product Ideas To Explore
Product ideas can easily be found. Take a look at the following to inspire your search.
- Online courses
In 2022, the eLearning industry was worth up to $243 billion dollars. By 2026, the online course industry is expected to be worth $374 billion dollars. As the demand for online learning continues to grow, it would make perfect sense to invest your time and funds to teach something that students would find valuable.
The courses can be conducted online via Zoom or you can pre-package the course with videos and downloadable e-books and worksheets to supplement the course. It’s a great way to scale your business with just a bit of work upfront.
- Skincare
The pursuit of the fountain of youth has never disappeared among consumers. Therefore, creams and serums that reportedly banish crow’s feet, get rid of undereye circles, and moisturize skin for a healthy glow, will never cease to sell. It is a multi-billion dollar industry. However, it is not the easiest industry to enter due to regulations and licensing requirements.
The key is that products must deliver on what they claim to do and they should not be outrageously expensive. If you have what it takes to make it successful, then these products can be highly lucrative.
- Baby items
New parents know that baby items are always in need. Items that sell well include baby monitors, books, toys, baby bottles, bedding, and clothing. The possibilities are endless.
Parents are more mindful than ever about how baby products are produced. If you are able to make these items more naturally, with less harmful chemicals, you are sure to win a legion of customers. Again, it’s about offering these all-natural products at a competitive price.
- Reusable products
As consumers are becoming more eco-friendly, especially among the millennial group, selling reusable products is another lucrative opportunity. Many consumer groups are shopping more sustainably than ever. Some of the reusable products that you may consider can include coffee filters, bags, straws, bottles, and even straws.
- Subscription boxes
On a global scale, the subscription boxes market reached a value of $22.7 billion back in 2021. It is suspected to reach $65 billion by the year 2027. The secret to the success of this business is the curation of very special or unique items included in every monthly box. It can include items from the food and beverage sector, clothing, pet care, as well as health and fitness.
For just a small fee every month, a customer is surprised with a beautifully packaged box filled with surprise or mystery items.
- Fitness items
As more consumers are learning about the health benefits of exercise, they are investing more money to help them reach their fitness goals. Items such as pedometers, fitness trackers, weights, athletic shoes and clothing, towels, and armbands are becoming highly popular.
As you see your business expand, you can certainly start selling more heavier products such as exercise bikes, treadmills, and trampolines.
- Home decor items
Homeowners are always looking for ways to spruce up their dwelling place. From adding new curtains for a new season, vases to hold what is growing in their garden, paintings that brighten up a room, or bright cushions to add that pop of color to an otherwise dull living room coach, there is always something to improve. The good thing about this business is that there is always something new that you can add to your decor lineup.
- Car accessories
People spend a good portion of their lives on the road in their vehicles. From commuting to road trips, there is always a reason to make the long ride more comfortable.
For hot summer car rides, window shades would be greatly appreciated by the driver and passengers alike. Items like cushions, navigation systems, mirrors, and cell phone racks would also be great sellers.
- Works of art
If you are a fine craftsman, painter, potter, or woodcarver, you can definitely sell your wares online. Although there is not much in terms of competition, the key is to ensure that your work is truly of supreme quality in order to attract enough customers.
The key is to find the right platform to sell your art and ensure you have all the equipment you need to produce your work.
- Candle
Although this could be included in home decor, the candle business can be an industry in itself. Consumers love coming home to a scent that is pleasant and inviting. Candles also create a feeling of warmth and coziness.
What Product Idea Did You Come Up With?
When it comes to brainstorming for new product ideas for your business, always consider whether it solves a certain problem for a customer. There is no reason to reinvent the wheel. If that product already exists, aim to improve it and make it better than what is currently seen in the market.
