Step 1: Find a Trending Product and a Point of Difference
The main thing any eCommerce entrepreneur needs to figure out is the thing that items to earn
money online. For some people, an idea of what to sell is the thing that gets them involved in
the business in any case.
Be that as it may, on the off chance that you are battling with this step, Gretta recommends
beginning with existing marketplaces.
One great place to begin is by perusing Trend Hunter for the niches that interest you. For
instance, in the event that you need to sell cosmetics items, there are more than a few ideas
here to consider.
Trend Hunter even has this convenient two-minute trendspotting guide you can check out for guidance.
Another excellent beginning stage is filtering items that are getting budgetary help at
Kickstarter. Here are the filters that I used to discover 391 projects.
Looking over these results a little while ago, I spotted this fashionable pooch accessory that is
backed by 23 people pledging £2,538 (exceeding its objective of £2,500). In the event that I was
a canine lover, I may use the signature harness by Stick to get motivation for a comparative
item, with a pretty decent sense that this sort of item has a market.
You can likewise sort the items by Most Funded/Most Backed to discover more interesting
ideas. Here’s a pretty cool coat that is landed some strong support.
Let’s say you need to take it further than simply spotting trends, and you need to really listen in
on conversations about them. In the event that you need to see what consumers are stating
about well-known items, check out the subreddits, Shut Up And Take My Money and Find It on Amazon.
The first subreddit even labels items with “Creator” when they’re posted by the people who
made them, or “1 Of A Kind” to show that they’re not mass-produced.
The item idea is only the beginning. Next, you’ll need to come up with a unique value
suggestion (UVP). This doesn’t mean thinking of a shiny new idea or some hot new intellectual property.
Instead, start with an existing item, however, attempt to change something and make it unique
(and better). Here are four attributes to consider when enhancing an existing item.
Design: If you intend to sell something that is pretty normal, like T-shirts or sacks, you can offer
a unique design. Even if your item category is a dime a dozen, differentiate yourself by
reinventing it with a shocking new look.
Try not to underestimate esthetics! Often, an item that looks basically stunning is all you need
to rise above the pack. Actually, this is something that Foundr itself has consistently embraced
as a unique value suggestion in the crowded business media market.
One alternate route to unique design is offering to personalize an item. This is super normal on
stages like Etsy, where monogramming and customized items are widespread.
An example of a brand that used personalization to great success is The Daily Edited, which
offers personalized leather phone cases (the brand is worth $30 million).
Usefulness: Think about how to make an existing item more valuable than competitors’ by
making it more useful or convenient. For example, the brand LoveHandle started with a dream
to help “the world with a better method to operate and hold smartphones.” It solved a torment
point for selfie lovers who often drop their phones while snapping a photo.
Price: Are you targeting the mass market and estimating otherwise expensive items at under
$100, like Warby Parker?
Alternatively, would you like to sell high-dollar extravagance items for an exclusive audience,
like ORO Los Angeles?
With top of the line items, create an extravagance experience (think about those uber-
extravagant jewelry boutiques), which can be harder to do online. Be that as it may, we see
extravagance e-commerce sales on the rise as it becomes increasingly normal.
Limited Availability: Create a shortage by offering a limited-edition model of your item. Gretta
manufactured the fifth, her second venture around this UVP. She sold top of the line
extravagance timepieces on the fifth of each month, for just five days.
Or then again, you can adjust the glimmer sale model like Gilt. Indian mobile manufacturer
Xiaomi has additionally successfully used the weekly blaze sales model to increase an edge in
the Indian smartphone market.
Step 2: Validate Your Product
Don’t simply surge out there and slap your item up on your website or an eCommerce stage,
and don’t go going gaga for your idea quite yet. Before you take any next steps, you need to
check your item’s money related reasonability to determine in the event that it very well may
be sold online and shipped worldwide.
You additionally need to make sure there is a market for what you are selling. Will people even
like it? Beyond that, to make sure you have a healthy overall revenue, ensure that your item is:
• Cheap to produce
• High in perceived value
While there are different approaches to survey customers, Gretta likes to go out there and
converse with her target audience.
In a Tough Love Tuesday episode, Noah Kagan established that Andrea Huspeni had spent over
$40,000 on her side hustle This Dog’s Life. However, she had never tried to monetize her
Noah compelled Andrea to call and pitch her pooch powder to fellow hound owner friends.
Also, check if these friends might want to get it. She managed to pre-sell the powder live to a
few friends as they joyfully sent her their discounted offered rate through Paypal.
Another example is the Indian marketplace millionaire Pratik Doshi. He validated his idea by
assembling 500 umbrellas and selling them through friends and family.
Imagine a scenario where you don’t have a target audience at this time, so you don’t have the
foggiest idea who to request to validate your item. Use an instrument like Make My Persona. It
will ask you a few inquiries (comprising of seven steps) and give you a semi-anecdotal
representation of your ideal customer.
At long last, you can use this item evaluator instrument to review your item’s strengths and