The online market space is quite huge and its potentials unlimited. However, there are so many e-commerce stores trying to woo customers for patronage. Some stores have been around for decades and have a strong base of loyal customers. Big eCommerce stores are also trying to outdo one another to gain more customers. The new entrepreneur stands a slim chance against the big weights. The good news is that finding the right niche products will help new entrepreneurs get a better chance of success.
Niche Products: What Kinds of Products Can You Sell?
As a new entrepreneur, you may choose between two main classes of products to sell. These are:
- General commoditized products
- Niche products
General commoditized products target different types of consumers hence they offer different types of products. Big stores like Amazon, eBay, and Jumia sell these kinds of products. Niche products, on the other hand, target a specific consumer. A niche store may choose to sell only kitchen equipment. Another niche store may focus on selling branded T-shirts. You may choose office stationery as your niche, DIY kits, or makeup products. Other viable niches to consider include organic fertilizer products, Spa, salon, or medical equipment.
To beat the fierce competition in the e-commerce space, an entrepreneur should seek a niche which has lower competition. You need to look in the direction of stuff the big weights have overlooked or are not actively pursuing. With the right niche, you greatly increase your visibility and potentials for patronage. Choosing the right niche will also affect other decisions you will be taking on your business subsequently. This includes website name, branding, advertisement, and so on.
Hot Niche Products in 2020
1. LED Bulbs
Despite being around for a while, it is interesting to know that innovation in the design of LED bulbs is increasing the demand. New LED energy-saving bulbs are no doubt high on the list of hot niche products 2020.
2. Cabinets and Organizers
Many homeowners are seeking to declutter and get more space for themselves. Having a nice cabinet helps achieve this. You will like to help these people dropship good cabinets.
3. Home Fitness Equipment
Talk of portable massage guns, home fitness set, yoga mats the list continues. During this period, lots of people need these tools to stay fit at home.
4. Fashion Items
Branded T-shirts and season clothes are most sought after. Jackets, raincoats, and those trendy wears are sure-fire hot niche products to choose in 2020.
5. Beauty Products
Brush sets, makeup kits, electric temperature hair comb, and massaging kits dominate the niche products 2020 list. Everyone loves to take care of their bodies so we are not particularly surprised these products are selling fast.
How to Find Niche Products to Dropship?
Determining which niche product requires a perfect blend of research and passion. The research will help you get the needed information on viable niche options. Passion will help you choose which one to pursue. In the final analysis, it is your passion that will sustain you through the periods of trial every business must pass through. Follow the steps below to find viable niche products to dropship.
1. Find Products That Solve a Specific Problem
The value of a product is directly measured by the problem it solves. You don't need to look too far to see problems that are waiting to be solved. Start with your life. What problems would you be most grateful for if a product could just solve it? Your answer could be a robot vacuum cleaner or a less expensive but powerful skincare product. Whatever your answer is, write it on paper so you can work on your list later.
2. Select the Product That You and Others Are Passionate About
From your list, which products are you most passionate about? Ask your friends and colleagues about your list so you can find out what other people are interested in. Highlight the products on your lists where you and other people have a common interest. These products are likely to be the best niche products for you.
3. Select Products That Can Be Easily Branded
Consider the products you and the people around you are passionate about. Are there unique branding opportunities for you as an entrepreneur? If you decide to go for salon equipment, for example, will your business be able to stand out of the crowd? To give a good answer to this question, you need good product research tools. We strongly suggest that you use SaleYee’s product recommendation through big data-based product research to find the right niche products for you.
4. Find Trends and Capitalize on Them
Once you have eyes on one or two niches with good potentials, check out what currently exists in the niche. Who are the major players? What new products are moving the niche? Are new needs emerging from the market? The information you get as you make your research will help you understand new trends in the niche. You capitalize on this information and launch your store in a unique style.
5. Find and Serve Your Sub-Niche Enthusiast
By sub-niche enthusiasts, we mean customers who are obsessed with buying specific kinds of items covered by your niche. Some enthusiasts love to try new pens all the time. If you run a stationery store, you should keep them happy. They end up being the most loyal customers if you keep them well served. No matter the niche you are into, these enthusiasts are there. You need to find them, serve, and keep them.
6. Stay Alert for Business Opportunities
If you pay enough attention, you will find there is always an opportunity to sell your business. There are opportunities for expansion, hitting those magic products, and so on. You need to open your imagination to see wonderful opportunities for your business. When you get these wonderful ideas, don't take too long to work on them.
Conclusion
Once you master how to find niche products with good dropshipping potentials, your way to success as a dropshipper is half secure. Immediate action after proper planning is the other half that guarantees excellent results.
