So you have read some of my other posts about the Common Mistakes When Choosing Dropshipping Products, Dropshipping – What Makes a Good Dropshipping Product, Drop Shipping and Choosing the Best Products to Sell, and you are now thinking it’s the time to go for it, so what’s your next step. Well, as you might have guessed from the title of this article, you need to choose a great dropshipping product. Read on for more information.
Choosing a Great Dropshipping Product
Now, the first and most important thing to understand is that there is no need to try and reinvent the wheel. Every successful search for a great dropshipping product starts and ends with research. If you have a good plan based on solid research, you will lessen your chances of failure greatly.
The good news is the top sellers are more than happy to share their techniques concerning what they do to find great dropshipping products and all we need to do is follow what they do. A tried and tested method is the way to go and that is exactly what we are going to do.
Brainstorming Great Dropshipping Product Ideas
This is such an important part of the process and it’s so basic that many don’t bother doing it. This is a big mistake and one do you not want to make. To choose a great dropshipping product, you need to continually ask yourself a very simple question, “Will this product sell online?”
You spend a lot of time awake each day and every day you come across frustrations in your life. When this happens, ask yourself if there is a product that will solve this problem. And don’t just think about your own frustrations. Listen to other people talking. If someone has a problem that needs solving, they are unlikely to be the only one.
So, the first step is to write everything down. Don’t worry about whether it sounds stupid or not; you’d be amazed at how many stupid ideas sell well online. And even if an idea is stupid, other profitable dropshipping ideas may come from it that aren’t so dumb.
Remember that you also need to be spending time on online marketplaces such as eBay, Etsy, Amazon, and so on. Knowing what’s trending is useful as well, although be careful of trending products. If something is trending, you may have already missed the opportunity.
SaleHoo Market Research Lab
Okay, you are no doubt aware that I’m writing this blog post to promote a product but you shouldn’t be surprised that I am going to recommend the best online eCommerce market research tools for dropshipping – SaleHoo Market Research Lab, which can choose a great dropshipping product for you.
SaleHoo Labs is a market research tool that contains tens of thousands of products in many different categories. Here are the four main aids you get when you sign up for SaleHoo Labs:
1. Competition in each product, based on sales on Amazon and eBay
2. The average retail price each product is selling for online
3. The amount of the product being sold online
4. The suppliers you can contact quickly who won’t scam you.
These four tools allow you to see immediately what product you should sell, how many products you could potentially sell, how much you can make on each product, and where you can get the product. All this you get from data collected from the world’s largest online marketplaces.
Social Shopping Websites
Social shopping websites are different from online marketplaces. These websites are curated by users and reflect what is trending at any particular time. What makes these websites important is that they often reflect trending products before they start trending on the more traditional marketplaces.
A good plan is to follow these websites and see what’s trending. Choose items that you think might sell well on Amazon or eBay, and then see what really happens on those sites. Don’t actually list the items yourself, just do it for practice and see what would have happened.
Don’t worry about missing the boat on a particular product; there will always be another product for you to make money with. The point here is to see if you can work out the products that become successful dropshipping. So follow the websites below and start trying to guess the products that trend.
Check Out eCommerce Stores
So far, we have talked about following online marketplaces like Amazon and eBay, and social shopping sites like Wish and Etsy. Other types of websites to follow are successful eCommerce stores. These are run by some of the best in the business so they are well worth paying attention to.
Don’t just pay attention to the products themselves. Also, look at the images and sales copy. High-quality images and good sales copy will do wonders for your sales figures and your bank account, so paying attention to everything on these eCommerce sites is vitally important.
Pay attention to not only the things they do that are similar but also notice the things that are different that stand out. If you notice something that stands out, so will others and whatever stands out maybe why the eCommerce website is so successful.
Check out these eCommerce sites below, which are all very successful. Make a list of what they have in common and the parts of the websites that stand out.
Research the Competition and Prices
Now, SaleHoo Labs can research retail prices and the competition for you. In fact, SaleHoo can choose a great dropshipping product for you. However, if you don’t want to let SaleHoo do it for you, then you can go it alone. Hopefully, you have done some brainstorming and that you’ve looked at the websites to see what is trending and selling. If not, spend a bit of time doing that now before you read on.
Okay, done it? Great. Now, you need to know two things before you can decide on what product to sell. Firstly, you need to know the online selling price of the products you’re interested in. Secondly, you need to know how much competition you’re going to have if you decide to sell a particular product.
Researching Online Retail Price
Start your research by looking on Amazon and eBay. Make sure you have a notepad and a pen because you’re going to need to write down everything important. Also, remember the sweet spot between $15 and $200 that we have already talked about in previous posts. Then, by looking at places like AliExpress, you’ll get an idea of the profit margins you’ll achieve.
Researching the Competition
Researching the competition is important because you don’t want to try and enter a market that’s already saturated, especially if the people doing the selling are established. All you need to do is count how many sellers there are selling the same or similar products that you’re interested in. On eBay, you’ll need to physically count them. However, Amazon has a list of them on the left, which makes life easier.
By the way, you may think that the market seems saturated but you have a product that stands out from the rest. If you have that type of product, you can still try and sell it. At the end of the day, you need to make the decision that you think is best.
Choose Your Products
Okay, if you have done all the above and you have come up with at least one good product, then you have come to the most exciting part of the process. Now all you have to do is find the suppliers for your product.
Of course, the best way to find suppliers is to let SaleHoo do all the heavy lifting for you. It really is the easiest way to do things and will save you a ton of time. Head over here to see what’s on offer.
Wrapping It All Up
And there we have it – how to choose a great dropshipping product. In the next article, we’re going to look at how to find great suppliers. Click here to continue your training.
If you enjoyed this article, please leave a comment. And if you think I’ve left anything out, feel free to add that below too. Thanks and speak again soon.