Find Winning eCommerce Products & Niche Inspiration FAST Without Spending A Cent (Shopify)
This is what I did personally to get past $10,000 - $15,000+ days, on a niche store with several different products on it here a couple years ago, when I launched and scaled it. Follow me on Instagram / elidangerfield if you want to learn to make money online too.
Easy way to assess viability of a product, store or niche and forecast sales/profit, let me give you the full formula here:
Go to myip.ms and check out Shopify’s server information:
https://myip.ms/browse/sites/1/own/37...
Input a niche or product keyword such as ‘pets’ or ‘jewelry’ etc.
Filter the search to show 300 - 5,000 website visitors a day, so you aren’t going to find the absolute top-brands that make billions, but you will find other brands that are actively making money on the smaller more relatable level that you can easily replicate success.
Filter and sort through the list, opening up the websites, and checking them out.
Click open on a tab and you’ll see how many approx. visitors per day the store is getting, and you can note this down for forecasting later.
Go to your website URL that you’ve got open and add this URL extension:
/collections/all?sort_by=best-selling
Click ‘Enter’ and refresh the website URL, and you’ll be shown a list of the website’s best selling products. Now, look at the best selling top few products, and average out the price of these products, towards the direction of the best-selling product.
Example: If there are 3 best-selling gadgets: A (price $150), B (price $50) and C (price $100), you can estimate that their average order value is likely around $110 I would say just using estimations.
Now, determine how many sales this store is likely making per day by taking the number of website visitors you recorded earlier and multiplying it by 3%, which is a very standard average eCommerce conversion rate. On lower priced products it will be higher, and on higher-priced products the CR is often lower.
Example: Store XYZ might be getting 3,000 website visitors a day, and therefore 3% of that is 90 sales per day, giving us a potential revenue daily of $110 (our AOV), x 90 sales = $9,900 per day in sales, or approx. $297,000 per month.
Now you’ve established that you can compete with this brand, and that doing so is worth your while, you can then begin to reverse-engineer their success. Look over everything, find their ads using the ads library, assess their weak points, and what you could do better with a different USP.
Create a strategy on taking them on in the market. Then implement the rest of our eCommerce strategies to launch your product and get money coming in every single day, just like we are doing with multiple online ventures.
🎰 BONUS VALUE BECAUSE YOU PAY ATTENTION:
Bonus Tip #1: Harness Social Proof and Customer Reviews
Always pay close attention to customer reviews and social proof on competitor sites. This valuable feedback can guide your product selection and highlight areas for improvement in customer service and marketing.
Bonus Tip #2: Utilize Advanced Analytics Tools
Make use of advanced analytics tools like Google Analytics, SEMrush, or Ahrefs. These tools can provide deeper insights into your competitors' traffic sources, keywords, and online marketing tactics, helping you fine-tune your own strategies.
Bonus Tip #3: Explore Untapped Niches
Don't miss the potential in untapped niches or emerging trends. Tools like Google Trends and social media listening platforms can help you spot these opportunities early, giving you a first-mover advantage.
Bonus Tip #4: Focus on Brand Building
Remember, you're building a brand, not just a store. Invest in creating a compelling brand story, a consistent visual identity, and a strong online presence to stand out in the eCommerce space.
Bonus Tip #5: Ensure Mobile Optimization
Ensure your eCommerce store is fully optimized for mobile users. A significant portion of online shopping happens on mobile devices, so a seamless mobile experience is crucial.
Bonus Tip #6: Leverage Email Marketing
Build and nurture an email list. Email marketing remains a powerful tool for engaging with customers, driving sales, and encouraging repeat business.
Bonus Tip #7: Implement Split Testing
Regularly conduct A/B testing on various aspects of your website and marketing campaigns. Continuous testing leads to continuous improvement, especially in conversion rates and customer experience.
Bonus Tip #8: Build a Strong Social Media Presence
Develop a robust presence on social media. Choose platforms where your target audience is most active and use them to create brand awareness, engage with customers, and drive traffic to your store.