There’s no a single product idea that will guarantee you success, but there are key features of the product that with higher probability will be more profitable or will be easier to distribute.
Criteria 1. It has maximum margin
“Margin” is the difference between the wholesale cost of an item and the price your store sells it for (which, in turn, pays for all your business’s expenses). Higher margins allow your business to be profitable.
High margin goods can be novelties, “seasonal goods” or goods with high demand on certain days of the year, or goods for which demand is consistently high, regardless of the season, the economic situation in the country and the level of income of the population.
Ideas of the products with high margins:
- Beauty Products
- Video Games
- Pet Care Supplies
- Phone Accessories
- Board Games
- Designer Lingerie
Criteria 2. It has maximum relevance and demand
Demand is desire, or a certain need, reinforced by purchasing capability. Given the resource, people satisfy their needs and desires by acquiring goods that bring them the greatest possible benefit and satisfaction.
The magnitude of demand is influenced by both uncontrolled factors of the external environment and marketing factors.
Ideas of the products with high demand:
- Gadgets and mobile accessories
- Green tea
- LED lighting
- Household chemicals
- Car parts
- Self-defense and security means
Criteria 3. It’s exclusive (unavailable for the competitors)
Exclusive goods are goods of special demand, produced in limited quantities, having unique, exceptional properties, for the acquisition of which buyers can compete with each other. Its characteristics: expensive, high quality, limited availability. Moreover, uniqueness can be caused by the natural circumstances – the ring of the ultimate power; or by the artificial circumstances – is made to order.
Ideas of exclusive products:
- Products made by artisans
- Pieces of art
- Vintage pieces
- Crystal tableware
- Something originally owned by a unique person
- Something forbidden to sell on the mass market
- Stones and minerals
- Hand-knitted swimwear
- Hand-carved necklaces
- Weapon replica
Criteria 4. It’s expendable (needs renewal regularly)
This is what something we consume every day, week or month. What invariably ends, breaks down, wears out or becomes obsolete. The first thing that can come to mind is, of course, food. However, don’t forget the life-supporting resources – gas, water, electricity – these are also products for which we pay periodically.
Ideas of expandable products:
- Pat food
- Car tires
- Mobile accessories
- Contact lenses
- Shampoo and toothpaste
Criteria 5. It has maximum related products and accessories
Each product has its options and customizations. Sometimes it is a necessit, because not everyone needs a full range of options at once. But more often accessories give buyers an opportunity to express their individuality and their self-confidence. The distribution of additional options can earn merchants even more than the main product.
Ideas of the products with numerous accessories:
- Fishing rods
- Hunting weapons
- Musical instruments
- Painting goods
- Business suits
Criteria 6. It has minimum weight and size
If the product doesn’t weigh much and does not take up space, that means that packing and delivery will cost a penny. It allows merchants to place a “Free shipping” label to the main page of the store and include its cost to the product price.
Ideas of light and small products:
- Essential oil
- Geek badges
- Flash drives
- Stickers and decals
- Cigarette holders
Criteria 7. It has unlimited expiration period (shelf life)
This one is simple. If it can’t be spoiled, become harmful or dangerous then it won’t lose the cost and can be sold and used within an unlimited period of time.
Ideas of products with unlimited expiration period:
- Plastic toys
- Powdered milk
- Salt and sugar
Criteria 8. It cannot be returned
Most of the products can be returned. For the merchants, this is a painful procedure as they want to provide the positive shopping experience from one side and make a profit from another. If they mention that all the products in the store cannot be returned, that won’t work due to the global juridical practices. But there are certain products that are legally non-returnable by default. Perfect choice for eCommerce.
Ideas of non-returnable products:
- Shampoos and conditioners
- Cleaning chemicals
- Breast milk containers
- Seeds and live plants
- Pet food
- PC components
- Car tyres
Criteria 9. It doesn’t need to be tried on
We all are different – axioma. Moreover, we can differ from ourselves in various situations. Our preferences can change several time a day. For the merchants that can result in product returns. Smart idea is to sell the products that always look and feel great regardless of the circumstances around the customer.
Ideas of the products that always meet expectations:
- Bottle openers
- Yoga mats
- Shaving foams
- Plastic drinking bottles
- Sleep masks
- Vaporizer liquids
- Sports nutrition
Criteria 10. It brings maximum joy and satisfaction. Always.
It is not enough to create the products that are functional and useful. They also need to bring joy, excitement, pleasure, satisfaction, fun and beauty to the people’s lives.
Ideas of the product for joy, fun and excitement:
- Interior decoration pieces
- Bath Bombs
- Massage chairs
- Legal Marijuana
- Movies, music and games
This is important! Make sure the chosen product doesn’t have age restrictions.
There are laws that restrict the sale of certain products and services to underage people. Taking the UK as an example, an individual under the age of 18 cannot purchase: alcohol, cigarettes and tobacco products, fireworks, knives, blades and axes, lottery tickets and scratch cards, petrol. Check up if any age restrictions apply to the product you sell on the territory of the targeted country or state.