Coming up with a product idea that sells can feel like trying to find a needle in a haystack. With over 95% of new products failing, the stakes are high to find that winning idea. But don’t get discouraged – inspiration is all around if you know where to look. In this post, we’ll explore 5 strategies to discover your next profitable product idea, from the online marketplace to your own backyard.
Table of Contents
● Utilizing Consumer Publications for Insights
● Discovering Trends through Curated Product Sites
● Exploring Online Marketplaces and Niche Markets
● Keeping Up with Social Buzzes
Utilizing Consumer Publications for Insights
Exploring top consumer trend publications is an excellent starting point for finding innovative product ideas. These resources provide insights into the latest trends in consumer products, showcasing the directions and innovations brought to market by other entrepreneurs. Engaging with these publications can broaden your understanding of new product categories and industries, sparking ideas for goods, services, and experiences for your online business. Among the numerous trend publications available online, some stand out for their in-depth analyses and broad coverage of market shifts.
Trend Hunter
Trend Hunter, the world’s largest and most popular trend community, is fueled by a global network of 160,000 members and three million fans. This platform is a treasure trove of inspiration for aspiring and curious entrepreneurs. Jeremy Gutsche, the founder of Trend Hunter, shared his journey, stating, “I was an entrepreneur at heart, but I didn’t know what idea I wanted to pursue. I chose careers that I thought would lead me to my business idea, but after years of searching, I was still hunting for inspiration. It was then that I started Trend Hunter—a place for insatiably curious people to share ideas and get inspired.”
TrendWatching
TrendWatching is a renowned independent trend firm that scans the globe for emerging consumer trends and insights. With a professional team stationed in major cities such as London, New York, São Paulo, Singapore, Sydney, and Lagos, TrendWatching provides a panoramic view of global consumer behavior. This diverse team reports on trends from various cultural and economic contexts, offering a comprehensive understanding of the global marketplace. Their insights are invaluable for businesses looking to innovate and adapt to the rapidly changing consumer landscape, providing key strategies for tapping into new markets and demographics.
Discovering Trends through Curated Product Sites
Product review and discovery platforms are vital resources for identifying trends and gathering ideas for internet businesses. Websites like Uncrate, which focuses on men’s products, and Design Milk, known for luxury items, offer daily curated insights into new and trending products. These sites provide a window into the innovative offerings that other entrepreneurs are introducing to the market, making them an excellent source of inspiration.
To dive deeper into consumer product trends, here are a few noteworthy blogs:
- Cool Material
- Design Milk
- HiConsumption
- Uncrate
- Bless This Stuff
- GearMoose
Each of these platforms specializes in showcasing unique products, helping you stay ahead of market trends.
Exploring Online Marketplaces and Niche Markets
Direct sourcing from wholesalers and manufacturers is a time-tested method for uncovering ecommerce product ideas. This approach provides access to a vast array of potential products, although the sheer volume can sometimes be overwhelming. It’s advisable to approach this resource methodically, exploring options gradually to effectively pinpoint viable product ideas. This strategy ensures you don’t miss out on hidden gems in a crowded marketplace.
B2B wholesale marketplaces
● Alibaba
Alibaba stands as a titan in the ecommerce world, comparable to Amazon and eBay, and acts as a bridge connecting consumers with a vast network of wholesalers and manufacturers primarily based in Asia. The platform boasts an extensive range of over 5,900 product categories, offering ample inspiration across diverse niches and sectors. While Alibaba is renowned for its size and variety, numerous other platforms offer similar opportunities for sourcing products and gathering innovative ideas.
● DSers
DSers serves as a marketplace that connects AliExpress suppliers with standalone website sellers, facilitating the sale of products. This platform is particularly favored for its automated order fulfillment services, making it a seamless option for entrepreneurs looking to sell on Shopify. By browsing DSers and reviewing trending products on Oberlo, entrepreneurs can gain insights and inspiration for their own product offerings.
Online consumer marketplaces
● Kickstarter
Kickstarter, the premier crowdfunding platform, offers a feature called Kickstarter Discover where you can browse projects by popularity, funding, and staff picks.
● Etsy
Etsy, renowned for its handmade goods, provides insights into the most popular listings to help identify trends.
● AliExpress
AliExpress, a consumer-facing branch of Alibaba, allows for ordering in smaller quantities and showcases the most-bought products through AliExpress Popular.
Social communities and niche forums
Reddit, known as the front page of the web, is a massive social media news aggregator with a vast influence. It features thousands of “subreddits,” which are specialized sections dedicated to various topics and interests. These subreddits are excellent resources for uncovering inspiration for new products or business ideas. If you’re focusing on a specific industry, niche, or product category, searching for and engaging with relevant subreddit communities can be incredibly beneficial.
● Quora
Quora is a question-and-answer platform where users can gain and share knowledge on a wide range of subjects. Users can customize their feeds by adding topics related to products, industries, or elements of the online business model. The site also displays trending topics and questions, along with the number of responses each has received, which are then upvoted or downvoted by the community. This feature makes it easy to identify which subjects are currently capturing the most interest.
● industry forum sites
Here are a few other industry forum sites for niche product ideas:
- The Fashion Spot
- Nerd Fitness
- Geeks to Go
Keeping Up with Social Buzzes
Social media is a powerful tool for discovering product and niche ideas. Here are a few factors to watch:
Hashtags
Search for relevant hashtags in your industry or product category. Popular tags like #want and #buy can reveal buyer interests and trends. TikTok hashtag #tiktokmademebuyit is one of those you can’t miss. By tracking these hashtags, you can stay ahead of consumer demands and spot emerging trends early.
Product Curation Accounts
If you have a business page, analyze your audience data to uncover common interests, hobbies, and characteristics. Use these insights to brainstorm product ideas. Platforms like Facebook Insights and Instagram Analytics can reveal valuable data about your followers’ preferences and behaviors.
Audience Insights
If you have a business page, analyze your audience data to uncover common interests, hobbies, and characteristics. Use these insights to brainstorm product ideas.
Instagram, with its visual focus, is ideal for quickly browsing a variety of product ideas and gaining ecommerce inspiration from photos and trends. Explore the Explore page and utilize the search function to find posts and accounts that align with your interests. Additionally, Instagram Stories and IGTV provide dynamic ways to see how products are used and marketed in real-time.
Pinterest Boards
Pinterest is another visually-driven platform that is excellent for discovering product ideas. Users create boards to save ideas and inspirations, which can provide a wealth of information on what’s currently in demand. Search for keywords related to your industry and examine popular pins and boards to find emerging trends and popular products.
If you’re searching for niche product ideas, social media sites dedicated to related topics and hobbies are another way to gain insights into new product ideas. Here are a few, as examples:
- Houzz
- MapMyFitness
- Care2
By leveraging these social media strategies, you can stay ahead of the curve and continually generate fresh product ideas.
Conclusion
Finding a winning product idea is rarely a lightbulb moment. More often, it’s the result of staying curious, observant, and tuned in to the world around you. Remember, coming up with an idea is just the first step. You’ll still need to validate it through market research, assess its viability, and develop a plan to bring it to life. But don’t let perfectionism hold you back, the best time to start was yesterday. The next best time to start is right now.
