Criteria for determining a trending product in dropshipping
Criteria for determining a trending product in dropshipping
Looking for trending products for your dropshipping or merchandise business, but don't know what to choose to sell? Selpway Cyprus experts told us about the criteria that can be used to determine the prospects of a product on the market.
Basic and additional functionality
Every product solves some kind of customer problem. Evaluate how well your product fulfils its basic functionality. How fast does the beverage fridge cool drinks? Are the sleeves of the down jacket short? Does the cosmetics not spoil the skin? And so on.
Does the product have interesting or important additional features? Let's take a scale as an example. Measuring weight is a basic functionality. But showing also the percentage of body fat is a solution to the ‘pain’ for those who watch their diet.
Every product solves some kind of customer problem. Evaluate how well your product fulfils its basic functionality. How fast does the beverage fridge cool drinks? Are the sleeves of the down jacket short? Does the cosmetics not spoil the skin? And so on.
Does the product have interesting or important additional features? Let's take a scale as an example. Measuring weight is a basic functionality. But showing also the percentage of body fat is a solution to the ‘pain’ for those who watch their diet.
Originality
Evaluate how unusual your product looks. In today's world, people are consuming less and less textual information and more and more visual information. Therefore, how suitable your product is for posting on Instagram, Facebook and YouTube is very important. This also includes the importance of product presentation. It should influence the emotions of potential buyers.
Necessity and frequency of purchases
It is desirable that your product is extremely necessary for people. If the buyer needs the product and cannot do without it - this is a plus. This actually shows up in absolutely everything. Compare, for example, what is more preferable on average: another pair of shoes or another bag? How much do customers need your product? For example, wellies are not bought often, but they are very useful in bad weather.
Seasonality
Obviously, summer is the worst season of the year to sell Christmas toys. Many items (especially trending items) have their own peak and slump periods. Evaluate whether the product you are going to sell is in season (taking into account the specifics of the region in which you plan to operate).
Evaluate how unusual your product looks. In today's world, people are consuming less and less textual information and more and more visual information. Therefore, how suitable your product is for posting on Instagram, Facebook and YouTube is very important. This also includes the importance of product presentation. It should influence the emotions of potential buyers.
Necessity and frequency of purchases
It is desirable that your product is extremely necessary for people. If the buyer needs the product and cannot do without it - this is a plus. This actually shows up in absolutely everything. Compare, for example, what is more preferable on average: another pair of shoes or another bag? How much do customers need your product? For example, wellies are not bought often, but they are very useful in bad weather.
Seasonality
Obviously, summer is the worst season of the year to sell Christmas toys. Many items (especially trending items) have their own peak and slump periods. Evaluate whether the product you are going to sell is in season (taking into account the specifics of the region in which you plan to operate).
Prejudices
Do customers have any prejudices about your product? The materials from which it is made? The country of manufacture? For example, often in the minds of customers, natural materials are good and unnatural materials are bad. Prejudice is an important factor. Don't underestimate it
Versatility
Selpway Trading managers say that the more versatile your product is, the better. Here we mean demographics, professional activities, hobbies, etc. If it fits everyone without exception, that's a plus. If it is not universal, but you can identify your target audience and target your adverts to them - this is also a good thing.
Price
The criterion of pricing policy should be considered from several angles:
Price/quality ratio
Evaluate whether the price of the product corresponds to its quality. You should check the quality in person, not trusting the supplier's opinion, but also photos, descriptions and reviews on the supplier's website. For example, a low price and non-perfect but decent quality is a good ratio.
Delivery times
Check how quickly suppliers will deliver goods to you (the faster the better). To do this, order a few items for yourself, Selpway marketers advise. Also try to find out how likely supply interruptions are. Every delay has a direct impact on your bottom line.
Do customers have any prejudices about your product? The materials from which it is made? The country of manufacture? For example, often in the minds of customers, natural materials are good and unnatural materials are bad. Prejudice is an important factor. Don't underestimate it
Versatility
Selpway Trading managers say that the more versatile your product is, the better. Here we mean demographics, professional activities, hobbies, etc. If it fits everyone without exception, that's a plus. If it is not universal, but you can identify your target audience and target your adverts to them - this is also a good thing.
Price
The criterion of pricing policy should be considered from several angles:
- Price niche. Try to choose niches with medium-priced goods - not cheap (like cups) and not expensive (like mopeds). Expensive items are hard to sell. And it's hard to make a lot of money on cheap ones, and even harder to make money fast - you'll have to sell a lot of them.
- Market price. The cost of your goods should be in line with customer expectations. If the price is higher than the market price, the customer will say, ‘Why is it so expensive?’ And won't buy. If the price is below market, the customer will ask: ‘Why is it so cheap?’ And he won't buy either, because he will have doubts, for example, about the quality of the product.
- Markup. This point is inextricably linked to the previous one - the market price. Therefore, determine the desired markup and make sure that it corresponds to the market price formed in the previous paragraph. Factor all your costs - variable and fixed - into the markup. You will not make money on the goods if the cost of selling them (not the price of the goods, but the cost of selling them) exceeds the markup. Therefore, take into account not only the relative value of the mark-up in per cent (the ideal is 200-300% or more), but also the absolute value in money.
Price/quality ratio
Evaluate whether the price of the product corresponds to its quality. You should check the quality in person, not trusting the supplier's opinion, but also photos, descriptions and reviews on the supplier's website. For example, a low price and non-perfect but decent quality is a good ratio.
Delivery times
Check how quickly suppliers will deliver goods to you (the faster the better). To do this, order a few items for yourself, Selpway marketers advise. Also try to find out how likely supply interruptions are. Every delay has a direct impact on your bottom line.