How To Discover New Selling Product Ideas from Competitors

2020-02-22

Discover new selling product ideas from competitors right at the outset of your eCommerce venture and leave the brainstorming struggles behind.

Competition research offers a treasure trove of insights, showing you what's hot and what gaps you might fill with your unique offerings.

Delve into their product ranges, marketing strategies, and customer feedback to uncover areas ripe for innovation and improvement. Identify emerging trends with tools like Amazon Best Sellers, Google Trends, and Exploding Topics to keep your product line ahead of the curve.

Read on to learn more about turning competitive insights into your next bestsellers.

Understanding Amazon's Marketplace

If you're looking for new product ideas, Amazon's marketplace is an excellent place to start. With millions of products available, Amazon offers a wealth of information that can help you identify trends and opportunities in your niche. Here are some key factors to consider when evaluating Amazon's marketplace:

1. Evaluating Market Demand

Before you start searching for products, it's important to understand the level of demand in your target market.

You can use tools like Google Trends and Amazon's Best Sellers Rank (BSR) to get a sense of what products are currently popular.

Look for products with a high BSR and steady sales over time, as this indicates a strong demand for the product.

2. Identifying Your Customer Base

Understanding your target audience is crucial for finding new product ideas.

Consider factors like age, gender, location, and interests when analyzing your customer base.

You can use Amazon's customer reviews and ratings to get a sense of what customers are looking for in your niche.

3. Analyzing the Competition

Analyzing the competition is essential for identifying gaps in the market and finding unique product ideas.

Look for popular brands and products in your niche and analyze their pricing, features, and customer reviews.

You can use tools like Jungle Scout and Helium 10 to get a more detailed analysis of your competitors.

Product Ideation and Development

When it comes to discovering new selling product ideas from competitors, ideation and development are crucial stages. In this section, we will explore the steps involved in generating innovative product ideas, designing and prototyping, and considering legal and manufacturing requirements.

Generating Innovative Product Ideas

To generate unique product ideas, you need to consider potential pain points and trending demands in the market.

You can use AI-powered tools to analyze market trends and identify gaps in the product demand.

Conducting surveys and studying existing products and patents in your industry can also help you identify unsolved consumer problems.

One popular ideation technique is the "How Might We" statement, which involves asking questions that reframe problems as opportunities for innovation. Brainstorming sessions with a diverse team can also lead to innovative product ideas.

Design and Prototyping

Once you have a product idea, it's time to start the design and prototyping process.

This involves creating product specifications and developing a prototype to test the product's functionality and usability.

During the design phase, you need to consider factors like the product's features, aesthetics, and user experience.

You can use design thinking methodologies to ensure that the product meets the needs of your target audience.

Prototyping allows you to test the product's functionality and gather feedback from potential customers.

This feedback can be used to refine the product's design and ensure that it meets customer needs.

Legal and Manufacturing Considerations

Before launching a new product, you need to consider legal requirements and manufacturing costs.

You need to ensure that your product complies with regulations and standards in your industry. This may involve obtaining patents or other legal protections for your product.

Manufacturing costs can also impact the viability of your product.

You need to consider factors like the cost of materials, production processes, and distribution channels.

Conducting a cost-benefit analysis can help you determine whether the product is financially viable.

Strategies for Sourcing Profitable Products

When it comes to sourcing profitable products, there are several strategies that you can employ to ensure that you are maximizing your profit margins and revenue. In this section, we will explore some of the most effective strategies for sourcing profitable products.

Optimizing for Profit Margins

One of the most important factors to consider when sourcing profitable products is your profit margin.

When selecting products to sell, it is important to consider the price range that your customers are willing to pay, as well as the cost of the product and any associated fees.

To optimize your profit margins, consider sourcing lightweight products that are easy and inexpensive to ship.

Additionally, look for products that can be sold as recurring purchases, as this can help to increase your revenue over time.

Leveraging Online Marketplaces

Another effective strategy for sourcing profitable products is to leverage online marketplaces such as AliExpress and Alibaba.

These platforms offer a wide range of products at competitive prices, making it easy to find profitable products to sell.

When using online marketplaces to source products, it is important to carefully evaluate your options and compare prices to ensure that you are getting the best possible deal.

Additionally, consider using dropshipping to reduce your upfront costs and minimize your risk.

Exploring Product Add-Ons and Enhancements

Finally, consider exploring product add-ons and enhancements as a way to improve the profitability of your existing products.

By adding new features or improving the functionality of your products, you can increase their value and appeal to customers.

To identify opportunities for product add-ons and enhancements, consider conducting market research and soliciting feedback from your customers.

By staying attuned to the needs and preferences of your target audience, you can identify new opportunities for growth and profitability.

Marketing and Launching Your Product

Once you have identified a potential product idea, it's time to focus on marketing and launching your product. This section will cover three key areas to help you effectively market and launch your product: Developing a Strong Unique Selling Proposition, Effective Promotion Strategies, and Monitoring and Adapting to Trends.

Developing a Strong Unique Selling Proposition

Your unique selling proposition (USP) is what sets your product apart from the competition.

It's important to identify what makes your product unique and highlight those features in your marketing efforts. Your USP should be clear, concise, and easy to understand.

Consider conducting market research to identify what your target audience is looking for in a product.

This can help you tailor your USP to meet their needs and preferences.

Additionally, you can use tools like Amazon Movers and Shakers or Google Trends to identify trending topics and consumer trends that you can incorporate into your USP.

Effective Promotion Strategies

Once you have developed your USP, it's time to focus on promoting your product.

There are a variety of effective promotion strategies you can use, including social media marketing, influencer marketing, email marketing, and paid advertising.

Social media platforms like TikTok and Instagram can be great places to promote your product and engage with potential customers.

Influencer marketing can also be effective, as influencers can help increase brand awareness and drive sales.

Email marketing is another effective strategy, as it allows you to directly reach out to potential customers who have already expressed interest in your product.

Paid advertising can also be effective, particularly on platforms like Google and Amazon.

Consider using targeted keywords and ad copy that highlights your USP to increase the effectiveness of your ads.

Monitoring and Adapting to Trends

Finally, it's important to monitor and adapt to trends to ensure your product remains relevant and competitive.

Keep an eye on trending topics and consumer trends, and adapt your marketing efforts accordingly.

Additionally, pay attention to customer feedback and adjust your product or marketing strategy as needed.

Utilizing Research Tools and Resources

When it comes to discovering new selling product ideas from competitors, utilizing research tools and resources can be extremely helpful. These tools can provide valuable insights into what products are currently popular and what customers are looking for. The best tools are from Seller Sprite, you can use their tools to find new selling product ideas.

How To Use Seller Sprite Tools To Find New Product Ideas

There are many ways to select products based on data, such as Amazon’s Best Seller list and Movers & Shakers.

One great way is using SellerSprite’s Product Research to select products that meet the established criteria. You can also find the opportunity in the market by using SellerSprite’s Market Research.

Seller Sprite also has another tool called Shop Tracking, which you can also use to select products. Unlike conventional product selection, it adopts a follow-up strategy to monitor strong rivals’ new products in their storefronts.

Their product is selected with careful consideration. It is better to follow up when their products are still in the cradle than to follow up after they have captured the market.

Shop Tracking has two main features, which are the following:

1. View new products at each time

It allows you to view the number of new products that have been launched in the last 7, 15, 30, or 60 days with real-time updates daily. Why is the maximum setting 60 days? Because there is a new product traffic support period on Amazon, which lasts for more than one month.

2. View market analysis reports in real-time

When you want to check the specific product and its corresponding subdivided market to judge whether it is worth releasing, just need to click the number to view the specific new product and its data of each dimension.

Then click the time period above to switch to view all new products in the last 60 days. In the meantime, you can get the market report by clicking the “Market Analysis” below.

How can you track a competitor’s storefront?

Firstly, click on SellerSprite -Tracking Sprite - New Releases Tracking.

Then find “Add Storefront”, the list will pop up on the right. Choose the marketplace, fill in the seller ID, and set a tag, which will help unify the management.

Also read this guide: Where Can I Find The Amazon Seller ID: Merchant Token Number

For the newly added storefront, it needs a while to see the data of each dimension. System updates once a day;

In normal use, the following metrics can help you quickly know a storefront, sp make to to follow these tips:

1. Check the storefront information, including the name, reviews in the last 12 months, the star rating, the seller ID, and the storefront link. The basic information of storefront can help us roughly understand this storefront, and compare it with our own.

2. Set a tag. It can facilitate our later management. If there are a lot of storefronts under tracking, you can search quickly according to the tag.

3. The number of new products that have been launched in the last 7/15/30/60 days. Click the number to view the specific new product and its data for each dimension. If a product performs well, you can click the “Market analysis” button to further analyze.

4. New Products’ Category. It is the main category of new products that have been launched in the last 60 days. Compared with Products’ Main Category, it reflects the product strategy of sellers, whether the brand type or trade type.

5. Products. The number of products crawled from the first 30 pages of the storefront. You can just click the number to view it on Amazon.

6. Products’ Main Category. It is the category of the top 100 products sorted by reviews, which reflects whether the storefront is boutique or distribution type, and its competitiveness.
If you want to stop tracking, just click the “Stop Tracking” button below.

SellerSprite’s Shop Tracking integrates the two major functions of tracking and market research, which aims to help the majority of sellers to better select products.

However, although the competitor’s product is selected with careful consideration, you also need to use your own judgment and make good use of Seller Sprite’s Market Research tool.

Frequently Asked Questions

What are effective strategies for identifying successful products sold by competitors?

One effective strategy is to conduct market research to identify the products that are currently popular in your industry.

This can be done by analyzing sales data, monitoring social media trends, and conducting surveys or focus groups.

Another strategy is to visit your competitors' websites and observe which products are prominently displayed and advertised.

You can also attend trade shows or conferences to see which products are generating the most buzz.

How can I analyze market trends to find innovative product ideas?

To analyze market trends, you can use tools such as Google Trends, social media analytics, and industry reports.

These tools can help you identify emerging trends and consumer preferences, which can inform your product development strategy.

You can also conduct surveys or focus groups to gather feedback from potential customers and gain insights into their needs and preferences.

What are the best tools for tracking competitors' product launches?

There are several tools available for tracking competitors' product launches, including Google Alerts, social media monitoring tools, and industry publications.

You can also monitor your competitors' websites and social media channels to stay up-to-date on their latest product offerings.

By keeping a close eye on your competitors, you can identify gaps in the market and develop products that meet customer needs more effectively.

How can I use customer feedback to generate ideas for new products?

One way to use customer feedback is to conduct surveys or focus groups to gather feedback on your existing products and identify areas for improvement.

You can also monitor customer reviews and social media comments to gain insights into their needs and preferences.

By listening to your customers, you can develop products that better meet their needs and preferences, which can lead to increased customer satisfaction and loyalty.

What methods do companies use to brainstorm and develop new product concepts?

Companies use a variety of methods to brainstorm and develop new product concepts. These methods include brainstorming sessions, focus groups, and design thinking workshops.

These methods are designed to encourage creativity and innovation, and to help teams generate and refine new product ideas. By involving a diverse group of stakeholders in the product development process, companies can ensure that their products meet a wide range of customer needs and preferences.

What are the key steps in validating a product idea before bringing it to market?

The key steps in validating a product idea include conducting market research, testing the product with potential customers, and analyzing customer feedback.

This process can help you identify potential challenges and opportunities, refine your product concept, and ensure that your product meets customer needs and preferences.

By validating your product idea before bringing it to market, you can increase your chances of success and minimize the risk of failure.