Any seller can increase their store's sales by learning to tap into and take advantage of industry trends, identify hot new products, and seize business opportunities. The quickest way to profit from a hot product is to sell its related products. For example, when the latest tech product is released, a series of related accessories flood the market .
However, the competition for hot products is very fierce. It doesn’t mean that you can succeed just by following the trend. How to identify hot products and make money by cleverly using hot trends? Let’s reveal the relevant tips and tools:
What are the hot products? Let’s take a look at some specific cases first, and you’ll know what hot products are.
US President Trump, who “governs the country through Twitter,” has been the new generation of Internet celebrity with the largest traffic since he took office. A tweet on Twitter can cause a global shock. After seeing this trend, a seller in Los Angeles started selling slippers printed with Trump's tweets in 2017 and sold out his inventory within a month.
Example 2: The song Baby Shark became extremely popular and even entered the Billboard Hot 100. Many companies began to sell shark-themed products, such as cereals, wristbands, and pillows. Hot products are themed products launched based on some popular trends.
The Pros and Cons of Selling Popular Products Selling trending products comes with many challenges. Not everyone who follows a trend will get rich quickly, and sellers need to be prepared to compete with other sellers. But selling popular products can give you :
Huge profits in a short period of time. Buyers are willing to pay high prices for popular products. The product has already made a name for itself in the market, and selling a popular product is more likely to be successful than selling other products. Small sellers can quickly accumulate capital, thereby promoting the growth of their main business.
Disadvantages of selling popular products include: Seizing the opportunity is the key. If you enter the market too late, the market may already be saturated and your product may have no room to survive. There are bound to be a lot of sellers of popular products, and they will inevitably have to compete with other sellers in terms of price. Hot products are temporary projects and are not suitable for building a long-term business. They mainly serve as a supplement to the main business.
To sell popular products, sellers need to have a high degree of insight and creativity, be able to discover opportunities that others cannot find, and act quickly to win market share.
There are many ways to find out what trends are popular, and there are retailers who pay companies to understand product opportunities. For sellers, there are also many free resources that can help you find trends:
OddityMall is an American gift website that has all kinds of novel and creative gadgets and life tools . The website has videos showing products, and sellers can track which videos have the best views and engagement, which can let you know if the product is in demand. Once a video is very popular, it means it is likely to become a trending product. Then do a Google search to see if it has been extensively covered and discussed in blogs, magazines, and news media.
The second way to find trending products is to subscribe to industry news . For example, if you sell kitchen products, you can subscribe to newsletters related to the industry. Social platforms such as YouTube, Facebook, and Pinterest provide sellers with channels to discover the latest popular products . Many products become popular through promotion on platforms such as YouTube.
Suppliers are one of the sources of market information. They have some understanding of the industry situation, and sellers can find popular products in the market based on the information provided by suppliers. Establishing a good relationship with suppliers is very beneficial to the development of your business.
Develop complementary products to popular products Once you’ve found a potential hot product, you can start looking for related accessories. You can use Amazon’s “Frequently Bought Together” and “Customers Who Bought This Item Also Bought” features to quickly find matching products . If you have trouble finding complementary products, listen to your users, which may help you discover new product ideas.
In addition, when looking for complementary products, you need to pay attention to intellectual property issues. Infringement is illegal and will receive warnings from Amazon. In serious cases, your account may even be blocked. So remember not to use copyrighted trademarks and product designs .
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