How to find winning Shopify products: 14 Ways to follow

What is a key factor for the success online store?

Is it the best-looking website? Is it the promotion?

The answer is a core product of your company! Finding a great product on the website is a major challenge faced by online sellers.

Not every product will do! Understanding this issue, in today’s article, we will give you a comprehensive guide on how to find winning Shopify products, the products that will enhance your sales and improve your likelihood of achieving success.

Don’t skip if you want to make your journey to a successful online store less tough!

What is a winning Shopify product?

A winning Shopify product is one that is in high demand, has a high-profit margin, and is easy to market and sell. It is also important to choose a product that is not too saturated, meaning that there is not a lot of competition for it.

• High Demand: Winning products are in demand among consumers. They address a specific need or desire, and there is a sufficient market for them. This demand may be driven by trends, seasonal factors, or evergreen consumer needs.
• Unique Selling Proposition (USP): They have a unique feature or value proposition that sets them apart from competitors. This could be related to quality, design, price, functionality, or any other aspect that makes the product stand out.
• Profit Margins: Winning products offer healthy profit margins. The cost of goods sold (COGS) is reasonable, allowing for a significant markup while remaining competitive.
• Scalability: These products can be scaled effectively. As sales increase, you can source more inventory or scale production to meet demand without compromising quality.
• Target Audience: Winning products have a well-defined target audience. You can recognize and connect with your ideal customers through marketing and advertising efforts.
• Low Competition: They are not oversaturated in the market, so there is room for a new entrant to make a mark. Low competition can lead to better visibility and higher profit margins.
• Marketing Potential: These products lend themselves well to effective marketing strategies. They are easily promoted through various marketing channels, including social media, search engines, email marketing, and more.
• Sustainability: While trends may come and go, winning products often have long-term potential. They can sustain sales and profitability over time and are not solely reliant on short-lived fads.
• Positive Customer Feedback: Successful products typically receive positive customer reviews and testimonials, contributing to trust and credibility.
• Solves a Problem or Fulfills a Desire: Winning products often solve a problem or fulfill a desire for customers. They provide value and utility, which encourages repeat business and word-of-mouth referrals.

It’s important to note that what constitutes a “winning” product can vary over time and across different niches and industries. What is successful today may not be tomorrow. However, here are some assessment criteria for references:

• Conversion Rate: The percentage of store visitors who actually make a purchase. A good benchmark is 2-3%, but winning products often perform above this.
• Cost Per Click (CPC): The cost of each ad click. Lower CPC makes ads more profitable.
• Profit Margin: The difference between the selling price and the production/acquisition cost. Aim for a healthy profit margin (20% or higher is often ideal).
• Customer Lifetime Value (CLTV): The expected revenue from a customer throughout their relationship with your store. Products that encourage repeat business have higher CLTV.
• Average Order Value (AOV): The average amount spent per customer order. Look for products that can be bundled or paired with others to increase AOV.
• Return on Ad Spend (ROAS): Revenue generated per dollar spent on ads. A strong ROAS indicates effective advertising.
• Social Media Engagement: Likes, comments, and shares show if the product resonates with your audience.

E-commerce entrepreneurs often engage in product research, market analysis, and trend tracking to identify products with the potential to become successful in their Shopify stores. The ability to adapt and pivot when necessary is also crucial in the dynamic world of online retail.

How to find winning Shopify products

Finding winning products for your Shopify store is a pivotal element in operating a prosperous e-commerce business. Here’s a step-by-step guide on how to find winning Shopify products:

1. Market research

Market research is the initial and primary step you have to take when finding winning Shopify products. By doing so, you can understand your target audience, identify emerging trends, and evaluate the competitive landscape. 

It enables you to make informed decisions about your products, ensuring they align with customer needs and market demand. Here’s how to do it effectively:

• Define Your Ideal Customer: Who are they? What problems do they have? What are they passionate about? The better you understand them, the easier it is to find products they’ll love.
• Spot Trends: Are certain product categories or styles gaining popularity? Tools like Google Trends (https://trends.google.com/) can show you what people are searching for.
• Analyze the Competition: What are successful stores in your niche selling? What are they doing well? Feel free to get inspiration (but don’t directly copy).

Tips:

• Social Media is Your Friend: Monitor hashtags, trends, and what influencers in your niche are promoting.
• Survey Potential Customers: Ask them directly about their pain points and what products they wish existed.

By investing time in market research, you’ll gain the insights needed to pick products that have a real chance of becoming bestsellers on your Shopify store.

2. Competitor analysis

Learning from the successes and failures of others in your niche is necessary to find winning Shopify products. Competitor analysis is a method to do so. Keep in mind what you need to look for:

• Their Bestsellers: What products are flying off their virtual shelves?
• Pricing: How do their prices compare to yours? Can you offer similar value at a better price?
• Marketing: Where are they advertising? What kind of messaging do they use? How can you stand out?
• Customer Reviews: What do people love (or hate) about their products or overall shopping experience?

These helpful tools may help you in competitor analysis:

• SEMrush (https://www.semrush.com/): Analyze competitors’ websites, traffic, search rankings, and backlinks.
• Similarweb ([invalid URL removed]): Get insights into traffic sources, website engagement, and audience interests.
• Social Media: Follow their accounts directly to see their content, promotions, and how they interact with customers.

This insight helps you make more informed decisions about the products you select and how to position them in the market, giving you a competitive advantage and increasing the likelihood of finding winning products for your Shopify store.

3. Customer reviews and feedback

Customer reviews and feedback provide valuable insights into product performance, customer contentment, and opportunities for enhancement. 

Favorable reviews and endorsements can establish trust and credibility, encouraging potential customers to purchase. Constructive feedback helps you identify product flaws or areas that may need enhancement, allowing you to refine your product offerings and increase customer satisfaction. 

By actively paying attention to your customers’ input, you can adapt your product selection to better meet their needs, increasing the likelihood of finding products that resonate with your target audience and driving long-term success in your Shopify store.

4. Social media trends

Social media trend is one of the key answers to the question of how to find winning Shopify products. It reflects current consumer interests and behaviors, making it easier to identify products that will capture attention and demand. 

To analyze social media trends, monitor platforms like Instagram, Twitter, and TikTok for trending hashtags, challenges, and discussions relevant to your niche. Pay attention to the engagement, comments, and shares these trends receive, as they can provide insights into what’s capturing people’s attention. 

Additionally, use social media analytics tools to track keyword mentions and sentiment analysis, helping you identify patterns and emerging topics. By staying attuned to social media trends, you can spot product opportunities that align with current consumer interests, creating a competitive advantage for your Shopify store.

5. Dropshipping platforms

Dropshipping platforms offer a low-risk way to test and add products to your store without purchasing inventory upfront. Here’s what to look for:

• Product Selection: Does the platform have products that align with your niche and target customers?
• Supplier Reliability: Check reviews and ratings to ensure suppliers deliver quality products on time.
• Pricing and Shipping: Factor in supplier costs and shipping speeds when evaluating your own profit margins and delivery expectations.
• Shopify Integration: Choose a platform that seamlessly connects to your store, making order management a breeze.

Top platforms to consider

• Oberlo: A popular choice tightly integrated with Shopify, offering a wide range of products.
• Spocket: Focuses on suppliers from the US and Europe, often resulting in faster shipping times.
• AliExpress: Offers a vast selection at low prices, but be mindful of potentially longer shipping times.

Read user reviews, assess the quality and consistency of the products offered, and check for integration compatibility with your Shopify store. Choosing the right dropshipping platform ensures you can quickly and efficiently add winning products to your store and fulfill customer orders without the hassle of inventory management.

6. Niche selection

Niche selection is undeniably one of the most vital steps for finding winning Shopify products as it defines your target audience, making it easier to understand their needs and tailor your product offerings. 

To choose a niche, consider your interests, expertise, and passions, as a niche that resonates with you is often easier to understand and market effectively. 

A well-chosen niche provides a clear direction for your e-commerce business and increases the chances of finding products that will resonate with your target audience.

7. Supplier and manufacturer research

Supplier and manufacturer research is a way to ensure you can consistently source high-quality, reliable products to offer in your store. 

To conduct this research, start by identifying potential suppliers or manufacturers through online directories, trade shows, or industry associations. 

Evaluate their reputation, product quality, pricing, and reliability by reading reviews, seeking recommendations, and contacting them directly. Ensure they can meet your product demands, maintain consistent inventory levels, and provide competitive pricing. 

Supplier and manufacturer research is crucial for maintaining product quality and meeting customer expectations, which are essential for the long-term success of your e-commerce business on Shopify.

8. Seasonal and trendy products

If you want to tap into short-term spikes in demand, capitalize on consumer preferences, and drive sales during specific periods, then you shouldn’t neglect the seasonal and trendy products

To identify such products, monitor market trends, and anticipate seasonal shifts in consumer behavior. Use keyword research tools, social media trends, and industry reports to stay updated. Prepare your store and marketing campaigns in advance to take advantage of seasonal and trendy opportunities. 

By effectively timing the introduction and promotion of these products, you can boost sales and profitability during peak periods, contributing to your e-commerce success on Shopify.

9. Quality and reviews

Quality and reviews directly impact customer satisfaction and trust. 

Superior-quality products not only fulfill customer expectations but also lead to positive reviews and word-of-mouth referrals, which can significantly boost sales. Positive customer reviews build trust and credibility, influencing potential buyers’ decisions. 

By offering quality products and actively managing customer feedback, you enhance your store’s reputation and increase the likelihood of finding and maintaining winning products that continue to generate sales and loyal customers in the long term.

10. Target audience research

Target audience research allows you to comprehend the requirements, preferences, and challenges of your prospective customers. 

To conduct this research, create detailed buyer personas by considering demographics, interests, behaviors, and challenges. Utilize Google Analytics along with social media analytics to gain data-driven insights into your website visitors and followers. 

This research helps you tailor your product selection to align with the specific requirements of your target audience, increasing the likelihood of finding products that resonate with and attract your ideal customers, resulting in higher sales and customer satisfaction.

11. Adapt and iterate

The e-commerce landscape is dynamic, and consumer preferences change over time. What works as a winning product today may not be as successful tomorrow. For this reason, if businesses don’t want to be left behind, adapting and iterating are crucial.

Adapting involves staying agile and open to shifting trends, customer feedback, and market dynamics, enabling you to modify your product offerings and marketing strategies accordingly. Iterating means continually refining your product selection and marketing based on performance data and customer insights. 

This process ensures that your e-commerce business remains competitive and responsive to changing market conditions, helping you maintain and find new winning products to drive long-term success.

12. Use e-commerce tools

Using e-commerce tools is vital for finding winning Shopify products, as they provide data-driven insights and automation capabilities that streamline product research, marketing, and management. 

What kind of tools?

• Google Analytics: Understand how people interact with your store. Find out which products get clicks but few purchases and use that data to refine your selection.
• Keyword Tools (SEMrush, Ahrefs): Discover what people are searching for related to your niche. Identify popular product ideas and get ahead of trends.
• Social Media Analytics: Track mentions of products, trending topics, and what competitors are doing.
• Shopify Apps: There are apps for everything from product reviews to finding trending items (check out the Shopify App Store).

These tools provide the information needed to make informed decisions about product selection, pricing, and marketing strategies. 

Additionally, automation tools can help streamline tasks like inventory management, email marketing, and order processing, allowing you to focus on finding and promoting winning products while efficiently running your e-commerce business.

13. Test products

Testing products is the best way to assess demand and gather real-world data before making substantial investments. 

To do this, start by introducing a limited selection of products to your store. Use Shopify to create product listings and conduct marketing campaigns to gauge customer interest and sales performance. Pay attention to factors like conversion rates, customer feedback, and profitability. 

Using the results, you can enhance and refine your product offerings, eliminate underperforming items, and scale up the promising products. This iterative testing process minimizes risks and helps you find products with the potential for long-term success in your Shopify store.

14. Ethical and legal considerations

Last but not least, to answer the question of how to find winning Shopify products completely, you can not miss the ethical and legal considerations step. This step ensures the sustainability and reputation of your e-commerce business. 

Selling products that adhere to ethical and legal standards not only prevents potential legal issues but also builds trust with customers. It’s essential to research and comply with relevant laws, including product safety regulations and intellectual property rights. 

By adhering to ethical and legal standards, you protect your business and enhance its potential for long-term success, as customers are more likely to support and advocate for businesses that operate ethically and legally.

The bottom line  

In conclusion, finding winning Shopify products is an art that combines data-driven research, creative thinking, and adaptability.

Remember that the e-commerce landscape is ever-evolving, so stay agile, be prepared to pivot when necessary, and always keep an eye on the horizon for the next winning Shopify product that could propel your business to success. Happy e-commerce journey!