How to Validate Ecommerce Product Ideas? Secret Tips
Crucial aspect of building a business is validating the demand of the product. What’s more discouraging is waste of money and effort when the product launch fails. Hire ecommerce experts for the service before launching an ecommerce product.
You can’t just launch anything out of your interest, find the market gap and capitalize on it. We know few simple tips for product market validation.
1- Make few initial salesTry making few initial sales for product validation. Nothing is as important as customer exchanging money for value. Talking to your potential customers is part of building a business. But you are running product validation on assumptions until and unless customer hands money for a product.
A/B testing in ecommerce product sale is vital. Don’t underestimate the power of your product if you truly believe in it. However, if you are successful in making sales to total strangers, your product is consumable.
2- Look at your direct competition closelyResearch when you are in ideation phase and see which products are selling the most. Exploring the market gives confidence in the solution you are working and help you mitigate risk. This saves you from investing too much money and effort into something not viable.
Evaluate the market demand and one best way of doing it is looking closely at your direct competition. Also, if there are competitors out there, it proves there is enough demand for a product. Businesses which don’t make money, don’t stay. See how long your competitors are staying in the market and what efforts they made while they struggled.
3- Analyze demand and search volumeAnother way of assessing the product validation is analyzing demand and search volume. By now, you know about your competitors, next step forward is taking a closer look into the interests of potential customers. Hire ecommerce experts as they are good in evaluating demand and search of the product.
Or, simplest way is, open Google Trends and see when people buy the product over the period of time. Know where the market is heading, helps in making informed decisions. Also, it helps in seeing if the product idea trending up or not.
Second tool is Google Keyword Planner. Place search terms and see traffic volumes against them. Total number of searches are displayed against each phrase/keyword in the tool.