Whether you’re looking for popular products to add to your physical inventory or drop shipping, selecting products that have a good chance of being profitable best sellers is a perpetual challenge. Luckily, there are a variety of marketplaces online that can guide your decisions, based on what’s currently trending at the consumer and wholesale level.
Marketplaces are also an endless source of inspiration if you develop your own products from scratch or bundle items into a unique offering. Additionally, you’ll come up with similar products or accessories to sell so you can ride the trend with less competition. If you use wholesale sources, you’ll also be able to find products that are gaining popularity but aren’t saturated yet.
7 Online Marketplaces That Help You Find Profitable Product Ideas
Online Business-to-Business (B2B) and Business-to-Consumer (B2C) marketplaces often provide a list of their best sellers, or otherwise categorize their most popular products. Dive into their categories and you’ll come up with even more ideas.
1. Amazon Canada is the largest online marketplace, resulting in an endless source of product sales data. Check their Best Sellers, Hot New Releases, Movers & Shakers, Most Wished For and Most Gifted for rankings that are frequently updated. Up your game with powerful tools developed specifically to research and analyze the Amazon marketplace, such as Junglescout. You can capture, analyze and refine billions of data points from Amazon with Jungle Scout, plus research competitors and even find suppliers.
2. eBay Canada is best known as an auction site for used items, but things have changed since that was the case. They now feature many new products & businesses to inspire ideas for your online store.
3. Walmart Canada features their Top Items, Bestselling New Arrivals, and Top Selling Rollback Items on their home page. If you go to a category page, you’ll find the top sellers in that category too.
4. Poshmark Canada is a social marketplace for fashion and accessories. They include a list of Top Selling and Trending Brands on their home page.
5. Drop shipper marketplaces often feature their best sellers, which are determined by your wholesaling peers. AliDropship Insights, for example, provides free access to a huge database of bestselling products.
6. Faire Canada is an online wholesale marketplace where small business owners and independent makers can buy and sell wholesale online. They have both Canadian and international Top Seller categories.
7. Crowdfunding marketplaces are often overlooked, but they’re invaluable for trend spotters. ‘Popularity’ is approached from an entirely different angle. These are people who love an idea so much they’re willing to support its launch and buy it early. Kickstarter is one of the most well known and largest crowd-funding platforms. Search by popularity, staff recommendations, funding status and more with their advanced search options in Kickstarter Discover.
Watch for temporary bumps in popularity caused by price cuts and market circumstances. With practice, you’ll get better at finding true trends that will appeal to your audience.
Remember that you don’t have to choose the exact same product. In fact, it might be better if you don’t. Instead, try to find similar or related products that can be sold individually or bundled together for a unique product.
Start a spreadsheet to track products, narrow them down and then start Googling to see what level of search interest there has been, as well as to identify keywords. If you’re dropshipping, there will be less risk involved with adding a new product to your online store. If not, do as much due diligence as you can to further ensure it will be a profitable addition to your inventory.
Where do you go online to find product ideas? Please share your tips or questions in the comments below or join us in the Online Business Canada Facebook group.
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Melody McKinnon's formal education is in business management, which she enhanced with more than 60 certifications revolving around business, marketing, health, general sciences and writing. In over 20 years of working online, she has owned or managed both educational and eCommerce websites.
Melody has worked with many businesses & brands in a multitude of capacities. She can often be found on CanadiansInternet.com, CanadianFamily.net and AllNaturalPetCare.com, as well as other quality digital publications. Her content has earned reference links from highly-respected websites, magazines and university textbooks.