In July 2023, it was revealed that an inverse relationship exists between the number of Shopify online stores and the number of products sold per store.
With 621,899 Shopify stores selling fewer than ten products and 376,418 stores selling between ten and 24 products, it shows that product selection is very important for success in e-commerce.
The global e-commerce market, valued at approximately 5.2 trillion U.S. dollars in 2021, is expected to increase by 56 percent to reach 8.1 trillion dollars by 2026. This data shows the potential of eCommerce in the current age.
In e-commerce, finding the best selling products is the key to success. But how can you find them for your store?
In this article, we will provide you with statistical insights, market trends, and proven strategies for finding best selling products. By the time you finish reading, you’ll possess the insights and tools necessary to find the best-selling products on Shopify stores.
Shopify and It’s Potential
Contents
Shopify is a commonly used e-commerce platform that has changed the way businesses conduct online sales. It is an all in one solution for begginers and enterprises seeking to establish and manage their online stores.
Shopify is a user-friendly platform that enables individuals and businesses to create and customize their own online stores without technical expertise. It offers a wide range of templates and paid & free themes, allowing you to customize your store easily to match brand identities and preferences.
The growth and influence of Shopify in the online business retail sector have clear to everyone. As of July 2023, Shopify boasts a global presence, with the United States alone hosting over one million Shopify online stores.
Shopify’s continuous changes and updates and commitment to providing powerful tools for online sellers make it the best platform for e-commerce success. In this article, we will delve deeper into how you can harness Shopify’s potential to find the best-selling products and thrive in the competitive world of online retail.
Finding the Right Products on Shopify Store
You can easily find the best selling products for your Shopify store by following the below steps:
Identifying Profitable Products
In the fiercely competitive landscape of e-commerce, the selection of products to sell is a pivotal factor that can make or break your online business. To put this into perspective, consider this statistical insight: In July 2023, it was discovered that there is an inverse relationship between the number of Shopify online stores and the number of products sold per store.
Notably, 621,899 Shopify stores sold fewer than ten products, while 376,418 stores sold between ten and 24 products. This data underscores the critical importance of product selection.
Product selection is the important step of e-commerce success, with real-world implications for your store’s profitability and growth. Your product choices should not only relevant to your target audience’s needs but also align with items in high demand within the market.
Moreover, these products should offer a substantial profit margin to ensure the sustainability of your business operations.
Using Shopify’s Data Insights
Shopify success is hidden in the effective use of data-driven insights. Shopify’s powerful data analytics tools provide you with insights into popular and best-selling products.
For instance, by analyzing Shopify’s data, you can gain valuable information about consumer behavior, purchase patterns, and product preferences.
Data-driven approaches enable you to make informed decisions about product promotion and prioritization. You can identify products gaining traction, discern when they peak in popularity, and even forecast potential trends.
Shopify Apps for Product Ideas
Finding the best-selling products on Shopify stores can be essential for product research and competitive analysis. While there isn’t a one-size-fits-all tool that can guarantee access to real-time data from all Shopify stores, here are some apps and tools that can help you identify popular products:
- Shopify Best Sellers Apps: Some apps are specifically designed to help you find best-selling products on Shopify stores. Examples include “Best Sellers” and “Best Sellers on Shopify.”
- Oberlo: If you’re interested in dropshipping, Oberlo provides insights into top-performing products across various niches.
- Ahrefs: Use Ahrefs to analyze competitor websites and discover which products are driving traffic and sales for them.
- SEMrush: SEMrush offers competitive analysis tools that can help you identify top-ranking products and keywords on Shopify stores.
- SimilarWeb: SimilarWeb provides data on traffic sources and popular pages for various websites, including Shopify stores.
- Google Trends: Analyze search trends and product interest over time to identify products with growing demand.
- eBay and Amazon: Explore best-selling products on platforms like eBay and Amazon, which can provide insights into trending items.
- Social Media: Monitor social media platforms like Instagram, Facebook, and Pinterest for popular products and trends using hashtags, influencer posts, and trending topics.
- Reddit and Forums: Participate in relevant Reddit communities and forums to gather insights into products that are discussed or recommended frequently.
- Google Shopping: Use Google Shopping to see popular products and compare prices.
- TrendyNinja: This tool tracks trending products across different e-commerce platforms, including Shopify.
- TrendHunter: TrendHunter is a resource for discovering emerging trends and innovative products.
- TrendyHunt: Similar to TrendHunter, TrendyHunt helps you stay ahead of the curve by tracking trending products and technologies.
- Spocket: Spocket is focused on dropshipping and can help you find high-quality, in-demand products.
- Sell The Trend: This tool provides insights into trending products, ad analytics, and store performance data.
Remember that while these tools and methods can help you identify popular products, but success in e-commerce also depends on factors like market saturation, competition, marketing strategies, and product quality.
It’s important to conduct thorough market research, consider your target audience, and differentiate your business to stand out in the crowded online marketplace.
Strategies for Finding Best Selling Products
You can follow the below strategies to find best selling products on Shopify store:
Researching Product Trends
In e-commerce, staying updated is essential to become a successful seller. This means continually researching and adapting to market trends.
To effectively research product trends, consider the following strategies:
- Market Research: Start by conducting thorough market research to identify emerging trends. Analyze consumer behavior, preferences, and purchasing patterns. Utilize Shopify’s data analytics tools to gain valuable insights into trending products within your niche.
- Competitor Analysis: Study your competitors and identify which products are performing exceptionally well. Learn from their success and consider offering similar or complementary products to capture a share of the market.
- Social Media and Online Forums: Monitor social media platforms and online forums where consumers discuss their interests and preferences. These platforms often provide valuable insights into trending products and emerging niches.
- Keyword Research: Use keyword research tools to identify popular search terms related to your niche. High search volumes for specific keywords can indicate products in high demand.
- Customer Feedback: Pay close attention to customer feedback and reviews. Customer comments can provide valuable insights into product satisfaction and areas for improvement.
Dropshipping and Print on Demand
Dropshipping and print on demand are innovative business models that have gained significant traction in the e-commerce landscape. These models offer unique advantages, particularly for those seeking to find and sell products without the burden of holding inventory.
Dropshipping is a model where you partner with suppliers who handle inventory and shipping. When a customer places an order in your Shopify store, the product is directly shipped from the supplier to the customer.
This allows you to offer a wide range of products without inventory, making it an ideal choice for entre preneurs with limited resources. If you want to learn more, visit the below website:
Print on demand allows you to create custom-designed products like apparel, accessories, or home decor. When a customer places an order, the product is manufactured and printed on demand, eliminating the need for pre-made inventory.
This model offers creative freedom, enabling you to design unique products that resonate with your target audience.
Using Amazon Best Sellers for Inspiration
Amazon’s best-selling products can serve as a valuable source of inspiration for Shopify store owners. Analyzing these best sellers provides insights into products that are already proven winners in the e-commerce business.
By studying Amazon’s best sellers, you can:
- Identify In-Demand Products: Amazon’s best sellers represent products that are currently in high demand among consumers. Incorporating similar or complementary products into your Shopify store’s inventory can increase your chances of success.
- Gain Competitive Insights: Understanding which products are performing exceptionally well on Amazon allows you to assess your competition. You can learn from their strategies, pricing, and customer reviews to refine your own approach.
- Spot Emerging Trends: Some Amazon best sellers may reflect emerging trends in the market. By recognizing these trends early, you can position your Shopify store to capitalize on growing consumer interest.
Incorporating products inspired by Amazon’s best sellers into your inventory can be a strategic move to enhance your store’s appeal and profitability. It’s a way to tap into products that have already garnered significant attention and demand within the e-commerce ecosystem.
Statistical Insights and Market Trends
Below are the detailed statistical insights and market trends about Ecommerce:
E-commerce Market Statistics
In 2021, global retail e-commerce sales reached a staggering 5.2 trillion U.S. dollars. What’s even more remarkable is that this figure is projected to grow by a whopping 56 percent over the next few years, surging to approximately 8.1 trillion dollars by 2026.
These statistics showcase the remarkable growth trajectory of the e-commerce market, making it a fertile ground for new entrepreneurs.
The e-commerce landscape offers many opportunities for businesses of all sizes. With the right strategies and a keen understanding of market trends, you can tap into this thriving ecosystem and find best-selling products that resonate with consumers worldwide.
We discussed the Shopify’s role in this dynamic market, it becomes evident that it’s not just a platform but a partner in success, offering the tools and insights needed to become successful in the world of e-commerce.
Shopify’s Financial Performance
Shopify’s financial performance provides a testament to its stature as a leading force in the e-commerce industry. In the first quarter of 2023, Shopify reported an impressive net income of approximately 68 million U.S. dollars.
Shopify’s financial success can be attributed to several key factors. Firstly, its continuous innovation and commitment to enhancing the platform’s capabilities have made it a preferred choice for e-commerce entrepreneurs.
Secondly, Shopify’s extensive app ecosystem, which includes tools for product research, marketing, and sales optimization, empowers store owners to drive growth and profitability. Lastly, the company’s global presence and accessibility have allowed it to cater to a diverse range of businesses, from startups to established enterprises.
As Shopify continues to evolve and adapt to the ever-changing e-commerce landscape, its financial performance remains a strong indicator of its commitment to enabling entrepreneurs to succeed in the world of online retail.
Understanding these financial insights can inspire confidence in entrepreneurs seeking to do ecommerce business with shopify.
Few Best Selling Products on Shopify
Below are the few most selling products on shopify in 2024:
- Dog Toys: Toys designed for dogs’ entertainment and exercise.
- Baby Shirts: Tiny, cute shirts for infants and toddlers.
- Power Tool Accessories: Enhancements for power tools.
- Watch Accessories: Bands, straps, and cases for customizing watches.
- Lip Stain: Long-lasting lip color cosmetic.
- Matcha: Green tea powder for culinary use.
- Tumblers: Insulated cups for hot or cold drinks.
- Model Train Sets: Miniature trains and tracks for enthusiasts.
- Shot Glasses: Small glasses for alcoholic shots.
- Table Runners: Decorative fabric for dining tables.
- Smartphone Accessories: Enhancements for mobile phones.
- Baby Bottles: Containers for infant feeding.
- Car Accessories: Products to improve car comfort and style.
- Pet Products: Items for pets’ well-being and enjoyment.
- Yoga Mat: Cushioned surface for yoga practice.
- Face Mask: Nose and mouth protection.
- Candles: Wax products for illumination and ambiance.
- Clothes: Garments for style and comfort.
- Digital Products: Downloadable or online items.
- Curtain and Drape Rings: Attachments for curtains and drapes.
- Vegan Products: Animal-free items for vegans.
- Beauty Products: Cosmetics, skincare, and fragrances.
- Camping Gear: Equipment for outdoor adventures.
- Electronics: Gadgets like smartphones and laptops.
These products fulfill needs and preferences, making them popular choices for retailers in the e-commerce field.
Conclusion
In e-commerce, finding best-selling products on Shopify is not just a desire; it’s necessary to becomme a sucessful ecommerce businessman. Look at the strategies and insights of product discovery to understand the importance of this step.
Proper product selection with looking to market trends, keeping in mind data-driven insights, and exploring innovative business models, you can position yourself for success in the competitive e-commerce landscape.
The potential of e-commerce is very high especially in Pakistan. With global retail e-commerce sales expected to reach to 8.1 trillion dollars by 2026. Shopify, as an ecommerce platform and partner, provides you with the tools and resources to take benefits from this platform.
As you start e-commerce, remember that finding best-selling products is not just about profits; it’s about realizing your entrepreneurial aspirations. Apply the strategies and insights discussed here, follow the market trends, and unlock the full potential of e-commerce through Shopify.