In today's hyper-competitive world of e-commerce, finding the right products to sell can make or break your business. E-commerce managers seeking to unearth lucrative opportunities need a robust product research strategy.
To solve the problem of product research on Flipkart, we have built the perfect solution to help you identify product niches, with their relevant competition on the marketplace.
1. Identify your category:
Different categories have different competition and market demand. For instance, certain categories like apparels may have much higher search volume due to higher demand from potential customers, whereas categories like specialized clothing may have lesser search volume due to lower demand. However, due to higher demand, some categories may have higher competition than others on the marketplace. Something that can be evaluated based upon the respective keyword search volumes, and the number of products ranking for those keywords.
Thus, it becomes critical to identify the relevant category you want to sell in, which aligns with your expertise, and ability to build distinguishable products.
2. Keyword Research:
Identify top searched terms by potential customers and understand an overall lay of keywords/problems that customers are searching for, so you can build products that can show up on those user searches. We have built just the perfect tool to help with keyword research on marketplaces like Flipkart.
You can check out the tool through our free extension here.
3. Competitor Research:
Understand the competitors in your space, and monitor them to understand their catalogue and product offerings. Also, analyse the relevant keywords for their category, and understand their marketplace potential. Look into their catalogue gaps to identify potential product opportunities.
You can use Datavio extension to deeply monitor your competitors on Flipkart
4. Feedback analysis:
Go through the customer feedback for your competitor's listings to understand what customers are saying about those listings. Create a list of positive and negative attributes and improve your products based upon those attributes.
You can use Datavio extension for easier feedback analysis and keyword research on your competitor's listings, to understand the key product improvements.
5. Identify trends:
Monitor key trends in the marketplace listings by consistently monitoring them to understand how their sales are changing over time in the marketplace. Capitalizing on upcoming trends can set you apart from competitors and attract early adopters.
7. Supplier Research:
Every business runs through correct unit economics. Identify suppliers who can help you in procuring the product at lower costs but high quality. Or figure out your own manufacturing which helps you in product procurement. The product quality, service quality, and product cost become critical elements here.
8. Start experimenting:
Eventually, you'll have to start marketing on Flipkart to understand the market requirements in deeper details. Start with a small catalogue in your relevant area, and start running smaller ads to understand market demand and product catalogue that works.
Keep iterating the above process and keep improving your business on marketplaces to get the best results.
Our software helps you to market more effectively on Flipkart and other marketplaces. Feel free to try our software to help you in your journey of a successful business on Flipkart, and provide us your honest feedback.