The e-commerce industry stalwarts have often spoken on the key elements that make a product a hit in terms of popularity, demand, and profitability. Also, across every market, specific product categories are bestsellers with consistently high sales year after year. Before embarking on full-fledged e-commerce operations, online sellers should study the best-selling products and product segments, keeping their target audience in mind. Most importantly, one must understand what differentiates high-performing products from mediocre or low performers.
5 Globally Acclaimed Best-selling Products Online
- AirPods Pro- No other ear pods provide such immaculate sound quality, meticulous noise-cancellation, and ultra-comfortable fit. Hence, the product’s outstanding quality, sleek packaging, and global brand recognition work in its favor.
- Fitbit Charge 5- The recent spike in health consciousness during and after the Covid-19 pandemic has accelerated the sale of fitness trackers. The exceptional user-friendliness of this product, coupled with multiple uses (heart rate monitoring, sleep tracking, activity tracking), have made it a big hit.
- Instant Pot- Yet another product that has sold well in the wake of the recent pandemic and brought a revolution in home cooking. The USP of Instant Pot is fast cooking, energy saving, efficiency, and versatility.
- Pelton Bike- The marketing acumen and innovation-driven experience of the Pelton Bike have made it a bestseller. There are hundreds of exercise bikes in the market, but this one is exceptional, owing to the live/on-demand classes.
- Nintendo Switch- Gaming enthusiasts swear by this product’s unique design, versatility, and unmatched convenience. The manufacturer has ensured lining up the latest games, and the marketing team has worked with precision-based online promotions.
What are the Factors that Define Best-Selling Products?
- Product Quality and Features/Attributes– Substandard products can never become bestsellers. The modern-day consumer is more vigilant and knowledgeable than ever before. To sell successfully, a product has to fulfill (or exceed) their expectations and provide the best features/attributes vis-à-vis competitor products.
- Customer Reviews and Ratings– Online sales across all e-commerce platforms are largely driven by customer reviews and ratings. The reviews must be recent, genuine/verified, and substantial in number to be considered. Sellers should focus on soliciting positive reviews from satisfied customers along with user-generated content like product images and videos.
- Strategic Pricing– To sell successfully, your product needn’t be extraordinarily low-priced but has to be perceived as value for money. In terms of what you are offering and the industry standards, the customer has to be convinced that the price is worth it.
- Online Marketing– Even high-quality and well-priced products fail to sell if not marketed well. Hence, start-ups should focus on brand-building, enhancing their online visibility, and monitoring their online reputation. Most best-selling products gain momentum via word-of-mouth reviews across online forums, social media sharing, and influencer marketing.
- USP and Customization– If a product/service encompasses a unique approach to solving a problem, it will sell exponentially. Hence, working on your unique selling proposition and customizing your offerings is a must.
Which are the Best Product Categories for New Sellers?
Aspiring online sellers and e-commerce startups are often confused about which products and product categories to sell. Thoroughly studying the best-selling product categories and why some products perform better than others is a prerequisite to being a successful seller. Conduct extensive market research, delve deep into the psyche of your target audience, and introspect their current problems and available solutions. Though it is not a hard and fast rule, it might be profitable to commence your online selling journey with products from a best-selling segment. Here are some categories currently trending worldwide:
- Clothing and Accessories
- Personal Care and Beauty
- Home and Garden
- Healthcare and Fitness
Given the intense competition and fast-changing trends in the e-commerce industry, creating a best-selling product has become increasingly challenging. Yet, many sellers are attaining massive sales figures and churning incredible profits. The key to success for an e-commerce business is to holistically understand the consumer, keep pace with the latest technology/trends, carefully study competitors, and finally develop, market, and sell high-quality products that offer value for money.