Previously we’ve run down a list of eBay selling strategies suitable to your current product list. However, there are ways to use the same mind-set and tools to find profitable product niches that can be exploited on eBay and elsewhere.
Finding product categories to prioritise
Terapeak is a vitally important tool in any serious eBay seller’s arsenal. However, simply having access to its data won’t help you expand your business, you need delve right into the reports and find locate actionable insights. For instance, wouldn’t it be great to establish what people are searching for the most over the recent past? These ‘Hot Searches’ should give you an idea of what you could be in a position to sell most of.
The problem is, the searches are mostly too broad to be actionable in terms of finding new products to retail, but what the data does show is the relative importance you perhaps should be placing them within your website. If you were a furniture retailer you should be placing your chest of draws, wardrobes and dining tables in more prominent positions on your homepage. You should be looking at how competitive your pricing is and how you’re marketing them via customer emails, social and paid search. These product types are ‘hot’ so make the most of that fact.
Finding specific products to stock and SEO
The usefulness of the data that Terapeak provide in their ‘Hot Products’, which you can find by subcategory, is mind-blowing – and in more than the obvious way. Again, at random, we can see that the top-two best selling products in the ‘Men’s Accessories’ subcategory are related to ‘hip-hop’ and hats. If you have a clothing store and it fits into your brand then consider this product range.
The important question, however, is whether stocking these products will be a profitable venture. We know that eBay users are, by their very nature, looking for a bargain, so could you make a profit selling them for just £2.74. If you organised by ‘Avg. Price’ then you may find products that have a greater chance of offering a reasonable margin.
But don’t let the use of this data stop just at the decision of what to stock. Let it also drive your content creation. The data above should throw out a massive list of potential blog content ideas as well as keywords for category pages and even PPC campaigns.
You can also find the top selling individual items. The past 7 days has seen £91,337.52 of sales of this individual product title – and their associated categories. By using the search box you can refine the list to show products of particular interest. For example the top grossing ‘speaker’ related product over the past week has been a ‘Sports Clip Waterproof Wireless Bluetooth Hands free Mic Speaker’ which has grossed £1,878,47 sales over three listings at an average price of £8.39 from 224 individual bids. If you sold speakers, you could easily turn this product into stocking filler for your Christmas push.
Finding Related Products in other Categories
Often people purchase products related to a particular theme or interest and the ability to sell more to them across these product categories can obviously improve the bottom line. The problem comes, however, when you enter new categories that your economies of scale aren’t going to be available. For instance, if you currently sell gluten free foods and are looking for related categories by using the search term ‘gluten free’ within the ‘Product Research’ section you will see that the most popular products seem to be bread makers, dog food, pills and protein shakes.
Moving from foods to electricals may be a tough ask. Expanding into dog food may be less of an issue, and the protein shakes should be fairly easy to do. Further down the list gluten free books are listed. Could you cross-sell recipe books to your customers when they’re in a gluten free baking powder category?
Researching Your Competitors
Interestingly, for any given search term, for example, a product name, you can find the seller IDs of the companies that sell the most. You can then explore their sales data.
This should give you an overall picture of the potential revenues from entering that niche. The table above shows that the revenues within ‘gluten free’ are pretty spread out between pet foods, sports supplements and health food. Taking each retailer in turn you can then break down their sales to find profitable niches that appeal.
There are many opportunities to explore related product categories and/or profitable products that would seamlessly fit into your product roster. The secret is to explore the wealth of information that Terapeak provides and spend some time looking at different scenarios. What the data doesn’t show, however, is what profit margins are available and where to source the products. This may be where Aliababa steps in? And we will explore how to use this website, and the data it offers, next.
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