Understanding Consumer Buying Trends — Building Dynamic Product Lines
The ability to detect trends and to interpret that knowledge can not only tell you what consumers want now, but also help you predict what they'll be looking for tomorrow. This can give your eStore a big edge, particularly when it comes to selecting product lines.
What is a Trend?
A trend is not a group of popular items that everyone is buying. A trend is an expression of what matters to consumers at the moment — it's a sign of what they're excited about. A trend can actually give you many ideas of what products might be popular within certain groups. The trend towards natural living, for example, could inspire a whole line of products, because that's what consumers are currently concerned with and thinking about. Although trends grow and evolve and morph, they have rhyme and reason — unlike fads, which often spring out of nowhere.
Trend Analysis
Lisa Suttora, founder of WhatDoISell.com, explains, "Trend analysis is just looking at a definable group of customers that you can get coming back, time and time again. You need to know exactly what types of products people are looking for, so you're not sourcing products in a vacuum." Though it may take you more time to study market trends in the beginning, it will save you a lot of time in the long run. You won't be trying to figure out why you can't move products, and you won't be wasting money, just guessing at what you think will sell.
How Do I Become a Trend Spotter?
Spotting trends is a learned ability; it doesn't require you to be trendy. It requires discipline — make it a habit to research trends daily. There are many avenues you can use to help you research:
BIOGRAPHY: Product Sourcing Radio is Created and Hosted by Chris Malta and Robin Cowie of WorldwideBrands.com, Home of OneSource: The Internet's Largest Source of Genuine, Factory-Direct Wholesalers for online sellers. Click Here for more FREE E-Biz & Product Sourcing info!
The ability to detect trends and to interpret that knowledge can not only tell you what consumers want now, but also help you predict what they'll be looking for tomorrow. This can give your eStore a big edge, particularly when it comes to selecting product lines.
What is a Trend?
A trend is not a group of popular items that everyone is buying. A trend is an expression of what matters to consumers at the moment — it's a sign of what they're excited about. A trend can actually give you many ideas of what products might be popular within certain groups. The trend towards natural living, for example, could inspire a whole line of products, because that's what consumers are currently concerned with and thinking about. Although trends grow and evolve and morph, they have rhyme and reason — unlike fads, which often spring out of nowhere.
Trend Analysis
Lisa Suttora, founder of WhatDoISell.com, explains, "Trend analysis is just looking at a definable group of customers that you can get coming back, time and time again. You need to know exactly what types of products people are looking for, so you're not sourcing products in a vacuum." Though it may take you more time to study market trends in the beginning, it will save you a lot of time in the long run. You won't be trying to figure out why you can't move products, and you won't be wasting money, just guessing at what you think will sell.
How Do I Become a Trend Spotter?
Spotting trends is a learned ability; it doesn't require you to be trendy. It requires discipline — make it a habit to research trends daily. There are many avenues you can use to help you research:
- •Most major search engines offer keyword tracking tools that show you how many people are searching for a given item. And WorldwideBrands.com's product sourcing tool, OneSource, has a built-in market research function that can show you how likely a product is to be successful online, based on market statistics.
•Consumer magazines and web sites are great sources for gathering information.
•Check out tradeshows, associations, and publications. Though trade publications can be pricy, the information in them is the result of millions of dollars of research and projects trends twelve to eighteen months in advance, which gives you a jump on buying trends that haven't even evolved yet.
•The media can provide some really valuable trending stats — newspapers often give numbers and demographics. Look for indicators of growth and decline. You want to get in on the upswing of a trend — not when it's on its way out. Document everything so that you have it all in front of you. You don't want to forget anything important when you sit down to analyze the results of your research.
BIOGRAPHY: Product Sourcing Radio is Created and Hosted by Chris Malta and Robin Cowie of WorldwideBrands.com, Home of OneSource: The Internet's Largest Source of Genuine, Factory-Direct Wholesalers for online sellers. Click Here for more FREE E-Biz & Product Sourcing info!
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