Are you looking to expand your Shopify store's product offerings? New products can increase your revenue, attract new customers, and keep existing ones interested.
But adding new products is time-consuming and can take months to show results.
- If you decide to create new products, you’ll have to go through all the stages of product development: R&D, sourcing, customer feedback, warehousing.
- Brands have options like wholesaling that can move things along, but even that's an expensive channel to leverage.
- One newer trend is Collaborative Commerce. But we'll go into detail about that later on in this post.
This post will walk you through the best options for adding new products to your Shopify store and what works best.
- Adding new products can increase revenue, attract new customers, and boost customer engagement and loyalty.
- Researching target audience preferences and analyzing data from search trends and social media conversations can help identify potential new products.
- Partnering with other vendors for complementary products and utilizing dropshipping options can expand product offerings and open new revenue streams.
- Continuous product research is important to keep customers interested and prevent stagnation in sales.
Does your Shopify store need new products?
Are your Shopify store's sales stagnant, and have you wondering if it's time to spice up your product selection?
One of the most common reasons orders stall is customers lose interest in your products. This can happen when you don't update your inventory regularly or fail to keep up with the latest trends in ecommerce.
To prevent this from happening, it's important to continuously look for new product opportunities that will appeal to your target audience.
One way to do this is by conducting thorough product research using various tools like Google Trends, Amazon Best Sellers, and social media. By analyzing what people are searching for and buying online, you can identify gaps in the market that your Shopify store can fill.
You can also explore dropshipping options where you don't have to hold inventory but still offer a wide range of products on your website. The key here is to be proactive and always look for new ways to capture customers' attention and keep them returning for more.
Another thing to consider is partnering with vendors who sell complementary products your customers may want or need - aka Collaborative Commerce. This adds value to your Shopify store and opens up new revenue streams.
How your store benefits from new products
Adding fresh items to your inventory can boost the amount customers spend per purchase, create excitement and loyalty, increase brand recognition, and enhance the effectiveness of your marketing efforts.
By offering new products in your Shopify store, you give customers a reason to return and purchase again. This is especially true if you offer bundling opportunities or complementary products that work well together.
Introducing new products also expands your sales channels and target audience. Adding items that appeal to different segments of your market or even entirely new markets altogether can broaden your reach and increase customer acquisition. Additionally, having an increased variety of products means there's something for everyone who visits your store.
Adding new products can improve the effectiveness of your marketing campaigns and automation tools. More items to promote through email blasts or SMS messages means more opportunities for upselling and cross-selling.
Furthermore, intelligent upsell tools like Rebuy become more effective when multiple complementary products are available in the store. Introducing new products into your Shopify store benefits customers and business owners.
- Higher AOV: Customers tend to spend more money per purchase when presented with a wider range of options|
- New Bundling Opportunities: Offering complementary products increases the likelihood of larger purchases|
- Builds Brand Awareness: Expanding product categories helps establish brand recognition among different markets and can increase customer loyalty and repeat business.
How to add new products to your Shopify store
You can add new products to your Shopify store using three main methods: testing and developing new products, wholesale, and cross-store selling.
- Testing and developing new products is worth the investment but can be capital- and time-intensive.
- Wholesale allows you to add products from other brands, but acquiring and fulfilling the inventory requires significant money.
- Collaborative Commerce is the easiest method with no drawbacks, allowing you to offer complementary or related items to your customers without additional costs.
You can determine which strategy will work best for your business goals by weighing these options carefully.
Test & develop new products
Testing and developing new products can be a time-consuming but worthwhile investment for your Shopify store. It's important to stay on top of product trends and constantly test new ideas to keep your customers engaged and interested in your offer.
Begin by researching popular products in your niche and analyzing their success rates. This will give you an idea of what products are trending and allow you to brainstorm unique variations or complementary items that could appeal to your target audience.
Once you have some ideas, it's time to start testing them out. Consider using a small focus group or surveying your current customer base for feedback before investing too much time or resources into a new product.
From there, develop prototypes or samples that can be tested further before committing to production. Remember, the key is creating something innovative and ensuring it aligns with your brand message and values.
By testing and developing new products, you can keep up with changing consumer demands while staying true to what makes your Shopify store unique.
To expand your product offerings and increase revenue, consider exploring wholesale options for sourcing high-quality items from other brands that align with your Shopify store's values and appeal to your target audience.
Wholesale is a great way to add new products to your online store without spending lots of money on acquiring or fulfilling them.
Here are some tips for finding the right wholesale products for your ecommerce business:
- Research potential suppliers: Look for reputable wholesalers who offer products that fit your brand and have a good track record of delivering quality goods.
- Negotiate pricing: Avoid negotiating prices with wholesalers, especially if you plan on buying in bulk. You may get better deals by ordering larger quantities or making regular purchases.
- Test the products: Before adding new wholesale products to your Shopify store, test them first. This will help you ensure that they meet your standards for quality and appeal to your target audience.
- Monitor sales performance: Track how well each wholesale product is selling to determine which ones are worth keeping in stock and which should be discontinued.
Following these tips, you can find high-quality wholesale products to help grow your online store's inventory and increase revenue.
Collaborative Commerce can create a captivating connection between complementary collections. Collaborating with other Shopify stores can enhance your product offerings and increase sales potential.
Through Collaborative Commerce, you can expand the range of products in your store while tapping into new customer bases. To maximize the benefits of cross-store selling, consider utilizing product recommendations to showcase complementary items from other stores. This strategy not only enhances the shopping experience for customers but also increases the likelihood of additional sales.
Additionally, leverage multiple sales channels, such as social media platforms, SMS, mobile apps, and email campaigns to promote these partnerships and drive traffic to both stores.
With this approach, you can effectively find new products for your Shopify store while building valuable relationships with other businesses within your industry.
How Carro makes Collaborative Commerce easy
Learn why Carro is the best solution for any brand wanting to take advantage of Collaborative Commerce.
Sell your products on other Shopify stores (and vice versa)
With Carro, we have a directory of the biggest brands for you to partner with. But if you can’t decide which brands are the best fit, we have a tailored recommendation service where we introduce you to brands so you can begin working together.
The best part is you don’t have to pay for products like you would with traditional wholesaling. This gives you the freedom to choose different SKUs to see what complements your existing product catalog.
"Take my word for it, if you install Carro, you are going to see what I’ve seen. Which is a dramatic increase to average order value, especially on orders that contain Carro products, which for us is over 80% increase to AOV." - Ryan Pamplin, Founder & CEO of Blendjet
Virtual inventory makes fulfillment easy
Brand partnerships are not like wholesaling. With Carro, you don’t have to buy products from your partners. Instead, orders are automatically sent to your partner brands so they can handle fulfillment themselves.
“Before we joined Carro, we had put our company on the market. We thought we needed capital to expand our traditional wholesaling. Now, we’re able to meet our goals without having any cash come out of pocket. We’re tripling and quadrupling the numbers of units that we move because we have access to so much more inventory.” - Amy Richardson-Golia, June & January
Find new bundling & upsell opportunities to increase AOV
Perhaps the most exciting reason to leverage Cross-Store Selling is that it’s the best way to grow your Shopify store in the long run. By working collaboratively with other brands, your brand will set itself up for success. Your Shopify store will become THE destination for your niche.
One of the best reasons to shop on Amazon is convenience. Being able to buy everything you need in one place is a powerful motivator. Wouldn’t you love it if your Shopify store was the go-to place for your customers’ needs?
"In addition to a nice contribution to the bottom line, it was also one of the most highly-engaged social posts for the year." - David Krimper, Director of Ecommerce, Manduka
To learn more about how Carro can help your Shopify store grow, check us out on the Shopify App Store.
You now know how to find new products for your Shopify store. Regularly adding fresh and innovative products can attract more customers and increase sales revenue.
In conclusion, remember that the key to finding new products is research. Monitor industry trends, analyze customer feedback, and collaborate with vendors to develop unique product ideas.
So go forth and explore the world of ecommerce, armed with the knowledge you've gained today!