Sell what people want, not what sits.
Product research isn’t just about finding what’s trending; it’s about avoiding the curse of excess inventory . Picture a warehouse full of unsold goods, draining finances faster than you can say “clearance sale.” It’s a real nightmare.
On the flip side, running out of stock means angry customers and missed sales. Balancing inventory and demand is like walking a tightrope—and the fall can get expensive.
I’ve been in those late-night rabbit holes, diving into Amazon reviews and Reddit threads, trying to figure out what’s hot. But guess what? Numbers don’t lie. Use Google Trends, industry reports, and sales data to validate demand.
Don’t stop there—survey your customers. They’ll tell you what they need, and often, they’ll surprise you. Look at what’s selling for your competitors and identify gaps they’re not filling.
The magic formula? Data + intuition. Use tools like Jungle Scout or Helium 10 to identify high-demand, low-competition products. Don’t forget to research your suppliers. A great product with a terrible supplier is just a headache waiting to happen.
Diversify your product lineup but stay focused. Too many SKUs create warehousing nightmares. Trust me, I’ve seen companies drown in overstock because they couldn’t say no to “just one more product.”
Set clear KPIs for your product research. Track metrics like demand volume, profitability, and reorder rates. Create timelines: How often will you evaluate your lineup? Quarterly works for most businesses.
Don’t just measure sales—look at carrying costs, storage fees, and shipping times. The goal is a lean, mean inventory machine that sells, not stores.
Tools make all the difference. Invest in product research software, demand forecasting tools, and even AI solutions. A little upfront cost saves big in the long run.
People matter, too. Get a product manager or an analyst to oversee research and inventory. If you’re a smaller team, divide responsibilities wisely. You’ll need someone to juggle supplier negotiations and logistics.
Review your product performance regularly. What’s moving fast? What’s collecting dust? Double down on winners and phase out duds. Remember, no product is sacred if it’s not profitable.
Keep learning and adjusting. The market changes, and so will your customers’ preferences. Stay curious, stay flexible, and keep your inventory flowing like a well-oiled machine. 🛠️
