Many people dream of leaving their day jobs and pursuing what they want to do the most. For some, it is creating a product and selling it to customers who need it.
Being an entrepreneur is rather scary because there is always the risk of failure. Despite the passion and hard work you pour into your venture, it can go under not because of a mistake that you made but because of other factors beyond your control. Something like entering a niche that is already too competitive or does not have a lot of existing demand.
That is why, before throwing caution into the wind, it is important for aspiring entrepreneurs to gauge the market. They have to see whether they have a chance of succeeding, even if it takes time, or they are facing unconquerable challenges that will only lead to failure.
One way to do it is to see which products are selling in whichever platform or industry that you want to enter.
Etsy is one of the most popular e-commerce websites for independent sellers. It gets millions of visitors regularly and has catapulted micro-businesses into profit machines in a short span of time.
You can get an idea of how well a new product will sell by looking at which types of products receive high interest from consumers on the platform. Here are a few.
Crafting is a hobby that continues to be popular. The term is a little of a catchall because the category includes anything from pre-cut quilts to nail decals. A quick search for crafting products will return thousands of options which only proves its popularity on the platform.
Planner Kate, the top-seller on the platform, offers crafting supplies, particularly printed schedule planners, stickers, and other planner accessories. The online shop has so far made nearly 1.5 million sales on Etsy.
Bead Boat is another big seller on Etsy. As the name suggests, the online shop caters to consumers who wish to create necklaces or bracelets to keep, to give away to family and friends, or sell on their own stores.
As mentioned, it is a wide niche that has a large consumer base but with an equally large number of sellers. The best way to approach it is to find a certain section where demand is high and does not have a lot of sellers. Obviously, because Etsy has been around for years, it is going to be tough, but it could allow your business to flourish. Otherwise, you are forced to compete with sellers who had a head-start and now have their own loyal following.
Pop Culture Merchandise
Etsy is also home to fan-made merchandise of popular television shows, musicians, actors, movies, books, video games, and others. You can find mugs, t-shirts, posters, greeting cards, pillows, and other products that have recognizable logos, catchphrases, and images of characters.
They sell really well on the platform. Typically, official merchandise is really expensive. Those that were made by fans are a lot more affordable and there are varieties to choose from.
For example, for the television show The Office, NBC is selling character coffee mugs for $14.95. Sellers on Etsy sell something similar, and with the option to personalize the product, for a lot less.
There are also products that feature characters from Marvel, Disney, Star Wars, DC, Harry Potter, and other well-known movie franchises.
It is no surprise that creative people thrive on Etsy. It is also no surprise that the platform has a bustling marketplace for digital art.
You can find a number of sellers that provide digital templates that customers can print out or use as-is on their electronic devices. Anything from portraits of pets to a new business logo can be purchased from Etsy. There are also a lot of artists on the platform which means that it is very competitive but selling is easy because there are a lot of customers and there are no overhead costs to worry about.
There are more products that are selling really well on Etsy aside from the three categories mentioned above. For example, fashion items such as clothes and bags are available on the platform. With over 2.5 million sellers (as of the data from 2019), it is nearly impossible to not find a product that you want or need on the e-commerce site.
Doing a little market research before starting your own venture is a necessary step to minimize the risk of failure as much as possible. A good product alone does not mean success. There has to be existing demand, too.