(The current method needs to be used ethically but is the most powerful tool I have seen if used correctly).
The best “tool” is to reverse engineer successful Shopify stores.
What do I mean by that? You can find stores that you KNOW are successful and then figure out exactly how and why that is the case. You can then apply this knowledge to building your own store.
Ok sounds great by how do you do this in practice? You’re right, none of this matters if there isn’t a clear, repeatable and executable way to do this. Well luckily there is.
Go to one of the many online exchanges where people buy & sell Shopify stores. Some examples are Flippa.com or Empireflippers.com. There you can find thousands of stores listed for sale at any given moment.
Now here’s the thing, because they are listed for sale many of them share their exact revenue history, other financials and a bunch of detailed information on their store operations. This is all valuable information you can learn from!
Better yet you can filter the ones in your preferred niche, geography, size segment etc. You can find a store that you would be proud to own yourself and finally look under the hood and see how the sausage is made.
Why I’m convinced this is a much more powerful tool for product research is because you analyse the WHOLE store, and not just one product page. It is also based on real specific data that is constantly being updated by the exchanges. In other words it is expiry-proof, even if you read this years from now this will still work.
And yes this can also be used for product research. If you find a successful store, whose exact revenue you can literally see from last month, you know that that given product is working for them RIGHT NOW. You can then go from there and figure out how and why this is exactly the case.
Is it because of a unique marketing strategy?
Is it because of an amazing product page design?
Is it because their logistics are set-up in a certain way?
Is it because they have exceptional customer service?
Is it because they somehow innovated or customised their product?
Is it because they have some other unique edge or moat?
Here’s the thing, most of those answers are directly available to you on the listing itself. With a bit more research by going on their website and their social media pages, you can figure out the rest.
Here’s where the ethical part comes in → don’t copy but get inspired by the best stores you see. Once you do this analysis multiple times you will see patterns as to why certain stores succeed and others don’t. That’s the most valuable muscle that you can train in becoming a successful Shopify store owner yourself.
Best of success.
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For a full product research checklist see:
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