Tracking Market Trends How To Source Products Ahead Of The Curve
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Tracking Market Trends: How to Source Products Ahead of the Curve
Introduction
Product sourcing isn't a one-time task; it's an ongoing process. Many e-tailers find a product and supplier, thinking their job is done. However, trends have a lifecycle, and what’s popular now might not be in demand in six months. To stay ahead, you need to monitor market trends carefully, or you risk sourcing outdated products.Understanding Market Trends
There are two essential types of trend analysis in retail:1. Trend Tracking: This involves identifying what's currently popular in your market. It’s the basis for hot lists and top ten lists, showing what consumers are buying now.
2. Trend Forecasting: This is about predicting where today’s trends are headed and determining what will be popular in the future.
Both tracking and forecasting are crucial as they help you identify emerging trends from existing ones. By understanding current trends, you can anticipate future demands and source products that will soon be in vogue.
Think Like a Consumer
How do you identify these trends? Lisa Suttora from WhatDoISell.com suggests staying engaged with your target market. Read industry publications, attend trade shows, follow the news, and interact with customers. Observe what your audience discusses, thinks about, and values. Consider products related to their interests. For example, if environmental concerns are prominent, look for ways to incorporate eco-friendly products.Emerging Trends
Upcoming trends often evolve from past ones. Here are some key trends to watch:- Lifestyle Technology: This trend merges practicality with advanced technology. Products like smart locks with fingerprint recognition and intelligent ovens are transforming multiple markets by enhancing basic functionality with technology.
- Women-Specific Products: Recognizing the significant female consumer base, manufacturers are designing products that cater to women’s unique preferences. This includes everything from camping gear to office supplies tailored for women.
- Outdoor Living: As people create versatile outdoor spaces, there is growing demand for products that blend comfort with durability. New lines include weatherproof electronics and furniture designed for year-round outdoor use.
Implementing Trend Insights
These trends are driving innovation and demand across various market segments. Suttora advises that by observing the direction of buyer trends, you can discover product ideas and niches to apply these insights to your market. This approach ensures you stay ahead in product sourcing.By continuously tracking and forecasting trends and thinking like your consumers, you can effectively source products that align with future market needs.
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