When sourcing new products to sell, it’s important to consider current consumer trends. Buying habits have shifted dramatically in response to rising fuel costs and ongoing economic uncertainty, according to a recent report by the UK-based online marketplace OnBuy.
The report suggests that the British buying public is making shrewd buying decisions to help them save money on their energy bills this winter.
What Are People Buying?
Data from the online marketplace shows that items, including radiator reflectors, draught excluders, and air fryers, have soared by thousands of percent in recent weeks.
Other current big sellers include clothes dryers and airers, which have soared by more than 6000% as households avoid using energy-guzzling tumble dryers, and sales of electric blankets have skyrocketed by up to 1,350%.
OnBuy’s CEO, Cas Paton, suggests the trend is evidence of increasingly informed consumers making smart purchases in preparation for the cold months ahead.
Paton also highlights a dramatic increase in purchases of home insulation products which he suggests is part of a trend resulting from bleak financial forecasts.
“As a nation, we are going to feel the effects of ongoing crises on energy and cost of living this year, with energy bills going up within the next week and inflation expected to increase even further,” says Paton. “We are seeing drastic increases in the sales of items that work to reduce energy usage, such as household insulation and radiator reflectors, which both help keep heat inside the home.”
Opportunity in Uncertainty
While many online sellers will be feeling the squeeze in these uncertain times, it’s important to remember that there are also opportunities in every economic downturn. These opportunities start by sourcing products that consumers are actively searching for.
It’s also important to remember, as entrepreneurs, we should never tie ourselves to a specific product.
In a recent podcast, we spoke with Vanessa McDowell, an eBay and Amazon seller, about the importance and challenges of sourcing new products. A great place to start this search for new products is with Frooiton’s free-to-use eBay Hot Product Finder.
There are many other reasons why consumers are changing their buying habits. These changes are not necessarily connected to the economic situation. Current hot trends we see include:
Could extending or changing your current product range to include new items dramatically improve your retail business’s fortunes in uncertain times?
To learn more about how Frooition can help you optimise your business on eBay, Amazon, and your own eCommerce website, book a free 15-minute discovery call with one of our eCommerce experts today.