A product that’s perfect for the market
In an interview with Inc.com, Andy Dunn, the founder of the very successful eCommerce brand Bonobos, was talking about why he started with selling jeans although he had a lot of competition there. “A great brand starts with a hero product. Denim is one of the most crowded markets, but if we do well there, we know we’ve got something exciting”, he said. So his product was a perfect fit for the market.
According to a report by Fortune, the main reason why eCommerce companies are failing (42% of them) is because they spent their time building a product that the market did not need. A lack for the need of your product is the biggest cause to get you down. Before you start working on your product, you will need to do tons of research and surveys to make sure if people really need it. Some companies still go ahead and launch a product thinking that people may come around sooner or later as market trends change. However, this is very unlikely and highly irrational. When you launch the perfect product for the right market, you will see an accelerated growth in revenues right from the start.