{"id":3262,"date":"2019-12-02T12:52:38","date_gmt":"2019-12-02T17:52:38","guid":{"rendered":"https:\/\/marketing.dev.logojoy.com\/?p=3262"},"modified":"2023-04-28T21:18:37","modified_gmt":"2023-04-29T01:18:37","slug":"piggyback-ecommerce-business-ideas","status":"publish","type":"post","link":"https:\/\/wordpress-715453-3009179.cloudwaysapps.com\/blog\/piggyback-ecommerce-business-ideas\/","title":{"rendered":"How to Come Up with Piggyback Ecommerce Business Ideas"},"content":{"rendered":"
Ecommerce grew <\/span>20% in 2019 <\/span><\/a>alone, and we are not surprised. With brands like Etsy, Shopify, and Amazon Handmade expanding, online shops are booming like never before.<\/span><\/p>\n In a world dominated by online shopping, the opportunity to develop an e-commerce business idea is a ripe one! But how do you come up with an idea that will last? Enter piggybacking.\u00a0<\/span><\/p>\n Piggybacking refers to the concept of creating products around successful businesses and trends that are already out in the world.\u00a0In other words, it\u2019s cleverly jumping on the bandwagon of products that are popular.<\/strong><\/p>\n For example, IKEA is a successful brand that sells furniture and home goods in all different shapes and sizes.<\/p>\n Because of its huge customer base, piggyback entrepreneurs have been able to cash in by creating and selling IKEA accessories — things like couch legs and custom couch covers that are made for some of the more popular styles in store.<\/p>\n <\/p>\n Successful piggybacking requires an understanding of what\u2019s hot at any given time and determining the longevity of a brand and product. IKEA, for instance, has been around for decades, so it\u2019s safe to say that creating accessories for its products isn\u2019t a flash-in-the pan idea.<\/p>\n And we only have to look at the explosion of phone covers that emerge every time Apple releases a new model to know that there’s revenue waiting to be snapped up for piggyback businesses.<\/p>\n <\/p>\n The great thing about piggybacking is the pre-built audience you have for your product.\u00a0This means you can skip the part where you figure out if there\u2019s an audience for your product and jump straight to the part where you figure out how popular your idea is among those fans.<\/p>\n 1. Find a trending product to create a piggyback business idea around.\u00a0<\/strong>Ideally, you want to launch a product around a brand or trend that\u2019s successful, has been around for a while, and continues to be popular. You can start your search by using a range of free tools:<\/p>\n 2. See\u00a0if your idea will cut it in the real world.<\/strong> This requires validation from potential buyers and to see if you have a place in the market you\u2019re looking to get into. Find out where the customers of the business you\u2019re piggybacking on hang out.<\/p>\n For example, owners of FitBits are likely to hang out on fitness sites and forums, as well as certain Instagram hashtags related to health and wellbeing.<\/p>\n 3. Start testing the water.<\/strong> Create a landing page for your \u201ccoming soon\u201d product and direct people through to sign up for updates from the platforms you\u2019ve identified as relevant. From there, you can figure out how well your product is converting.<\/p>\n 4. Evaluate results.<\/strong> If conversions aren\u2019t as high as you like, it might be time to rethink your idea. You might want to create a survey to send out to potential buyers to learn what it is they want from a spin-off product.<\/p>\n 5. Rinse and repeat.\u00a0<\/strong>Follow steps 1-4 until you find a product that people are excited to buy. Don’t get discouraged if it takes some time!<\/p>\n 6. Determine longevity.<\/strong> Once you have a solid idea or shortlist, ask yourself: Does this idea have longevity? The trickiest part of coming up with a list of businesses that piggyback off others is choosing something that has long-term potential.<\/p>\n A lot of trends pass in a few years, so it\u2019s important that your idea can evolve with the times. For example, the businesses that create IKEA accessories will always have product ideas because IKEA will always be releasing new pieces of furniture.<\/p>\n It\u2019s also worth thinking about whether your idea can be expanded into different areas — if you make watch straps for Fitbits, can you expand your products to fit other emerging brands in the same category.<\/p>\n 7. Check the competition.<\/strong> If you’re piggybacking on another brand, it’s useful to check if you can sell related products without stepping on the brand’s toes. Take the Instant Pot, the now-famous electronic pressure cooker.<\/p>\n The brand has an official accessories store and in its product literature, it warns customers not to buy accessories that aren’t officially “Instant Pot.” That said, there are other products that are complementary to the Instant Pot, but also have other uses — see this article for examples.<\/a><\/p>\n Below are a couple of ideas to get the juices flowing so you can come up with some great eCommerce business opportunities!<\/p>\n The growing trend of wearables (a.k.a. Wearable technology) has made room for an entire industry of accessories for wearables. The online store WITHit<\/a> is a prime example:<\/p>\nWhat is a piggyback business idea?<\/h2>\n
Source: Etsy<\/h6>\n
How to find piggyback business ideas<\/h2>\n
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Examples of piggyback e-commerce business ideas<\/h2>\n
Wearables<\/h3>\n