If you think about it, a good prediction can help you devise a sharper strategy, a stronger vision, and an improved work ethic as the promises of a glorious future for you and your product are based on data derived from deep analysis. For founders of Dropship, it’s the science of success. In this article, they break down the steps they employ to predict high-demand products.
Analyze product behavior
Most are familiar with the term customer behavior, but what is product behavior? Answering this query is Dropship’s Founder Nawras, who says, “Product behavior is the way a product interacts with an individual. Inspired by the patterns of human interaction and ensuing behaviors, products are now designed to interact with customers engagingly. From kitchen items to fashion accessories and more, products that can engage with customers and add real value to their experience are items that are bound to increase in demand. It’s simple science. Products that interact interestingly and in a useful manner with people are bound to behave well in the market, so to speak. And we aim to create AI platforms that make behavior-based product prediction sharper and more precise.”
Analyze product performance
There are two scenarios that can pollute the market and harm the manufacturer—when a bad product stays in the market for too long or when a good product is pulled out too early. According to Nawras, this happens because “companies either aren’t accurately advised on how their product is performing in the market or they are ill-equipped to dish out the performance metric altogether. We at Dropship consider analyzing product performance as one of our top three areas of active vigilance. Our AI algorithms study product performance by unpacking the data generated in the product’s feedback loop across platforms. The data unpacked helps us analyze how a product is being received in the market and make precise predictions for it.”
Analyze product sales
A product’s sale is one of the highest determining factors in its success. To be able to analyze factors that contributed to a sale can empower merchants and help them repeat a product’s success. Founder Josef adds more insight to this, he says, “Our aim with analyzing product sales is to provide the merchants with an array of products which have great potential. This analysis will help our customers save a ton of time and money in their product research phase while increasing their chances of success in the product testing phase.”