Product Research Around Recession Proof Products- Sharon Even, Kian Golzari and Adam Hiest
Seller Sessions · with Sharon Even, Kian Golzari and Adam Hiest · November 15, 2022 · 55 min
Summary
This episode offers a critical framework for ecommerce sellers to identify and prioritize "recession-proof" products by focusing on fundamental human needs (food, water, clothing, sleep, shelter). It provides actionable insights for building a resilient product catalog that can withstand economic downturns and shift away from trend-driven inventory, ensuring business stability and long-term success.
Key takeaways
Focus product research on fundamental human needs (food, water, clothing, sleep, shelter) rather than fleeting trends to build a resilient product catalog.
Analyze existing market gaps within essential categories to identify profitable niches. For example, explore durable workwear or shelf-stable specialized foods.
Evaluate product ideas based on their essentiality, durability, and ability to consistently solve consumer problems, not just impulse buys.
In times of economic uncertainty, consumer spending recalibrates towards necessities; align your product offerings with this behavioral shift to maintain demand.
Learn from past economic disruptions like COVID-19 to understand how product demand for essential goods can remain stable or even increase during crises.
Today I am joined by Sharon Even, Kian Golzari and Adam Hiest to discuss a way at looking at product research from a basis of true needs. Food, water, clothing, sleep, and shelter are the bare necessities for anyone's survival. When things get tight people tend focus on what matters. We see when covid a couple of years back, sellers lost their business almost over night or the thrived. Of course, we had the group inbetween that traded out of it and took a hit. In this session we will take a look at the thought procress of basic needs and then explore ideas around products that meet that criteria.
What does this episode say about product & merchandising?
Focus product research on fundamental human needs (food, water, clothing, sleep, shelter) rather than fleeting trends to build a resilient product catalog.
What does this episode say about supply chain & operations?
Analyze existing market gaps within essential categories to identify profitable niches. For example, explore durable workwear or shelf-stable specialized foods.
What does this episode say about founder & leadership?
Evaluate product ideas based on their essentiality, durability, and ability to consistently solve consumer problems, not just impulse buys.
What does this episode say about product & merchandising?
In times of economic uncertainty, consumer spending recalibrates towards necessities; align your product offerings with this behavioral shift to maintain demand.
What does this episode say about product & merchandising?
Learn from past economic disruptions like COVID-19 to understand how product demand for essential goods can remain stable or even increase during crises.
