How to expand your product offering

When you’ve established trust with your customers, they’ll come to count on you for many products. That’s when you can start to expand your product offering.

Here’s how:

Be true to your audience. Don’t worry about new audiences. Tap into your current audience by considering items they’re likely to be buying elsewhere.
Complementary additions is an easy way to expand your product offering. Add items that compliment your existing product catalog. Like socks, if you sell shoes. Or think about variations of your current products.
What does your data say? Your data is a wealth of knowledge and can show you important insights, like products that were added to the cart together over the past 30 days. This will help you identify what products your customers are already buying together.

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[MUSIC PLAYING] In the early days of your business, you're building an audience and earning loyal customers. Once you've got a following you can start selling more products. The goal here is to leverage the goodwill you've earned from your dedicated customer base and inviting them to spend more money with you. Look at a big retailer like Apple selling phone cases along their new iPhones. This is called increasing the share of wallet. Apple's retail team knows their customers are likely going to buy a phone case at some point, so why not offer those loyal customers a phone case from Apple instead of the customer going elsewhere.

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So how can you increase your share of wallet and start broadening your product catalog. Think about what your customers would love from you. Don't worry about new audiences. Tap into your current audience by considering items they're likely to be buying elsewhere. An easy way to expand your offering is to add items that complement your existing product offering. Like socks if you sell shoes.

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Or think about variations of your current products. So if you sell hot sauce, maybe you add a mild version and an extra hot version. All of a sudden you have two new products your existing audience would likely be interested in. And you could even package all three up into a family pack, and there's your fourth product. Your data is a wealth of knowledge. And the Analytics section in your Shopify admin has all this information you need.

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For example, your online store card analysis report will show you all the products that were added to the card together over the past 30 days. You'll be able to see which item was added first and the items that followed. These pairings will help you identify patterns of items people tend to buy together. It's great because you don't have to guess what they're adding to the card together. You'll just need to figure out why.

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Be true to your customers and they'll come to count on you for many products. Thanks for watching. Shopify Compass is stocked with tutorials and courses to help your business grow. Be sure to check them out. Bye for now.