Top Selling Shopify Products: Insights and Trends for 2024

In the world of e-commerce, identifying the right products to sell is crucial to staying ahead of the competition. As we move into 2024, consumer preferences and market trends are shaping what sells best on platforms like Shopify. From tech gadgets to personalized pet products, some categories are seeing explosive growth, offering lucrative opportunities for sellers. This article will explore the top selling Shopify products for 2024, backed by industry insights and trends that can help you make informed decisions and maximize your profits.

Selection Criteria for the Top selling Shopify products

How do you choose what top selling Shopify products to offer in your online store on Shopify? You can choose the best products to sell online by using these five key criteria:

• Demand and popularity
• Margin of profit
• Seasons
• Rivalry
• Your familiarity with the product

You can evaluate a product’s prospective revenue by looking at its popularity and profit margin. Planning the timing of marketing efforts and estimating annual sales potential are made easier by seasonality. You can assess the viability of making sales with the use of product knowledge and competition analysis.

Demand and popularity

The size of your market is determined by demand. Your market share and the price you charge for every sale determine how much money you could make from sales of top selling Shopify products. Demand is therefore an important factor to take into account when assessing a product’s potential for profit on your online store. Verify product demand and attractiveness with particular target audience segments by doing market research. Make use of resources like market research reports, customer surveys, Think with Google, internal sales data and analytics, and Census Bureau data.

Margin of profit

Because you have to pay for the production and sale of your top selling Shopify products through your online store, revenue potential is only one aspect of the situation. Your profit margin is the percentage of your sales that you keep. Depending on whether you want to focus on the cost of goods sold or other expenses like operating expenses, there are a number of formulas for calculating profit margins.

All calculations boil down to a ratio of the difference between your sales and costs divided by your sales. To make a healthy profit margin from your online store, look for products with low production costs in relation to the selling price.

Seasons

A product’s seasonal sales peaks should be taken into account when calculating its potential annual sales. The amount of money you make each year from that product and when you receive cash from sales to pay for your operating expenses are both impacted by seasonality.

Think about whether demand for your top selling Shopify products will be constant throughout the year or will vary with the seasons. As a marketing strategy, you may aim to sell various products at different periods of the year to adjust for seasonal cycles.

Rivalry

Despite a product’s high demand, achieving profitability can be challenging in the presence of intense competition. It is essential to assess your capability to market your top selling Shopify products considering the possibility of competing entities. Conduct market research to identify and analyze current competitors, assessing the level of difficulty in entering the market.

Analyze the positioning of competitor products through their marketing strategies, focusing on the features and benefits they highlight. Evaluate the distinct characteristics of your product and assess whether it offers any unique features or advantages.

Your familiarity with the product

Effectively selling your top selling Shopify products necessitates a comprehensive understanding of its features and advantages, enabling you to articulate its benefits to your target market and convincingly demonstrate how it fulfills their requirements.

Evaluate your understanding of the product and its intended audience. Evaluate the features, applications, and benefits of your product, and assess how these correspond with the preferences of your target audience. Utilize this to assess your knowledge level for successful competition in the market and to effectively promote the product via your online store.

How to Carry out Market Research to Select appropriate Goods

Identifying top selling Shopify products within the extensive array of online offerings requires comprehensive market analysis. Success on Shopify is significantly influenced by a comprehensive understanding of the target customer base and a thorough analysis of market demand. Below is a strategy that can be implemented:

Determine the Demographic Characteristics of your Target Customers

Understanding the specific target audience for your top selling Shopify products is essential. Identifying the demographic groups with the highest likelihood of interest in your products enables the optimization of sales and marketing strategies.

Utilize online tools such as Google’s Marketing Insights or Shopify’s customer demographic data, accessible through your store’s analytics dashboard, to effectively identify your target audience.

Conduct a Competitive Analysis

Analyzing competitors involves understanding their successful strategies while also identifying opportunities for improvement that your business can address. Analyze the trends associated with the product categories offered, the pricing structures implemented, the marketing strategies employed, and the feedback provided by customers.

Analyze the Market Demand

Assessing the existing demand for a specific product category is essential for predicting its future potential. A product exhibiting an upward trend indicates potential for success; in contrast, a downward trend could call for concern. It is important to recognize that trends can change rapidly; therefore, ongoing monitoring is crucial for adjusting your product portfolio as needed.

Using Shopify’s Integrations and Tools to do Market Research

In addition to widely used research tools such as Google Trends, Shopify provides an extensive selection of tools and integrations designed to streamline market analysis. Utilizing these resources enables the identification of market trends and consumer behaviors, thereby providing a strategic advantage over competitors.

• Shopify Analytics: Shopify Analytics offers a detailed analysis of your store’s performance metrics. Sales and visitor behavior can be tracked, allowing for the identification of products that generate the highest level of interest. This data serves as a guide for selecting optimal products for sale, thereby maximizing profit potential.
• Integration with Google Analytics: Shopify offers a seamless connection to Google’s robust analytics platform. Connecting your store enables the monitoring of essential metrics such as sessions, bounce rate, and conversions categorized by product or category. Analyzing these statistics will guide you in the selection of profitable products.
• Integration of Shopify’s POS System: Enhance your market reach utilizing the Shopify POS system. This tool integrates online and offline sales, enabling comprehensive tracking and analysis of all data within a single platform. The integration of online and physical store insights provides a comprehensive understanding of market demand.
• Integration of product reviews: Customer reviews serve as a critical resource for analyzing product trends and understanding customer preferences. Integrating a product review system into your Shopify store enables the collection of direct feedback from customers, which assists in optimizing product selection.

Read more: Boost Sales with Shopify Product Reviews Tips & guides

Top Categories for Top selling Shopify products

What are the most promising product categories for Shopify merchants to sell through online stores in 2024? Regarding market demand, six of the top selling Shopify products to offer on Shopify include:

Clothing and Accessory items

The global apparel market is experiencing a recovery following the restrictions imposed during the COVID-19 pandemic. According to projections from market research firm Mordor Intelligence, the market is expected to achieve a compound annual growth rate (CAGR) of 4.63% during the period from 2024 to 2029.

The expansion of online shopping is facilitating this growth and enabling merchants to broaden their geographic presence. The growth of the apparel market is influenced by several factors, including increasing per capita income, demographic trends, and a preference for branded products.

With the increasing purchasing power of millennials, there is a notable trend of this demographic gravitating towards luxury brands.

Products related to Health and Wellness

The global market for health and wellness products is experiencing significant growth and is projected to continue expanding rapidly. By 2024, the market is expected to reach approximately $5.86 trillion, said Predence Research. This growth is driven by increasing consumer awareness and prioritization of health, fitness, and overall well-being.

Products that are Sustainable and Environmentally Friendly

The increasing consumer demand for eco-friendly products is evident in the expanding market for sustainable fashion, commonly referred to as ethical fashion. The ethical fashion market reached a valuation of $7,548.2 million in 2022, demonstrating a compound annual growth rate (CAGR) of 6.5% since 2017, as reported by The Business Research Company.

From 2022 to 2027, the market is projected to experience a compound annual growth rate (CAGR) of 8.1%, ultimately achieving a value of $11,122 million (The Business Research Company). The growth of the market is influenced by the increasing demand for innovative solutions from a growing population.

Currently, man-made and regenerated fashion products dominate the market, whereas organic fashion products are projected to experience the most substantial growth in the future.

Products that are Tailored and Adjustable to Individual Preferences

The demand for customized products, including personalized gifts, is increasing. The personalized gift market is projected to experience a compound annual growth rate (CAGR) of 5.83% from 2020 to 2027, ultimately reaching a valuation of $38.66 billion, according to Market Research Future.

The primary factors contributing to the growth of this market are the rising popularity of gift exchanges and the increasing demand for 3D-printed gifts.

Technology Devices

The demand for top selling Shopify products in this category is expected to persist due to continuous technological advancements and an increasing consumer interest in innovative technology. The integration of this trend with the global transition to online shopping indicates that selling tech gadgets on your Shopify store has the potential to significantly impact your business strategy.

It is important to note that the technology gadget landscape is characterized by rapid advancements and ongoing evolution. A report published by Statista in 2024 indicates that the consumer electronics market achieved revenue exceeding $950 billion.

Furthermore, it is projected to experience an annual growth rate of 2.90% from 2024 to 2029.

Consequently, maintaining relevance necessitates an awareness of current trends and the capability to identify emerging opportunities. Provide devices designed to improve the daily experiences of your customers. Consider devices for home automation or wearables designed to monitor health metrics.

Products that align with the preferences of today’s informed, technology-oriented consumers have the potential to achieve best-seller status, resulting in optimal profit margins.

Products Designed for Pets

The pet products category represents a significant growth opportunity within the market. The global market value for pet products is expected to experience significant growth this year, with projections indicating it could reach approximately $427.75 billion by 2032 (Fortune Business Insights). Approximately 70% of households in the United States have a pet (American Pet Products Association), indicating a significant market opportunity for innovative concepts.

Pet owners are looking for more than just essential items such as food and bedding. The investment in high-quality, niche products signifies distinct opportunities for Shopify merchants. Consider the market for unique canine apparel, organic chew toys, and fashionable pet accessories – a significant segment prepared to invest in the comfort and well-being of their pets. As an owner of a Shopify store specializing in pet products, you have the opportunity to leverage a strong and growing market.

Top selling Shopify products in every Category

Clothing and Accessory items

• Men’s clothing: The market for men’s clothing is experiencing growth, with an estimated compound annual growth rate (CAGR) of 4.4% (GVR). Commonly sought-after items consist of jackets, blazers, coats, suits, trousers, jeans, shorts, and sports apparel.
• Women’s clothing: The women’s clothing market is experiencing a compound annual growth rate (CAGR) of 3.3%, according to imarc. Top selling Shopify products encompass a range of categories, including tops, dresses, bottom wear, sleepwear, innerwear, suits, coats, jackets, and ethnic wear.
• Children’s clothing: The children’s apparel sector is experiencing a compound annual growth rate (CAGR) of 7.1% (Fortune Business Insights), attributed to a rise in fashion consciousness among consumers. The baby clothing market is currently experiencing a compound annual growth rate (CAGR) of 6.1% (Fortune Business Insights), driven by an increase in parents’ awareness of fashion trends as influenced by social media platforms. The most commonly sought-after items for infants consist of upper garments, including bodysuits, as well as dresses and lower garments, such as trousers and leggings.

Find out more: 10 Best Shopify Tips for Clothing Brands

Products related to Health and Wellness

• Beauty and personal care: The beauty and personal care market is experiencing a compound annual growth rate (CAGR) of 7.7% (GVR), influenced by an increasing consumer awareness regarding personal appearances. Additional robust growth categories encompass haircare products, including shampoo, conditioner, and gel, as well as anti-aging products, which consist of anti-wrinkle and anti-stretch formulations.
• Nutrition and weight loss products: The personalized nutrition market is experiencing a compound annual growth rate (CAGR) of 11.48% (Allied Market Research). Top selling Shopify products are healthier meal options, including those that are low in salt, carbohydrates, and fat. Additionally, meal replacements, weight-loss supplements, green teas, and low-calorie sweeteners are also sought after.
• Preventive and personalized medicine: Preventive and personalized medicine products are experiencing significant growth, with the preventive healthcare market expanding at a compound annual growth rate (CAGR) of 9.7% (iHealthcare Analyst). This market primarily consists of services; however, it is possible to offer preventive products, such as herbs, through your Shopify store.

Products that are Sustainable and Environmentally Friendly

• Organic clothing: The organic clothing market represents the most rapidly expanding segment within the ethical fashion industry, with an anticipated compound annual growth rate (CAGR) of 40% over the forthcoming decade (Fact.MR). Common products made from organic cotton consist of footwear, hosiery, trousers, and t-shirts.
• Tote bags: The market for tote bags is experiencing significant growth, with a compound annual growth rate (CAGR) of 6.78% (Technavio). The demand for personalized tote bags is increasing. Tote bags function as a sustainable alternative to plastic bags.
• Mug: The mug market is experiencing a compound annual growth rate (CAGR) of 9.50% (Data Bridge Market Research). Consumers are increasingly adopting mugs as an alternative to single-use plastic cups.

Products that are Tailored and Adjustable to Individual Preferences

• Photobook: The photobook market is experiencing a compound annual growth rate (CAGR) of 3.1% (Datavagyanik). Wedding photobooks are among the top selling Shopify products, with kids and family photobooks following closely behind.
• Calendar: The wall calendar market is experiencing a compound annual growth rate (CAGR) of 5.4% (DataIntelo). Electronic wall calendars and paper wall calendars both exhibit significant popularity.
• Stationery products: The market for personalized stationery products is experiencing a compound annual growth rate (CAGR) of 9.6% (DataIntelo). Top selling Shopify products are storage and filing solutions, which include boxes and folders, paper-based products such as greeting cards, calendars, and notebooks, as well as drawing and writing instruments.

Technology Devices

Top selling Shopify products in this category include:

• Fitness trackers: The fitness tracker market is booming, with global sales expected to reach $162.75 billion by 2030, growing at a compound annual growth rate (CAGR) of 17.6% (GVR). This surge is driven by a rising awareness of health and wellness, especially among millennials and Gen Z consumers.
• Smart speakers: The smart speaker market is forecasted to grow to $61.40 billion by 2032, with a CAGR of 19.3% (Fortune Business Insights). As households become more connected, sellers can capitalize on this growing demand by offering products that enhance convenience and automation.
• Drone cameras: The drone camera market is expected to grow to $25.38 billion by 2029, with a CAGR of 18.28% (Mordor Intelligence). As drones become more accessible, they are finding uses in industries like agriculture, construction, and filmmaking, in addition to their popular consumer use for aerial photography and videography.

Products Designed for Pets

Targeting pet-owning customers can be achieved by providing a curated range of personalized pet products, including:

• Custom pet collars and leashes: The global pet accessories market alone is expected to grow to $40.5 billion by 2031 (Business Research Insights). Custom collars and leashes that feature names, designs, or even premium materials can differentiate your offerings in a competitive market, driving both sales and repeat customers.
• Personalized pet food bowls: Pet owners are willing to spend on items that reflect their pets’ personalities. Personalized pet food bowls are not only functional but also add a special touch, making them a popular gift item. With the increasing humanization of pets, this product line has strong market potential, especially if marketed as part of a premium pet care collection.

As 2024 unfolds, the key to success on Shopify will lie in understanding consumer behavior and leveraging trending products that align with your target audience. From fitness trackers and drone cameras to custom pet products and smart home devices, the potential for growth of top selling Shopify products is significant. By staying attuned to these trends and offering products that cater to the evolving needs of customers, Shopify sellers can position themselves for long-term success in an increasingly competitive e-commerce landscape. The future is bright for sellers who are ready to adapt and innovate.