eCommerce Product Strategy · Video Tutorial eCommerce Product Strategy Chinaimportal.com...
Transcript of eCommerce Product Strategy · Video Tutorial eCommerce Product Strategy Chinaimportal.com...
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Video Tutorial
eCommerce Product Strategy
Chinaimportal.comAsiaimportal (HK) Limited, Suite 2401-02, 24/F Bonham Strand Trade Centre, 135 Bonham Strand East, Sheung Wan, Hong Kong
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Product + Brand + Pricing + Marketing1. Select a product and brand name
2. Make your product unique
3. Find your price point
4. Select sales and marketing channel (e.g. Amazon.com, Shopify)
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What product should I sell?Rule 1: Think brand, not product
Rule 2: Sell products you are interested in
Rule 3: Competition indicates that there’s money to be made
Rule 4: There are no ‘best seller’ products
Rule 5: Most eCommerce Entrepreneurs give up after a few months. 50% of success is staying in the game long enough.
Rule 6: Make a 5-year plan
Rule 7: Just get started
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Why you should only focus on one product category
Monobrand
+ Lower MOQ / Investment: $5,000 - $10,000
+ You can focus your PPC marketing campaigns on a single product category
+ Lower procurement overheads (quality checks, lab testing and shipping)
+ Can easily be managed as a side project
+ All successful ecommerce startups today are monobrands
+ You can sell your brand 5 years from now
Multiple Products
- Very high startup cost / MOQ requirement: $70,000+ (10 Products)
- Required to run multiple PPC campaigns on Instagram and Facebook
- High quality control and lab testing costs (multiplied per product / factory)
- Extremely time consuming
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Product Pricing Strategy
Target Profit Margin: 30 - 50%
The product in this example should be sold for at least $100 to $130
Rule: Never try to compete on price with larger companies
Costs Description Example (Per unit)
Factory Price This is what you pay for the product $20.0
Procurement Services Quality control, lab testing etc $2.0
Shipping Costs Cost to ship from Asia to your address $1.2
Import Taxes Duties and other taxes in your country $1.0
Marketing How much you must pay Facebook, Youtube or Amazon to make a sale
$40.0 (!!!)
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Sales Channels & Marketing
Channel Pros & Cons Marketing Options
Amazon + Get exposure to a large audience
+ High sales conversion rates
- Very strict seller requirements (you can get your account suspended)
- Very strict seller requirements
Amazon PPC
Shopify / WooCommerce / Magento
+ You own the store
- You are responsible for driving traffic to your online store (no free exposure)
Facebook Ads, Youtube Ads, Instagram Ads, SEO, Influencers
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Brand & Design Protection1. Brand & Logo: Trademark Registration
2. Product Design / Graphical Patterns: Design Protection
3. Non-Disclosure Agreements
4. How worried should I be about my supplier using ‘my design’?
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How to make your product stand out5 concepts that anyone can use
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1. Use public domain artwork and photographs
Examples
Waxed cotton watch straps
Classic artwork printed on textile wallets
Photo etchings on aluminum phone cases
Chinese art puzzles
Rembrandt card game collection
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2. Hyper localized products
Examples
Sacramento Watches
Tower Hamlets Hoodies
Kreuzberg Caps
Singapore Coffee Cups
Brooklyn Wine Glasses
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3. Bundles and gift sets
Examples
Fathers day gift sets: Watch + Tie + Wallet
Coffee gift sets: Italian coffee press + 2 x cups + Illustrated booklet
Bonsai garden starter kit
Organic cotton children’s clothing sets
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4. Use premium materials
Examples
Alcantara watch straps
Italian leather watch straps
Pinatex wallets
Organic cotton bedding sets
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5. Product subscriptions
Examples
Baby clothing subscription
Low carb noodles subscription
Packaging materials subscription
Socks and underwear subscription
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Product + Brand + Pricing + Marketing1. Select a product and brand name
2. Make your product unique
3. Find your price point
4. Select sales and marketing channel (e.g. Amazon.com, Shopify)
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