In today’s globalized context, more and more companies are turning their attention to cross-border e-commerce business. Some friends have chosen the Amazon platform, while others have chosen the Lazada platform. However, before entering the field of cross-border e-commerce, we need to learn how to optimize product selection and actual operations in advance.
Choose the right category
Before selecting products on Lazada, you must first clarify the product categories you want to sell. It is recommended to give priority to categories that you are familiar with or categories related to surrounding sources of goods. In addition, you can consider choosing hot-selling categories on the platform, categories recommended by Google Trends, and products related to holidays or seasonal demand. The selection of categories should also consider the characteristics of the main site and sub-sites. For seasonal products, it is best to prepare 2 to 3 months in advance.
The importance of preliminary selection
After clarifying the categories, the next step is to select the preliminary products. It is necessary to pay attention to the incremental products on each platform, that is, products with high sales but low reviews, especially those that have been uploaded and sold more than 100 pieces in the past month. In addition, you can conduct competitive product research to understand the hot-selling products on the Lazada platform, how many sellers are selling products in the same category, and whether the monthly sales volume reaches more than 100 pieces. For hot-selling products on other platforms, whether there is room for localization improvement, such as adding some religious or festival elements, you can discuss with suppliers.
Keyword analysis and market research
Using Google keyword tools, you can view popular search long-tail keywords and find business opportunities suitable for you. In addition, you can participate in public courses, share Lazada product selection forms, and study modules such as market analysis, product risk analysis, product comprehensive analysis, and promotion difficulty analysis. Sellers can nest their own products and categories into these analyses and comprehensively analyze the SWOT of their own products, namely strengths, weaknesses, opportunities, and threats. Each company needs to allocate weights to different sectors according to its own strengths, and pay attention to the allocation and adjustment of weights.
Set veto items
During the product selection process, you need to set some veto items to help screen out suitable products. For example, for the Vietnamese market, if the product price exceeds 1,000,000 Vietnamese Dong, it may not be suitable for sale; for the Thai market, if the price exceeds 1,500 Thai Baht, you may need to add a 30% sales tax; for the Malaysian market, if the price exceeds 500 Malaysian Ringgit, you may need to add a 10% sales tax; for the Indonesian market, if the price exceeds US$75 (IDR 1,077,720), you may need to add a 40% sales tax; for the Singapore market, if the price exceeds 400 Singapore dollars, you may need to add a 7% sales tax.
Choose quality and quantity
Although there are many ways to select products, no matter which one you choose, you need to pay attention to the quality and quantity of the products. In addition to maintaining a continuous update speed of 5 to 10 products per day, it is also essential to choose products with high profits. Why choose products with a high repurchase rate? Because a high repurchase rate reflects consumers’ loyalty to the brand, which is crucial for long-term operations. The value of fan users to products is unquestionable, and enhancing the value and contribution of users to products is the core of operations.
When choosing products, it is necessary to clearly define the target consumer groups of the products and their consumption habits. The target consumer groups of the products should be those who are willing to spend money and have an urgent need for the products. Taking these factors into consideration, you can better choose suitable products and lay a solid foundation for the success of cross-border e-commerce business. In the process of product selection, you should not only pay attention to quality and quantity, but also make wise decisions based on market demand and platform policies to achieve long-term profitability.