On the Lazada platform, big sellers usually have a unique vision for product selection. They attach importance to controlling the supply chain and take products as the core. As a seller, it is crucial to study product characteristics and pay attention to the product life cycle, including the investment period, growth period, saturation period and decline period. Therefore, sellers need to promote products in a targeted manner according to the product life cycle.
For novice sellers, choosing products is not a simple matter. Even experienced marketers need to conduct research to stand out in the fierce competition for product selection and create a hit. Here are a few tips for selecting products:
1. Market analysis and product selection: Sellers need to understand the supply and demand relationship from the perspective of market capacity, grasp consumer demand points, and ensure that products meet the development needs of the market. Products with large market demand can bring better sales and turnover. In contrast, products with smaller market demand may bring problems such as scarcity of orders, which will bring many difficulties to store operations. Therefore, sellers need to learn market analysis and choose products that meet market demand.
2. Self-analysis and product selection: Only by deeply understanding themselves can sellers choose products that suit them. In this way, they can better understand these products and deeply explore their market value.
3. Competitor analysis and product selection: The key to defeating competitors is to understand them. If a product already has competitors doing well, it is difficult for sellers to surpass their competitors by selling the same product. Therefore, it is crucial to understand competitors, but do not imitate or blindly follow the trend.
4. Best Seller selection on the site: Below the product description, there is usually a category Best Seller Rank ranking column. Sellers can use this ranking to obtain the most popular products on the platform at present, and analyze and filter products according to their preferences and market demand. This is one of the fastest and most effective product selection methods.
5. Negative review data analysis and product selection: By collecting negative review data of hot-selling products on the platform, sellers can analyze consumer demand points. Based on this data, sellers can improve products or avoid products with high negative review rates, grasp consumer demand points, and meet their pain points, thereby obtaining better product exposure and sales.
6. Google Trends Analysis for Product Selection: Sellers can use Google’s data analysis tools to analyze product sales categories, sales prices, and trends in the entire industry. By analyzing the market popularity and sales volume of a product, this will be of great help in product selection.
Analysis of Southeast Asian consumer market:
According to a report released by Google and Temasek in 2016, Southeast Asia’s e-commerce market is expected to reach approximately US$88 billion by 2025.
In Southeast Asia, the e-commerce market has the following five main characteristics:
1. Highly dependent on mobile devices: Southeast Asia’s Internet popularization stage directly skipped personal computers and entered the era of mobile devices. As a result, Southeast Asian netizens are increasingly dependent on mobile devices such as mobile phones, and e-commerce consumption scenarios are becoming more and more fragmented.
2. Young population and huge consumption: Southeast Asia’s population is younger than other regions, with 70% of the population under the age of 40. In addition, the middle-class population is also increasing, and the consumer group is growing, with huge potential.
3. The offline retail market is sluggish: In Southeast Asian countries such as Indonesia, which has 17,000 islands, logistics costs account for about a quarter of GDP, creating opportunities for cross-border e-commerce.
4. Consumption habits still need to be cultivated: Compared with developed countries, consumers in the Southeast Asian market as a whole have lower levels of knowledge and culture, relatively backward Internet devices, and relatively short Internet time. Therefore, sellers still need to conduct certain market education to cultivate the consumption habits of these consumers.
5. Strong ethnic and religious colors: Consumers in Southeast Asia have significant differences in beliefs, culture and even consumption habits. As an e-commerce seller, you must formulate different marketing strategies according to different local ethnic festivals, and also abide by local religious beliefs and cultural taboos.