After having the basic thinking of correct product selection, if you want to choose good products, you must also consider the details in the product selection process. Combined with years of operation experience, the precautions for product selection are summarized into 8 aspects.
Fund situation, that is, the funds available for operation by individuals/teams. Sellers with different financial strengths will have great differences in product selection. One very important point is that no matter how much money you have, you must select products based on the principle of “doing your best and doing what you can” and not choose products beyond your financial ability. The creation of any product may fail. The more products you have, the more likely it is to succeed, so the funds should be divided into multiple products. In addition, creating a product requires multiple rounds of promotion, so the funds must be split into multiple parts and invested in stages.
Personal preference. It is important to choose products that you personally prefer. If you are not interested in the product, it is difficult to conduct in-depth and comprehensive research. If the product research is not detailed and deep, it is easy to neglect the key points in operation, resulting in the failure of creating products. Therefore, product selection must be based on your own preferences, and you should not do it if you are not familiar with it. This “familiarity” not only refers to the categories and products that are already familiar, but also includes categories and products that are not familiar at present but are willing to spend time and energy to become familiar with. In many cases, if you like a product enough, the enthusiasm will make it easier to create.
Resource advantage. When selecting products, you should also consider the available resources around you. If there are suitable supply chain resources, you should make good use of them. The supply advantage can make operations easier. Sellers who don’t have supply chain resources around them should not be nervous. The 1688 website is a good resource that can be used well.
Competitive environment. Try to avoid the red ocean category and try to choose products with less competition and relatively unpopular. In terms of operation, although a product with thousands of orders a day is the dream of many sellers, not every seller can handle a big hit. When you pay attention to a big hit, many big sellers have already been keeping a close eye on it. Even the sellers who are currently ranked high are big sellers themselves. They will even “drive away” new entrants through bad reviews. Small hits are different. A relatively unpopular product may not have many sales per day, but the competition is not fierce, it is easy to create, and it can achieve long-term stable profits. It may not make less money than a big hit. The key is low risk and stable development.
The product function should be as single as possible, and the product combination should be imaginative. Products with single functions are easy to control quality, and can stimulate consumers’ desire to buy through bulk sales, set combinations, and matching gifts. The combination of the two aspects can increase the possibility of the product becoming a hot-selling product.
The product is updated slowly and the seasonal characteristics are not obvious. Products with fast updates and obvious seasonal characteristics are prone to inventory backlogs, resulting in a decrease in capital turnover and high storage costs, which will dilute the previous profits. After the next generation and new season products are launched, the original inventory products may become waste. Therefore, when selecting products, try to choose products with slow updates and no obvious seasonal characteristics.
Try not to choose sensitive products. Sensitive products include liquid, paste, dust, electrified, and products that require special certification. This type of product may have good sales and high profits, but the first-leg delivery is easily restricted, and it may be required to submit certification at any time during operation, which may disrupt the rhythm of operation. If the product is removed from the shelves because it cannot submit certification, it will also cause inventory backlogs and unsalable. Rather than having uncontrollable factors in operation, it is better to give up the idea from the product selection stage.
The product quality is stable and the product rating is high. The quality of a product will greatly affect the rhythm of creation and its life cycle. If all the sellers currently have a low praise rate for a certain product, it means that the product has certain quality problems. For such products, the problems encountered by other sellers will eventually happen to themselves. In order to avoid being blocked in the creation process, do not choose it in the product selection stage.
There are many details that should be paid attention to when selecting products. If you can follow the above suggestions to select products, then the probability of product selection failure can be reduced to a certain extent. Sellers may wish to give it a try when selecting products.