The so-called “product selection” is to choose the right product and upload it to your own store. There has been a popular saying in the cross-border e-commerce circle: “The success of cross-border e-commerce depends on product selection for 70% and operation for 30%!” This sentence accurately summarizes the important role of product selection in cross-border e-commerce. As we all know, the height of a building is often determined by the depth of the foundation, so product selection is the “foundation” of cross-border e-commerce, which will determine the “height” of cross-border e-commerce!
So what are the ideas for cross-border e-commerce product selection and what principles should be followed? Based on previous operating experience, the following ideas and principles are summarized, which can be summarized as: one center, two eliminations, and six principles.
1. One center
With Lazada platform big data as the center, the platform’s front-end display effect and the real data of the back-end are used as the standard to guide product selection. For example, if we want to understand the current hot products and mainstream trends on the Lazada platform, we can first search for the corresponding keywords on the front desk, find out the products with higher sales, and then analyze the common elements and characteristics of these products. These elements and characteristics can be added to our product development, and we can also use these elements and characteristics to select the products that will be put on the shelves next.
2. Two things to avoid
Avoid the “self-centered” and “Taobao hot-selling” mentality. The “self-centered” mentality is to select products from the seller’s own perspective. Many sellers have been immersed in their own field of vision for a long time and often have a preconceived preference for their own products, but the products they like are not necessarily the products that buyers like. The “Taobao hot-selling” mentality means that many sellers think that products that are hot-selling on Taobao will definitely be hot-selling on Lazada, so they upload them directly to the Lazada platform. Little do they know that we are engaged in cross-border e-commerce sales. Products that are hot-selling in China may not necessarily be hot-selling among Southeast Asian consumers.
3. Six principles
(1) I have what others don’t
“I have what others don’t” considers the scarcity of the product. We can find some niche blue ocean categories, or products that are rare or even non-existent on the Lazada platform, but have a certain market demand. When we upload these products to our own stores, they can naturally get enough exposure and traffic
(2) I am better than others
“I am better than others” considers the quality of the product. If you cannot find a blue ocean category or can only compete in homogeneous products due to supply chain constraints, you must do better than your peers in terms of quality. When buyers buy similar products from different stores at the same price, the quality of the products often determines the purchase rate. Especially for some purchasing agents or small wholesale buyers, if merchants can win in product quality, they can retain these high-quality buyers and thus increase the sales of the store.
(3) People are better, I am new
“People are better, I am new” considers product design. Merchants can combine some of the old hot-selling models on the platform with popular elements and create new hot-selling models through “micro-innovation”.
(4) People are new, I am fast
“People are new, I am fast” considers the speed of product development and order delivery. Can the design team complete the product development and design faster than its peers? When everyone has a certain amount of orders, can you send the package to the sorting center faster than your peers? “The only way to defeat all martial arts is to be fast.” If merchants have this martial arts spirit of pursuing speed, then the road to cross-border e-commerce will start faster and more steadily.
(5) “If others are fast, we are cheap”
“If others are fast, we are cheap” refers to the price of the product. “Same quality, price comparison”. One of the reasons for the rapid rise of cross-border e-commerce in recent years is the high “cost-effectiveness” of e-commerce products. This requires merchants to reduce costs as much as possible while ensuring quality, because reducing costs by one dollar can gain a profit of one hundred cents.
(6) “If others are cheap, we will switch”
“If others are cheap, we will switch” refers to product categories and styles. When all merchants of a certain product have used the above product selection principles, this product will enter the stage of red ocean competition. Merchants who want to continue to compete in this field will “get half the result with twice the effort”. At this time, what needs to be done is to try to avoid entering this category and avoid operating this product. If you have been operating in this category for a period of time and find that profits continue to decline or begin to have no profits, you must shift your position to discover new blue ocean categories and blue ocean products.
After understanding the above product selection ideas and principles, it is time to start selecting products. Product selection methods can be summarized into the following three types: on-site product selection, off-site product selection, and domestic purchase website product selection.