There is a well-known saying in the cross-border e-commerce industry: “Seven points depend on product selection, and three points depend on operation.” Product selection is to choose products to sell on the platform. Good products are the core competitive advantage of the store, so the following will focus on how Meikeduo merchants select products.
Elements to learn from product selection:
1 Market perspective: Merchants must first conduct in-depth research on the Latin American market to select products based on national culture, politics, religion, climate, and trends, and select products according to the customs, seasons, and holidays of different Latin American countries, grasp the rigid needs and consumption habits of consumers in Latin America, and identify target consumers.
2 Platform perspective: Merchants can do a good job of investigation in advance, the categories recently supported by the platform, or the recent large-scale activities of the platform, and do a good job of selecting and replenishing products.
3 Category perspective: Each company focuses on its own category. Don’t blindly follow popular products, give full play to the advantages of your own company, and create core competitiveness.
4 From the perspective of the product life cycle: For example, Mexicans like sunshine and beaches, and merchants can prepare corresponding utensils in overseas warehouses in advance before the arrival of summer in Mexico.
5 Price perspective: Each company has its own profits, traffic and routines; merchants must control the proportion of each product to maximize its effect.
6 Logistics perspective: According to the volume and net weight of the product, some products with large volume, high freight but high profit can be shipped overseas.
How to do it in practice?
1. Find suppliers: including suppliers and their logistics suppliers. A good supplier can not only provide merchants with very competitive prices to ensure profits, but also ensure product quality and delivery speed to avoid out-of-stock.
2. Give full play to their own advantages and shape core competitiveness: Merchants can choose products with exclusive technology. If there is no company that develops products, they can consider suppliers and enter the Latin American market based on price advantages.
3. Data analysis: When selecting products, data analysis is essential, study the overall data of the platform, and study the data of competitive products.
4. Study the data of competitive products: If the merchant clearly expresses the category he wants to do, he can select the merchant’s competitive products from the current list of 10 categories and pay attention to their list data.
5. Understand strength and positioning: If merchants are rich in resources and strong, they can consider multiple categories and seize market share from the breadth of product varieties and inventory depth; if they are small merchants, they can consider their own advantages and go the boutique route.
After understanding the factors to be referenced in product selection, merchants can look for high-quality suppliers, give full play to their own advantages, conduct data analysis, and choose appropriate business strategies based on strength and positioning. These main factors will help Meikeduo merchants in the cross-border e-commerce industry succeed in product selection.