Choosing the right product is one of the most crucial steps of selling on an online marketplace, you could have the best optimised listings, the best ads, and the best promotions - but without the right product, that matches what the market wants, your store will not succeed. This article will help you ﬁnd those perfect products
What factors should I consider when choosing a product to sell on Lazada or Shopee?
Choosing your product for sale on Lazada involves asking the right questions. First oﬀ, "Who is my potential customer?" You must consider the age, gender, income level, and lifestyle of your target demographic. Are you aiming at millennials or baby boomers? Are they luxury shoppers or budget buyers?
Next, ask yourself, "Why does my customer want my product?" Understanding their buying motivation will help shape your marketing strategy. Is your product
a fundamental necessity, a luxury item, or gift? Is your product's appeal emotional, practical, or novel?
A crucial query to ask yourself is, "What problem does my product solve?" This points to the speciﬁc need or desire your product caters to. Does your product alleviate a common issue, simplify life, or add a bit of joy? Knowing why a customer would purchase your product increases its relevancy and attraction.
Lastly, think about, "Why should customers choose me over other sellers? " Highlight your unique selling point. Showcase why you are the superior choice, be it through higher product quality, competitive pricing, extraordinary customer service, or appealing warranty terms. Ensure that you stand out amidst Lazada's vast array of sellers.
Some popular product categories to consider.
The electronics category is one of the most popular on Lazada, with high demand for smartphones, laptops, and accessories.
Fashion and beauty products are also in high demand on Lazada, with a large customer base looking for trendy clothing and cosmetics.
How do I conduct a competition analysis for a product on Lazada?
It's important to do Competitive Analysis to:
- Understand what your customers are currently buying
- See which products succeed and which don't
- Identify market trends and predict future ones
- Uncover strategies that can give your product a competitive edge
- Gain insights into pricing, marketing approaches, and customer preferences
Firstly, locate the product category you're interested in on the Lazada platform. You're looking for products similar to yours and analyzing the market dynamics behind their success or failure. Take note of the product pricing, reviews, ratings, and the number of sellers dealing in the same category. You’re interested in how competitive the category is—how crowded is the marketplace?
Next, study the top performers in the category. What are they doing right? Is it
a competitive price, compelling product listings, or stellar customer reviews? Pay attention to how they've optimized their product titles and descriptions—what keywords are they using, and could you use them too?
Also, it's worth keeping an eye on the underperformers. Why are they failing? What should you avoid?
Another crucial aspect of your competition analysis should include understanding how these sellers are leveraging social media and inﬂuencers. Are they actively promoting their Lazada listings on social media platforms? If so, how successful are these promotional eﬀorts? Are there inﬂuencers endorsing these products—are they making a significant impact on the sales performance of these products?
In conclusion, a thorough competition analysis requires keen observation and a detailed study of the successful and unsuccessful strategies employed by your market competitors. Use these insights to shape your own strategy and potentially carve out an advantageous position in the Lazada product landscape.
It is important to conduct thorough competition analysis to identify gaps in the market and ﬁnd unique selling points for your products.
What are some common mistakes to avoid when choosing a product to sell on Lazada?
Here's a conundrum - you've done your research, identiﬁed your target audience, completed a thorough competition analysis, and you're thrilled about launching your product on Lazada. But wait – what if you've overlooked some common errors in your enthusiasm? Let's debrief:
- Selecting a Saturated Market: Venturing into an oversaturated market can pose a significant roadblock. Ensure you've researched the supply and demand ratio well in advance.
- High Shipping Costs: Misjudging logistics and shipping costs is a common mistake made by many new sellers. Monitor your fulﬁllment cost to prevent it from eating into your proﬁt margins.
- Ignoring Keywords: Not leveraging the power of SEO and product descriptions with lucrative keywords can hamper your product visibility. Keyword optimization is essential to reach your intended audience.
- Inadequate Market Research: A lack of comprehensive market research can lead to a poor product choice. Consumer demand, seasonality, and competitive landscape should not be ignored.
- Poor Quality Products: Your product’s quality can either make or break your online reputation. Prioritize quality over quantity to avoid negative reviews or returns.
- Failing to identify a Unique Selling Point (USP): If your product doesn't solve a problem or present something unique that sets it apart from its competitors, it’s less likely to be a hit. Remember, uniqueness can command a premium.
With these points kept at bay, you're on the track to turning your e-commerce dreams into a proﬁtable reality! Remember, planning, research, and careful implementation are your keys to success
Finding a unique selling point
Start with pinpointing the unique and distinguishing features of your product. Is it the top-notch quality, the stylish design, the sustainable production process, or the user-
friendly technology? Be speciﬁc, the 'better' claim isn't suﬃcient. Your Unique Selling Proposition (USP) could be any aspect that sets your product apart.
Next, delve into the desires and needs of your target audience. What catches their interest? What lacks in the products they currently use? How ﬁlls your product the gap more aptly than other products on Lazada? Don't assume, research.
Merge these ﬁndings - the uniqueness of your product and its capability to meet your buyers' needs, to create a compelling USP. This crystal-clear message should speak loudly to why your product is superior in the market.
A robust USP can up the desirability of your product on Lazada, even when competition is ﬁerce or prices lesser. Make sure to echo this USP in your product titles, descriptions, and throughout your marketing campaigns - a constant reminder of why your product stands out as the best choice.
Sourcing Your Product
Locating a reliable product source is paramount to your success on Lazada. It's like this - a dependable supplier impacts your business in big ways including the product quality, delivery timeframes, and ultimately, your proﬁts.
Imagine discovering a high-demand product, but due to unpredictable deliveries or poor quality, you are left with unhappy customers. Unfavorable reviews or negative word-of-mouth can quickly tarnish your online reputation. Therefore, stringent quality control and punctual deliveries are crucial.
Also, where your product comes from aﬀects your proﬁtability. A supplier oﬀering a cost-eﬀective rate allows you to retail the product at an attractive price while earning a decent proﬁt. Essentially, a supplier providing top-notch products at aﬀordable costs underpins a lasting business model.
Your product listing can be considered as prime online real estate. In the same manner that a welcoming house façade entices purchasers, an impressive product listing grabs the attention of prospective customers. This ﬁrst glance at your product stirs interest.
Any possible customer journey on Lazada starts with the search bar. After a query is keyed in, countless products are laid out before them. It is your mission to make YOUR product shine amidst this competitive crowd.
Never underestimate the power of high-quality images and detailed product descriptions. These elements set your product apart, convincing users that your product stands above the rest. Bear in mind, you are not simply selling a product, but also an idea, a vision and a solution to their requirements—all initiated with
a captivating product listing.
You can ﬁnd more great tips from our article here:
We will dive deeper into creating great product listings in our next article, so stay tuned.
It requires a clear understanding of your target audience, an in-depth competition analysis, and a keen eye for what problem your product solves. Remember that avoiding common pitfalls, identifying your unique selling proposition, and creating compelling product listings are integral aspects of your journey. As we continue to optimize your product titles and descriptions and leverage social media and inﬂuencers, always stay focused and adaptable. So, go ahead - embark on this venture, explore opportunities, and conquer the Lazada platform with the knowledge and conﬁdence collated from this article. Stay tuned for our subsequent guide on creating fantastic product listings that can catapult your business to new heights in the e-commerce landscape.