Finding your product idea
The first step towards private label is to find a good product that has a steady value. Here are a few places you can turn to for inspiration. First, you need to learn what private label
- Amazon Best Seller list
Under Amazon Best Seller, you can narrow your search down even further to the category you’re most interested in. It could range anywhere from toys to electronics to kitchenware. Once you define the category you’re looking at, you can further look into “Movers & Shakers” and “Most Wished For” to see what products are in demand.
Global Sources Analyst’s Choice and Top 20 list are great places to conduct product research. The analyst’s choice products are the coolest and most innovative products that Global Sources analysts carefully curate to bring to you. While the Top 20 covers products with the highest buyer interest on GlobalSources.com so you know what’s hot right now.
- Trade shows
At Global Sources trade shows, you can explore the vast majority of both OEM and ODM suppliers available. Here’s how you can get a head start on your negotiations at the trade shows. Find a product you like, touch and feel it, check the quality and begin discussing with the supplier to figure out how you can customize it to make it your own.
- Interest boards and bookmark sites
Companies like Pinterest and Juxtapost are another good source of inspiration. Look at what your target demographic is leaning towards and what the most favoured designs are. It’s also a great place to find unique product ideas that people are interested in but may not be selling on eCommerce platforms just yet. It also helps you identify products that are niche enough to help you differentiate from a generic pool.
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It’s imperative to keep in mind that the product you decide to put out into the market shouldn’t be a product that you want. Rather, it should be a product that customers want or a product that bridges an existing gap in a market. Once you’ve chosen your product, you have to conduct some research to figure out how easy it is to sell
Here are a couple of indicators you need to look out for:
- Sales volume (higher volume is better, make sure it’s more than 500 per month)
- Low competition (Make sure your competition doesn’t have more than 100 reviews on 3-4 items)
- Retail price is more than $20 (you need to be able to cover set up, sourcing, shipment and marketing costs)
- 40-50% profit margin (similar to the earlier point, the profit margin has to be worth the cost)
- Possible to improve product (Are the negative reviews something you can address and make changes to)
- Can the category be expanded (you need to think long term and find opportunity for potential growth of your business)
Where can you look? You can use tools such as Jungle Scout, Seller App, Viral Launch, Helium 10, and unicorn smashers for data that’s important for your product research. You can also conduct keyword research to add another layer of understanding.
Develop your branding
It’s important to secure your brand name and logo to differentiate your product from non-brand, generic products. Remember to secure your trademark and brush up on intellectual property rights so you can always protect your account. Here’s a quick guide on how to differentiate between the different types of rights.
Product listing isn’t what it used to be. Even with low competition, your listing needs to stand out and appeal to customers. Keep it clean, clear, and concise so that customers know exactly what value they’re getting from your product. Here’s a quick checklist for you to refer to so you don’t miss any step of the process.
Want to learn the deep science that is product listing and optimize it? Attend Global Sources Summit October 2019 where we will cover the formula for the perfect product listing on Amazon.
What is Global Sources Summit
Global Sources Summit is a 3-day conference for online and Amazon sellers sourcing private label products from China. The conference will be held 27-29 October 2019 in Hong Kong.
The Summit is co-located with Global Sources Fashion and Lifestyle trade show so you can also meet thousands of China suppliers at the same time.