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Hello All,
I have been around this forum for about a year and have read numerous threads on eCommerce and entrepreneurship in general. My first venture which I started around a year ago failed, but it was a very rewarding experience as I learned a lot about the whole import process, setting up a website, and driving traffic to that website. More importantly I learned some pitfalls and what were some of things that worked, so I am going to give this new venture a try, and I will document this process with some discretion so that newcomers could learn, and at the same time I could get insights from those experienced members.
Wanted to briefly thank @biophase , @JonnyC , @JasonR , @Ecom man, @Walter Hay and more for creating valuable threads with ton of information in them.
So lets jump in!
"I made sales before forming an LLC, or doing anything the "right" way." - @JasonR
"Find a market (a BIG market), figure out what they want or what they would buy, and then create a product around it. Again - you don't need to reinvent the wheel (look at the supplement industry)." - @JasonR
I got this information from Jason's Golden Nugget Thread back from 2014. https://www.thefastlaneforum.com/community/threads/jasons-how-to-build-wealth-golden-nuggets.52268/
So the product I have chosen is in a huge market that is proven to sell. What will help me set my product apart is:
Thanks to a thread created by @JonnyC , I learned how to do some research on current product performance.
I will attach some images regarding trends and some research I got using an Amazon Tool.
Based on this five year graph we could determine that this product has had high demand in recent years.
This chart which I gathered the information using a tool tells us several things. The average selling price for the top 20 is around $30 dollars which is a perfect price point and can also generate some impulse purchases as the price point is not really high. Then we have some additional information regarding estimated revenue, sales, and sales rank, and rating. Lastly, in the last column we see that all except one seller use Fulfillment by Amazon (FBA), means that cost to ship and store products with them is affordable as it is a light weight item.
I have only seen one other seller of this item with similar characteristics and they are based in the UK and only provide international shipping through their website.(I don't know if Amazon UK ships to US. They only drive traffic through Facebook and some blogs that have reviewed their product.
Being that the item contained most of the key elements to make it a decent product to source, I decided to give it a try!
@Walter Hay wrote a book which a purchased around a year ago which details the importing process.
Through the knowledge I gained in this book I started to research some manufacturers. I searched Alibaba, and a few other sources with no success. Checking some other sources I finally found a manufacturer that makes the product with the exact design that I want.
So I sent them the following inquiry which I typed up in word:
This was all done between yesterday and this morning. I will be posting an update once I hear back from the manufacturer.
I have been around this forum for about a year and have read numerous threads on eCommerce and entrepreneurship in general. My first venture which I started around a year ago failed, but it was a very rewarding experience as I learned a lot about the whole import process, setting up a website, and driving traffic to that website. More importantly I learned some pitfalls and what were some of things that worked, so I am going to give this new venture a try, and I will document this process with some discretion so that newcomers could learn, and at the same time I could get insights from those experienced members.
Wanted to briefly thank @biophase , @JonnyC , @JasonR , @Ecom man, @Walter Hay and more for creating valuable threads with ton of information in them.
So lets jump in!
"I made sales before forming an LLC, or doing anything the "right" way." - @JasonR
"Find a market (a BIG market), figure out what they want or what they would buy, and then create a product around it. Again - you don't need to reinvent the wheel (look at the supplement industry)." - @JasonR
I got this information from Jason's Golden Nugget Thread back from 2014. https://www.thefastlaneforum.com/community/threads/jasons-how-to-build-wealth-golden-nuggets.52268/
So the product I have chosen is in a huge market that is proven to sell. What will help me set my product apart is:
- Great looking website
- Add some flavor to the product
- Give this product a premium feel when compared to other products in its category
- Traffic driving knowledge like Social Media, PPC, ETC.
Thanks to a thread created by @JonnyC , I learned how to do some research on current product performance.
I will attach some images regarding trends and some research I got using an Amazon Tool.
Based on this five year graph we could determine that this product has had high demand in recent years.
This chart which I gathered the information using a tool tells us several things. The average selling price for the top 20 is around $30 dollars which is a perfect price point and can also generate some impulse purchases as the price point is not really high. Then we have some additional information regarding estimated revenue, sales, and sales rank, and rating. Lastly, in the last column we see that all except one seller use Fulfillment by Amazon (FBA), means that cost to ship and store products with them is affordable as it is a light weight item.
I have only seen one other seller of this item with similar characteristics and they are based in the UK and only provide international shipping through their website.(I don't know if Amazon UK ships to US. They only drive traffic through Facebook and some blogs that have reviewed their product.
Being that the item contained most of the key elements to make it a decent product to source, I decided to give it a try!
@Walter Hay wrote a book which a purchased around a year ago which details the importing process.
Through the knowledge I gained in this book I started to research some manufacturers. I searched Alibaba, and a few other sources with no success. Checking some other sources I finally found a manufacturer that makes the product with the exact design that I want.
So I sent them the following inquiry which I typed up in word:
This was all done between yesterday and this morning. I will be posting an update once I hear back from the manufacturer.
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