Would you take the time to validate the demand for a product if it could mean 100k in sales in your first year?
Steve Chou, the founder of Bumblebee Linens and the Sellers Summit, shares with us some simple techniques and tools for choosing the correct products to sell online, how to differentiate yourself from the competition and how to build an eCommerce business for long-term success completely independent of any Marketplace.
A Conversation with Steve Chou, quotes from the cast:
“The worst thing you can possibly do is sell something that is exactly the same as someone else.”
“Find products with 2 and 3-star reviews and by addressing those complaints you can make your product better and stand out amongst your competition.”
“These days all the information is available for you online, you just need to look at it.”
“Start out on Amazon or eBay to validate what they are going to sell.”
“Once you know that there is demand, then it’s time to start working on your website.”
“You don’t want your business to be in the hands of anyone else.”
“As soon as you have some traction on one of the marketplaces, that’s when it’s time to transition to your own website.”
For Store Owners:
FACT: There is a 98% chance that they are not coming back and not making a purchase
The first thing you should be doing is putting processes in place to bring your customers back over and over again until they are ready to buy.