"Many shop owners believe they need to reinvent their own offerings," Goetz said. Instead, he suggests focusing on products that already have a proven track record of success. “An easy way to understand market trends is to measure the social media reputation of each product. If a product gets 10,000 likes on Facebook within a few hours, it should be featured.
When selecting products, it is also important to distinguish between commoditized products and unique products. Commodity products are widely available, but Industry Email List
unique products are handmade or niche items that are not mass-produced and are relatively difficult to obtain. “If you have a niche product, you first have to measure demand. You also have to watch what consumers are looking for. Surprising products sell,” said Goetz. Stated. 2. Generating and Rewriting Formulas According to Goetz, e-commerce is formalized and its results are influenced by many variables: products, advertising, landing page optimization, and customer lifetime value.
Everyone will figure out which product has the highest margin, but 90% of e-commerce failures don't incorporate all the variables into the formula to calculate the margin," he said. . In Goetz's case, the crucial variable was "dropshipping." “I spent a lot of time starting my own company in the past. The drop shipping system was a game changer to turn the tide around because I was able to promote the product before I had the inventory, which resulted in a profit.