How many unknown sellers made a fortune from a hit product and eventually became successful?
All Amazon sellers dream of things, from balance bikes to fidget spinners. How many people have become rich overnight because of them, and how many people are still piled up with a lot of inventory in their warehouses that cannot be sold? For cross-border export e-commerce sellers, how can they seize the hot spot and not become victims of the hot sale? And what kind of opportunities are needed to create a hot sale?
Once you enter the e-commerce industry, it is like entering a deep sea. From then on, hot products are your lover.
Hot sale = traffic, this is an unquestionable equation. How many unknown sellers have made a fortune because of a hot-selling product and finally embarked on a road to success. Almost all well-known brands initially built their popularity with one or several hit products, and then they also needed hit products to support the brand's lasting influence.
A real hit will always set off a craze, because many hits can not only be created, but also borrowed. But the sad thing is that some people become rich overnight because of it, while others lose everything because of it. Later they gradually realized that products also have a life cycle.
Why do other people’s hot products become poison to you? The reason is simply that you entered at the wrong time.
A product will go through a cycle like this: product selection, incubation period, growth period, maturity period, decline period, and death.
Those who enter the market during the product selection period are usually its creators; those who enter the market during the incubation period are investors with a forward-looking strategic vision; those who enter the market during the growth period are followers who discovered business opportunities in the early stages; and those who enter the market during the mature stage are already in the midst of a craze, and those who enter the market at this time will get very little; when the market becomes saturated and the dividends are no longer there, the product enters a decline period, and those who enter the market at this time are almost always courting their own destruction.
The recession period is when the market is reshuffled. The top two sellers will survive and continue to compete, while the rest of the small sellers will gradually die out. When one company eventually dominates the market or the product loses its market competitiveness, the product enters its death stage.
How to seize the opportunity of hot products? Don’t become a victim of hot products
In this regard, data collection and analysis are crucial, followed by keen market insight and quick response capabilities.
When you discover a hot product and want to get in on the action, you shouldn’t rush in to avoid missing out on business opportunities. Instead, you should calm down and study the stage of the product’s life cycle, and consider all factors to determine how much you need to invest, how much market share you can expect to get, and how much profit you can ultimately make. If there are too few, it is better to look for the next younger hit, after all, there are hits every year.
