Tapping Into Product Trends - Monsoon Commerce

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Tapping Into Product Trends - Monsoon Commerce

MonCon WEST | October 10–12, 2012

#MonCon


#MonCon

Tapping In To

Product Trends And

Innovation To Drive

Business Expansion

Presented by Lisa Suttora

Founder/CEO

WhatDoISell.com

Lisa Suttora Int’l

@lisasuttora

MonCon WEST | October 10–12, 2012


The Engine of Your Business

#MonCon

Your product line is the engine of your business.

•It drives sales, profits, growth

•Your customers wants, needs and desires fuel that engine

•Tap into trends, innovation and know exactly what today’s consumers

will want to buy next

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


#MonCon

today’s

AGENDA








The Age of Innovation

What Online Buyers Want

4 Deadly Sourcing Sins

The Product Sourcing Mindset

How and Where to Tap In To

Trends and Innovation

Trend Tools

Implementation

MonCon WEST | October 10–12, 2012


The Age of Product Innovation

#MonCon

We are living in an age of product innovation.

• New products are entering the

market faster than ever

before

• Each year thousands of new

products are introduced in

every category

Kuno

Android 4.0 Tablet For Kids

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


The Age of Product Innovation

#MonCon

Creativity is at an all time high.

Pregnancy Music

Belly Band

Prodyne Fruit

Infusion Pitcher

Dog Tread by PetZen

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


The Age of Innovation

#MonCon

Consumer demand is changing rapidly.

• Consumers are hungry to buy the latest and greatest

• More sophisticated in their product knowledge

• Internet has turned them into product experts

• Ferret out what’s new

• A consumer sees a new product once

• Within days, that product is trending

Fisher Price Zen

Collection Cradle Swing

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


Shortened Product Cycles

#MonCon

Technology shortens the cycle from design to delivery.

New

Concept

Consumer

Consumption

Design/

Manufacture

Delivery

Source: RPM Retail

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


Shortened Product Cycles

#MonCon

Product life cycle accelerates as designs morph and change.

3

2

4

1

How balanced is your product line? © WhatDoISell.com

Source: RPM Retail

MonCon WEST | October 10–12, 2012


The Money is In The Sourcing

#MonCon

As competition heats up online, the money is in the

sourcing.

• Not just sourcing more products

• But sourcing the right products

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


Advantage: Agile

#MonCon

• Online retailers are more agile

• Can respond quickly to emerging

demands

• Move in and out of

products/categories rapidly

• Get new products in front of

consumers quickly

Dog Tread by PetZen

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


How Will You Capitalize?

#MonCon

Each person has a different vision.

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


Train Yourself to Look

#MonCon

• When you train yourself to look for opportunities in everything

you’ll find them

• Wait for the obvious opportunity to present itself, you’ll miss

hundreds of possibilities that pass by

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


#MonCon

The

Product

Sourcing

Mindset

Think

differently

about

product

sourcing.

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


#MonCon

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


#MonCon

© WhatDoISell.com

Source:Valuewalk

MonCon WEST | October 10–12, 2012


Why Do They Buy?

#MonCon

• 75%: Broader Selection

• 71%: Products are only available online

• 64%: Easier to compare features

• 57%: To find the best deals

© WhatDoISell.com

Source:Valuewalk

MonCon WEST | October 10–12, 2012


Understanding Your Market Is Key

#MonCon

Thoroughly understand your market.

• The old way:

o Age, income, education

• The new way:

o Interests

o Passions

o What’s important to them

o WIIFM

© WhatDoISell.com

Source:Valuewalk

MonCon WEST | October 10–12, 2012


MonCon WEST | October 10–12, 2012

#MonCon


1. Thinking That You Are Your Customer

#MonCon

Would you

spend $700

on an ice

cream

maker?

Musso Lussino Ice Cream

Maker $699

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


. Thinking That You Are Your Customer

#MonCon

Wall Street

Journal

Readers Do!

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


1. Thinking That You Are Your Customer

Amazon Buyers Do!

#MonCon

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


1. Thinking That You Are Your Customer

#MonCon

• While you must understand your customer’s

wants/needs/desires

• Don’t impose your values on what they will/won’t buy

o It will limit what you source

• Red Flags

o “Who would ever pay $ _ _ _ _ for that.”

o “I would never spend $ _ _ _ _ for that.”

o “Why would anyone want to buy that.”

o “I can’t believe people would spend money on that.”

o “That’s the dumbest product I’ve ever seen.”

•These beliefs limit your sales and your income!

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


1. Thinking That You Are Your Customer

#MonCon

TREND: Napping at work

• More companies are on board

with their employees taking a

short nap during the day

Trends drive product

innovation!

• $70,000 in Kickstarter funding

• Tons of buzz

• If it’s not the Ostrich it will be

something else

• There will be more napping

products!

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


2. Surface Sourcing

#MonCon

• Most people do surface sourcing

• They know the most common 2-10% of

products available

• Do you know ALL the products that are

manufactured in your niche?

• Make it your business to learn about at least

10 new products each week

• It’s quick and easy to do!

• If every product you want to source has too

much competition and not enough profit

margin, it’s a sure sign you’re surface sourcing

Top 2-10%

Exploit

Selection

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


3.Selling in the Mediocre Middle

#MonCon

• 96% of the heaviest ecommerce shoppers have a

household income of $75K+

o They spend more money

o There is more competition to sell lower ticket items

• Consumers are increasingly making “purchasing tradeoffs”

o Buying higher-priced items at the expense of mid-to

lower-priced ones

o This holiday we’ll see a resurgence of toys that fall on the

higher end of the price spectrum

400 Thread Count $60 600 Thread Count $269 1200 Thread Count $500

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


4.Only Selling the “Sexy” Products

#MonCon

• All categories have trends

• A top seller does not have to

be a “sexy” product

• There are trends in every

category

• In-demand, ‘mundane’

products sell well too!

o Light bulbs

o Umbrellas

o Hammers

• Top Selling (brand new) product

for fall…

• Nest Learning Thermostat

Nest

Learning

Thermostat

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


#MonCon

(c)

MonCon WEST | October 10–12, 2012


Living the Product Sourcing

#MonCon

Mindset

Live in the world your buyers live in.

• Read what they’re reading

• Watch what they’re watching

• Hang out where they spend

time

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


#MonCon

Where Opportunity Lives.

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


Goldmine of Product Expansion

#MonCon

Idea Hotspots will provide you with an unending source of ideas for

products that drive business expansion

• Where innovation lives

• Customers hang out

• Where they get ideas for what to

buy next

• Where your next hot

product/niche/category begins

• Thousands of them

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


Fads vs. Trends

#MonCon

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


Idea Hotspots

#MonCon

1. Where to find the trends

2. Seven areas of innovation

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


Consumer Publications

#MonCon

Reading for profit

• What are YOUR customers reading?

• Consumer publications are where

people get ideas for products they

“have to have”

• Then they come online to shop!

• If there’s a print publication on the

newsstand, you know there’s money

in that niche.

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


Consumer Publications

#MonCon

• Newspapers

• Advertisements

• Consumer catalogs

• Buyers Guides

This Year’s Toy

Winners!

315 Products Tested!

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


Cooks Illustrated

#MonCon

•The definitive resource for cooking products

•Consumers use this to decide what to buy

•Circulation 1 million

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


#MonCon

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


How Many Other Brands & Models

Related to a #1 Product Are There?

#MonCon

Other price points

New brands

Top Seller

Other brands

© WhatDoISell.com

Different styles

MonCon WEST | October 10–12, 2012


Related Products

#MonCon

Related Products

Accessories

Top Seller

New Categories

For every product you sell there

are at least ten additional product

lines/related categories to sell to

the same customer base.

© WhatDoISell.com

New Categories

MonCon WEST | October 10–12, 2012


Industry Trade Publications

#MonCon

• Designed to help retailers source the right

products

• Find out what people will be buying 6, 12,

18 months from now

Product reviews

• New vendors

• Vendor contact information

• Locate trade publications

• Google “keyword + trade publication”

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


#MonCon

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


#MonCon

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


#MonCon

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


#MonCon

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


Tradeshows

#MonCon

• Meet with hundreds or thousands

of vendors in one place

• See the new products

• Find out what products are hot/up

and coming

• Begin relationships with suppliers

• If you’re in ecommerce, you need

to attend at least one show

minimum per year

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


TREND 1: Technology Infused Products

#MonCon

Technology is one of the biggest drivers of product innovation.

• Not the latest electronic gadget!

• Taking a “non-technical” product

and integrating it with

technology

• Integrates with iPad

• LCD Eyes flash different

patterns

• Furby App in Apple Store

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


Tradeshows

#MonCon

• Find Tradeshows in every industry!

• All over the world

• Tradeshow News Network

• http://tsnn.com

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


Consumer Shows

#MonCon

•Home shows

•Bridal shows

•Kitchen shows

•Organic shows

•Food shows

•Local!

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


#MonCon

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


Blogs

#MonCon

• A powerful force in what

people come online to buy

• Read industry blogs

• See what people are saying

• Pay attention to what

they’re looking for

• Follow blogs in your niche

• Participate in the

conversation

• Google

• “keyword + blog”

© WhatDoISell.com

Source:Jumpthru

MonCon WEST | October 10–12, 2012


Trend 2: Adding Style to the Mundane

#MonCon

Everyday products restyled with flair!

To this…

Basic Power Strip

Lightening Bolt

Power Strip

Pivot Power

Articulated

Power Strip

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


Social Media

#MonCon

• Crowd source your

next top selling

product

• Pinterest is a

consumer search

engine for discovering

products

• People post what they

like on Facebook

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


Social Media

#MonCon

Product conversations

are happening on

Pinterest and

Instagram

• Brands are being

followed closely

Source: comScore

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


Pinterest Sourcing

#MonCon

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


Facebook

#MonCon

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


Google

#MonCon

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


Amazon

#MonCon

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


Amazon

#MonCon

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


#MonCon

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


Google Trends

#MonCon

http://www.google.com/trends/

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


This is Not About the Beardo!

#MonCon

It’s about the process of how you can discover what

products are in demand EVERYWHERE you go!

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


Trend 3: The Long Tail

#MonCon

The Long Tail is alive and well!

• Thousands of niches, sub-niches

and micro-niches to exploit

• There are pockets of opportunity

in underserved categories

• Wide open expanses in untapped

niches

Products are constantly being

reinvented

Required

Reading

© WhatDoISell.com

The Square by Clean Bottle

MonCon WEST | October 10–12, 2012


TrendHunter

#MonCon

www.trendhunter.com

Required

Reading

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


Crowdsourced

#MonCon

People designing products for other people

•Kickstarter.com

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


Trend 4: Old Becomes New

#MonCon

Original Polaroid SX-70

Impossible Instant Lab

• Kickstarter Funded

• Retails for $299

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


The Ice Cream Ball

#MonCon

• Saw it first on TrendHunter.com 3 years ago

• At the time, no one was selling it

• By summer 2010 it was a top online seller

• Still a top seller in 2012!

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


Shopping Malls

#MonCon

Every time you’re out shopping, you’re out sourcing!

• With the Product Sourcing Mindset!

• Talk to the sales staff

• Take your smart phone

• Photograph the manufacturer name

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


Trend 5: Personalization

#MonCon

Personalization

Create Your Own Brand

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


Create a Product Sourcing Notebook #MonCon

Without a record, 90% of your ideas will be lost.

• Don’t try and build your business with only 10% of your

ideas!

• Build your personal product selection catalog

• A custom-tailored library of potential products and product

sources

• Keep it with you at all times!

• Evernote http://evernote.com/

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


#MonCon

(c)

MonCon WEST | October 10–12, 2012


Trend Research Tools

#MonCon

Two kinds of research tools

• Marketplace

o eBay and Amazon

o What people have purchased

• Google

o What people are searching for

• You need both tools!

• Provide a snapshot of what’s happening now

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


Your Free Research Employee

#MonCon

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


Google Trends

#MonCon

Formerly Google Insights

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


Google Trends

#MonCon

Breakout = > 5000 %

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


Trend: Globalization

#MonCon

Products that are saturated in the U.S. market can

have a global audience

Products that are sourced internationally can be

first to market in the U.S.

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


#MonCon

Google Keyword Tool

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


#MonCon

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


Amazon & eBay Data

#MonCon

• These provide clues on what to source and what will sell

o

o

o

Do not treat these lists simply as a “sell this” list

These lists are indicators

Look for related products

• For every product on an Amazon or eBay Hot List there are

hundreds more related products that you can source

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


Amazon Movers and Shakers

#MonCon

Biggest gainers in sales rank in the previous 24 hours.

www.amazon.com/gp/movers-and-shakers/

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


Amazon Best Sellers

#MonCon

Most popular products based on sales.

© WhatDoISell.com

http://www.amazon.com/gp/bestsellers/

MonCon WEST | October 10–12, 2012


Amazon Best Sellers List

#MonCon

http://www.amazon.com/gp/bestsellers/

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


#MonCon

(c)

MonCon WEST | October 10–12, 2012


Test Marketing

#MonCon

• Begin with small quantities until it’s a Proven Product

o

o

Sells in the desired time

With the desired margin

• A product is not a proven product until it sells for the

amount you want in the time you want!

• Test Market

• Assess customer response

• Expand on the winners

• Look for products related to your new product star

• Always keep at least 20 new products in the pipeline

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


Product Line Wheel

#MonCon

The

Dream

Team

Fill In

Products

Fad Products &

Impulse Buys

New to

market/

Test Products

Product Line

Staples

Product

Line

Crosssells

Up-sells

Advertising

(Loss Leaders)

Multi-

Level

Seasonal

© WhatDoISell.com

MonCon WEST | October 10–12, 2012


Always Be Sourcing

A big business is

just a small

business that did

things right.

-Thomas Watson Jr.

(2 nd ) President of IBM

Tripled revenues in six years

© WhatDoISell.com


#MonCon

thank you!

Lisa Suttora

(e) support@whatdoisellsupport.com

(f) LisaFacebook.com

(t) @lisasuttora

LisaSuttora.com

WhatDoISell.com

Please visit www.monsooncommerce.com/moncon to download a copy of this presentation,

see pictures and videos, and tell us what you think about the conference.

MonCon WEST | October 10–12, 2012

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