Scale with Product Innovation & Sourcing: Scale Smarter, Faster in 2022
8fig’s Scale Smarter, Faster in 2022 webinar series prepares eCommerce sellers to rise above the noise with the tools, insights, partners, and resources they need to scale their businesses and reach the next stage of growth.
In this webinar, the second in our Scale Smarter, Faster in 2022 series, we discuss product innovation and sourcing with regard to scaling your business.
We hear what our panel of sourcing and supply chain experts has to say on the topic, including Liran Hirschkorn, founder and CEO of Incrementum Digital, Nathan Resnick, president and founder of Sourcify, Benjamin Hopwood, head of supply chain at Gembah, and Sajag Agarwal, CEO and founder of Movely.
The webinar starts off from the very beginning, for those who are just starting out in eCommerce, by addressing important questions such as which product to source, where to source, and how to source. There are two different ways to go about this. The first is by looking at the data and selecting a product based on where there is more demand than supply or a good opportunity to improve. The second is pursuing an innovative idea.
Our experts highlight the central points to consider when choosing a product to sell, from the importance of passion to the benefits of building a community around a product to making sure that the product has the data to back it up.
Liran, Nathan, Benjamin, and Sajag then go on to reveal some common pitfalls that they have experienced and witnessed when it comes to sourcing products in order to help others avoid the same mistakes. These include a wide range of errors such as failing to optimize a product listing or trying to cut costs too much when selecting a manufacturer.
Turning to the topic of product innovation, the panel divulges various tips to stay ahead of market trends. They suggest advising with experts and listening to customers to find out what they truly want to see.
Maintaining good customer relationships and high levels of quality control can be excellent strategies to help scale your business, as companies not only gain repeat customers but also build an audience. Therefore, when selecting suppliers, it is important to understand how they manage quality control. A cheaper supplier can cost more in the long run if their quality control is lacking.
Selecting manufacturing location is another important step in sourcing. With many sellers trying to move away from China, our experts discuss the pros and cons of producing your product in China. We hear some interesting tips about various manufacturing locations as well as predictions for the future. There is also growing talk about moving supply chains to the USA, but many raw materials and subcomponents are still imported from another country. It can be difficult to find a manufacturing partner in the US, but there are many advantages to a local supply chain as well, such as the fact that customizing products is much more feasible.
Finally, we discuss the importance of building and maintaining relationships with suppliers, and the Chinese term Guanxi, or the network of personal and business relationships we build. This is absolutely essential, and Liran, Nathan, Benjamin, and Sajag discuss the best practices surrounding these relationships.