Today on the International Trade Resources Podcast, our host Kim Kirkendall is joined by Pradeep Sacitharan to discuss Using Data in E-Commerce for Product Optimization. He trained as a scientist at University of Oxford and at Harvard, and is founder and CEO of Donsfield, a company focused on International E-Commerce Development.
First, Kim and Pradeep dive into one of the major ways to succeed in E-Commerce, and that’s by making sure you're focusing the company's time and energy on the products that actually sell in your business and eliminating the products that don't. A good starting point is to analyze your primary data by looking at sales trends, analyzing profitability, and capturing hidden costs in that analysis.
Next, Pradeep dives into third party data on sales, including the different methods of collecting publicly available data including how to analyze that information to optimize product offerings. If you collect and analyze the right data, it will actually tell you what the consumer is looking for, even if the consumer is a bit confused. How you ask? Listen to the podcast to find out! Overall it's critical to look at product data across markets, brands, customer demographics, and more segments to help you identify opportunities.
Learning to use unit economics can help optimize your ad spend. We know cost per click on Google, Meta, and Amazon advertising is increasing. By looking at your unit economics, you can see what your margins are and adapt your marketing plans according to the data.
Finally, Pradeep covers the importance of analyzing your competition. Understanding what makes you different or what your differentiation factor is can be the key to longevity. Unique selling points are easily copied - what is your overall benefit to the customer that drives them to you? It may be a great mix of products - which is why some of the greatest brands on earth keep bringing new products out. It’s figuring out which products, in which international markets, that is the key to continued success!
Learn all this and more in this information-packed episode!
Things you’ll learn
Episode Sponsors:
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Corporate Services and full Accounting/CPA/Tax for China.
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