Should You Invent Multiple Products When Starting an e-Commerce Business?
In this episode…
Has the thought of inventing multiple products for your e-commerce brand crossed your mind? If it has, do you know what you need to consider before starting the creation process?
In this episode of the Relationship Commerce Podcast, Anders Ankarlid, the Co-Founder and CEO of A Good Company, joins Dr. Jeremy Weisz, Co-Founder of Rise25 Media, to discuss the reasons why you may need to consider inventing multiple e-commerce products for your brand. Anders explains why he created more than one commodity when he started his company and talks about some of the unconventional raw materials he uses to produce unique e-commerce products for his brand.
Anders Ankarlid is the Co-Founder and CEO of A Good Company, a company that creates thoughtful, sustainable, and elegant everyday products. They create and sell different kinds of daily use items, like notebooks, pens, toilet paper, and phone cases, all with the production materials that have the least environmental impact. A Good Company only works with suppliers that they know personally, they never use harmful chemicals like Bisphenol A plastics, and they make sure to compensate for any emissions that come from shipping and travel.
Anders started A Good Company because he wants to be able to tell his children that he did everything he could to hinder climate change. Before starting the company, Anders was a Senior Partner and Shareholder at Reforce International and Head of Sales at Looklet.com.
When Should You Invent Multiple Products When Starting an e-Commerce Business?
If your e-commerce brand involves creating new products with an uncertain market demand, you may want to create more than one product. That way, if one of them fails, the others can continue selling and earning revenue for the business.
As an entrepreneur, you may be so obsessed with your new product that you can’t notice anything wrong or defective with it. Don’t close your eyes to what’s in front of you: this could cause you a lot of losses if you produce your product in big batches and start selling anyway. Why? Because customers will refuse to buy it.
This is what the team at A Good Company does whenever they come up with a new e-commerce product. They work on 10-15 different products simultaneously to reduce their chances of complete failure. They also back off from their creations for a while to give their eyes (and brain!) a break, allowing for an opportunity to review and correct any mistakes they may notice later.
The Benefits of Creating Premium e-Commerce Products with Unconventional Raw Materials
Some of the most expensive e-commerce products sold in different markets were produced from unconventional yet sustainable raw materials like rocks, recycled products, bamboo, stone paper, or linseed. These materials allow you to create unique e-commerce products because they’re not only hard to come by but also difficult to work with. They also help save the environment by preventing the mass destruction of trees.
When Anders Ankarlid started selling his sustainable products, his intention was to both create sustainable products and help reduce the effects of climate change. He saw how animals in his area were affected by adverse climatic changes and wanted to make a difference. So he created his first set of sustainable notebooks out of stone paper, different from most notebooks or journals found in stores.
However, to use some of these unconventional materials for your e-commerce products, you need to do your research and test them out by creating a few products to gauge their efficacy. This will help save you time, money, and other resources in case the raw materials don’t work as expected.
Why You Should Sell Your e-Commerce Products Through Retail and Directly to Consumers
One of the benefits of selling directly to consumers when starting your e-commerce business is that you get to see their reactions and get feedback on your products. This gives you a good opportunity to learn more about your customers: their needs, their desires, and what they do and don't want.
Reviews from customers about your products are essential for your business because they help you discover whether your e-commerce products are meeting their needs. You should also consider selling your products through distributors and retail stores to reach more customers, increase your market size, and grow revenue.
However, to succeed in both retail and direct-to-consumer selling, you have to tell your brand story in an honest, transparent, and authentic way, so that your target audience can relate to it.
Resources Mentioned in this episode
- Worth eCommerce
- A Good Company
- A Good Company's Products
- Anders Ankarlid on LinkedIn
- "Practicing Sustainability with Your e-Commerce Products" with Shane Boudreau
- "How to Create a Unique Revolutionary e-Commerce Product" with Zel Crampton
- "How to Hit the ‘Wow Factor’ with Your e-Commerce Products" with Deborah Brenner
- Dr. Jeremy Weisz on LinkedIn
Sponsor for this episode...
This episode is sponsored by Worth eCommerce.
Worth eCommerce is a small mighty team of eCommerce email marketers who help businesses of all sizes dramatically grow revenue with lifecycle email marketing. It is made up of copywriters, designers, strategizers, and marketing extraordinaires who specialize in nurturing relationships and guiding sales through the sheer power of email.
Worth eCommerce's sole focus is creating a lasting relationship between eCommerce sellers and their customers through the most personable form of digital connection: email. Businesses that send personable, interesting, and helpful emails earn the trust and continued business from that same customer.
Worth eCommerce’s mission is to help small medium-sized e-commerce businesses generate more than a million dollars a year each in revenue using their own marketing channels.
To learn more about Worth eCommerce, visit http://worthecommerce.com/.
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