Thread by @michaeladdit

𝗔 𝗦𝗶𝗺𝗽𝗹𝗲 𝗦𝘁𝗼𝗿𝘆 𝗙𝗶𝗹𝗹𝗲𝗱 𝗪𝗶𝘁𝗵 𝗟𝗲𝘀𝘀𝗼𝗻𝘀 𝗧𝗵𝗮𝘁 𝗖𝗼𝘂𝗹𝗱 𝗦𝗮𝘃𝗲 𝗬𝗼𝘂 𝗠𝗶𝗹𝗹𝗶𝗼𝗻𝘀 𝗢𝗳 𝗡𝗮𝗶𝗿𝗮.

This thread will expose you to crucial E-commerce practices that are focused on extensive product validation to save you head aches of...

UNMOVABLE INVENTORY.

Many e-commerce business people have or may find themselves in situations where excitements over massive profits lead to in-efficient product validation...

causing them to have stocks of products that the market does not want and as such...

will never buy.

It is a dialogue between two E-commerce business men who have in the past worked together to accumulate knowledge and their millions.

Kunle’s cash worth [ 3.5 Million ]
Chuk's cash worth [ 2.8 Million ]

Kunle being a star at winning product research...

Let's get into it...

(KUNLE CALLS HIS FRIEND CHUKS IN EXCITEMENT)

KUNLE: Guy, I found a new product on Aliexpress.com and it makes sense DIE!... The reviews on Amazon are CRAZY, and people are rushing it anyhow!

Best of all, guy... the profit margin is MAAADD!

The cost price is like N1250, plus shipping...

and it sells for like 25 Dollars on Amazon, we can definitely sell it for like N12K here... its crazy men.

CHUKS: Mad oh! .... What product?

KUNLE: Don't worry, I will send you a link via Whatsapp... how your babe na?...

CHUKS: Omo she dey alright o... how far Tolani na?

[ Call eventually ends and Kunle says to himself... )

"I cannot afford to take risks this time around, last time I found a product, we ended up sharing profits… not this time Chuks, no vex."

[ He sends nothing to Chuks ]...

[ A few days later, Chuks meets up with Kunle at ICM and Amidst Their Conversation… He asks? ]

CHUKS: How far that product you found na?

KUNLE: Oh… I forgot o, my guy. Anyhow sha, I don order am.. You go see am on Monday.

CHUKS: Ehenn… wow, that was fast...

You validate the product sha?

KUNLE: Obviously, yes.

CHUKS: Ok nice... The ad conversion nko?

KUNLE: There was no need for ads jare... no time actually, its selling like mad, some Nigerians had already reviewed the product... besides that, the number of orders have...

nearly tripled since when I spoke to you.

I didn't want a situation whereby another person has imported it and beats me to the market.

I want to cash out quickly, then restock.

CHUKS: And you are sure it will sell in Nigeria

KUNLE: Definitely, there are even YouTube reviews

CHUKS: Ok o...

KUNLE: This is why I didn't tell you, you go start to dey mis yan now... was I wrong about the last two products?

CHUKS: You were not...

KUNLE: Exactly, so trust me.

CHUKS: So how many did you order?

KUNLE: That's the best part... I found a suppler...

on Alibaba.com that sells for 1450, so I decided to add a wrist watch to make the offer juicy... so everything now goes for 2600 + 500 shipping.

CHUKS: Oh that makes sense... but how many you order? And how much do you plan to sell?

KUNLE: N15K... I ordered for...

1000 pieces, sharp sharp.

CHUKS: Are you mad? How are you sure it will sell??

KUNLE: When I make my million back, you can ask me stupid questions.

[ Long story short, two months down the line, Kunle still had 780 pieces left and was very very unsettled about E-COMMERCE. ]

So what are the product validation lessons here?

LESSON 1.

Never buy stock until you have run adverts to determine whether or not it will sell in that environment.

The most important validation you can do is to test a product by running adverts like you already...

have stock of that product.

This will help you truly determine whether or not the products will sell.

You must build your funnels, write your copies, identify your audience, prepare your ads and then run the ads first...

Before you think of buying quantities of stock...

LESSON 2:

Even after you have tested your ads, start with small quantities, if possible... buy a sample first.

Check to make sure that the products actually match what is online yourself and that large quantities convert...

After this should you buy products in mass quantity

LESSON 3:

It is always great to have a trust worthy friend or colleague whom you can share product ideas with...

No man is an Island, your friend may see what you don't see and will prevent you from making extremely costly mistakes...

LESSON 4:

The fact that you see orders trooping in on Aliexpress does not automatically mean that a lot of people are interested in the product... sometimes, it may be doctored and sometimes it may just be individuals...

Who have interests in the product for personal use...

LESSON 5:

Its always a good edge when you find Nigerian orders on a product, but try to check Facebook too.

Look around Facebook and Instagram using the product keywords to determine if a page is running adverts for that product...

LESSON 6:

The fact that you find Youtube videos for a product does not automatically mean that interests for the product is extremely high... suppliers pay Youtubers to do it for them.

LESSON 7:

Here is a key thing that Kunle got right! Offer creation, he added a second...

product to the first, in an effort to make the offer more juicy and attractive; without too much of an increase in pricing.

As always, I hope this thread provides useful information for you and the tips prepare you better for your next project.

STAY SAFE. GOD BLESS YOU.