Will Tjernlund, Greg Mercer and Bernie Thompson talk about private label pricing, from costs and competitors to products and positioning
There is a common misconception about private labeling on Amazon that simply taking a generic product and slapping a logo on it is a recipe for success. In most cases, there are other factors that play a key part.
One of these is price. Unlike wholesale or reselling models, where a manufacturer will often provide you with a retail price, and there are usually many competitors selling the same product, there are no such guidelines with private labeling – the price is totally down to you.
This can be daunting, as not only do you have to analyze market pricing, and decide on your initial place within it, but you also need a strategy for altering your price to react to market changes and your competitors.
To shed some light on this topic, I spoke to three private label experts – Will Tjernlund, Greg Mercer and Bernie Thompson – to get their advice on how to price private label products.
It’s time for our annual round-up of ecommerce predictions for the year ahead!
This year we have over fifty experts from five continents – from the USA to the UK, Ireland to Israel, Singapore to South Africa and more. It’s the most comprehensive panel of online sellers, technology vendors, service providers and ecommerce consultants ever assembled.
They have a lot to say about what to expect in 2017, taking in Amazon, eBay, private labeling, sourcing from China, multichannel ecommerce, consumer expectations, social media and more.
So here it is: our Expert Voices Ecommerce Predictions for 2017.
This time last year our panel of experts made 39 predictions for ecommerce in 2015. The main themes were marketplaces, delivery, cross-border trade, mobile, marketing, social media, payments and bricks-and-mortar retail.
This year we got in touch with even more experts, and asked them what they think will be the big trends for ecommerce in 2016. Some of the same themes came up again: marketing, marketplaces, mobile, delivery and social media.
But a number of new topics have got the experts’ attention this time around:
- Small business trends
- Innovations in technology
- Selling to China
- Amazon marketplace
- Private labeling
So here it is: our Expert Voices Ecommerce Predictions for 2016.
Cross-border ecommerce has never been hotter. The big online marketplaces of eBay and Amazon have been leading the charge, driving growth by pushing their sellers to trade internationally.
Many of those sellers have had great success trading across borders, becoming prolific exporters while suffering few of the headaches experienced by more established businesses. Or so it seems at first.
While ecommerce technology has adapted quickly to cross-border trade, the worlds of logistics, regulation and taxes are stuck in the past. Many international sellers have been tripped up by a bewildering combination of rules, classifications, policies and providers.
With a major global ecommerce event ThinkGlobal Retail just around the corner, I decided to ask over thirty sellers, consultants and service providers about the biggest challenges they had seen with cross-border ecommerce. This is what they said.
What is ecommerce all about?
Your dictionary will tell you, more or less, that it means “doing business online”. But what kind of trade isn’t done online in some way these days? Even local businesses like plumbers have their own websites, and might find work through HomeAdviser or TrustATrader.
Ecommerce is certainly diverse, and means different things to different people. To some, it’s less about technology and more about people. To others, the element of trust – or the lack of it – is key. Yet others see it defined by entrepreneurship, and the freedom to do business without being in the same place as their customers, or even the same time zone.
So there’s no single defining characteristic that makes ecommerce what it is. There are many, and the one that’s most important to you depends on your individual knowledge and experience. I asked thirty people in the business “what defines ecommerce for you?” so I can share that diverse range of opinions. Here’s what they said.