Next Level Supply Chain with GS1 US E-commerce Entrepreneurship: Navigating the Challenges and Triumphs of Product Innovation
Lisa Lane is the innovative mind behind Rinseroo, an e-comm shower darling to solve the pain point of washing big dogs in the shower. She joins Reid and Liz to discuss the intricacies of bringing a new product to market, including the importance of building and maintaining brand identity and the need for brand protection in the ever-evolving landscape of e-commerce.
Her perspective offers practical advice for entrepreneurs seeking to establish and safeguard their brands in online marketplaces. She underscores the immense potential of platforms like Amazon and TikTok Shop for reaching new customers and driving sales and also delves into the challenges faced during product manufacturing. Tune in for her insight into bringing an idea to life in the marketplace.
Key takeaways:
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The significance of understanding the market, manufacturing, distribution, and advertising aspects of product development when bringing a new product to market. the significance of having a viable product that is different from what's already out there, determining the market size and potential customer appeal, understanding profit margins, and making the right decisions about manufacturing and distribution.
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The power of ecommerce platforms and technology, particularly Amazon and TikTok, in reaching a wide audience and scaling a business, which have enabled small businesses to thrive in the ecommerce landscape.
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The importance of building a strong brand identity and obtaining trademarks to protect products from knockoffs, particularly in the ecommerce space, and the role of GS1 barcodes in ensuring legitimacy and brand protection.
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