Are you one of the majority? 76% of sellers believe that more than half of new products fail to reach their initial sales targets? "Product innovation" will be the biggest challenge for cross-border sellers today!

Products are the core, and product innovation is the biggest challenge for the current development of cross-border e-commerce

Just recently, Xidu Overseas conducted a large-scale "White Paper Survey on Product Innovation Capabilities of Cross-border E-commerce Sellers". In this white paper, we clearly see the current status, difficulties and needs of different types of cross-border sellers in product innovation.

The results of the "White Paper Survey on Product Innovation Capabilities of Cross-border E-commerce Sellers" show that most (76%) sellers believe that half or more of their new products fail to achieve their initial sales targets.

There are many reasons why new products fail to meet expectations, the most typical of which is "lack of insight into users and the market." They are either superficial (such as finding some data to prove themselves) or not done at all.

In this survey, the reasons sellers chose for "product sales not meeting expectations" were mostly "insufficient market research" and "unclear definition of product selling points". Combined with many other reasons such as "supply chain resource issues" and "improper selection of marketing channels", it is not difficult to find that the essence is insufficient understanding of user needs, that is, insufficient "insight".

When we study and review the "secrets" of all successful products, it is not difficult to find that they all have one thing in common: consumer voice accompanies the entire process of product development.

From market trend opportunity identification, consumer segmentation, and user co-creation in the creative generation stage, to creative screening and evaluation, concept testing, and market capacity estimation in the concept determination stage, to appearance/function/packaging/price and other tests in the product development stage, to selling point/page/marketing testing in the pre-product launch stage, and finally to marketing effectiveness evaluation and VOC in the post-product launch stage, each key node requires bold exploration and careful verification. This is the only way for a successful product to go from the initial idea to the final market launch.

When cross-border sellers review their product innovation, all the reasons point to the lack of a working mechanism to gain insights into product opportunities from users during product innovation.