The first big step in the world of e-commerce is moving away from being a retailer for another company's products and establishing your own brand with unique products that you can call yours. There are a few benefits to creating your own products. For one, the product that you create will always be a part of your brand. Which of your product is successful will help increase the value of your brand over time. Some companies are defined by one or two products within their collections, and those will eventually become anchors to drive the sales of other products that they launch.
This point is really crucial. Because at the end of the day, the most money that you'll earn from the e-commerce brand will be when it gets acquired. So increasing the brand value and your market position should always be one of the top priorities for any brand owners. Next, when you take ownership over your own product, you will now be able to control the quality and variety of the product. Oftentimes, when e-commerce brands act as retailers for other brands, they lose the ability to control the narrative of the products-- the price, the variety.
And as a result, lose the angle to stand out from the thousands of other brands on the market. Lastly, creating your own product allows you to gain control over your margins. In a traditional retail business, business owners can't really adjust the margins of their products because they have to consider the market price for the products that they're selling. And because they actually don't have any ownership over the brand themselves, they cannot increase the margins to give themselves more room for growth.
Fortunately, it's never been a better time to create your own product with the immense access to global resources in just a click of a few buttons. Through this program, I will be taking you through the step-by-step process of developing the products to help define the brands that you create.