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‫Okay.
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‫Brilliant.
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‫So you've seen in the last lecture how we can find markets and how we can find really exciting products
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‫within those markets, but it's almost as if it's overwhelming.
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‫There are so many products out there.
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‫Which ones do we choose?
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‫Well, this is where my golden rules come in.
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‫The golden rules that are going to help you decide what you're going to sell.
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‫And golden rule number one is the price.
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‫This really is the main key point for this course.
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‫Okay.
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‫So you can see here that I've written by at $10 or less from AliExpress and sell it 25 to 30 on your
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‫site.
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‫And then I put impulse purchase after that.
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‫Okay.
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‫I'll come back to that in a moment.
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‫Now, why are we marking it up in this way?
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‫Well, clearly, we are in business and we need to make significant profit.
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‫And this is exactly how we do it.
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‫We buy at a lower price on Ali and we sell at a higher price on our site.
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‫Now, you might think to yourself, well, that's perhaps a little bit dishonest or not quite right,
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‫or whatever it might be.
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‫But that's the way e-commerce works.
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‫Think about any store that you go into, whether it's offline or online, the price you're paying has
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‫been significantly marked up by the merchant.
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‫They have bought it from somebody else at a lower price and now they're going to sell it to you at a
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‫higher price.
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‫That's how the whole world of commerce works.
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‫And that's exactly what we're doing here.
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‫Now, to come to the point of impulse purchase, this is really key and in my opinion, it's really
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‫worth the price of the whole course because this is going to make a massive difference to the success
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‫of your business.
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‫What do you want people to do when they come to your site is to buy products on impulse?
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‫Or put it another way, we don't want them to overthink necessarily about whether they want to buy this
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‫or not.
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‫We just simply want them to buy it.
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‫Let me illustrate it another way.
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‫If we had products on our site selling for $500 or $1,000, something like that, when you have products
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‫at that price point, people will hesitate.
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‫They'll go to other sites, they'll do research.
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‫They may come back to your site, they may not.
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‫It's a completely different buying process.
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‫And so by pricing at this range of 25 to $30, we are absolutely in the range of an impulse purchase.
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‫Now, others might say that an impulse purchase is higher than this 50, maybe 100.
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‫But in my experience, this price point works incredibly well.
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‫And it's for that reason that I'm advising that you go for very much the same.
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‫The next golden rule is that you don't want your products to be too heavy.
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‫And the reason for this is because you don't want to pay a lot for shipping.
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‫If you start paying a lot for shipping because it's heavy, write heavier items, we pay more for shipping.
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‫If you start paying a lot for shipping, that's going to eat into your margin and therefore decrease
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‫your profit.
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‫Next point we don't want it to be too fragile.
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‫The reason for this is if we start shipping fragile products, they could well break in transit.
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‫And of course, if they break, that means more refunds, more returns, more unhappy customers.
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‫So we don't want fragile products.
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‫Golden rule number four is that we want high quality images to advertise our products.
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‫I talked about the importance of just generally images on your site.
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‫It's exactly the same thing with the products.
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‫And coming up very, very soon, we're going to be adding a product, the first product to your site.
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‫And I'm going to show you how to get those images from Ali.
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‫But when you're looking on Ali, you always want to have the highest quality images you can get because
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‫it's images that sell.
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‫A lot of people think they have to write very lengthy descriptions.
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‫When they sell products, it isn't necessary.
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‫Okay.
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‫Quality images, high quality images will draw a customer in.
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‫It'll give them confidence and it will make them buy.
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‫The description is important.
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‫But if you want a rule that say, I would say 80% of the whole process of buying is more to do with
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‫images than it is to do with the description of the product.
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‫All right, Golden rule number five.
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‫Now, this is a big one.
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‫This comes up all the time.
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‫Avoid all branded products.
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‫Now, this is kind of a bit of a grey area as well.
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‫But there are clearly some products that we know the brands extremely well are Harry Potter, Nike,
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‫whatever it might be.
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‫These global brands that we know you do not want to sell those products.
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‫As tempting as it might be, you don't want to sell them because often you need a license to sell products
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‫like that and you could start selling them, but then you might have problems later on down the road.
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‫So you want to avoid all branded products.
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‫Now, as a little aside to that, often you'll see things that look a bit like a brand on a on an Aldi
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‫product, but it isn't really a brand.
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‫And what you can do there is simply Google the name, see if you can find a website, see if you can
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‫find anything that talks about it.
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‫And often it won't really be a brand.
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‫It might just be a made up name from the supplier.
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‫They literally just made it up and stuck it on the image and at that point you might want to consider
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‫it.
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‫Okay, but generally speaking, avoid all branded products.
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‫Next up, we have can't be found at Walmart.
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‫In other words, you can't.
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‫Find it easily elsewhere.
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‫So I'm not literally saying that it can't be found at Wal-Mart.
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‫Wal-Mart being, you know, the world's biggest mega store.
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‫The point here is that you want your product to have a certain uniqueness, or perhaps to put it another
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‫way.
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‫You don't want a product that it's just literally everywhere, all over the Internet that might be a
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‫trending product right now, for example, that you're seeing everywhere.
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‫You don't want to just jump on that bandwagon because people can find that in all kinds of different
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‫places.
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‫They've seen that product.
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‫It's very easy for them to buy it.
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‫You want a certain uniqueness to your products so they they can't be found easily elsewhere.
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‫I'm not saying like they can't be found elsewhere at all.
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‫So it's like you want your customer reaction to be something like, Oh, I haven't seen that before.
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‫All right.
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‫It's that kind of reaction.
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‫Not, Oh, I've seen this everywhere.
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‫Oh, not another one of these.
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‫You don't want that kind of feeling.
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‫All right.
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‫So I hope that kind of clarifies what I mean by this.
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‫It's a tricky one to explain, but it's that uniqueness that you want on your site as much as possible.
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‫Golden Rule number seven solves a problem or caters to a passion.
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‫Now, we saw this in the previous slide.
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‫Okay, but bring it up again, because I want to keep emphasizing this.
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‫Okay.
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‫There are certain points in this course that are so important, this being one of them.
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‫Okay.
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‫So I'm not going to go over it again.
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‫This is what this actually means, you know, now.
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‫But solving a problem or catering to a passion is a key golden rule for the products that you choose.
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‫Number eight, the supplier.
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‫Again, when we start adding products from Ali very shortly, you're going to see this in a bit more
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‫detail.
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‫So don't worry too much if a lot of this doesn't quite make sense.
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‫But we want good suppliers.
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‫Suppliers get feedback on Ali so we can get a very good feeling straightaway, whether it's a good supplier
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‫or not.
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‫So we want good feedback.
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‫We want them to have plenty of stock because if we choose a product, then start selling like crazy.
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‫We want to make sure they don't run out of stock and we also want to make sure that we've got the best
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‫shipping options and that's either E packet or AliExpress standard shipping.
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‫Both of those are fast, reliable and cheap shipping processes from China.
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‫So those are the things that we're looking for.
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‫Again, if that kind of doesn't really make sense, don't worry.
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‫It'll all become very clear once we start adding products to your site.
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‫And then the final golden rule, which is so important.
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‫I've talked about impulse purchases in the first golden rule.
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‫We've talked about solving a problem or committing to a passion.
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‫It's all wrapped up in this sentence here.
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‫Trigger emotion to impulsively buy products.
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‫The big secret.
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‫Okay, this is the key.
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‫This is the key.
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‫We talked about the price point.
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‫We talked about certain products, not too fragile, etc..
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‫Those things are relatively straightforward, but triggering that emotion in your in your potential
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‫buyer because it's either solving a problem or catering to a passion is what's going to get them over
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‫the line.
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‫That's what's going to get them to put that product in their cart, go to the checkout and buy your
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‫products.
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‫So those are the golden rules.
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‫And what you're looking at here is years of experience.
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‫And what I suggest you therefore do is that you print these out in the resources section.
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‫For this lecture you should find a PDF.
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‫So if you want to, you can print this out and then you can have it by your side so that whenever you're
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‫looking for products, you make sure that you are always choosing the best possible products to build
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‫out a fantastic business.
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