Tanya Huang shares her entrepreneurial journey, from her experience on Dragon's Den to running a successful ring business.
We talk about how customization is another barrier from the competition and how she decided to move on to customized products. We also compare Amazon vs Etsy, and how the two shape up for customized and handmade products.
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The Big Takeaways
- Customization is a really big consideration to customers and helps your products stand out in e-commerce platforms.
- Understanding customer needs drives product innovation. Etsy provides valuable insights into market research for customized products.
- Amazon's interface may not be ideal for customization.
- Etsy's sales have declined but are still higher than pre-COVID levels.
- New competitors like Temu are changing the e-commerce landscape, bringing Etsy's market share down.
- Etsy shoppers seek unique, personalized items over mass-produced products.
- Customization on Amazon is possible but comes with certain challenges.
- Etsy's decline may be due to increased competition and changing consumer preferences.
- Sales dynamics differ significantly between Etsy and Amazon. Etsy requires more attention to customer service and product uniqueness, while Amazon requires quick deliveries and cheaper products.
Timestamps
- 00:00 - Introduction to Tanya Huang and Her Business
- 02:45 - Experience on Dragon's Den
- 06:01 - Transitioning to Silicone Rings
- 07:47 - Customization and Manufacturing in Canada
- 11:16 - Engraving Process and Challenges
- 18:10 - Investing in Engraving Technology
- 21:34 - Market Research for Customization Ideas
- 24:01 - Exploring Amazon Custom and Handmade
- 25:42 - Etsy's Decline: Analyzing the Trends
- 29:09 - The Impact of New Competitors
- 32:34 - Etsy vs. Amazon: Sales Dynamics
- 36:30 - Philosophical Insights on Selling Strategies
Thanks for listening!
Until next time, happy selling!
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