Last Updated on September 2, 2020 by LAUNCHTIP
How to bring a product idea to market with Sourcify
It can be a daunting process if you have never brought a product from vision to the real life market before. Many of us have a great idea at some point in our lives. You might have an invention that solves a problem, a product better suited to a job or even an alternative products to what already exists however not all of us act on our ideas.
If you are someone who wants to get a product concept idea to reality, Sourcify can help you.
What is Sourcify?
Sourcify’s mission is to bring your product idea to life. This is achieved through a platform which introduces entrepreneurs to the right manufacturer, walks you through the product development process, helps you understand the legality of importing yourproduct and enables you to securely communicate and pay the manufacturer.
This platform stems from Sourcify’s database containing a comprehensive list of the world’s manufacturers which cover a wide array of product design and manufacturing.
How can I get started?
To start, you simply join the Sourcify platform where you’ll be guided through a simple process. This process helps Sourcify understand where you are at in the product development cycle, whether that be having just an idea all the way through to being at the stage of needing a manufacturer.
Sourcify caters to first time entrepreneurs and start-ups, individuals & businesses looking to cut costs as well as individuals & businesses looking to extend their product offering.
Sourcify + Shopify
Getting a product made is one thing, selling it is another. Thanks to the growth of eCommerce over the past decade, it has never been easier to sell your product online.
The Shopify platform allows someone with no coding or website experience to setup a shop in minutes, list product and start selling.
Once you have your product to hand or with a fulfilment service, you can start using the Shopify platform to sell your product online. You could leverage social media to market your product, generate a following and attract sales. Paid advertising is another popular option with many platforms offering a PPC model such as Google’s AdWords.
Testing the market with a product
If you want to test a market before committing to manufacturing a product, you could do so with a dropshipping service like Oberlo. This is geared more towards a brand than someone who would be marketing a unique product. Chances are if your product is unique, it wont exist yet so you need to head straight to the Sourcify step!
Oberlo is great for dropshipping. The Oberlo Shopify App allows you to import products you can dropship straight in to your Shopify store. Then when you get an order, the product is shipped directly to your customer. You get to keep the difference between the cost you bought at and the sell price you originally set.
Oberlo is geared towards ready-made, off the shelf products. The problem with this is that if you can sell it, someone else can as well. This means you are ultimately competing on price which will eventually eat at your margins.
With Sourcify, their main focus is on branded consumer products and getting you away from the middleman allowing you to control your margins and be unique in the marketplace.
Sourcify’s platform is currently in a private beta but you can still sign up. This is the first step you need to take in your products journey. Sourcify will help you take the rest.
On a side note, if you are a Manufacturer, you can also request to join the Sourcify platform here.
If you want to look at making money with Shopify but don’t want to invest in your own products, you can try Dropshipping. This allows you to sell products without having to stock or purchase up front. Similarly, you can also try Print on Demand.