Recipe for a successful online retail business
Recipe for a Successful Online Retail Business
Research
For a successful online business the first step is to research your product/service and the market it is entering. You need to question is there a market for your business, what can you offer that your competitors do not, have you a leading edge? The business link website http://www.businesslink.gov.uk offers practical advice on how to start up a business from financing to marketing and much more.
Product/Service and Suppliers
Once you have decided on a product or service the next step is to think about what information you need from you suppliers. This needs to be done critically and evaluative, if your selling products on the Internet guaranteeing delivery within 7 days however your supplier only guarantees delivery in 28 days, you could to run into problems.
Here are some pointers to consider researching your suppliers:
Website
Your website is your link to your customers. You need to consider what the customer would like to see and what information you would like to provide. You also need to consider the mechanism for how customers will interact with the product/service on offer; you may also want a support structure. This could be over the phone or online help.
Here are some points to consider when designing and setting up your website:
Marketing
Once you have set up your website the next step is to attract customers to your site. Listed are some ways on how to do this:
Shipment
Once a customer has purchased a product you also need to think about how to get the products to him/her. You need to make good impression and insure the product arrives safely on time and physically looks appealing. Points to consider:
Repeat customers
Once a customer has bought from your website there should also be potential for further revenue. Look for opportunities for them to revisit your site and recommend it to friends, colleagues and family. Here are some ways to attract further business:
About the Author
Hannah Reynolds is Managing Director of Mischievous Marketing, which she established Mischievous Marketing in November 2005 and the aim of the company is work with organisations to ensure their web strategy to be developed to fit alongside the organisation’s future direction. Hannah has won a number of business awards for innovation.
www.mischievousmarketing.com
Research
For a successful online business the first step is to research your product/service and the market it is entering. You need to question is there a market for your business, what can you offer that your competitors do not, have you a leading edge? The business link website http://www.businesslink.gov.uk offers practical advice on how to start up a business from financing to marketing and much more.
Product/Service and Suppliers
Once you have decided on a product or service the next step is to think about what information you need from you suppliers. This needs to be done critically and evaluative, if your selling products on the Internet guaranteeing delivery within 7 days however your supplier only guarantees delivery in 28 days, you could to run into problems.
Here are some pointers to consider researching your suppliers:
- Delivery turnaround
- Returns policy
- Minimum order quantity
- Stocks held
Website
Your website is your link to your customers. You need to consider what the customer would like to see and what information you would like to provide. You also need to consider the mechanism for how customers will interact with the product/service on offer; you may also want a support structure. This could be over the phone or online help.
Here are some points to consider when designing and setting up your website:
- Cover legal requirements – terms and conditions, privacy policy etc.
- Contact details – provide a phone number and address to promote customer confidence when buying
- Easy to find the products you want quickly
- Close ups for products
- Secure ordering
- Delivery time
Marketing
Once you have set up your website the next step is to attract customers to your site. Listed are some ways on how to do this:
- Press relations- paid for coverage, top ten toys feature
- High search engine placement
- Be part of an affiliation scheme
Shipment
Once a customer has purchased a product you also need to think about how to get the products to him/her. You need to make good impression and insure the product arrives safely on time and physically looks appealing. Points to consider:
- Costs of postage and packaging and the different options – difficulties with having it signed for if people are out
- Presentation of the packaging e.g. could it be attractively wrapped in tissue
- Sticker with website address to reinforce the site address
Repeat customers
Once a customer has bought from your website there should also be potential for further revenue. Look for opportunities for them to revisit your site and recommend it to friends, colleagues and family. Here are some ways to attract further business:
- Gift vouchers– even know when they are due up to remind them
- Newsletters with special offers
About the Author
Hannah Reynolds is Managing Director of Mischievous Marketing, which she established Mischievous Marketing in November 2005 and the aim of the company is work with organisations to ensure their web strategy to be developed to fit alongside the organisation’s future direction. Hannah has won a number of business awards for innovation.
www.mischievousmarketing.com
