This is a business model that is doomed for failure. You’ll likely steal a chunk of the market, yes, but soon enough you will get caught in a pricing war with your competitors.
Have the best suppliers
Having reliable, professional and competitively priced suppliers not only makes life easier but it will ensure you that you know your customers are going to be happy. This means return customers and less refunds.
Add value through content
The best way to add value to your store is to have extensive product information. This is especially important if you are selling high priced items like TVs or Home theatre systems, people are more likely to buy through you if they know exactly what they’re getting. Customers don’t like having to ask questions and wait for a response so if a competitor store has the answers to their question, they will buy through them.
This one is easy. The more confusing and customizable the product, the more likely people are to turn to the internet for answers. The best ways to capitalise on this would be to:
- Create an in-depth video explaining and showing how to product works
- Have a detailed product description
- Provide a list of FAQ about the product, if applicable.
- Supply a component capability guide. For example, for clothes you would have a sizing guide. This can usually be provided from your supplier
- Put together an installation guide, if applicable. This is an opportunity to up sell them on this.
Offer an amazing service
One of the best ways to stand out from the crowd and to receive more repeat customers is to make sure everyone is happy. From people inquiring and asking questions about one of your products to keeping customers in the loop about a product that has been shipped, having a happy customer is the best way to advertise.
One final thing
Is doesn’t matter how much preparation or research you do, the main thing you need to do is GET STARTED. It may seem like a lot of information to get through and learn but most of the finer details can be learnt along the way so don’t be afraid to jump in the deep end and get going.
We will leave with our favourite quote, “You get out what you put in. If you treat this like a hobby, it will pay you like a hobby. If you treat it like a business, it will pay you like a business”.