I've never really tabulated my earnings since when I started out in 2007. I only started to keep track when the numbers started to grow in mid 2008.
My 2009 profits was about $4654. Earnings rose 46.3% to hit about $6810 in 2010!
I have many points to improve in terms of entrepreneurial skills but it's good to see my efforts pay off, and in the online biz arena, there's only 3 ways of measuring success... consumer ratings, hit rate or earnings. Since Yahoo Auctions closed, I could no longer quantify my consumer ratings, so profits would be the greatest indicator of whether I was doing things right. Hit rate on my website was a longshot secondary indicator.
As I celebrate 3 years of blogshop success, I thought it's cute to look back at some of my shrewd online biz moves, which are entirely self-taught.
1. Building a blogspot blogshop
- Some may argue that Livejournal is better, or Wordpress. But I got exposed to Blogspot earlier, so it's like getting to know Hotmail first. Whichever worked, just stick to it lor. I wouldn't have gone into Blogspot had Yahoo Auctions died suddenly, but having a Blogspot shop does help me consolidate and measure consumer loyalty, which I obtain free stats from Bravenet. With Blogspot, I don't have to live in fear that a 3rd party auctions site will fail me, and that I'd lose any of my data. Of course I've not thought of what happens if Blogspot fails me. Think I'll cry lor. I have my work experience at RP to thank for some web/html exposure which made learning Blogspot a lot easier.
2. Discounts
Singaporeans are kiam peng for discounts. That's a given fact. Sweeten any deal with savings and you have a good chance of grabbing the customer's heart. My discount package isn't awesome but it sure beats blogshops who offer nothing. I have two periods for regular discounts. There's GSS period (mid May - June, 6 weeks) and anniversary discounts (Nov, 4 weeks). It's mildly successful, though sales of pre-loved items are slow. Oh I miss the Yahoo Auction days where I'd sell a pre-loved item at least once every 2 weeks...
3. Freebies for shoppers
One of my aims of selling stuff online is clear my wardrobe of new and old stuff I no longer want. It's true that one man's trash is another's treasure. Selling/buying stuff can be considered a form of recycling too, which is certainly a good deed. :) But as mentioned, sales of pre-loved items are far in between, so I've sweetened my deals further by giving away these items as freebies for all pre-order customers. To me, it's win-win, helping me to clear my wardrobe and win goodwill from my customers, encouraging them to always return to Janice for their plus-sized wardrobe needs. :)
4. Recognising Trends
When you run a biz regularly, you start recognising trends that happen on a yearly basis and it helps you focus efforts on maximising returns. The are far more enquiries in late Dec/early Jan because of CNY. The Chinese hold onto the belief that you must wear new clothes for the festival. And so instead of 1 spree, I hold 2 in this month. I also realise that most customers come online during the night from 10pm to 1am, they also like to shop during weekends and the numbers peak from Thurs onwards till Sun. So updates should be live around these times to capture more attention.
5. Creating a Mailing List
It costs 70% to businesses to acquire a new customer than to retain an existing one. So it's important to keep close links with the hand who feeds you. When I first moved my promotions from Yahoo Auctions to Blogspot, I needed a way to tell my clients about it, and so I started to compile all their email addresses to facilitate mass mailings. Creating and maintaining a mailing list is almost cost-free. By updating them with emails on latest offerings, you are reaching out to the correct target group who is interested in your products or services. Don't wait for them to approach you. Approach them. :)
My aim for 2011 is $10,000 net profit. Will I succeed? We'll see!
