Successful Online Stores?
Anyone ever come across any highly successful online store platforms recently? I understand there are a ton of e-commerce / online businesses these days, and its a tough space. But from the ones that you’ve seen do well, what are these stores printing money from and how did they make it work?
Saw a post from another site where someone was making over $2mm revenues per year off of their platform
They made $2mm per year?
Thats 100x what I got paid during my internship
He probably means $2mm in revenues.
Yeah, just clarified that above
My internship quote was revenues too
They’re most likely selling counterfeits / private label stuff
Essentially ripping off higher quality products/brands if I had to guess
I highly suggest going through reviews of reviews. Now there are contents like 'I tried amazon FBA for 1 month". They review courses offered by famous, trial of many platforms and finally net income. This will give you the best income based on your region. As there are certain platforms which are zone specific.
Malaysia has a few successful online stores. The one that is currently overtaking other competitors is shopee. It has more shipping and payment options. Not just that, it also offers products across all ranges at cheaper rates compared to its competitor. It has many games for users to earn coins that can be redeemed later with purchases.
Interesting. What do those platforms get in exchange for people playing online games?
Can you explain more on the business model of this? Customers watch videos and earn coins which can be redeemed to make purchases, but the platform must be benefiting somehow by offering coins through videos, but how
The successful ones have few things in common:
1) Their product can't be sourced by anyone
2) They build conviction into their customer( warranty/certificate of authority from local body or popular body)
3) Good review (not only five star but people stating or comparing with previous)
Some are also adult oriented like used underwear (1,3), OF,sugarbook(1,2,3) and Hired companion (2)
They also have a pretty hollistic brand. Active social media, youtube videos explaining products or educating customers, ideally some sort of physical presence somewhere, etc.
alibaba, shopify, sugarbook, OF, TNA, shopee, lazada, agoda, trivago &etc
ok, so a few of my friends were laid off during the pandemic and never found another job. They jumped onto etsy, ebay, and others and started producing products which sell hundreds of times per day. It started slower, but some were really strong during the pandemic as well:
- toys for the bedroom (yes, those); very profitable niche, especially given the WFH and OF hype. People have more time for pillow talk in recent years and this seems to work
- signs, labels, large prints; this is a very competitive field, but still someone that could work with the right story behind it
- special events and design services; some people design products for specific events like religious events, ceremonies and more. If you order more than just a random product you can charge more.
What kinds of event products do they design? Have an example?
A simple product than can be replicated or is a replica itself doesn't command a premium price or margin.
Custom products I have seen are:
- wedding products which are customized and produced for the event, i.e. signs, napkins, cake toppers, cake figurines, mixing spoons, printed cloth products like pillows, crockery, but also high-end paper print products around the event.
This doesn't have to be a wedding, anything like gender reveals, baby shower, baby moon, engagement events, etc.
The teams I know work with the clients (families) to come up with the design and charge substantial amounts for this.
you have to fleece the customers when the money is ready to flow, life events/ family functions are perfect for this.
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