The recession may be biting hard into the resources of households and young mothers across the globe, but technological innovation is creating numerous opportunities to help counteract this unfavorable economic climate. Making money online through fashion retailing is now an achievable aspiration for young and stay at home mothers, thanks largely to the e-commerce boom triggered by Amazon at the turn of the century. So how exactly do you go about starting your own individual online fashion store, and ensure that it creates an additional source of income for your family?
Step 1: Get the Right Tools:
Though you may not need a great deal of capital or industry knowledge to trade, you will require certain tools to assist you in your venture. A reliable computer and Internet connection is of paramount importance, as your entire business model is based around online interaction. Aside from this, owning a good quality digital camera is also a must, as this will allow you to provide customers with the best visual representation of your goods.
Step 2: Research Your Product
No matter what special service or affordability your store promises to deliver, it is ultimately the quality of the product that will determine its success. Not only this, but your range of garments must be both in season and in demand amongst your potential customers. Research what clothes are selling in the major high street stores, and also note the prices that retailers are charging for particular items of clothing.
Step 3: Find a Genuine Wholesaler
With an idea of what clothes you would like to sell, it is important that you source them at the cheapest possible price. Fortunately, fashion wholesalers are in great demand at present, and these organizations sell high street quality garments in bulk and at hugely discounted prices. With garments available in packs of 6 and upwards, you have the opportunity to develop your lines of stock and set a price that shares your discount with customers.
Step 4: Be Exact with Your Pricing and Quantities
While retail experience is not crucial to starting and operating an online fashion store, you do need to develop an exact approach to your pricing and quantities. It is always a good idea to start relatively small, and purchase 2 or 3 lines that can be sourced at discounts of approximately 50% per item. This allows you set a price that finds the balance between making an actual profit and giving the best possible value to the consumer.
Step 5: Develop your Store Fronts and Sell
With tools, products and a pricing strategy, it is time to actively sell your goods. Whether you wish to start with 1 online store front or create several across e-commerce outlets like Ebay or Lulu, it is important that you make your online presence both bold and attractive to the eye. Display your product and pricing clearly, and do not shy away from revealing the exact savings that customers can expect by shopping at your store.
The Bottom Line
Creating an online fashion store may no longer require huge sums of capital or in-depth knowledge of the retail market, but doing it successfully does demand that you pay attention to detail and adopt a structured approach to finding, purchasing and reselling your stock. If you follow these 5 steps, then you can look forward to creating a healthy revenue stream and making your mark as an independent business woman.
Author: Lewis R Humphries
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