How can I increase the profitability of my online retail business?

SteveD · 29-04-08

Hey folks... I have a small business selling second-hand vinyl records (mainly dance music) on eBay and now on another site called Discogs. I have been going for 3-4 months now and April was my best month, but I am still not making enough to live on.Sales are quite slow and eBay fees and postal costs are biting. Competition is fierce and the whole process is very arduous and time-consuming. I notice big sellers are charging higher prices for the same items but I feel I have to keep prices competitive to make sales... Anbody got any thoughts? Discount for the best answer! Thanks.

Jewel · 29-04-08

Find the right product and sell it at the right price.I don't buy any 2nd hand vinyl records, so wouldn't be interest even with discount.You may increase your business by diversifying - sell health DVDs as well - perhaps, or latest pop CDs as well.Good Luck

Stephy · 30-04-08

You could try on ADLANDPRO its an advertising website

AFashionableLife · 07-06-09

Hi SteveD,
Have you considered an advert on facebook? Quite cheap for the amount of people you can reach.
You are also able to target specific groups, demographics etc.
You can also set daily budgets on costs etc, so it never blows out.

You could also branch out into cd's etc..then you could add a cleaning and restoration service, commercial disc cleaners are fairly cheap now and individual disc cleaning / restoration (remove scratches etc) only costs you around .19c per disc.

Just some ideas

Cheers.

eSellArt · 16-06-09

Hi Steve,

I haven't got any tips for records but i've just read a book called the E-Myth by Michael E Gerber. Its a great book if your trying to start / run your own business. Heres a flavour of what its about.....

Everyone that starts a business is a technician that suffers from an Entrepreneurship seizure, hence the E Myth. Small businesses do not work the way intended because the technician only works in the business and can not also have the foresight to work on the business at the same time. This book will open an individuals eyes to what is the reality of owning/operating a business.

Jonicode · 15-09-09

Quote:

Originally Posted by AFashionableLife

Hi SteveD,
Have you considered an advert on facebook? Quite cheap for the amount of people you can reach.
You are also able to target specific groups, demographics etc.
You can also set daily budgets on costs etc, so it never blows out.

You could also branch out into cd's etc..then you could add a cleaning and restoration service, commercial disc cleaners are fairly cheap now and individual disc cleaning / restoration (remove scratches etc) only costs you around .19c per disc.

Just some ideas

Cheers.

Right on the spot.

Moreover, try getting active in forums for music lovers!

jrhyperbyte · 07-10-09

dvds, and advertise on gumtree

johnwill65 · 09-10-09

Try Oztion if you are in Australia they have no listing fees you only pay for the extras like bold, featured etc. Or you can have a vShop for 5$ a month

alvinposh · 30-10-09

Quote:

I feel I have to keep prices competitive to make sales.

This is a good idea, as long as you know your limitations and as long as you can still earn an income.

Always be fair and always tell your clients the truth. always communicate to them so that you'll surely get them and go back for more.

AnticGod · 12-11-09

You need to buy targetted quality visitors, make your site SEF, submit it to many search egines, get linkbacks, increase PageRank and add unique content to it. These things will increase the profitability of your site.