Retail Q&A

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Daniel N added an answer to this question
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Daniel N

Daniel N

'Buy now, pay later, or BNPL as it is often abbreviated, is only a good option if you are financially stable. Because of this, it may not be a viable strategy for smaller businesses if they cannot stay afloat without the customer paying at that time. However, it may not always be a bad idea. Of course ...  Continue Reading
Eloah Paes Ramalho

, Community Manager at SavvySME

Thanks for summing this up, Daniel! BNPL has definitely some pros and cons which are worth weighing down when going for that model. This ties very well with what @Rick Hoskins and @Colony Roofers mentioned above. @Yee Trinh , do you find subscriptions are a more "stable" type of BNPL for small businesses?
 

Daniel N

,

The following is from Ethan Taub: 'Though subscriptions can be useful in some cases, they are easy to be forgotten about by the purchaser. Paying in those small instalments at regular intervals sounds like a great offer but if payments are late for any reason then they could face massive consequences down the line. They should be able to pay when ready as long as they are given a deadline.'

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John Eustace added an answer to this question
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John Eustace

John Eustace, Principal / Communications and Media Strategist at Bells and Whistles Marketing Pty Ltd

Top 10%

Seasonal and special occasion “sales events” both traditional and more recent digital additions are always important to every enterprise that has a product or service to promote.
Every enterprise should build a promotional calendar structured to take advantage of dates that so many ...  Continue Reading
Aishah Mustapha added an answer to this question
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Aishah Mustapha

Aishah Mustapha, Content Marketer at

Top 10%

I think it comes down to two things:
1.       No point of difference or unique selling proposition (USP)
2.       High overhead costs either from rapid expansion or poor financial planning
 
This applies to a lot of bankrupt ...  Continue Reading
Chana Imsirovic added an answer to this question
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Chana Imsirovic

Chana Imsirovic, Designer at

Top 10%
Research & Learn: Get to know who your Target Market are, Suppliers, Products, Logistics (Customs)
Plan: Business and Marketing Strategy
Cash flow: Understand and forcast your costs and profit margin
Niche: Explore what is different or unique about your product and service offering
Relationships: ...  Continue Reading
Jenny Thomson added an answer to this question
Jenny Thomson

Jenny Thomson at Flannel Clothing

As an eCommerce site Amazon is one of the best option fot retail business. Already many of the retail businesses based in UK,USA, Australia & Canada impacted with Amazon. Even the top most brands like Alanic Activewear, Nordstrom, Nike have already connected with Amazon.

For example- https://www.amazon.com/Alanic-Activewear-AW003A-V-Neck-X-Large/dp/B06XPKJ6JB/

Jef Lippiatt added an answer to this question
Jef Lippiatt

Jef Lippiatt, Owner at Startup Chucktown

Top 10%

I currently don't have a "set" POS. I'm interested in seeing the responses for this question as well.

Daniel Brady added an answer to this question
Daniel Brady

Daniel Brady at

Top 30%

I'm interested in an answer too.

One option that will get half an answer is to ask your wholesale competitors for a price catalogue. That should give you a rough idea of what they charge to retail customers.

Wilson Lui

, Business Owner at Sonley Stonegrill & Bar

Hi Wendy, this is a broad questions to ask as in there are too many factors affects the margins. Will you be a distributor? Is your products on the market? What type of retailers that you were looking for? Some of that can take 40-60% of the margin! I used to work in Woolworths in management team, I can tell you more about that in private message. Cheers

Katherine Hawes added an answer to this question
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Katherine Hawes

Katherine Hawes, Solicitor at

Top 10%

It is very important that you remind online retailing is still covered by Australian Consumer Law and you have the same responsibilities as a retailer with a physical location. You still have to give refunds and ensure the goods as safe for use.

Yee Trinh

, Cofounder at

Thanks Katherine! Appreciate the advice. If items are being manufactured and shipped from abroad, does this still apply?