Please Advice...family suffering...
-
The demographics of my customers are mostly female with an age group of 18-32.
Feedback has been given by a number of them that no doubt they are supporting my business on an irregular basis, they were honest enough to let me know that sometimes they do buy things online.
I don't face much problems with my regulars, just the fact that walk-in customers don't seem to spend as much anymore.
I don't have a lease contract with my landlord, hence the fact that I did try to seek for other alternatives, heartlands like Toa Payoh being one of them.
But unfortunately, I was surprised that the rental is way higher than what I'm paying for currently.
I would really like to hear the opinions from all of you helpful members, what are generally the strength and weakness of online shops compared to a physical brick and mortar shop.
PS. I will look into means of support for my 2 boys as suggested hoons and Rednano.
I hereby give my heartfelt thanks to all of you for your sincere and remarkable words of wisdoms.
My family and I thank you all from the bottom of our hearts.
-
actually, if you afford to shell out a few thousand dollars, $3000 plus for a e-commerce website and take some nice photos of your accessories, the online shop can work as a complement to your current shop. Your goods are already there, now u can fight this war on 2 fronts.
Spring Singapore offers a subsidy for first time website owners. and they also have another program called LETAS (local enterprise technical assistance scheme) to help subsidise e-commerce website. But i must forewarn you, the subsidy is on a reimbursement basis.
Do make a trip down to the EDC@SMa for more information. I cant provide you much more information... sorry ...
-
you can follow suit and open a "blogshop" too
like that 2 earnings but only 1 rental -
Originally posted by utterly_disturbed:
The demographics of my customers are mostly female with an age group of 18-32.
Feedback has been given by a number of them that no doubt they are supporting my business on an irregular basis, they were honest enough to let me know that sometimes they do buy things online.
I don't face much problems with my regulars, just the fact that walk-in customers don't seem to spend as much anymore.
I don't have a lease contract with my landlord, hence the fact that I did try to seek for other alternatives, heartlands like Toa Payoh being one of them.
But unfortunately, I was surprised that the rental is way higher than what I'm paying for currently.
I would really like to hear the opinions from all of you helpful members, what are generally the strength and weakness of online shops compared to a physical brick and mortar shop.
PS. I will look into means of support for my 2 boys as suggested hoons and Rednano.
I hereby give my heartfelt thanks to all of you for your sincere and remarkable words of wisdoms.
My family and I thank you all from the bottom of our hearts.
While using the Internet may help to increase business, it is not going to be overnight. Having said that, I am not saying that you should not consider the Internet as alternative to generating more businesses.
Think of the Internet as an advertisement gateway to create more interests in your shop's products such as putting up new pieces of dresses or accessories that has just arrived. At the same time, create some hype on the Internet by giving some form of freebies or discounts for those who said they are buying from you through the web.
Web marketing is a great tool and offers many rooms for creativity but you need to have the time to think and plan out your marketing activities.
Back to a more important and critical situation and that is your current business revenue which translates into survival issues for yourself and your family.
While new location with lower rental may free your cashflow issue, you need to reconsider the fact that you need to re-market your business since you are going to be a new kid in the neighbourhood. Not to mention that your old customers may go to other shops since they may no longer find it convenient to travel all the way to your new shop. Therefore, think and plan carefully before moving out.
In times of recession and in tense pricing competition, you need to be more creative. This is probably the best approach to solving your problem. Look at what you are bringing in and what other shops are offering. Some pointers for you to consider:
1) Can you mix and match something to differentiate from your competitors.
2) Can you structure some form of bundling to make you products more attractive? Like buy one dress and get the accessories at 20% cheaper or buy 2 dresses and get the next pair of shots at half the price.
3) offer discounts for the next visit or strike some form of alliance with another complimentary shop around the same place (someone that you can trust is important) so that buying from your shop means getting discount if they visit another affliated shop. Dresses and shoes go hand in hand ... something along that line.
4) Seriously looking at products other than Thailand. Product differentiation is important to helping your business evolve.
Pricing is an interesting subject and like any management theory, change strategy is important.
One last word, a business cannot remain the same size forever. It's either you expand and evolve in breath or in depth. Any business that does not evolve to become stronger will normally face extinction. I am sure you understand that since a business has a life of its own .. just like your children.
If you need and wish to discuss further, just drop me an email at [email protected]
Take care and best regards,
JY
-
To TS,
Almost everyone is suffering one way or other in this economy downturn. Try cutting down on unnecessary expenditure if you can like stop using the aircon at home if you have and if things really get worse get your MP for help. Do take care
-
薄利多销。
-
The only point I am going to add on is to add more variety to your existing products and streamline into a new product for your shopfront since individual blogshop might not be able to compete in turn of variety other than costing. I would not elaborate on the marketing and shophouse management.
As regards to the setting up of online shop, a point of observation that I notice is that majority of the shopfronts selling their products seem to have an online shop that served as an advertising tools complementing the shopfront rather than as an e-commerce shop. This is largely because it is difficult to differentiate what products to sell online or/and offline and also the two pricings difference.
Let me quote you three examples as to why an online shop might not be feasible if you would to keep your shopfront. Say product A is selling on the shopfront for $10 and if you would to sell A online for $5, on the front, you would be competing with the blogshops for product A but eventually, it appear that you are not utilising cost properly as your shopfront is being used as a storage house instead for this product. Also, you would face a price discrimation if the same customer find the same product on your shop and your online shop selling at different prices. Hence, your shopfront would be only to cater to walk in customers.
Another scenerio is that you are selling a group of product A on the shop and a group of product B online, then your group of product B would compete with those blogshops carrying similar products at a level cost with the advantage and creditability on your side because you have a shopfront. Whereas your product A will compete with blogshops selling A also. You can have a sales gimmick to boost the sales of product A. Practically, it is hard to achieve.
The last scenerio is that you have to let go of your shopfront, freeing the rental, utilities and misc. fees by transferring your business online. Therefore, what you lack is a storage house, a regular clienteles for your online shop.
Two cents.
-
Originally posted by Juiyong:
While using the Internet may help to increase business, it is not going to be overnight. Having said that, I am not saying that you should not consider the Internet as alternative to generating more businesses.
Think of the Internet as an advertisement gateway to create more interests in your shop's products such as putting up new pieces of dresses or accessories that has just arrived. At the same time, create some hype on the Internet by giving some form of freebies or discounts for those who said they are buying from you through the web.
Web marketing is a great tool and offers many rooms for creativity but you need to have the time to think and plan out your marketing activities.
Back to a more important and critical situation and that is your current business revenue which translates into survival issues for yourself and your family.
While new location with lower rental may free your cashflow issue, you need to reconsider the fact that you need to re-market your business since you are going to be a new kid in the neighbourhood. Not to mention that your old customers may go to other shops since they may no longer find it convenient to travel all the way to your new shop. Therefore, think and plan carefully before moving out.
In times of recession and in tense pricing competition, you need to be more creative. This is probably the best approach to solving your problem. Look at what you are bringing in and what other shops are offering. Some pointers for you to consider:
1) Can you mix and match something to differentiate from your competitors.
2) Can you structure some form of bundling to make you products more attractive? Like buy one dress and get the accessories at 20% cheaper or buy 2 dresses and get the next pair of shots at half the price.
3) offer discounts for the next visit or strike some form of alliance with another complimentary shop around the same place (someone that you can trust is important) so that buying from your shop means getting discount if they visit another affliated shop. Dresses and shoes go hand in hand ... something along that line.
4) Seriously looking at products other than Thailand. Product differentiation is important to helping your business evolve.
Pricing is an interesting subject and like any management theory, change strategy is important.
One last word, a business cannot remain the same size forever. It's either you expand and evolve in breath or in depth. Any business that does not evolve to become stronger will normally face extinction. I am sure you understand that since a business has a life of its own .. just like your children.
If you need and wish to discuss further, just drop me an email at [email protected]
Take care and best regards,
JY
a very gd piece of advice!
-
Originally posted by utterly_disturbed:Dear all, I know that there probably are a lot of you who understand my plight.
I'm a single mother with 2 little boys, age 2 and 5.
I run a small shop in Far East Plaza selling womens' accessories which I managed to source from thailand.
Business used to be good, with the ability to feed my family and myself with a monthly income of about $2000+ after rent and utilities.
Recently, I'm suffering from extremely low sales. In Febuary, I made only $460 after paying off everything.
Some of my customers have been telling me that a lot of people are opening online shops which sells the same things as mine, only difference is much lower in price.
They don't have overheads like us, physical business owners, that's why they are able to sell so cheap.
My family is very much affected by this trend. I'm not even sure I will be able to survive this for long.
My ex-husband left me this business and I only have sec 4 education. In times like these, getting a job will be near to impossible.
Please advice me, dear good samaritans, on how do i compete with these online shops.
I don't wish for them to suffer too, but is there anything I can do so that customers don't mind paying the few dollar difference and come to my shop instead.
Please help. I'm desperate...
Thank you.<!-- / message -->
Hi,I guess you have to let go of the shop space that you rent at Far East Plaza....before you lose more money....times are bad right now...but if you can be happy to have a weekend retail space infront of any retail shops that sub-rent the front portion of their shop (if I'm not mistaken but you can check it out at your own housing estate area) at S$50 a day during weekend. This kind of business is good at the place where there are many passerby for instance near the wet market....hopefully you can maintain your income without having to pay a bigger amount for your current rent at Far East Plaza.
Having online virtual shop is a trend now but after you have it, you must know what to do with it because you need to have internet shoppers to visit your website or blog.You have to spend long hours infront of the computer screen to market your website or blog to the internet world and users, locally and abroad...there is no boundary in the internet world and it is up to you where you wish to market your products or services to generate revenue.
I hope you can be more savvy on using the computer and the internet world because if have that skill and knowledge is it going to be good for your future business....I'm sorry to hear that your business and sales are slow now but again on the bright side...if you can really maintain that shop at Far East Plaza until the World Youth Olympic commences in July 2010, you can never know what can happen to your business...but every businessman and businesswoman are trying to cut cost nowadays...so I guess you have to do likewise.
I wish you all the best in your future business endeavours and I hope you will make the right decision and choice.
Take care now.
Joe
-
Hey, drop me a pmsg,
we can collobarate to open an online shop, im planning to do one anyway..............i.e
you provide products, i provide technical skills/suggestion.
-
One idea I can give you is rent a smaller shop AND do online sales at the same time. When your online sales reputation/customer base is built up then you can consider giving up the physical shop and do purely online. Actually I advise most people to maintain some kind of physical shop as it gives customers confidence that they are a steady business, not those hit-and-run type. Since you have money problem, I'll tell you the cheapest way to sell stuff online. Find those free auction site ebay.sg etc and list your items there. At the same time, ask your customers to subscribe to a free mailing list which you maintain to inform them of what items are coming-in, what items have arrived or even allow them to pre-order "hot" items. Make sure you include pictures of all the products.
-
Originally posted by utterly_disturbed:Dear all, I know that there probably are a lot of you who understand my plight.
I'm a single mother with 2 little boys, age 2 and 5.
I run a small shop in Far East Plaza selling womens' accessories which I managed to source from thailand.
Business used to be good, with the ability to feed my family and myself with a monthly income of about $2000+ after rent and utilities.
Recently, I'm suffering from extremely low sales. In Febuary, I made only $460 after paying off everything.
Some of my customers have been telling me that a lot of people are opening online shops which sells the same things as mine, only difference is much lower in price.
They don't have overheads like us, physical business owners, that's why they are able to sell so cheap.
My family is very much affected by this trend. I'm not even sure I will be able to survive this for long.
My ex-husband left me this business and I only have sec 4 education. In times like these, getting a job will be near to impossible.
Please advice me, dear good samaritans, on how do i compete with these online shops.
I don't wish for them to suffer too, but is there anything I can do so that customers don't mind paying the few dollar difference and come to my shop instead.
Please help. I'm desperate...
Thank you.<!-- / message -->
First thing - don't panic. It will only cloud your judgement and business sense. Sit down and calmly rationalize all options first.#1. You are a citizen of this country and a member of our 'loser' society, where we will rather wait for the bottom few and pull them along with us, than a 'winner' society where everyone don't give a damn to others and selfishly surge ahead.
This financial crisis is a wake up call to what kind of society we must build inorder to avoid doom for mankind. So there will always be help, and don't be afraid to ask. Out of 10 you ask, perhaps only 2 will answer your cries, but that is more than enough. You don't need many, just one will do. So don't feel that you are alone. You are not, no way, in Singapore where we leave no one behind. Take courage.
#2. This is a critical time for all and everyone is doing all they can to survive. Some may be able to profit, but most will only be thinking to make ends meet. The keyword is SURVIVAL. You will have to do all it takes in exploring and analysing options, in order to survive, short of doing illegal stuff or hurting others.
#3. Your brick and mortar biz is always best, and you are in a good location to earn money than online biz, as proven with your track record of average $2000 per month profit after expenses. Do not be misled that online biz is good. It is not. Success comes a long time and to a lucky few that manage to sell unique products. Shopfronts are still the best biz for customers would still prefer to feel and touch before buying, something online biz cannot offer, as well as the issue of trust.
Online biz is more of a hobby than a secure job opportunity. Unless you have the funds to wait for profits, then go ahead with it, if not, drop the idea. Your family will suffer. The only ones who make money are those who regularly claims they made money and teach others how to make it. You pay them first, and whether you succeed or not, it's not their problem. They already earned your money.
#4. The rental is high for your shop, because of the crowd. Do not expect any kindness from landlords. They too need to earn money. There will always be someone else who will take over your shop if you fail. This is a reality. The only time landlords will be kind is when no one wants to set up shop, but still, people do everyday. So forget about landlord help option.
#5. Two kids and making only $460/mth? Perhaps you would be better off working as a production worker drawing $1,500 a mth and get parents to help look after your kids. Be realistic.
#6. If you still feel gutsy and want to stick to entreprenuership, good for you.
a.) Reduce your overheads such as product costs - look for cheaper alternative goods from Thailand. It shouldbe much cheaper now, as well as explore bulk shipping costs aligned with your competitors. Ask around and talk to your fellow competitors. It will be a win-win situation for all if you succeed. You can shave off at least 30% of your product costs.b.)Your existing stocks that are not moving must be cleared. It will only take up space. Sell at cost or packaged it as promotional items - buy one get something else free. If you fail, you will be stuck with worthless stock anyway. So get rid of it as quickly as you can, even at a loss, for it is not generating money for you to roll your biz.
c.) Network - very, very critical in this down period. Word of mouth will create success to an entreprenuer. Service must be good, products cheap and always give out gifts. You will be remembered over your competitors. This will be your network to more people.
d.)Bring in more items. Survey what the young needs and packaged it with your products. For example, if the current trend is some japanese movie star, bring in posters or material related to the star and use it to promote your shop to set up the network. Maximise the use of your shop space - each shelf space must be some item that will either sell or attract people, not make you feel happy.
e.)$460 a mth is near critical levels for your family. I hope you have savings. If not, then consider family loans to help out. Calculate your needs for 3 months, and if you have enough to survive, than continue on with your improved biz. If not, be realistic - get a good price for your items and walk away quickly.
#7. A mother of 2 and being old, getting a job is not going to be easy. So study the market on what jobs will be needed and then go for that job skills upgrading course. Do not worry if it is only perhaps $1000+. It is only the beginning and if you prove your worth, companies will either pay more later or with your experience, you can move to another company.
It is fortunate Singapore welcomes foreign companies, for most local companies are still reluctant to hire locals even though they use our taxpayers funds to keep afloat. Foreign companies may be more matured and open - minded than tight fisted self centred local companies.
Study #6 e) . Only you alone can make that decision. Even if you fail, know that you are not alone. Many others had failed too, but they never stay down. When the opportunity arise, they are back again. So, do worry too much. And if you do succeed, remember your plight and help others.
We as a society have only each other. If we don't care for one another, no one else will, and we will eventually die out.
All the best.
-
These are some of my thoughts after reading...
Probably you can try diversifying, dont just focus on 1 market(selling woman's accessories) you can target the couples as well? guys? Jap trend? etc etc...
Because you're in a business where trend changes very quickly, so lots of research and survey have to be done regularly to find out whats the demand of the market and change accordingly.
Online shops? Since its free why not create 1, but your priority should still be your shopfront.
Try value adding your products? This might not be applicable to your products as they're meant for higher end products which cost more, but theres no harm trying, be creative and think of various ways to value add your product, your customers may feel that buying your products would be more worthwhile than buying from your competitors.
Do update us on your current situation..
Cheers:)
-
Originally posted by the Bear:
One idea I can give you is rent a smaller shop AND do online sales at the same time. When your online sales reputation/customer base is built up then you can consider giving up the physical shop and do purely online. Actually I advise most people to maintain some kind of physical shop as it gives customers confidence that they are a steady business, not those hit-and-run type.
Since you have money problem, I’ll tell you the cheapest way to sell stuff online. Find those free auction site ebay.sg etc and list your items there. At the same time, ask your customers to subscribe to a free mailing list which you maintain to inform them of what items are coming-in, what items have arrived or even allow them to pre-order “hot” items. Make sure you include pictures of all the products.
Business not doing well and recommended to downsize?Is that the path to bankrupcy?
-
If Singaporeans really want to help fellow Singaporeans and themself, they should start buying local stuffs.
-
one suggestion is that perhap u can rent out part of ur shop space...i saw a couple of shop doing it at my home area...
shoe shop got 1 small section in front selling hp, dvd shop got 1 corner selling bubble tea etc...in this way, u dont need to absorb all the space loses...and thus profit margin become bigger...
-
d you receive maintainance from Ex-hus? if yes, i think CDC cannot help much! even CDAC also cannot help u!
but can try get CDC to help. they have cheaper kart along MRT station o bus interchange, cheap rental,
-
The rental at fareast should be 10k/month?
-
-