Today, I want to share with you the 3 stages of a Qoo10 business.
Once you know the stages, it will be easier for you to know which strategy to implement to reach the next level of your Qoo10 business.
And the journey it takes for you to go from ZERO to a 6-figure Qoo10 seller.
Stage #1: Building Cash-flow
This is the first stage where most new Qoo10 sellers will start.
The priority here is to protect your capital.
And test out customers’ demand for your product without spending a lot of money to buy inventory.
One of the easiest ways is to buy products from Dollar Value Store or Daiso.
And mark up the prices a little and sell them at a profit on Qoo10.
There are actually a lot of “hidden gems” in such stores.
The good thing about buying stocks at low retail price…
Is that you can buy in smaller quantities…
1 to 10 pieces to test the market first…
Even before you order bigger quantities from suppliers.
This is actually the easiest way to start a Qoo10 business without spending a lot of money.
Because you don’t have to overstock on products…
And it’s actually the best way to test the market demand with a variety of different products with very little cost.
With this strategy, you can easily make a decent 4-figure income from your Qoo10 business.
Once you have found the product that is consistently giving you sales…
You can proceed to the second stage.
Stage #2: Buying from Wholesale Suppliers
Usually, the wholesale supplier’s price can go down to as low as 50% off the retail price.
But they have a minimum order quantity (MOQ) of between 100 to 500 pieces.
Once you have found a winning product that gives you consistent sales in stage #1…
The idea here is to increase your profit margin simply by lowering your product cost.
With this strategy, you can easily double up your income from 4-figures…
Into a 5-figures per month income from Qoo10.
Stage #3: White Labeling
This next stage is where you ascend from being a newbie seller to a Qoo10 Power-Seller.
This is where you break the 5 figure mark into 100K sales a month.
At this stage, you create your own brand that people can place their trust in.
White Labeling is a service where you get to put your logo or brand on a product that is produced by someone else.
The other benefit of creating a local brand is…
Most customers tend to trust a local brand more than an unknown overseas product
So basically, this is the formula I use to grow my Qoo10 business…
From Zero to a 6 figure income business.
In my upcoming Qoo10 Freedom training…
I don’t just show you one method or one strategy….
But I literally take you on a step-by-step journey…
Of how you can grow your eCommerce business from scratch…
Into an asset that can take care of you and your family for the long term.
If you are interested, just click on the button below to register:
Want to find out more details on how to build, grow and scale an e-commerce business to success at online marketplaces like Qoo10 and Lazada?
Register for our free 3 hour training by clicking here:
One of the frustrated moments in starting an e-commerce business is figuring out how to pick the right products for your business to sell.
Here are some tips and tricks on how to pick products for your new online business:
Do Your Market Research
When starting an online business, it is necessary to do market research first. Likewise, you should also check out your competitors and find out what they are selling online and how they are marketing their products.
When you do this, you know who and what you are up against in your local market.
At the same time, you can plan to see how you can do it better than your competition, whether be it that you can be offering lower prices, or better product quality or perhaps a different product bundling than your competition?
You can also research on what are the current and upcoming market trends to future-proof your new e-commerce business for higher success rate.
One good way to identify the current trends is to look at the best selling list on e-commerce marketplaces like Qoo10, Amazon and other similar businesses. You can instantly get many product ideas to explore selling them!
Connect with the Customers
As a seller, you need to connect with prospective prospects/customers to better understand what they want if you wish to increase your own profit.
You can send out online surveys to them to get their inputs, or you can check their reviews and feedback for your business so that you can improve your business. If you are doing well in a particular area or product, you should do more of it. And if you fared badly in certain aspects, you must take the required steps to improve your business.
All the successful e-commerce sellers that I know of, know their customers well!
Sometimes, it is a matter of asking your customers directly what they are looking for. If you have a good relationship with your existing customers, many of them will come to you on their own and tell you what they need. And that is why you can find the right products and sell to them!
Want to learn more about picking products to sell online?
We can’t deny the fact that e-commerce has a huge potential for growth in all parts of the world, including Singapore.
Thanks to today’s technology, setting up an online shop is very easy and it does not require you to have advance technical skills!
In fact, anyone can start and manage an online business as long as they have basic computer skills and most importantly, the ability to follow instructions closely.
There are many ways to start an e-commerce store. So you’ll have to decide which way you prefer to start with. Choosing the right way will allow you to achieve e-commerce success faster.
Choosing the right way to start your 1st e-commerce store can be confusing for some people. It can be setting up your own independent e-commerce site, or setting up an online shop on popular e-commerce platforms such as Qoo10 that already existed in the marketplace.
Obviously, the different ways of setting up an e-commerce business have their own pros and cons and that’s something everyone who is new should consider when selecting their preferred e-commerce startup.
If you have decided that you wish to start an e-commerce shop on Qoo10, there are some important information below that will be useful to you.
Where do I sign up as a new Qoo10 seller?
If you wish to sell on Qoo10 Singapore, please go to qoo10.sg and look for the link “Seller Register”, click on it and start to complete the Seller Registration form to sign up as a new seller.
Is it free to sell on Qoo10 or sign up as a seller?
Signing up to become a Qoo10 seller requires a $100 deposit to Qoo10. This Qoo10 deposit payment will be converted to 10,000 QCash credits. You can use Qcash to do advertisements promotions on Qoo10.sg such as setting up group buys, flash sales etc so that you can expose your products to more buyers to get more sales.
What documents or requirements do I need to provide to Qoo10 to become a seller?
You will need these items: An existing Qoo10 buyer account, your identification document such as NRIC or passport etc, and bank statement. You will also need to provide your personal information such as email, address, bank account details etc to Qoo10 as part of your new seller account sign up. If you are signing up as a seller as a business, you will need to provide information pertaining to the business, such as your business registration certificate.
Well, that’s all for now!
If you wish to learn more about how to sell successfully on Qoo10 such as :
– How to research and source for products
– How to find best selling products on Qoo10
– How to promote and advertise your products on Qoo10
– How to accept payment from buyers on Qoo10
– How to put up products to sell on Qoo10
– And a lot more..
You can click on the Register button below to register for a free 3 hour Qoo10 e-commerce training with our in-house Qoo10 Powerseller Andrew Tan…
Let’s admit it…
Shopping online is extremely convenient — that’s a fact we can’t deny.
With e-commerce, you don’t have to leave your house to purchase goods.
All you have to do is to visit a popular e-commerce web site such as Qoo10 or Amazon etc, either through your smartphone, tablet, or computer, pick the products you want, purchase it, make payment online and then simply wait for it to be delivered right at your doorstep. See, how convenient that is?
And here’s the reality: e-commerce has more benefits to provide to you, other than providing convenience to online shoppers like yourself. If you are curious and want to find out why and how you can also tap into this huge e-commerce opportunity as a seller to start making decent profits online, then read on. If you already owns an existing business, all the more you should start to explore e-commerce to grow your business!
Boost customer’s trust
An online e-commerce shop on marketplaces like Qoo10 and Amazon, if properly and creatively developed, will easily generate trust for your potential customers. Believe it or not, shoppers are more likely to stay and buy for products from you if you are selling on trusted e-commerce marketplaces like Qoo10 and Amazon, as compared to having your own e-commerce shop, which most probably is unknown to most people if you are just very new in the marketplace.
You can take orders and earn profits from your customers while you sleep. Yes, that’s possible if you own an online store because it is like a 24/7 sales agent for you helping you to sell while you are sleeping. E-commerce websites run all the time for 24 hours a day and 7 days a week. So unlike traditional retail stores, virtual stores are always active.
Sell goods globally
As an e-commerce site owner, you have the power to sell goods all around the world. Take Amazon.com as an example, you can reach everyone globally and sell them your products without any geographical restrictions. This will enable you to drive more sales since there’s no limitation on where you can sell your goods. People all over the world go to Amazon.com to shop, myself included! 🙂
Tempted to start your own e-commerce stores too?
Register for any one of our free e-commerce training below and you will be learning how to start and grow your own e-commerce store, as well as to learn effective e-commerce strategies to sell more online!
Starting an e-commerce business is easy. But, most of the sellers failed at running their online business successfully.
Therefore when you are starting out, it is necessary to plan it well on how you will be managing and marketing your online business.
So, before you start to launch your business, let me ask you this, do you know have any prior experience on how to run an online business successfully?
If not, fret not!
In this article below, we have outlined the common mistakes that new sellers tend to make when they want to launch their new ventures. And as a result of these mistakes, very often times, they are causing their online businesses to fail!
So these are the things or mistakes that you should avoid if you want to be a successful e-commerce seller!
1. Not Focusing on Business Development
After starting the e-commerce business, you should focus on the sales development of your business, specifically on the marketing aspects of your online shop for your products.
After most sellers put their products online to sell, they just sit back and relax, hoping and praying that customers and orders will drop magically from the sky. Unfortunately, most of the time, it does not happen that way.
As a seller, you need to have a marketing plan to increase your sales quickly. You will need some proven selling and promotional strategies before you can see sales flooding in!
For example, on the Qoo10 e-commerce marketplace, you are able to do promotional strategies to market your products such as flash sales, group buys promotions to increase sales for your shop. You will need to know how to do that if you want to start getting more sales!
2. Failing to do a Market Research
Even before you start an e-commerce business, it is necessary to do market research first before investing in any capital to buy stocks.
Many new sellers started their e-commerce business without sufficient or basic planning.
They invested the time and money to buy stocks and start to list them on their web shops, hoping that they will sell and start to make lots of money!
However, they have not done any research to find out if their products are popular or not, and whether buyers are willing to spend money to buy them or not.
So make sure that you do the market research properly if you want to really succeed in your e-commerce business.
Not sure how to do market research for your e-commerce business?
Then we will encourage you to register for one of our free Qoo10 training to learn how successful Qoo10 sellers start and run their e-commerce businesses.
Register your free tickets via the Register button below.
Want to learn more about selling on e-commerce marketplaces such as Qoo10, Lazada etc?
Click here to register for a free 3 hour e-commerce workshop in Singapore:
What’s more important to you in running a business?
Is it to make A LOT of profits?
Or is it to ensure that you don’t lost money?
It is actually more important to make sure that you do not lose any money.
Just like they say in football, the opponent can’t win if they don’t score any goals.
You cannot think about making HUGE profits unless you ensure your capital is safe.
Today, I want to share with you some simple tricks to find hot selling products to sell so that you can make money consistently and happily.
1) Research Your Products
The BIGGEST MISTAKE most people make when selling online is NOT doing research on their product offerings.
I mentioned in a previous post that people tend to fall in love with their own idea or products.
What you love is not necessarily what the market wants.
The best way to make sure your product sells is to find out what are existing products that are flying off the shelves and sell something similar or related.
By doing this important step, you greatly increase the chance of making money online and you will not need to be concerned with whether your stocks will sell or not.
2) Source for a supplier with the best price
There are basically 3 levels of suppliers you can get your products from.
Retail, Wholesale or Manufacturer.
We are usually not big enough to get supplies direct from manufacturers as they often require order quantity of 10,000 or more.
And Retail vendors usually sell at a higher price to make their profits, but there is no Minimum Order Quantity [MOQ] to fulfill (yes, it is still possible to buy at retail prices and still mark up to make your profits if you know how to do it!).
So Wholesalers are your best option.
You pay less for the cost per item so that you can mark up and make your own profit, although there is usually a MOQ when you order from wholesalers.
I know where you can place wholesale orders for quantity of about 5-10 units only, so your risk is very minimal as you do not need to spend a lot of money to stock up on inventory. This is a smarter way of doing business. I am sure you agree.
Nevertheless, if you build a long term relationship with your wholesale supplier, a lot of terms are open to negotiations. That means you can buy at lower wholesale costs, and sell to your customers at competitive prices so that you can earn more and at the same time, maintain your competitiveness over your rivals selling the same products.
Remember: Profits = Selling Price – Costs
The higher price you sell OR the lower cost you pay to acquire your goods, the more profits you will make! Simple mathematically formula! Easy to understand?
3) Good Product Pictures SELL!!
I am sure you have come across this before.
You are shopping online for something and come across 2 sellers with the same products at a similar price.
One seller has a professional looking picture on his/her listing while the other listing has a lousy resolution picture that looks like it’s taken sloppily on a smartphone.
So, who did you end up buying from?
Well, you don’t need any expensive or professional equipment to take professional looking product pictures in order to sell online.
These days, a decent smartphone comes equipped with a very capable camera that can take awesome and high resolutions photos for your products.
And, there are tutorials that you can find online which teaches you how to build a simple lightbox for products photo-taking.
There are also many free, online resources that allow you to edit and beautify pictures.
In essence, a picture speaks a thousand words; a good product picture sells a thousand products!
I hope you like what I have shared above today.
Those are just a few tips that I openly share at my FREE E-commerce training sessions.
I can show you how to achieve a freedom of lifestyle by leveraging on e-Commerce as a very viable business model.
My FREE training will show you HOW TO SET UP and run a SUCCESSFUL and PROFITABLE internet business on platforms like Qoo10 and Lazada and more.
People are making money with my proven selling strategies. Let’s make it happen! It’s your turn now.
Register for your free session below and learn more tips and strategies at my next full-house training!
My name is Andrew Tan, a popular E-commerce Speaker/Coach/Entrepreneur in Singapore.
If you have been following the news lately, you would have come across various articles sounding the death knell of retail in Singapore. Articles proclaiming the end of Singapore’s status as a ‘Shoppers Paradise’ have been shared all over social media the past few months.
Let me share with you my personal observations…
I travel around Singapore quite extensively and have noticed many retail outlets opening up, but closing down again within half a year.
At first, I thought it was just me; maybe my memory is not as good as it used to be, or maybe I am mixing up the shops that are opening and closing. But, many of my friends noticed the same trends and agreed with my observation.
According to statistics, Singapore’s retail market has been on a constant downtrend for the past few quarters.
More people are also losing employment during this period.
Some of these newly retrenched or unemployed with a decent nest egg have decided to switch from being employees to entrepreneurs.
Many of them chose to enter the retail market.
With the retail landscape in the shape it is in, is it really a good idea to blow your severance package or your lifetime savings on such a venture?
While retail rental has been slipping for 6 consecutive quarters, we still boast some of the highest rental rates in the world. Add to that, the high manpower costs and other overheads involved in running a retail business, it is not hard to realize that it takes a large sum of capital just to enter the market.
Some might argue that there are lower cost options out there like short term micro retail space rental or shared spaces.
Let me share my experience of experimenting with cube space rental with one of the ‘Box Shops’ that was all the rage a short while ago.
The rental for a 45cm x 45cm x 40cm space in a premier eye-level location within the shop can come up to around $200. On top of that, the shop charges an 8% commission on every sale I made.
I shut down my operations in 4 months. Rental and commissions paid outstrips revenue every single month I was in business. It was an unmitigated disaster. Many other operators did not even last more than 2 months.
Now, think about it.
What kind of merchandise can you put in a 45cm x 45cm x 40cm space?
Also, what is the likely customer profile of the shoppers that visit Box Shops?
You are seriously limited in the choices of products you can sell in those spaces.
Big ticket items would have very small chances of selling, and the effort you need to put in to move enough volume of low priced items to make a profit is simply not worth it.
If you are thinking of taking a stab at retail entrepreneurship, make sure you do your research and work out the figures. The last thing I want to see happening, is you burning through your hard earned cash for nothing.
If your capital is limited and have a small appetite for risk, I would highly suggest starting an E-Commerce business selling online. You can start with less than a thousand dollars and there are ways to source for products that people are rushing to buy, thereby lowering your risk of stuck inventory.
In fact, for the past 10 years, I have been conducting a free 3 hours, info-packed e-commerce seminar where I will share many of my secrets of running a low risk, profitable E-Commerce businesses with you.
I will also share with you on how you can start your own E-Commerce businesses on Qoo10, Lazada and eBay platform.
You will learn about what are some of the hot selling products that are flying off the shelves to sell on Qoo10, plus some tips and tricks to dominate any niche that you choose to go into.
I will be revealing these information for free at the seminar.
All you need to do is quickly click on the link below to sign up for a free seat and turn up punctually on the day of the training itself.
It’s THAT simple… and get ready to learn what works today!
I look forward to seeing you there!!
Creator of E-commerce Freedom Maker System
PS: My free training is always full-house, so please register now as I do not wish to disappoint you if my staff had to say sorry and turn you away at the door. People are literally standing throughout my entire 3 hours presentation just to listen in as they are unable to grab a seat. You have been warned! 🙂