Recently when you received a gift, didn’t it bring a smile on your face? Or when you sent a gift to a person, isn’t the response warm from the recipient? It is a fact that irrespective of what age a person is, gifts make everyone happy. People just love to get pampered and gifts just serve the purpose correctly. Within a decade’s span, the gift industry has grown considerably and keeps growing constantly.
If you ever wanted to be your own boss and start your online business, a gift shop on the internet can just be your gateway to glory!
With a huge band of consumers looking for gifts online, an online gift shop could just become a success if planned and maintained properly. Some of the tips to keep in mind are listed below-
Before you start off a gift shop, it is essential to understand the consumer base that will be catered to by your business. The buying pattern along with the economic capabilities of the population will help you to understand what kind of product will attract people into your online shop. It is advised to have as many people as possible in your survey so that a proper demographic research is done.
-Selecting the niche
As an entrepreneur, you should understand that people who are visiting an online gift shop are in search of something unique that is not available in the retail or discount stores in the market. It is essential to find out the void in the market and then cater to it, this will ensure that your business has a unique collection and offers that is unbeatable. Driving traffic into your business in this way is easier. Some of the niche ideas are listed below-
- Novelty items
- Seasonal gifts
- Personalised gifts
- Handmade greetings card
The market is crowded when it comes to gift shops and hence the competition is huge. Retail stores, online stores and e-commerce giants such as Flipkart, Amazon and eBay too pose a great competition in the domain. For a budding entrepreneur it is essential to make a list of the top companies in the industry and then understand the best features of each of the businesses. The plan should be to learn from them and implement the same idea with a tinge of creativity and innovation.
Start from the scratch or become a seller
If you find that the entire process of starting your own gift shop online is tacky then there are ways how your product can reach out to the people in the market. E-Commerce giants such as Flipkart or Amazon have an option where you can join them as a seller. After you join as a seller, the products from you will be up live on the website but they will keep a percentage of profit because of the platform they are providing. Getting enlisted as a seller has one benefit that you already get a huge consumer base and can cater quality products to them through the intermediary ecommerce website.
Financing the store
Your online store will require investments to be made before you can actually expect a return. Capital remains one of the major concerns for people who want to start something of their own. There are various ways through which you can manage funds for the project-
- Personal saving or loan against property
- Soft loans from acquaintances or family members
- Bank loan
- Financing the project from investors who would take a share from the profits
Online gift shops need to deliver the goods to the customers. The delivery set up should be well partnered with either a courier service or any logistic partner in the area. Make sure that the delivery is on time as it creates an image for people regarding our business. Gifts are mostly given on a specific day or for a specific occasion, delay in the delivery of the gifts would ruin the purpose and people will not appreciate this ever.
It is important for the product to be packed in a way that it looks sophisticated and worth the money. Gifts can be of various fragile items, it is essential to keep in mind the safety purpose while packing any kind of gifts. An attractive packaging will make the consumer happy and help in creating the value of the brand.
A website should be designed in the best way possible because for an online business it is the only thing that a customer generally gets to look at. Design should be done keeping in mind the industry standards as well as the fact that it should be mobile friendly as many people tend to browse through the phone and make purchases on the go.
You need traffic on your website and in order to do that it is essential to invest in digital marketing practices. SEO and blog posts on various platforms can help a lot in making driving traffic in the website. Along with it, proper social media campaigns need to be run in the profiles (facebook, twitter and instagram) so that the “brand” can be created among people. Maximum exposure of your brand to the people will make sure that your business reaps optimum profits. Advertising through email and SMS can also be of use so that people can get a link and directly visit your website.
While opting to start such a project keeping these things in mind will surely help you to gain from the business within 4-5 months of its launch. Try and be unique so that people can always come to your website and be amazed at the variety that you have on offer. Have the patience because such endeavour do not pay up instantly, however if it makes a frenzy in the market then you just might become a rich person!
There is no better feeling than making money by bringing smile on the lips of numerous people who have received a gift ordered from your online gift shop.