RetailBX.sg - Advise Needed to Start Small

As much as a business owner will think that his prices are reasonable and his products are innovative, reality tend to be very different.

When placing new products into the market, check out the market for existing or similar product pricing. Your product prices should NEVER be more than 10% of existing market rate. In fact, as it is a new product with people appreciation/brand recognition from others, you should use penetration pricing to enter the market (i.e. to place the price of your product 20-50% lower than market rates).

Next, you need to ensure that your products are properly displayed and distributed. E-commerce might be a cheap way, but not necessarily a good way. Consumers are naturally wary of e-commerce due to its unstable nature. Therefore, websites and blogshops need to look professional, clean and have proper policies in place. Owners must also ensure that there isnt any unrelated pop-up advertisements as they are more often than not, annoying. Dont step on your potential consumer's toe!

Renting small boxes within "Outpost" and the likes their pros and cons. Firstly, their sales personnel don't understand the product and have no incentive to push for the sales of the product. Secondly, consumers who enter such shops tend to be looking for small, and cheap items that would be purchased on impulse because they are "cute" or "lovely" or simply "sweet". Is your product one of them?

Your product has sellable points, but you will need to improve:
1. Quality
2. Packaging
3. Pricing
4. Distribution