The Recipe for Success in Online Retail Depends on What You’re Cooking

The Recipe for Success Depends on What You’re Cooking

“How much revenue can I generate using Doba.com to source product?”

I’d love to get a dollar for every time I’m asked that question. It’s a good question, but my response isn’t what most people want to hear and it hasn’t changed since I started working here in 2005. And my answer is this: Your success absolutely depends 100 percent on you.

The potential for generating revenue by using Doba is only limited by you. In fact, that’s the most exciting element of entrepreneurship: The responsibility of your success — or failure — rests squarely on your shoulders. Now that’s something that I hope gets your adrenalin pumping.

I’ve had the privilege of working with many Doba-affiliated merchants who are no less than successful in online retailing. And here are a few observations I have made that are key to their success:

Knowledge: We’ve all heard the old adage that knowledge is power. In the online sales arena, knowledge spells the difference between success and failure. It’s absolutely mandatory that you be aware and up to date on the trends, products, pricing, marketplaces and marketing strategies that serve as the foundation of a successful online retail operation, For instance, one of the most frequent questions I field is, “What product(s) should I sell?” The answer to that question is found through research. Do the homework to discover what product or products best suit your business model, but don’t stop there. As you become successful, others will do their best to cut into your market share and niche, so ongoing research is also absolutely necessary for your continued success.

Plan Ahead: When researching your niche, if you don’t know exactly how much of a product you want, when you want it by and what you are willing to spend in order to secure it, you haven’t thought out your game plan well enough. Take some time to thoughtfully write out your intentions (i.e., create a plan). And make sure that plan includes outcomes that are reasonable and realistic. Because let’s face it. You’re not going to sell every product you post on eBay, Amazon, or your own website.

Action: Put your knowledge and your plan to work. As you experiment with what works and what doesn’t work, you’ll eventually come up with a successful formula. For instance, one of Doba’s top sellers toiled for months before finding a specific niche of Doba-sourced products that sell at a 30 percent profit in a particular online marketplace. With knowledge and planning on your side, you can more easily put into action a strategy that creates similar results.

Running your own online business and making a success of it can be an extremely satisfying experience — especially when you’re avoiding the hassle of inventorying and handling your own merchandise. Let Doba take care of the heavy lifting when it comes to product sourcing. That gives you more time to plan your work and work your plan!