Failure: The Key to Online Retail Success

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Jack Phillips

Jack Phillips

6 years ago

Nice article Andy and I like the comparison to agile development (formerly called RAD ;-)). While I agree testing is good, even if you lose money initially, it is not always the best strategy. The strategy proposed here totally ignores long tail business. Long tail strategies can reap big rewards for eCommerce because a physical store cannot carry near as large an inventory as an eCommerce specialist can. I have certain categories that we carry a large variety of items. While a few consistently sell out, I have others that we may sell one or two a month. These one or two a month items make the difference between profitability and just covering overhead. You do have to watch your cost of holding inventory as well as inventory financing – there is no free lunch, but with all the consumer choices today you cannot ignore the long tail business.

Neil

Neil

6 years ago

Food for thought, some really good idea’s Thank You

The danger of this approach is a long delay in getting the first orders out for new lines of product from new suppliers, I would always advise that the store owner have tested the supply chain at least 1 time so as not to disappoint customers.

jason

jason

5 years ago

Maybe you can try drop shipping for the item you do not sure whether it is going to sell or not to sell. For the popular items, I always recommend stock up your inventory.

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