Customer Fulfillment Products & Services that can move online & Platforms Available All Rights Reserved © 2020 Copyright LookThink LLC The contents of this document are proprietary and confidential. It is intended for recipient only. Unauthorized reproduction or circulation of this document or its contents is strictly prohibited. IN PARTNERSHIP WITH AND THE DC BUSINESS IMPROVEMENT DISTRICTS TABLE OF CONTENTS 4-Part Webinar series ➔ Getting Your Business Online will cover these topics: ➔ Creating Online Awareness ➔ Customer Fulfillment ➔ Reinforcement: Analyze and Improve Strategy - July 9th, 2020 LEARNING OBJECTIVES How can my business fulfill customers’ needs online? ➔ Attendees will be able to identify key pieces of their business that need to be translated online (e.g. branding, product description, inventory management, pricing strategy, delivery/ shipping methods). ➔ Attendees will become familiar with the different methods and platforms available for selling products or services online (e.g. social media retail vs. digital marketplace/ restaurant delivery apps vs. business-owned website) and develop an understanding of the cost and technical knowledge involved in using these methods. 4 ➔ Things to Consider When Going Digital 3 Types of E-Commerce - Platform Review Online Ordering for Restaurants General Considerations for Taking Your Business Digital GENERAL CONSIDERATIONS How do I manage & describe my inventory? You may have a system for managing inventory for your brick & mortar store; the same things apply online: ➔ List the quantity of each product you are selling ➔ You need to count how many have been sold and update the quantity available ➔ List products that are in stock/ out of stock ➔ List prices for every item ➔ Product Descriptions, Specs, & Disclaimers 7 GENERAL CONSIDERATIONS What type of images/ design assets do I need? What type of imagery/design assets are needed? ➔ Brand logo(s) ➔ “Hero” Image ➔ 1 - several pictures of each product you intend to list on your marketplace ➔ Product description text and details for product listings Categorize/ filter your products ➔ Ex: shop by color, price, brand, type of product 8 Things to Consider When Going Digital ➔ 3 Types of E-Commerce - Platform Review Online Ordering for Restaurants E-COMMERCE CATEGORIES Defining Social Media Retail vs. Marketplace vs. Website ➔ Social Media Retail ◆ A business who sells their products through social media only and needs to accept payment from customers; limited inventory ➔ Marketplace ◆ A way for a business to have a digital “storefront” that is part of a much larger website controlled by a third-party ◆ This includes retail marketplaces and food delivery platforms ➔ Business-owned Website ◆ A virtual store owned and operated by a business; can be “powered by” an internet engine such that the business owner can develop the website using templates and standard tools 10 The Key Players SOCIAL MEDIA RETAIL MARKETPLACE BUSINESS OWNED WEBSITE Marketplace SUMMARY TIME NEEDED TO SET UP Shopify Amazon Wix COST Etsy Squarespace Facebook Marketplace TIME NEEDED TO SET UP Social Media Retail SOCIAL MEDIA RETAIL Getting Started: How to Started with Social Media Retail ➔ Establish social media account(s) ◆ Facebook ◆ Instagram ● Instagram Shopping 14 SOCIAL MEDIA RETAIL Getting Started: How to a Manage Social Media Business ➔ Post a product for sale on your social media account(s) ◆ Including basic pricing/ product details ➔ With Shoppable Post/Stories Customer can Instantly Click to Purchase ➔ Payment are collected through Instagram/Facebook ◆ Options for Quick Checkout Available ➔ Deliver product to customer Shopping on Instagram Business Guide Instagram Shopping 15 SOCIAL MEDIA 101 Social Media Platform Overview Users 2.2 billion 1 billion Audience Gen X and millennials Primarily millennials Local Business, Community-Based Online Businesses, Clothing Stores Businesses, Restaurants Best for 16 Social Media Retail Pros & Cons PROS CONS ➔ Minimal upkeep ➔ Shipping not included ➔ Quick set up ➔ Need audience/Followers ➔ Requires social media account + ➔ Could feel illegitimate a way to accept payment SOCIAL MEDIA RETAIL Instagram Instagram one of the leading social media platforms, originally started as a photo sharing app. Today, Instagram has transformed to be used by businesses of all kinds to bring a visual representation of their company and what they represent. Instagram has added a in app checkout feature that allows business to sell on platform using stories and post. PROS CONS Free Subscription/Cost per ➔ Visual Representation to ➔ Customers are Instagrams Listed Item Your Product Offering not Your Business ➔ Mobile Friendly ◆ Customer Information Sharing ➔ Pre-Existing Audience ➔ Customer Experience is ➔ Easy to Start Owned by Instagram 18 SOCIAL MEDIA 101 Social Media Platform - Payout and Acceptable Payments Business Payout Twice Monthly Account Minimum $100 - Credit/Debit Card Acceptable - Paypal Payments 19 Marketplace (Community) Retail MARKETPLACE 101 Marketplace Platform Overview Users 47 million 150 million (Prime) 2.2 billion Baby boomers, Generation Millennials, closely followed Audience X, and millennials, Gen X and millennials by Generation Z Generation Z Homemade Gifts, Vintage Clothing, Electronic, Crafts, Local Business, and Trendy Clothing, Small Business, Niche Community-Based Best for Unique Jewelry, Crafts Businesses Businesses, Restaurants 21 Marketplace Pros & Cons PROS CONS ➔ Minimal upkeep ➔ Competition ➔ Simple and Easy Set Up ➔ Marketplace Platform - Customer Service ➔ Pre-existing Audience ➔ Control Over Decisions ➔ Good Pre-existing User Experience MARKETPLACE Etsy 101 Etsy is the global marketplace for creative goods! Do you make speciality jewelry, or handcrafted wooden furniture? Maybe you sell vintage items, Etsy may be the best platform for your business! This platform is perfect is you fall within one of the following three categories: ➔ Handmade Items ➔ Vintage Items ➔ Craft Supplies Free Subscription/Cost per PROS CONS Listed Item ➔ Setting Up Your Etsy Shop ➔ Pricing Competition is Easy (Mobile App!) ➔ Etsy Shares in Profits ➔ Built in Audience! Ideal ➔ Cannot Capture Customer customers are already Emails, Future Marketing on Etsy! Potential is Low ➔ Be Yourself, Sell Unique Things 23 MARKETPLACE Amazon 101 Amazon is a world renowned business, this well known company offers a platform for companies to sell their products to their existing customer base. They offer a fixed-price structure that places you on the site alongside other business of all sizes. Today 300,000 small and medium Sized businesses are selling on Amazon. PROS CONS ➔ Large and Diverse Existing ➔ High Competition Monthly/Annual Subscription Audience Base Model ➔ Amazon Owns Customer ➔ Easy to Set Up w/ access to Relationship Amazon warehouse shipping fulfillment ➔ Keeping Inventory in Sync w/ ➔ Unique Products Sell Well! Other platforms ➔ Low to No Marketing Cost 24 MARKETPLACE Facebook Marketplace Facebook is the world’s largest social media platform with over 2.4 billion users. The platform allows user to buy and sell to each other, this is perfect for businesses who already have a Facebook page and followers, you can compare this platform to others like Craigslist, Ebay, and OfferUp. Facebook Marketplace is perfect for selling and building your brand within your local community. PROS CONS ➔ Large Audience Base Free Subscription ➔ Restrict Retailers from Selling ➔ Easy to Set Up & Free to Use on Marketplace ➔ Local Community Sales (31 ➔ Buyers Can Retract Offers & Mile Radius) Delayed Payment from Facebook ➔ No Ads - Focus is On Products for Sale ➔ Self Storage of Product ➔ Less Protection for Your Business 25 ➔ ➔ MARKETPLACE 101 Marketplace Platform - Payout and Acceptable Payments 3-5 Days Following 3-5 Days Following 2 Times a Month from Last Business Payout Settlement Settlement 30 Days of Sales Account Minimum $25 $1 $100 - Credit/Debit Cards - Credit/Debit Card - Credit/Debit Card - Etsy Gift Cards - Checking Account - Paypal Acceptable - Apple Pay/Google - Gift Card (Amazon) Payment Pay Amazon Pay - Paypal 26 Business Owned Website BUSINESS OWNED WEBSITE Types of Ecommerce Marketing: Business Owned Website ➔ WIX ➔ Shopify ➔ SquareSpace 28 BUSINESS OWNED WEBSITE Business Owned Website Platform Overview Users 180 million 2.1 million 180 million Business on 500,000 100,000 228,000 Platform Industry Impact B2C B2C B2C Product Services, Event Services, Creative Services, Food and Beverage, Non-Profits, Best for Professional Services 29 Business-owned Website PROS CONS ➔ Business owner needs a domain ➔ High up-keep involved and name knowledge of technology ➔ Only your business is on the site ➔ Lack of support ➔ You can customize to your brand ➔ Initial cost are high compared to other options ➔ More flexibility to make product listings, filtering, section of online ➔ Less organic traffic store match what you sell BUSINESS OWNED WEBSITES WIX Wix provides all industries with a great platform for website and sales, ranging from restaurants, retails stores, and even construction companies. The platform offers a fairly easy tool to build websites even for those who don’t think they are tech savvy. Business looking for a great user friendly tool should look no further, Wix will allow you to go digital and gain the customers you are looking for. PROS CONS Monthly/Annual ➔ Massive Template Library ➔ Free Plan Forces WIX Subscription ➔ Easy to Use (Drag and Drop Branding Interface) ➔ Site in Not Transferable ➔ Easy Email Marketing and Social Media Posting