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4 ways to ensure you make a profit

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When it comes to on-line trading success, one of the most popular metrics for success is profit.

Money in the bank allows for business expansion / growth, life balance and personal success.

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4 ways to ensure you make a profit

  1. 1. 4 Ways to Ensure You When it comes to on-line trading success, one of the most popular metrics for success is profit.Make a Profit Money in the bank allows for business expansion / growth, life balance and personal success. 1
  2. 2. Find Suppliers With The Right Cost Skill In Negotiation1 Conducting strict due diligence on suppliers is vital to 2 Knowing and understanding your products on an intimate your on-line success. The supply reach for Australians level is vital - you’re able to talk and negotiate with is vast so we’d recommend short listing between 3 and authority. 5 suppliers who are able to potentially fill your product Comparative pricing negotiating is common place and supply needs. we use it everyday. Alibaba allows you to pull in supplier quotes from around the world which makes this method Typically, you’re likely to be selling items already in the exceptionally easy. You’re culling the very high priced marketplace somewhere. You’ll need to determine suppliers as well as culling the lower ones using a filter your ideal pricing levels in comparison to those in the around quality and other issues and with a little back and market as well as any specific points of difference your forth conversation, you’ll settle on the better one that product and services to your competitors. suits you’re requirements. Less than your current price method is often used by Being armed with your own price point, the next stage those in a hurry. If you’re getting the exact same product involves determining areas within your suppliers where for cheaper then that’s gotta be a good deal :) Surprising costs are involved, to bring out the product’s margin. how many hinge their decision making with this method. Total supplier cost to your business is more than their Reverse input method requires extensive product knowledge including input material cost, delivery fees, sale price. There’s going to be potential expanse in hours in labour assembly as well as waste levels - shipment, replacement of defective goods, customs basically everything there is to know. Add to that, you and duty taxes and fees in paying your supplier through also understand these same factors within China. If credit card or payment gateway. you’re this type of on-line trader, you’ll really know who’s giving you the best deal.© Alibaba.com Hong Kong Limited - Filling Your Online Toolkit 2
  3. 3. Product Pricing Mark-Up Customer Experience3 This requires determining your competitors product 4 This is by far the most crucial aspect of a long term pricing, whether you’re simply looking to undercut the business model when it comes to sustainable profit. market with volume or ‘value add’ to gain additional product margin. Studies show 53% of on-line users are highly likely to believe in recommendations from family and friends with 48% of on-line potential users highly likely to make a Once you’ve determined where your product sits in the purchase based on these recommendations. marketplace, you’ll have a much clearer understanding on the markup percentage you’ll be able to apply to With these sorts of statistics, you must ensure you the product. maintain a highly motivated customer base, through regular feedback and communication. Word of mouth marketing plays a key role in client base and profit expansion. Please do check out these free resources and let us know any other tools you’re using or would like to see on Alibaba.com. As always, we’re here to help you with your online sourcing and trading as much as we can, so if you have a question just ask. About Alibaba.com Alibaba.com (HKSE: 1688.HK) is the global leader in e-commerce for small businesses and the flagship company of Alibaba Group. Founded in 1999, Alibaba.com makes it easy for millions of buyers and suppliers around the world to do business online.© Alibaba.com Hong Kong Limited - Filling Your Online Toolkit 3
  4. 4. Alibaba Australia’s Social Media Channels Facebook: Facebook has over 10 million active Australian users per month so becoming an active participant with the Alibaba Facebook Page will have benefits for any proactive business. The Alibaba Facebook Page boasts instant downloads of the Business Starter Kit for sourcing products and finding quality suppliers. You’re able to view videos, Alibaba Upcoming Events, member testimonials and exclusive promotions and event invites. LinkedIn: The LinkedIn Alibaba Group will connect like-minded members, provide a new stream of potential suppliers and foster stronger relationships with existing members. The Group allows members to expand into their professional LinkedIn network, using an already trusted global brand. Twitter: Get fast and instant facts from Alibaba, by following our Twitter profile alibaba_aus We’ll be ‘tweeting’ our own flavour of AliFacts with useful and helpful reminders for your Australian on-line experience in buying and supplying. Here’s a recent ‘tweet’ highlighting what a local Adelaide business is doing: “An Adelaide hair salon is using Alibaba.com to grow its business & help cancer patients look & feel their best http://ow.ly/629r8“ YouTube: The Alibaba Australia YouTube Video Channel is a growing member showcase of success stories and testimonials. To get a taste of the sort of member stories you could also be a part of, check out THIS VIDEO. Participating allows for expanding your market reach and to tell the world about your products and services. Alibaba Blog: The Alibaba AU Blog provides tips for the online trading beginner, setting up a successful online business, advice in finding the right products from the right suppliers for your business and information on how best to optimise your product line and process. Access the latest trends and products in Australia’s online trading industry by subscribing to the blog.Join Together For Greater SuccessAlibaba is firmly dedicated to rapid growth within the Australian market and, more importantly, our partnerships with Australian members.Like any strong and long-term business relationship, your success is our success.Please do check through each of the Alibaba Social Channels we have put together and join those that align to your business and personal objectives.Can We Spread Your Word Too?If you have a successful sourcing / business story to tell, we would love to hear from you via our Social Media Channels.We like to promote success stories via Testimonials, Press Releases and in general, our Social Media Channels – please do let us know your story. © Alibaba.com Hong Kong Limited - Filling Your Online Toolkit 4

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