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What Is The Need?

The retail buying trends are obvious: Shoppers are attracted to value these days and they’re shunning high-priced department stores in favor of discounters such as Wal-Mart, Target and K-Mart.

Discount shopping has always enjoyed a strong base of lower-income people. But more and more people, negatively spurred by job insecurity and budget tightening, and positively spurred by a growing acceptance of discount stores and the increase in brand-name availability at discounters are opening their wallets for the deals.

So, considering both timely and timeless forces, there could be a compelling opportunity in the online world for a unique store that capitalized on inexpensive merchandise.

The Business Idea

Develop an online marketplace that features unique, innovative and helpful products that retail for under $25.

The overall brand positioning: A store that makes life a little easier by offering interesting products with decent quality at low prices. The shopping experience should inspire customers to say, “Wow, I wish I heard about this before!”

The store would feature novel products, probably with relatively unknown brand names, but with enough quality to make their under-$25 price translate to value in the minds of shoppers.

What could the store carry? Things for the home. Things to wear and adorn the body. Toys. Recreational products. Folk products from a particular country. The possibilities are endless. The site could start out focusing on a particular product niche, and then expand to include a wide variety of categories.

Whatever the product focus, the entrepreneur’s mission would be finding unique (and cheap) products anywhere in the world that make peoples lives just a little bit easier. Perhaps you could take advantage of a growing trend in one part of the world and introduce it to a wider audience, or purchase staple products from a new manufacturer eager to find a market. Sources could include small manufacturers, designers and entrepreneurs seeking outlets for their wares.

As for the site experience, consider, in addition to shopping, helpful sections devoted to life-improving tips and information. Make it easy for customers to navigate the site by categorizing products and by including a search function.

Tapping The Market

Consider all the ways to make this online retail store unique. The fundamental concept is that all items are under $25; the products are innovative and helpful; and the shopping experience is fun and informative. Of course, your product choices would add the final dimension of competitive difference.

All of these points make for interesting news. You could announce this news in press releases directed to business sections of major newspapers, retail trade magazines and blogs, and other outlets.

If you have a particular product focus, direct news releases to that market segment. If you have really unique merchandise, consider creating a YouTube video showcasing some of the items in use.

And, make sure your website is SEO and is itself a “better mousetrap,” capable of attracting, intriguing and holding customers.

The Numbers

Obviously, business revenue is generated by merchandise sales. Startup costs include: a good e-commerce website, product inventory; storage space; and the investment of time to explore sources for products that fit the retail vision.

Who Should Start This Biz?

The entrepreneur starting this business should be energetic and passionate about finding helpful products that have yet to hit the mass market. Good knowledge of website development and maintenance would be helpful, as would retail management or buying experience.

Why This Is a Sound Business Idea?

People love bargains. They love unique and helpful products that make their lives easier. Current economic conditions are creating a broader market than ever for discount shopping. These three thoughts would be the basis for an online store that featured innovative, helpful merchandise for under $25. With smart merchandise selection, the store could build a unique brand and be clearly differentiated from other retail operations.

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