In the online toys and fancy dress business you're often getting your product from the same supplier. It’s absolutely crucial, then, that you continually push for the best possible prices so that you can in turn offer the price point that’s going to win you the sale. On the flip side, this means you need to streamline your operations so that you can still make money after you’ve fulfilled the orders.
Get the timing right
In your line of work, it’s really important you’re on trend, to anticipate the spin-offs from the latest games, TV series, movies and box-sets. Your business can also be highly seasonal, so make sure you don't end up up with tons of stock you can't move because it’s too cold, too wet, too dry or too warm. Multichannel technology makes it easier to move your stock pool across other regions and channels where it will sell.
You’re constantly looking for the original items and the new stuff, and when you find it you need to move quickly. Some items have a painfully short life-span, so it’s critical you can compress your time to market and start recouping your investment as soon as possible. Automating your listings, pricing and re-ordering processes will help you save time and sell your items at the best price, as quickly as possible.
Control your data
When it comes to being found on the channels where you sell, data is everything. On eBay you have control over your data, so work hard and measure often to make your listings the best that they can be, so you get found more often, and sell more items. Unfortunately Amazon is a different story, and you can sometimes find yourself a hostage to poor listings for products that are already on the marketplace.
Read the signs
In a business that depends so much on speed and efficiency, it’s vital you have the latest accurate supply, stock movement, sales and profit data at your fingertips. Some Volo customers have found with our margin reporting and analysis that they’re losing money on every order of certain products. They've been able to discontinue these unprofitable items immediately and refocus accordingly.
Nailing online toys and fancy dress
Toys and games, fancy dress, costume party outfits; whatever terms you use for your selling category, nailing online toys and fancy dress requires a sharp eye for what’s in fashion and where your money’s going. Volo works with many toys and fancy dress merchants to help them maximise their abilities to find great products, list them across multiple channels and turn them into profits as quickly as possible.