How to Launch a Successful $10K/month E-commerce Store with No Experience
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Transcript of How to Launch a Successful $10K/month E-commerce Store with No Experience
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How to build a successful e-commerce store with no technical background
Presented by Cody McKibben (Thrilling Heroics) and Jun Loayza (RewardMe)
Cody Jun
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http://MintedRepublic.com | [email protected]
Background
• UCLA 2007: B.A. in Economics and Philosophy
• Left the corporate world after 3 months
• Failed 2 companies from 2008 - 2009
• Successfully sold 2 companies from 2010 - 2011
• Closed deals with Whole Foods Market, Sephora, Levi’s, and Activision
• Raised over $1,000,000 in Angel funding
• Current full-time startup: RewardMe
• Current lifestyle business: Minted Republic
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http://MintedRepublic.com | [email protected]
Minted Republic Overview
• Launched in February 2012
• Currently generates over $10,000 in revenue
• 5 hours of work or less per week
• 2 partners
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How to get started The 1st steps to take
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Why did we choose an online boutique for women’s apparel?
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http://MintedRepublic.com | [email protected]
Establish partners that compliment each other
1. Joseph (Equity): Advertising and Operations
2. Rees (Equity): Development
3. Jun (Equity): Accounting, legal, overall management
4. Christine (Commission): Stylist
5. Kevin (Paid): Photographer
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http://MintedRepublic.com | [email protected]
Find the manufacturer and negotiate
• Joseph (partner in Los Angeles)
➡ Met with 10 companies in the garment district
➡ Set up meetings for me to negotiate and close a deal
• Terms negotiated
➡ We hold no inventory (drop-ship model)
➡ We get access to their entire collection (sold to LA boutiques)
➡ We pay wholesale prices
➡ Manufacturer ships product to customers
➡ Manufacturer receives 10% of the profits
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http://MintedRepublic.com | [email protected]
Build and design the e-commerce store
• Platform: Shopify Professional
➡ $60/month
• Theme: Shopify premium theme
➡ $200
• Customized the premium theme
➡ Joseph: designed based on premium theme structure
➡ Rees: coded the design
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Model + Photography Catalog and Lookbook shoot
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Core principle: Copy what works
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We modeled our site after Nasty Gal
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• Found on Model Mayhem
• Cost: $400/day
• Utilized Kevin’s account to reach out to her
Model: Lauren
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http://MintedRepublic.com | [email protected]
Photography
• Team
➡ Kevin and Felix: lead photographers
➡ Christine: Hair and makeup
• Cost
➡ $3,500 per day
➡ $5 per final image
• Location
➡ Studio: Kevin’s house
• Stylist
➡ Christine: founder of the manufacturing partner company
➡ 10% of profits (from terms)
• Clothing + Accessories
➡ Manufacturing partner gives us samples for the shoot
➡ Christine brings accessories from her closet
➡ Buy and return from stores
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Drive Traffic: advertising and SEO
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http://MintedRepublic.com | [email protected]
• Google Adwords
• Facebook Ads
Advertising: what did NOT work
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http://MintedRepublic.com | [email protected]
Advertising: what DID work
• Banner ads on fashion blogs
• Sponsored reviews with fashion bloggers
• Giveaways with fashion bloggers
Giveaway spike
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http://MintedRepublic.com | [email protected]
Advertising: cost breakdown
Type Cost Payment Type
Banner ads $50 - $200 per month
Sponsored review Free - $200 per review
Giveaway Free - $100 per giveaway
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Prime placement
Negotiated with fashion bloggers to get prime placement on site
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http://MintedRepublic.com | [email protected]
Search engine optimization
• Anchor text on all sponsored reviews and giveaways
• Get links from popular fashion sites:
➡ Lookbook.nu
➡ Chictopia
• Alt tags for all product images
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Improve conversions + email marketing
How to make the sell
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http://MintedRepublic.com | [email protected]
How we improved conversions
• Free shipping and 365-day return policy
• Grapevine reviews
• Featured items on the home page that were mentioned by fashion bloggers
• Gave fashion bloggers a widget to embed our product on their blog
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http://MintedRepublic.com | [email protected]
How we use emails
• Platform of choice: Mailchimp
• How we collect emails:
➡ Fashion blogger giveaways
➡ On-site: customer can opt-into our newsletter
• What we send via email:
➡ Style inspirations
➡ Announcement of new collection
➡ Promotions
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What’s next for Minted Republic
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http://MintedRepublic.com | [email protected]
• Hire social media manager
• Launch Minted Republic blog
• Create a network of fashion bloggers
• Expand manufacturing partners
Upcoming projects