Online Store Business Plan
Executive Summary
Thee Online Store is a new venture striving to bring convenience and accessibility to a highly engaging, digital shopping experience. We exist to provide customers with the greatest selection of products from the best local and international retailers online. Our online store offers a broad range of products such as electronics, clothing, sporting goods, and home/garden products. We will become the go-to one-stop shop for gadgets, gifts, and everyday needs.
The opportunity to capitalize on this growing trend is tremendous. By leveraging technology and the powerful global network of the Internet, we’re able to create a shopping experience that surpasses anything a customer would typically find in a traditional brick and mortar store. We plan to sustain our business model by offering outstanding customer service, rapid order fulfillment, and utilizing powerful marketing campaigns to generate customer engagement.
Market Analysis
Online shopping has skyrocketed in recent years due to its convenience, speed, and easy access. According to a recent study, global retail ecommerce sales are expected to reach $4.5 trillion by 2021. It is estimated that over 2.1 billion people worldwide currently engage in online shopping. Baby Boomers, Gen-Xers, and Millennials are all taking advantage of the convenience and efficiency of shopping online.
Thee Online Store seeks to capitalize on this ever-increasing trend by offering customers the convenience of a one-stop shop for all their needs. We plan to secure the necessary funding to open our store in the United States, an industry that is still largely untapped. Compared to other nations, the USA has a relatively low online penetration rate, thus presenting a massive growth opportunity.
Our competitive edge comes from our ability to offer a larger selection of products than many of our competitors, while also maintaining competitively low prices. In addition, we are developing an sophisticated loyalty program that will reward customers for their frequent purchases.
Marketing Plan & Sales Strategy
Thee Online Store plans to aggressively pursue marketing in order to generate customer interest and engagement. We will focus on search engine optimization and paid search marketing to direct traffic to our website. We will also work to build strong relationships with our suppliers in order to ensure that we have the most up to date and fashionable products.
We will develop multiple marketing channels such as email, web banners, and targeted ad campaigns. We are also planning on creating a social media presence in order to engage potential customers. Additionally, we are planning on setting up a blog in order to generate Buzz and create a positive impression of our store.
In order to ensure that our customers have an outstanding experience when shopping with us, we plan to offer fast order fulfillment and processing. Our customers can expect to receive their orders within 1-2 business days. We will also offer standard 30-day return policy and free shipping on all orders over $50.
Financial Plan
Thee Online Store will require an initial injection of $2.5 million in order to fund its start-up operations. This funding will be used to secure a prime online property, hire staff, design and develop the website, and stock our virtual shelves with the necessary merchandise. We anticipate that the store will generate $12 million in revenue in its first year of operations, with net profits exceeding $3 million.
Conclusion
Owning an online store has tremendous potential for success and can be extremely rewarding for the store owner. With the right strategies and plans in place, Thee Online Store will become the go-to option for people to shop for unique gadgets, gifts, and everyday needs. We believe that our marketing and sales strategies, combined with the large selection of products that we offer, will ensure that Thee Online Store is a profitable and successful business.
