Question

Topic: Strategy

Concept. New Online Clothing Website

Posted by Anonymous on 10/20/2010 at 2:10 AM ET 250 Points
Got an idea for a online swapping/trading website of clothing. Target market maternity baby kids. Upload clothing ( like eBay) but free and nominate a value for the item like a virtual currency. People buy items in the virtual currency so basically swap or you can buy currency to top up if needed. Similar concepts exist but my point of difference is the ability to cash out your currency at a reduced rate if you cannot find anything to spend your virtual currency on. Wanting feedback on the concept and how would u start to gain momentum on this and where do I find a website builder to manage what could be a large site. Feedback appreciated.
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RESPONSES

  • Posted by Jay Hamilton-Roth on 10/20/2010 at 8:50 AM Accepted
    How would you make money to keep this business running?
    How would you guarantee quality of clothing (upload) to avoid disappointments/scammers?
    Who would pay for shipping/returns?

    There are a number of other companies doing this, that you might want to investigate to better understand how to launch/advertise/market the business:
    https://rehashclothes.com/
    https://www.swapstyle.com/
    https://www.thebudgetfashionista.com/archive/top-online-swap-sites/
    https://www.threadswap.com.au/home
  • Posted on 10/20/2010 at 5:28 PM Author
    Money is made thru currency purchases ( still need to work out the economics of this ) and retaining a %if someone chooses to cash it out. Shipping is paid by buyer. Returns happen if required or unhappy buyer puts item up for sale ( again free for them ). There is only so much one can learn from looking at another site. I will never know the behind the scene functions that allow them to stay afloat. Many state they retain a % per sale etc which I wouldn't do. Great advice though. Thankyou!!
  • Posted on 10/25/2010 at 5:00 AM Accepted
    Hi,

    This sounds to be an attractive concept for me and quite new to the buyer and seller community. Business model is also interesting and can be build robut over a period of time... I call it a commission business in nut shell....

    I have been involved in consulting companies to develop such kind of business infrastructures. We can have a discussion on your requirement and plan. I may be able to suggest you some good companies who are really capable of doing this. you can contact me on [Email address deleted by staff]

    Nishant
  • Posted by iFocus on 10/25/2010 at 9:34 AM Accepted
    I'm not sure to understand quite well. If I was to cash out at a reduced rate, what would be the value of my initial $1?...$0.95?
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