Earning Millions through the Internet : Earning Millions through the Internet Rene Chu 29 November 2006


Speaker Profile: Speaker Profile Rene is one of the author of “從eBay掘金” & “上網做世界” Rene has been selling on eBay since 2000 and is a PowerSeller. Rene is still doing business around the eBay concept, more than just auctions!


Mechanism of Online Selling: Mechanism of Online Selling Conducting Market Research on internet e.g. Andale Research, Froogle etc


What is Online Business?: What is Online Business? Online business is a kind of business that uses internet to derive major stream of income.


Offline Vs Online Biz Startups: Offline Vs Online Biz Startups


The Analysis: The Analysis Internet offers a versatile business model since you only pay very minimally to maintain either your website or your auction accounts. It allows international trading, whether B to C or B to B. This business model flourishes because of the ease to use and the powerful penetration of internet into daily lives.


The Analysis (Part 2): The Analysis (Part 2) Hong Kong Post offers the best and cheapest postal service around the world. Hong Kong has no export tax. Hong Kong is always the choice for initial product launch of famous brands. Hong Kong has unlimited sources of information. Hong Kong has China, the world factory as support. Many sellers on eBay produce their OEM products and sell on eBay only usually on response to online buyers’ demand.


What do you need to start online business?: What do you need to start online business? A website? An auction platform account? Payment collection? What about supplies? What do you sell? Then, what model to work on?


What do you sell?: What do you sell? sell products ? sell services ? sell information ? sell advertising ?


What business model?: What business model? “Brick and Mortar” combines online and offline selling? Be a reseller? Use drop shipping? eBay selling?


eBay Hong Kong Sellers Successful Cases: eBay Hong Kong Sellers Successful Cases Case A: Part-time eBayer, registered since Sept 2000, feedback>4,400 Products: Consumer Electronics’ accessories Monthly listings: 260 items (~9 items per day) Process: ~3 hours per day after work Total monthly turnover: HKD140,000 Monthly profit (~10% of total sales): HKD14,000 Case B: Full-time eBayer, registered since Feb 2003, feedback>23,000 Products: Mobile phones, MP3 players Successful listings: over 1,000 items per month Example: Received 120 feedbacks on May 31, 2005 Total annual turnover: over HKD10Million Estimated annual profit: over HKD1Million


To be a Successful online trader, you need to : To be a Successful online trader, you need to Believe in Online Trading is THE WAY to do business Possess good English Have substantial knowledge on computer operation and internet Be client-oriented (*) Be able to conduct market research (**) Be good at controlling cost, managing accounting etc


Importance of pre-sale and post sale service: Importance of pre-sale and post sale service Pre-sale Answering enquiries on time to uphold consumer’s thrust to own the problem Taking professional, attractive photos of items to increase the buying appetite Post-sale Closing the transaction timely with customers On time shipment Courtesy in answering questions relating to product usage / functionality Warranty Return Policy etc


Market Research for Online Business: Market Research for Online Business Need to be very updated on market information on your categories. Understand customer’s demand and meet it rightly in a timely fashion, e.g. accessories of new products, such as iPod etc. Sell according to cultural markers / social habits etc. Know where to capture the most information in the least amount of time.


Examples of Popular Items among Hong Kong Online Sellers: Examples of Popular Items among Hong Kong Online Sellers Consumer electronics Beauty products Toys Branded goods Cell phone and accessories


The Winning Formula: The Winning Formula Successful sales usually relate well to the following factors: Understanding buyer behaviors in different countries Possessing skills and techniques in setting strategies on pricing or selling related issues Professional image and reputation


What is the Next Step?: What is the Next Step? Open eBay Store to allow your store being searchable by most popular search engine such as Google, Yahoo! etc. Open an online store with dedicated URL to build brand royalty and expand client base. Utilise internet marketing tools, such as CPC (Cost per Click) advertising program, Blog etc.


Tips to Online Biz Success : Tips to Online Biz Success Patience counts Long hours on computer Enjoy no-talking work Stable source of supplies


Personally Speaking: Personally Speaking I think Business is about “Changing” changing for a better tomorrow, changing for a brighter future. I never stop about thinking how I could take my eBay business further and bigger. Business needs new element to grow and success capitalizes on past experiences. And I personally believe that there is a BIG online business market in Asia which is undermined now.


En Route to more eBay related Business: En Route to more eBay related Business After publishing the two books during Book Fair in 2005 and 2006, we (emily and I) have had a wide media coverage. We then collaborated with a learning platform to offer courses to teach people how to earn extra money on eBay. We even become eBay service provider for user education related activities.


Simple Solutions Advisory Service: Simple Solutions Advisory Service Apart from continuing our selling eBay, we are attempting to achieve more – Provide online business consultation Provide corporate training to suppliers, manufacturers or trading firms who want to use eBay as a sales/marketing perform


Drop and Earn Trading Assistant Service: Drop and Earn Trading Assistant Service We become eBay Trading Assistant and to franchise out our service in Hong Kong. “Drop & Earn: Drop your goods; Earn your gold” We sell for others and earn commission in the process, creating a win-win situation – customers save time and effort to list item and take advantage of our expertise on eBay selling. Drop and Earn creates an another stream of income by charging customers a small service fee.


Slide25: Q&A