Different Online Business Models (3) – Create and Online Shopping Mall
What is an Online Shopping Mall? It is a website that contains a catalogue of items that you want to sell. Here, the focus is on the many items that you are selling in your website. As such, the more items that you have that people are interested to buy, the better it is. In an Online Shopping Mall, you can sell anything from books, household items, DVDs, CDs or even digital products such as eBooks.
You play the role of the retailer (much like the retailer in an off-line business in the physical world). Your main monetizing is from:
- Selling of products;
- Create a membership where you charge an annual free so that members can purchase your products at a discounted rate.
Key Components of an Online Shopping Mall
- You must have a GOOD THEME. You cannot sell everything in your Online Shopping Mall. Your customers will be confused. You should be focusing on a particular theme, for example, selling of childrens’ clothes. This way market will be more targeted and your customers will not be confused as to what you are selling.
- You must have a Web Store Front with a Shopping Cart. Since you are selling many products, you need a website to showcase your products and a shopping cart to allow your customers to keep track of what you customers what to buy so that you will know what to ship to your customers.
- You must have a Search Tool. Since you are selling so many products and there will be customers who will know what they want to purchase. A Search Tool is to facilitate your customer to quickly find the items that he/she wants to purchase. This is to quickly close the sale if your customers can find the items they wanted instead of browsing through the many catalogues that you have in your website.
- You must have a Payment Service Provider. This is to allow your customers to pay by credit card after they made a purchase and for you to withdraw your money.
- Create your Online Shopping Cart at shopstorenow.com.
- Zencart.com if you are technically savvy and want to setup and host your own Online Shopping Cart.