Home – New Forums Selling online Evens Millions $ no guarantee

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  • #983834
    King
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    This is an interesting article about how even investing millions of dollars in an internet site does not guarantee success.
    cracks….

    #1144516
    K M
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    Wow thanks for the read!

    I went to The Iconic pop up sale at Liverpool markets a few weeks back. It was absolute rubbish! most things cost at least $50 and it was all left over riff raff, and I got there early. It was a huge disappointment, I went there thinking I would snap up a few bargains, not at all. Both my mum and I agreed that everything there was rubbish and they must be facing tough times to have a pop up sale with over priced out dated items. The staff were friendly though..
    Then this week I saw on their FB page that they had an urgent msg for followers which went something like: dear customers to continue trading we now have to charge a fee of $5 for all orders under $50 and free shipping for orders over 50, it will no longer be free shipping over $20. Lots of unhappy feedback from regulars..
    Oh well, wonder what will happen… All I know is that they do have amazing stuff online, but every time I jump on the site I get confused and lost amongst their over 500 brands before I make a decision to purchase..

    #1144517
    simonw
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    I saw the founder speak at the PESA conference last month and was amazed to hear that he had something like $20m (don’t remember exact amount) in investment. He stated that you require that kind of investment if you want to make it big in the e-commerce world because you have to buy all of the stock.

    Ruslan Kogan who was sitting next to him chimed in and said that all of the stock Kogan sells must have been donated. In comparison, Kogan started with zero investment and one shipment of TV’s paid for on a credit card.

    The interesting thing about the Iconic is that they are selling at retail price, not at the discounted prices online consumers are so used to. Their competitive advantage was on convenience and not price, I will be watching this story closely.

    #1144518
    eWAY
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    We saw this story today as well, definitely interesting to follow! It reads as if their losses have dramatically reduced in the last 6 months so I don’t think we’ll see the end of them and let’s face it, $5 postage is cheap!

    Maclean

    #1144519
    JoshG
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    simonw, post: 165760 wrote:
    The interesting thing about the Iconic is that they are selling at retail price, not at the discounted prices online consumers are so used to. Their competitive advantage was on convenience and not price, I will be watching this story closely.

    That and an insane amount of money on advertising. I’ve had a few people in the industry looking for marketing services so I have to research for each one, and everywhere you look the Iconic name pops up.

    I’d love to see their monthly bill just for advertising.

    #1144520
    eWAY
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    JoshG, post: 165793 wrote:
    That and an insane amount of money on advertising. I’ve had a few people in the industry looking for marketing services so I have to research for each one, and everywhere you look the Iconic name pops up.

    I’d love to see their monthly bill just for advertising.

    $19.1 million for August ’11 to December ’12!!
    Source: 7th paragraph of that article.

    My understanding from reading a few articles about it is that the billionaire owner gives them unlimited cash and a certain time to blow their competitors out of the water. If they fail to do so they’re in big trouble.

    Big six months coming up for The Iconic I think!

    Maclean

    #1144521
    JoshG
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    eWAY, post: 165864 wrote:
    $19.1 million for August ’11 to December ’12!!
    Source: 7th paragraph of that article.

    Thanks for that. It seems reading comprehension isn’t one of my skills!

    eWAY, post: 165864 wrote:
    My understanding from reading a few articles about it is that the billionaire owner gives them unlimited cash and a certain time to blow their competitors out of the water. If they fail to do so they’re in big trouble.

    Big six months coming up for The Iconic I think!

    Maclean

    It’s certainly a case of “watch this space”.

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