Midterm report e commerce – bus1104e

6 7 8 9 Business ideas to sell backpacks on e-commerce platforms: Identify competitor products: Determine the source of goods: Building a business strategy: Building a sales website soba

Ho Chi Minh City University of Economics and Finance

Faculty of Economics

UEF UNIVERSITY OF ECONOMICS & FINANCE

MIDTERM REPORT E-COMMERCE — BUS1104E

Class code: AO7E

Group: 2

Submission Date: 23/10/2023

Topic Name: Backpacks (BOLA)

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Business ideas to sell backpacks on e-commerce platforms:

Identify competitor products:

Determine the source of goods:

Building a business strategy:

Building a sales website (sobanhang):

Create 3 orders:

Build at least 3 sales tools:

Marketing program development (Facebook, Zalo):

Developing an e-commerce platform (Shopee):

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The current situation regarding opportunities for selling products on e-commerce platforms is highly favorable E-commerce platforms have experienced significant growth in recent years, with more and more consumers opting for online shopping over traditional brick-and-mortar stores This trend offers entrepreneurs a tremendous opportunity to tap into a vast customer base and reach a global audience The convenience and accessibility of e-commerce platforms play a significant role in their popularity Shoppers can easily browse through a wide range of products, compare prices, read reviews, and make purchases from the comfort of their homes with just a few clicks This convenience factor further fuels the demand for online shopping (Ha, 2020) Doing business on e-commerce platforms presents a plethora of opportunities for entrepreneurs Firstly, it offers a global market reach, allowing businesses to connect with customers from all corners of the world This opens doors to new markets and enables businesses to expand their customer base significantly Secondly, e-commerce platforms provide a cost-effective setup and operation, eliminating the need for physical storefronts and reducing overhead costs Moreover, the flexibility and scalability offered by these platforms allow businesses to adapt quickly to market trends and adjust their operations accordingly Additionally, the integration with social media and marketing channels enhances customer engagement and brand visibility Lastly, access to data analytics and insights empowers businesses to make informed decisions and optimize their strategies for maximum success (Juni, 2022)

One compelling reason for us to choose backpacks as a product to sell on e-commerce platforms

is the consistently high demand they enjoy Backpacks cater to a wide range of customers, including students, professionals, travelers, and outdoor enthusiasts This versatility ensures a steady stream of demand throughout the year, making the backpack market a lucrative one to enter Additionally, within the backpack market, there are various niche opportunities to explore Specialized backpacks, such as those designed for hiking, camping, or photography, allow businesses to target specific customer segments and differentiate themselves from generic offerings Backpacks also offer the potential for repeat purchases These durable products often have a longer lifespan compared to other consumer goods, leading customers to replace their old backpacks or purchase additional ones for different purposes This presents an opportunity for businesses to establish customer loyalty and generate recurring revenue Furthermore, selling backpacks opens avenues for upselling and cross-selling complementary products Businesses can offer travel accessories, laptop sleeves, or water bottle holders alongside backpacks, increasing the average order value and engaging customers with a broader range of products Selling backpacks on an e-commerce platform presents a promising business opportunity in today's digital age With the growing trend of online shopping and the convenience it offers, tapping into the backpack market can be a lucrative venture To stand out in the competitive e- commerce landscape, it is essential to offer a unique selling proposition In the ever-evolving world of e-commerce, selling backpacks is a brilliant business idea that combines practicality and style Backpacks are not only necessary for students and travelers but have also become a fashion statement for people of all ages By choosing the e-commerce platform as the avenue to sell these versatile bags, you can tap into a vast online market, reaching customers worldwide With the convenience of online shopping and the ability to showcase a wide variety of backpack

durable backpacks for outdoor enthusiasts, the e-commerce platform provides endless opportunities to showcase our products and establish a strong brand presence As we can immerse ourselves in the digital landscape, harnessing the power of social media marketing and search engine optimization, our backpack business is bound to thrive and flourish in the online realm

2 IDENTIFY COMPETITOR PRODUCTS:

In Vietnam, there are several competitors in the backpack market, including those from popular e-commerce platforms like Shopee, Lazada, and Tiki These competitors offer a variety of backpacks that cater to different customer preferences (Tuan, 2021) Here are some reasons why customers choose these competitive products, focusing on design, price, and the type of backpack:

Design: Design plays a crucial role in attracting customers to backpack products Many customers look for backpacks that not only serve their functional needs but also reflect their personal style Competitors in the market offer a wide range of designs, including trendy, minimalist, sporty, and vintage styles Customers can choose from various colors, patterns, and materials to find a backpack that matches their aesthetic preferences and suits their lifestyle Price: Price is another important factor that influences customers' purchasing decisions Competitors in the backpack market strive to offer competitive prices to attract customers They often provide discounts, promotions, and deals to make their products more affordable Customers compare prices across different platforms and choose backpacks that offer good value for money without compromising on quality

Type of Backpack: Different customers have different needs when it comes to backpacks Competitors in the market offer a wide range of backpack types to cater to these diverse needs Some customers may prefer backpacks with specific features such as laptop compartments, multiple pockets, or waterproof materials Others may look for backpacks designed for specific activities like hiking, travel, or school Competitors offer a variety of backpack types, including daypacks, laptop backpacks, travel backpacks, hiking backpacks, and more, to meet these specific requirements

Customers choose competitive products based on their individual preferences for design, price, and the type of backpack that best suits their needs By offering a diverse range of designs, competitive prices, and various types of backpacks, competitors in the market aim to attract and satisfy a wide range of customers Below are a few backpacks from competitors:

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Shopee Shopee Tiki

Tiki

(Design, price) ((Design, price) (Design, price, (Design, price) (Design, price)

type)

Shopee Shopee Shopee Shopee Shopee

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Shopee Shopee Shopee Shopee Shopee (Design, price) (Design, price) (Design, price) (Design, price) (Design, price)

3 DETERMINE THE SOURCE OF GOODS:

When sourcing goods from Taobao, Tmall, and 1688, we have the advantage of accessing a wide range of products directly from China These platforms offer various options for finding and purchasing goods For example, people can use the CJ Google Chrome Extension to drop ship,

source, and purchase directly from Taobao, Tmall, and 1688 (How to Source from Taobao and

Find the Trending Products?, 2018) Additionally, they can source products themselves or hire an agent to assist them on platforms like 1688 and Alibaba English website

One of the primary reasons to import backpacks from China (buy on China’s e-commerce platforms such as Taobao, Tmall and 1688) instead of buying directly in Vietnam is the competitive pricing offered by Chinese suppliers China's large-scale manufacturing capabilities and economies of scale enable suppliers to produce backpacks at lower costs This cost advantage translates into lower prices for imported backpacks, making them more affordable for buyers The highly competitive nature of the Chinese market also drives down prices as suppliers strive to

effective manufacturing The country's manufacturing capabilities span across various sectors, providing a wide range of products to choose from Whether it's electronics, textiles, machinery,

or other goods, China's diverse manufacturing base can cater to different needs and specifications (D6, 2023)

Another reason to choose to import backpacks from China is that China has developed a robust supply chain infrastructure that streamlines the import process Logistics networks, reliable shipping options, and established trade routes contribute to the efficiency of importing goods from China This efficiency helps reduce lead times and ensures a smooth flow of goods from suppliers

to buyers The well-established supply chain ecosystem in China adds to the overall cost- effectiveness of importing goods Furthermore, China offers an extensive variety of backpacks across different industries, making it a one-stop destination for sourcing needs China's vast manufacturing base can cater to diverse product demands The availability of a wide range of backpacks allows buyers to find suitable options at competitive prices, further enhancing the appeal of importing from China (D6, 2023)

Source backpacks from 1688:

Price (China Yuan) ¥31.00 ¥25.00 ¥36.00 ¥34.00 ¥22.50

Price (VND) 103 664 83 600 120384 113 696 75 240

Price (China Yuan) ¥55.34 ¥63.00 ¥56.00 ¥28.00 ¥41.40

Price (VND) 185 057 210 672 187 264 93 632 138 442

Source backpacks from Taobao:

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sử án:

Price (China ¥199.00 ¥189.00 ¥199.00 ¥69.00 ¥219.00 Yuan)

Price (VND) 665 456 665 456 665 456 230 736 732 336

4, BUILDING A BUSINESS STRATEGY:

Starting a new business in the competitive e-commerce industry can be both exciting and challenging To ensure success, it's crucial to develop a comprehensive business strategy that aligns with your goals and objectives We build the key components of a business strategy for a startup selling backpacks on e-commerce platforms, with a specific focus on achieving a minimum profit margin of 30%

to identify potential opportunities and gain insights into your target audience Determine the demand for backpacks in the e-commerce space and analyze the competition Understand the preferences, needs, and purchasing behavior of your target customers

Unique Value Proposition: Develop a unique value proposition that differentiates your backpacks from competitors Consider factors like design, quality, functionality, and price Highlight the features and benefits that make your backpacks stand out in the market Craft a compelling brand story that resonates with your target audience and conveys the value they can expect from your products

Product Selection and Pricing: Curate a diverse range of backpacks that cater to different customer segments Offer a variety of styles, sizes, and functionalities to meet various needs Ensure that the quality of your backpacks aligns with the price point you set Strive for a balance between affordability and perceived value Aim for a pricing structure that allows for a minimum profit margin of 30% while remaining competitive within the market

Marketing and Promotions: Develop a comprehensive marketing and promotions plan

to raise awareness and drive traffic to your e-commerce platform Leverage social media platforms, influencer collaborations, content marketing, and search engine optimization (SEO) techniques to increase visibility Engage with your target audience through engaging content, personalized offers, and customer testimonials Implement effective digital advertising campaigns to reach a wider audience

build brand loyalty and generate repeat business Ensure a user-friendly website interface, easy navigation, and secure payment options Offer prompt and reliable customer support through various channels, such as email, live chat, or phone Implement a hassle-free return and refund policy to instill confidence in your customers

(Bookstaber, 2023)

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Onsinal mi

riginal price 103 664 83 600 120 384 113 696

75 240

160 000 125 000 170 000 165 000 130 000 price (VND)

% profit 54.34% 49.52% 41.21% 45.12% 72.78%

Original price 185 057 210 672 187 264 93 632 138 442 Estimated selli suman Sens 245 000 285 000 265 000 140 000 210 000

price

% profit 32.39% 32.39% 41.51% 49.52% 51.69%

4 | =

Original price 665 456 665 456 665 456 230 736 732 336 (VND)

Estimated selling 1.000 000 900 000 1.000 000 450 000 960 000

price (VND)

% profit 50.27% 42.40% 50.27% 95.03% 31.09%

Estimated selling price list and % profit

SoBanHang is a platform that helps small retailers and businesses in Vietnam build online stores and increase sales It offers features such as bookkeeping and online store creation to help merchants reach more customers and grow their businesses Since its launch, SoBanHang has made significant progress in onboarding retailers onto its platform The company claims to have onboarded over 170,000 retailers, with an impressive growth rate of over 30,000 new retailers per month By leveraging the local nature of many small businesses in Vietnam, SoBanHang enables buyers and sellers to connect within walking distance Retailers can make sales, deliver goods themselves, and collect payment at the customer's doorstep, eliminating the need for third-party delivery apps or high commission fees (K, 2022)

To create a sales website for selling backpacks with SoBanHang, we followed these steps:

1 Sign up and set up our account:

Visit the SoBanHang website or download the app Sign up for an account as a seller

Follow the prompts to set up our account and provide the necessary information

2 Customize our online store:

brand colors, and other visual elements to make our store visually appealing

3 Add our products:

Go to the product management section in SoBanHang

Click on "Add Product" and provide the necessary details for each backpack we want to sell Include high-quality product images, detailed descriptions, and any other relevant information

about the backpacks, such as dimensions, materials, and features

4, Set up payment and shipping options:

SoBanHang provides various payment and shipping options for our customers

Choose the payment methods we want to offer, such as credit card, bank transfer, or cash on

delivery

Set up shipping options and determine the shipping fees based on customers' preferences and the location of your customers

5 Promote our online store:

Utilize SoBanHang's marketing tools to promote our backpacks and drive traffic to our online

store

Share our store link on social media platforms (Facebook, Zalo), email newsletters, other

marketing channels and other e-commerce platforms (Shopee)

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SoBanHang provides a dashboard where we can manage our orders, track inventory, and communicate with customers

Stay on top of incoming orders, process them promptly, and provide excellent customer service Use SoBanHang's customer management features to build strong relationships with your customers and encourage repeat purchases

2 Link of our website: https://bolashop.taphoa.so/home

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