If you are looking to start a new online venture you have come to the right place. Subscription box services are a fast growing market that guarantees revenue on a monthly, weekly or daily basis -depending on how you sell it. In Singapore, this method of product distribution –offering packages filled with retail products is not really talked about. The French Cellar and BlissyBox are one of the few subscription box service companies that exist in Singapore. If you do wish to tap into this line of retail, here are four things to consider.
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Starting a subscription box business
1. Decide on a market and product
We suggest honing in on a specific niche or lifestyle. Yes, there are plenty of opportunities in the subscription of e-commerce, but it is not wise to maximize this privilege all the time. In layman’s terms, a lot of your market has to do with what product you wish to sell. You can’t possibly offer customers a box full of skincare products and say your target market consists of mostly males. It just does not make sense. Our advice is to build your subscription box around something that YOU are passionate about.
2. Sourcing of products
The first way is to get sponsored products from suppliers. The more established you are, the more you can take advantage of this method. Getting free products allow you to minimize costs but at the same time you have little control over what goes into your subscription boxes. The second way is through paid products. Sourcing products and negotiating deals with suppliers is not going to be an easy task but it allows you to provide your customers the products they truly believe in.
3. Cost of subscription box
The best way to find out how you should price your subscription boxes is to conduct a little bit of research on your competitor’s price. Then consider factors such as sourcing of products, shipping costs etc. before determining your final price. Remember, if your subscription box cost is too little, customers become wary of the product quality and if it’s too expensive, customer won’t even give it a second look.
At the earliest possible, you have to know how to reach customers and where to reach them all within a minimum budget. It is easiest to start with the traditional online strategies by making yourself present on all social media platforms. Continuous updates and interaction will encourage a growing interest towards your brand. However, if you are seeking an immediate response from viewers, you would need to have your subscription boxes go viral. Getting a personality that is influential to your market is a good way to start. Provide them the material and have them feature it on their blog or social media pages. Their influence might be able to trigger interest amongst their audience.
Subscription Box Ideas:
1. Beauty Boxes
5. Wine / Alcohol Beverages
6. Detox & Healthcare
7. Pet treats
9. Books & Stationery