Setting up a deals based website could be very exciting if you succeed in delivering best customer experience. The charm of discount offers and online coupons will never fade away. Hence chances of earning are bright if you are thinking to start a new venture based on similar revenue model.
While you plan to join daily deals market, following recommendations can help your business compete with the existing giants like Groupon, LivingSocial & Yipit.
Set Realistic Goals- Feasible & Achievable
Define your goals wisely and clearly. By goals, here we mean how you are going to drive target customers and who is your target audience at first place. The challenge has widened with increasing number of daily deals websites, targeting all products/services. So, if you plan today to start group buying business, better start with a plan for niche market. It will cut down the improbabilities & risk factors thereby making you goals achievable & securing profits.
Setting your goals judiciously will also help choose best daily deals system to build a platform that both merchants and customers will love to use.
The level of income of a daily deals portal depends on how a site promotes its deals. So make sure in development phase only that your site is built search engine friendly, has easy CMS option, comes with social media integration and is flexible enough to meet ascendable needs of online deals industry. Choose a daily deals builder that can suffice these varied needs and offers room for custom functionality.
Set your scale of investment
Beginning with small scale is advisable for new businesses. You can build a daily deals site for local merchants using ready-to-launch solution. It will save your initial cost and when you realize that your portal has captured a significant share of daily deals customers, you can upgrade it using custom website development. The additional money you have right now can be utilized for marketing your site and creating sources to attract online shoppers.
Daily deals websites earn great provided you offer users a reason to spend on your vouchers. To make this business successful, you need to build a blueprint of all factors including, design, customer segmentation, technology to be used for development, merchants/vendors to be invited etc. Only after you give space to these considerations, you can rest assured of success in daily deals industry.
You can discuss more about the risks involved in development of a Groupon like website with our experts. Leave your query to get their assistance.