bidthreads
DESCRIPTION
My bid clothing ideaTRANSCRIPT
Bidthreads.com is:Katrina, Jacob, Matt, Chris, Chad &
Nathan
Combining the best of bidcactus.com, threadless.com, jackthreads.com and gilt.com
Revenue Sourcessales: selling the auction won items
"pricing is variable"anywhere from 50cents to 500dollarssay actual retail price is 10 dollars to 5000 dollars
service fees: membership to the site is freewe will incorporate gender sectionspossibly 10 dollar per month exclusive member benefits
advertising: limited on site, embedded in SEO, cookies, targeted ads
bids: 74 cents for 1 bid. 1bid is worth 1cent. bid cost can be altered, revenue: 73cents per bid sold. strategy: bid packages
purchase: conducted at auction win, mandatory after every win
shipping: payed by user, 5x-6x average shipping cost
Bid Package74cents * 250 bids = $185
customer can only use $2.50 for bidding in a penny auction
she will bid 1cent at a time on a brand new Armani limited edition messenger bag
revenue: $183.50 centspurchased for bid win: 22.51
shipping: 20 dollars * 5 = $100
retailed $1,000, bought at $200 sold for Total: $306.01
Our Marketprimary: 2/4 is 20-30 years old and fashion conscious going after hot deals on our main page development ( gilt.com, jackthreads.com, plndr.com)
secondary: 1/4 We see a future in the Younger Market "10-15" tweens and teens16-21,creating brand loyalty with a creative Tshirt branch in the model of threadless.com
tertiary: 1/8 30-50 looking for new fashions, reliving old style
4th: 1/8 people who need a look, style or theme outfit
gender balance 55 percent female, 45 percent male site part 1 and part 2 in T-Shirts is 50/50.
Cost Driverslabor: 6 current project workers, website is outsourced, merch maintained by current staff
goods purchased for resale: from online vendors, and fashion collectors in NYC
energy: company will make use of college resources and will make good usage of their own connections ie Reuben Kerben founder of Spiral Universe and Google worker
Investment sizeQuick Break down of $3000
$1000 for professional website, design,developer, sustainability
$1500 for merchandise to go on bidthreads.com
$500 for transportation usage, technology investment, legal i.e. BBB Accreditation
Critical Success Factors
1. popularity of bidding online2. highly desired designer accessories and later clothes items on bid-site3. 2nd target market creative tees, ie threadless.com4. Development of new markets begin with highly desirable fashionable labels ie Louis Vuitton and move to new designers
5. We should have 100 steadyusers by the end of March 2011. Break even by February 2011Profit by March 2011-April 2011
May 2011- 300 steady usersprofits exceed min $100,000 per week
what we like: membership, low prices, good web format
dont like: no bidding!!!
what we like: bidding, realtime, price, penny auctions. Bid PACKAGES at 30,50,75,100,125 and 250 bids
dont like: web format
what we like for secondary market: user submitted designs
Thank You For
Your Time