I'd love to get some feedback on my idea , basically it's copying a working business model to a developing country which is selling prescription eyeglasses online, there is nobody doing it in my country now which is a good thing and bad thing I guess.
About the E-com in my country , its very early stage , there are 2 major E-com's , one of them was acquired by Amazon. There is no niche specific E-com's at all at the moment.
As for the volume for 2017 it was about $5B USD with 30% growth and around 9M eshoppers.
The numbers aren't great and I feel there might be some resistance to purchasing glasses online since everyone is used to going to store.
There are multiple measures that can be done to avoid this like: -Cash on delivery ( to ease the fearful skeptic buyers, also CC penetration is not the best yet)
To be as lean as possible am not buying any inventory , I made a deal with a retailer to list his glasses and photograph them and will buy it from him and deliver it to customer , this is only for first testing phase to test the market response.
So what do you guys think ? , my only fear is the cost to educate new customers as nobody doing it so it will take some good budget to get the message out.
Looking forward to your feedback , as I said earlier the idea is not mine and its basically copying a working model like lenskart and coolwink in india and just to be clear.
Currently I'm doing more research in the industry about their margins and everything in between, next step will be building an MVP ecom with just essential and run it on FB campaign to test the water , I'm not sure if virtual try on is essential feature or not would love your take on this.
The idea is not out of the box and the execution is the most important part here but I'm afraid about the cost to acquisition and the cost to educate the market about the product since there is nobody doing it.
Thanks in advance for your feedback!
About the E-com in my country , its very early stage , there are 2 major E-com's , one of them was acquired by Amazon. There is no niche specific E-com's at all at the moment.
As for the volume for 2017 it was about $5B USD with 30% growth and around 9M eshoppers.
The numbers aren't great and I feel there might be some resistance to purchasing glasses online since everyone is used to going to store.
There are multiple measures that can be done to avoid this like: -Cash on delivery ( to ease the fearful skeptic buyers, also CC penetration is not the best yet)
- Virtual try on ( So the customer can see how the glasses looks on his/her face)
- Home try on ( Give the customer 5 glasses , pick one and return the rest)
To be as lean as possible am not buying any inventory , I made a deal with a retailer to list his glasses and photograph them and will buy it from him and deliver it to customer , this is only for first testing phase to test the market response.
So what do you guys think ? , my only fear is the cost to educate new customers as nobody doing it so it will take some good budget to get the message out.
Looking forward to your feedback , as I said earlier the idea is not mine and its basically copying a working model like lenskart and coolwink in india and just to be clear.
Currently I'm doing more research in the industry about their margins and everything in between, next step will be building an MVP ecom with just essential and run it on FB campaign to test the water , I'm not sure if virtual try on is essential feature or not would love your take on this.
The idea is not out of the box and the execution is the most important part here but I'm afraid about the cost to acquisition and the cost to educate the market about the product since there is nobody doing it.
Thanks in advance for your feedback!
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
