How to Create a Successful Online Store During a Downturn

Some people balk at the idea of creating an online store during an economic downturn, but if you’re providing value to customers with the right product, it could be the perfect time.  We told you about how jewelers Patrick and Marga Coughlin stumbled on the perfect product for the current economy in the yellow emerald. 

 

Featured merchant Marji Bitterman also sells jewelry, but she focuses on a completely different market.  Her online store Beads and Dangles sells high quality Pandora-style beads at the fraction of the Pandora price.  Still she and the Coughlins have something in common—they make if possible for people to enjoy beautiful things at reasonable cost.

“The economy is a double-edged sword because people don’t go all out as they did four or five years ago,” Marji explains.  “But it’s a good time for our product.  With the European beading system, you can start with a simple chain, put three beads on it, and then budget just $15 each month to add three more beads.  You can have the look of an expensive bracelet without anyone ever knowing that it’s not.” 

The way Marji accomplishes that is by adding value – she doesn’t only concentrate on keeping her prices low; she also ensures that her product is of the utmost quality.  Her sterling silver beads, for instance, have the same composition as Pandora beads but are priced 30 to 50 percent less. 

 

Marji also stresses that being successful requires passion for both what you sell and who you sell to.  To help even more people flourish, she has started creating wholesale accounts so others can start their own home-based bead businesses.

 

“I have always loved to help people, both personally and in business.  Offering jewelry to those who want to look good, feel good, and afford to change their look as often as they want makes me feel great!”