Problem: DollarDays International, a B-to-B online wholesale distributor and closeout company for small businesses, sought a monitoring service to ensure its web store was functioning 24/7. Solution: Hired a website monitoring service to test its site. Results: Averaging 1,000 new visitors to its website each day, DollarDays estimates it saves thousands in potentially lost revenue by being "open" 24/7.
Marc Joseph, president of Dollar Days International (www.dollardays.com), whose company’s Web site offers wholesale and closeout products to multichannel merchants, outlined several ways that small and midsize merchants can compete against the big-box retailers, particularly when dealing with product vendors, at the recent Internet Retailer Conference & Exhibition in Chicago. Here are some of his takeaway tips from the session. 1. On dealing with vendors: * deal/negotiate with the right people; * don’t give a bottom-line price right away; give yourself some negotiating room, he said; * don’t be afraid to say no; and * be honest and ethical. 2. On buying product: