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About Jim Novo
Expertise
Questions about using customer data to inmprove online profitability, particularly in retailing. Topics include profiling customers using weblogs, figuring out which ads generate the highest value customers, how to reduce the numnber of 1x buyers, how to generate higher sales from current customers, customer analysis, ROI calculation, reducing discounts while increasing resaponse rates. Do you collect customer data (purchases, page views, surveys) and not really use it for anything? Want to find out how? Just ask.

Experience

Past/Present clients
Cellular One, MBNA, SteelTorch Software, Retek Direct, CBS Sportsline, Kobie Marketing, Aerial, Tupperware, Barnes and Noble, Comcast Corporation, Home Shopping Network

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Online Catalogue/Retailing - Start-up inventory for online business

Expert: Jim Novo - 4/15/2007

Question
I am starting an online business and am very confused as to how much inventory I should begin with until I know what is hot/not. Any advice?
I have never been involved in the retail business but am very excited to begin. I believe I have everything in order except inventory is concerning. Any advice? My sales are handbags.
Thank you.
Dianne

Answer
Search eBay to find similar handbags. how many sold and what they sold for.

Get a subscription to KeywordDiscovery.com:

http://www.keyworddiscovery.com/

and find out how many searches there are for various brands of handbags you might be carrying or are similar to yours. This will give you an idea of the visitor TRAFFIC that is available for the items. Depending on your pricing and site, you might sell a handbag to 1/4% of this traffic.

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