Finding Your Product Market Fit in Online Retail

Posted by Jason Roe on Jul 8, 2014 4:37:02 PM

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Product Market Fit - Eamonn Grant - Growth Hackers Dublin #3

Recorded 5th June 2014. Growth Hackers Dublin in the Irish Times, Tara Street, Dublin.

The Next event Growth Hackers Dublin Meetup July 10th. [ http://t9.ie/ghack4vd ]

The next thing I wanted to quickly talk to you about was the Wholesale Flower. We also have a Wholesale Flower business. One of the things that we did here was we wanted to talk about product/market fit. We launched this site. We spent about four days taking the Flowers Made Easy site and converting it into the Wholesale Flower site. We spent about 2,000 on product and we stuck it on shelves in the corner and we sold 3,000 worth of product in 12 months, so not very successful but we had loads of data.

We had loads of data. We had people signing up with people dropping off everywhere. It was like a sieve of a website. There was like loads of people come up and loads of people disappeared. If you Googled anything to do with flower sundries, you found us and then you came on the site and then you buggered off.

It was brilliant. We had 12 months of data, we had 12 months of information and we fixed it. We fixed all the bits that were wrong and released the site again. The following year, we did a 150,000 worth of turnover and then we decided to open a warehouse. We took a 5,000 square foot warehouse next door and we kitted the whole place out and we built a back end onto our front-end of our website.

We took our admin panel and we turned it into a POS system, so every other cash and carry, the country had a POS system that they were currently trying to hack a website onto the front of. Whereas we started the other way. We started with a website and we hacked on a POS system, got a barcode scanner for 15 quid off Amazon and away we went. We had a cash and carry.

That was a disaster for the first 6 months but we fixed all the leaks in that and we got more people to come back. We started e-mail marketing. We started doing special offers. We built better functionality. We improved the website, which looks completely different. We realized what was important to customers and we positioned things in certain ways.

We understood then from all of the data that we had, we understood when people wanted to look for Christmas stuff. It wasn't in December it was in September. If we were only buying our Christmas stuff in October, we'd miss the boat. We didn't have our stuff up there and people weren't buying it.

We knew that trade cards were important. We identified what free delivery level people would tolerate in the market. We understood that our customers were most likely middle-aged women and they were worried about security and their credit cards. We positioned everything in a way that was well-positioned for our customers, which is completely different than our other business, but it took us 2 years to get to that point.

It was really interesting in 2 years and we did it in a cheap way. We could have done it faster had we put money to invest in it a bit more but we wouldn't have had the data and we wouldn't have had the learning.

Recorded 5th June 2014. Growth Hackers Dublin in the Irish Times, Tara Street, Dublin.

The Next event Growth Hackers Dublin Meetup July 10th. [ http://t9.ie/ghack4vd ]

Jason Roe

Written by Jason Roe

Jason Roe

Topics: Dublin, Growth Hackers Dublin, Growth Hacking, Hackers: Heroes of the Computer Revolution, the Irish Times, The Irish Times Ltd




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