We recently connected with Nico Lau and have shared our conversation below.
Nico , appreciate you joining us today. How did you scale up? What were the strategies, tactics, meaningful moments, twists/turns, obstacles, mistakes along the way? The world needs to hear more realistic, actionable stories about this critical part of the business building journey. Tell us your scaling up story – bring us along so we can understand what it was like making the decisions you had, implementing the strategies/tactics etc.
At the beginning of my online reselling business, I’ve got around two hundreds review, and I soon doubted if I would have thousands transactions. It seemed quite impossible. But I am so glad to achieve that number of sale earlier than I expected.
First of all, I used to go to the thrift store across the street of my home, to search for profitable items to resell. Sometimes I could find nothing even spending hours. So I knew that’s not a way to merchandise. I figured out to go on different websites to purchase designer goods at great price and ship to my home. Then I get plenty of inventory to sell and save my time to do other steps.
Once I get more sale, my capital grows. That allows me to purchase more high end designer brand items, like Louis Vuitton, Chanel and Prada, etc to resell.
These top brands help to bring more exposure to my shop.
Also, I scale up my online business by “opening branches”. Mercari was the only platform. I called it a flagship. Since the flagship is stable, I recently expand NicoBoho to Poshmark and Ebay as well. I am new to those platforms. Luckily they are generating sale. So with three shops, my stocks sell faster!
I try different ways to enrich my business. I would not stand still on it. Like when Poshmark invited me to do live sale, I gave it a shot and I did do a few shows. No matter if that would generate more sales, I believe doing more better than doing less. With new approach to promote the shop is essential.
Most significant factor to grow the business bigger is I do not treat my online business as a side hustle. My business is more than a full time job, it is like 24/7. My direction is clear. Only if I dedicate to my business entirely, then it might become successful.
As a reseller, more listing means more sales. I keep some of the profit after sale, and I re-invest to my business to buy more stocks.
I have the discipline to add a number of new items everyday to make my shop looks fresh.
But there is a downside of online business. Even though I take photos of the handbags in natural daylight and I write the description as accurate as I can. There’s still a chance dissatisfied a customer. One time, a customer received a metallic handbag. She said the actual color is less glossy than the photos. I offered free return and apologized for her dissatisfaction. She then said I should not sell something different than the photos! She also said she had no way of returning the handbag to me. I really had no idea for the case. Things never go 100 percent smooth.
Fortunately the sweetness brings from my business allows me keep doing it.
One of a meaningful moment was, a customer told me her daughter passed away recently. She hasn’t bought herself anything in a long time. When she opened my package and saw the beautiful purse, it made her smile. She thanked me to say that was something she really needs at that moment. I was literally touched by her saying. I have never thought my business would help someone at such a level.
Nico , love having you share your insights with us. Before we ask you more questions, maybe you can take a moment to introduce yourself to our readers who might have missed our earlier conversations?
My Shop NicoBoho is a online store that specialize reselling high end to mid tier authentic designer handbags and brand name clothing.
I started my business during the pandemic.
I love handbags so much so I thought it would be wonderful if I turn my enthusiasm into my business. I tried to sell a few purses I thrifted on the online marketplace Mercari. They sold fast and that was so profitable. So I decided handbags definitely is my niche.
I took photos of the handbags with a placement of boho chic decors. All items look in a consistent and distinguishing style. That makes my shop stands out on the marketplace.
Designer handbags from retail store can be expensive.
The main reason of my business is I want customer to get beautiful handbags at a reasonable price. When they buy second hand purses in excellent condition, it helps promote sustainable fashion. High quality bags are durable and they last forever.
I am so surprised ladies really love to buy designer handbags that much. My customer could be someone live in a tiny island in Hawaii, or in the middle of nowhere in Alaska which is below 100 population!
Any stories or insights that might help us understand how you’ve built such a strong reputation?
Instead of diversifying the merchandise, I specialize in niche. I expertise in reselling designer handbags.
I did not want my shop looks too commercial. I create a lovely, boho chic ambiance of my shop, thus make it look different in the marketplace.
When people looks for designer handbags, my display draws their attention easier.
A return customer told me “my shop leaves her feeling excited and relaxed at the same time”. That’s exactly what I want to bring from my business.
I also merchandise rare find handbags. My customers fancy about my collection, and they keep coming back.
I treat every customer same as my very first customer, the same best service. The appreciatory reviews left by my customers help my business’s reputation grown.
What’s been the most effective strategy for growing your clientele?
I purpose to make every customer to be a repeat customer. Then my client base keep growing.
Different from a retail store, I cannot deal with my customers face to face. So the package is the direct medium to show my respect and care to them.
I pack every package beautifully. They feel like opening a nice gift and feel so happy about it. Next time they are so willing to come back.
When I started my business, I went to the library everyday before shipping packages, because I spend 25 cents for printing out each shipping labels. I did not think my sale was great enough to worth buying a good printer at that moment. As sale growing fast, I had the confidence to purchase the thermal printer which costs me USD200. Now I buy high quality poly mailers to ship my package. I also designed my shop sticker which creates a professional and caring image. All these help standing out my shop and leave a nice impression to my customer. In fact, most reviews show my customers love the packaging so much.
Also I would leave warm message to the customer from start to finish. I let them know I am always along with them. Delivering a pleasant shopping experience is my intention.
Some customers told me my shop shows I work really hard for it. Once the customers feel the passion of your business, the clientele would grow itself.
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