1. The link of the selected YouTube channel that I will be using is https://www.youtube.com/c/HowToCookThat. This YouTube channel shows different kinds of Australian food recipes. This channel does not only show baking recipes but also shows a lot of step-by-step tutorial videos for preparing mouthwatering desserts, chocolates as well as how to make sweets.
As per the existing monetization estimates of ‘How to cook that’ YouTube channel it has been found that this channel will have estimated earnings of $1.4k – $22.5k per month or $16.8K- $269.4K per year (socialblade.com, 2022). This can be seen in the screenshot provided:
2. To promote my business, I will sell baking tools on an e-commerce platform. Some of the products that I will sell include the Measuring cup (Liquid and Dry), Rubber Spatula/Scraper, Pastry Brush, Whisk, Rolling Pin, Pancake cupcake batter Dispenser, Eggbeater, bowl, Oven Etc.
I will sell all my product through an e-commerce platform that includes ebay.com.au as well as amazon.com.au. These are the most famous eCommerce platform that will surely help to grow my business. This website is the most visited website by the people of Australia (Amazon.com.au, 2022).
The price of the product which I will sell depends on the type of product for example oven can be sold for $ 30 whereas other products such as a measuring cup can be sold at $20 or a pancake dispenser can be sold at $ 23.40.
Since we will have a startup company, we expect that our business will generate revenues of $ 400000 on an average in a year. We will sell the product at a cheaper price than our competitor thus we expect that our revenues will increase rapidly in a year.
We will sell our product to the targeted audience that comprises of the following
3. The two payment tools that I will use for my e-commerce store are Eway and SecurePay. Eway is considered one of the famous payment gateway processing systems, this system is the popular choice of many online stores in Australia. It helps merchants in Australia by facilitating the acceptance of payment. This system accepts payment securely and helps in boosting the customer experience.
Securepay, on the other hand, is considered the best payment gateway in Australia. more than 90000 businesses have trust in this system. Secure pay helps its users to manage recurring payments by frequency and amount.
Both these system uses similar kinds of transaction metrics tools. The payment gateway of eBay accepts payment from both credit cards as well as debit cards consisting of Visa and Mastercard. This system helps to keep track of transaction fees easily due to its flat-rate fee structure (Eway Australia, 2022). By using SecurePay also customers can do transactions by using their debit card and credit card. This system also provides reports of every transaction done hence, providing the seller with detailed transaction history thus helping in decision making (Securepay.com.au, 2022).
4. In current days machine learning is playing an important role. These systems are utilized in a variety of transactional systems to collect, process, and seamlessly analyze the data. By using machine learning, a system can easily interpret the pattern existing behind the purchase data of the customers and also help the entity to predict any fraudulent transaction that occurred within its entity. By using the system of machine learning higher confidence level can be set and multiple transactions can be evaluated in real-time. For machine learning, if more data are available, the system can able to perform functions in a better way. they will perform better exploratory processes, thereby sustaining the integrity and efficiency of the entity. It is very important to analyze the Transactional data, it helps the entity by providing unique, time-sensitive, information, as well as helps the entity to function smoothly and in an optimized manner (TIBCO Software, 2022).
5. To promote my business of e-commerce some other social media platforms that I can use include Facebook and Instagram.
Facebook – Since there are large amount of data on age, gender, interests, and location of the people are available through Facebook, virtually any company can find new customers by creating target markets and retargeting existing site visitors, or by leveraging their existing customer data to find similar kind of audiences or new visitors who are similar to their best customers.
Instagram- Instagram Shopping provide e-commerce brands with the ability to ‘develop an immersive storefront’ to help all Instagram users to explore products through a single tap. For example, eCommerce stores advertise their products by creating their product posts and stories, they can also tag some of their visitors who are very curious about product description pages (Yieldify, 2022).
2 tools that can be used to automate my post scheduling in these social media platforms can be
If we consider posting and scheduling through. NapoleanCat tools, users can use it to schedule their posts and content over various social media platforms such as Facebook, Instagram, LinkedIn via a single dashboard. These tools help their users to develop engagement with its customers by using performance analytics. it also helps to understand the number of reaches to the customers and click through. ContentCal on the other hand also helps various individuals, business with their content planning and social media. These tools help to develop engagement with the customer by managing multiple accounts in one centralized location. These tools also provide analytics reports through which users can keep tabs on the content performance and develop a strategy to make improvements (Geyser, 2022).
The engagement rate is a metric that is used to track the involvement of the audience in the content developed by the business. The engagement rate can be understood through audiences’ interactions such as likes, comments, and sharing (Sprout Social, 2022)
A plan for developing an ongoing performance by using the above metrics can be done as follows:
organization can use Sprout’s Sent Message Performance report which will break down each post metrics and also provide the total and average of each post metrics at the top of the column, Entity can sort all the data and can check which posts receive the most impression and which post has the highest average engaged users. If the goal of the entity is engagement, then by sorting the most engaging posts, users can able to find out the similarities among these posts, thus helping the entity to determine which posts appeal most to the audience and also help to optimize future content.
6. From:
To:
Subject: Request for entering into a service agreement for establishing an e commerce store
Dear Miss Ann Reardon,
I hope you are in the best of your health. I am writing this email to request you to kindly consider the request for entering into a service agreement for establishing an e-commerce store.
Since every one of us knows that your channel has been monetized and earning huge revenues but due to the rising covid 19 impact there might be some effect on your earnings also, thus I am requesting you to accept my offer for starting an e-commerce store of selling baking tools. Through an e-commerce store, your viewers can easily get the baking tools they need for cooking. This will provide them with an option to browse many items at a time and save their time by placing orders online. This establishment will also help you to fulfill the gaps in your target revenues from the channel thus providing a better way to boost your earnings. In order to ease the transaction process, we may use SecurePay or Eway as payment gateway tools that ensure smooth processing of transactions with advanced security.
Thus, this option will give you a good opportunity to gain revenues. Since I will manage this e-commerce store, I will charge you a very nominal amount for this deal which we can discuss after you have accepted my offer.
I hope you will surely consider my offer for increasing your earning potential and respond to my email as early as possible.
Thanking You
Yours faithfully
Mr. James
7. We have planned to sell baking tools in an eCommerce platform such as Amazon and eBay. Since we know that there is increasing demand for bakers all around the world thus, we thought to ease the work of these bakers. Through our eCommerce store, we have planned to make sales of various baking tools needed while baking a cake or pastries. We aim to provide our customers with baking tools such as scrapers, whisk, Bowl, egg beater, Rolling Pin, Pancake cupcake batter Dispenser, etc. we have also developed a return policy for our customers according to which any defective items can get replaced within 7 days of delivery. In addition, we have also partnered with the best shipping company to make the fastest delivery of our products Thus giving our customers the best experience of shopping.
8. We hope to release our e-commerce stores within a month after getting approval from the YouTube channel owner. Since we know that covid 19 is hitting every country very badly, most of the shopping malls, retail shops, and multinational stores were shut due to the restriction imposed by the government of the country, Thus, during this time starting an e-commerce store will help to reach our target audience very rapidly.
|
Performance Evaluation Report |
|||||
|
Date |
28/02/2022 |
||||
|
Name of the responsible person (Your Name) |
Put Your Name here |
||||
|
Actual Results: Based on the operations report calculate the totals |
|||||
|
Indicator |
Customers Reached |
Customers Converted |
Transaction Value |
Declined transactions |
Net Revenue |
|
Total |
$139,819.00 |
$4,235.00 |
$63,539.00 |
47 |
$62,827.00 |
|
Average |
$4,660.63 |
$141.17 |
$2,117.97 |
1.57 |
$2,094.23 |
|
Analysis |
|||||
|
Identify gaps in performance against the objectives |
After analyzing the data given, we have found that actual performance is not good in comparison to the estimated performance. Even though customer reached is more than the expected figure but the data showed that customers converted are showing a gap of $2615 in total. Due to a significant increase in the number of transaction declines, actual Transaction value also declined, and thus the net revenue also decreases. |
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|
Provide recommendations to adjust and meet the objectives |
To meet the target objective, an e-commerce store is required to develop a strategy to minimize the number of transactions declined by its customers. They have to find out the route cause behind such a significant decline in the transaction. They should improve their marketing strategies to increase their revenues. |
Reference
Amazon.com.au, 2022. Amazon.com.au: Shop online for Electronics, Apparel, Toys, Books, DVDs & more. [online] Amazon.com.au. Available at: <https://www.amazon.com.au/> [Accessed 28 February 2022].
Eway Australia, 2022. Payment Gateway Services | Eway Australia. [online] Eway Australia. Available at:
<https://www.eway.com.au/eway-gateway-services/> [Accessed 28 February 2022].
Geyser, W., 2022. 29 Best Social Media Posting and Scheduling Tools for 2022. [online] Influencer Marketing Hub. Available at:
<https://influencermarketinghub.com/social-media-posting-scheduling-tools/> [Accessed 28 February 2022].
Securepay.com.au, 2022. [online] Securepay.com.au. Available at: <https://www.securepay.com.au/direct-debit-solutions> [Accessed 28 February 2022].
socialblade.com, 2022. [online] socialblade.com. Available at: <https://socialblade.com/youtube/channel/UCsP7Bpw36J666Fct5M8u-ZA> [Accessed 28 February 2022].
Sprout Social, 2022. The most important social media metrics to track. [online] Sprout Social. Available at:
<https://sproutsocial.com/insights/social-media-metrics/> [Accessed 28 February 2022].
TIBCO Software, 2022. What is Transactional Data?. [online] TIBCO Software. Available at: <https://www.tibco.com/reference-center/what-is-transactional-data> [Accessed 28 February 2022].
Yieldify, 2022. Best Social Media Platforms for E-commerce. [online] Yieldify. Available at: <https://www.yieldify.com/blog/best-social-media-platforms-for-e-commerce/> [Accessed 28 February 2022].
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