5 things you need to know about ‘MyStore’

In the past, you needed thousands of followers to make money on social media, but a new platform is helping Aussies make some spare cash using their online profiles.

Australian online marketplace mydeal.com.au has launched a new platform feature called ‘MyStore,’ allowing everyday Australians to open their own online shop at no cost and make money.

The feature allows anyone to build a store with products from mydeal.com.au, of which there are about 300,000 products. Store owners then share and include a promo code for their family and friends on social media who get a discount shopping at their store, while store owners receive 5% commission.

TODAY chatted with Money Magazine editor Effie Zahos, and 9Saver has compiled five key points you need to know before you start making money on your online store.

1. Anyone can do it. You don’t need hundreds of thousands of followers to make money using MyDeal. As with anything, the more ‘followers’ or ‘friends’ you have will amount to more sales, but a network of 500-1000 could make you some coin.

“It reminds me a little bit of Amway or Tupperware, but you don’t have to buy the products, that’s the good part about it.” Money Magazine editor Effie Zahos told TODAY. “This is based on the fact that if you are doing this and you like this, you may as well get paid for it.”

2. You can make REAL money. Once you build the site and share your promo code with your family and friends, you will receive 5% commission for every item sold.

“If you ‘flog’ a year’s worth of powder balls for your dishwasher to your friends, that’s at $70, I just need 10 of you and that’s $35,” Zahos told TODAY.

3. It is the first of its kind. ‘MyStore’ may be the first website of its kind in Australia, but Zahos told TODAY there are similarities.

“I think of the K-Mart Mums, a lot of people on social media are actually promoting products, you don’t have to be a huge Instagram person to be doing this and getting some money on the side,” she said.

4. It could change the retail industry. If MyStore changes customer’s attitudes, people may expect a reward for making recommendations on products, and other businesses may follow suit.

“It is going to change the way we sell, because it is so cheap for them to market their products.”

5. As always, proceed with caution. There are always things you should look out for when proceeding with services like MyDeal. Whilst there doesn’t seem to be a ‘catch,’ you will still need to play your cards correctly.

“It blurs the line between ‘what are you using your friends for,’ is it clear on social media, and are we all going to be flogging products?” Zahos told TODAY.

“It is a cheap way to get sales people, isn’t it? They’re buying us for 5% commission, I worry about people in actual sales roles.”

Additional text by Luke Worthington

* In highlighting particular offers we are not making specific recommendations as this article does not cover all available products and may not compare all features relevant to you. Any advice provided is general in nature and does not take account of your needs, objectives or financial situation. Individuals should consider their own circumstances, and if in doubt seek appropriate advice, before proceeding.