New Features by Google Analytics That Retailers Should Not Ignore

Today what business is all about? It’s all about analyzing and gleaning the huge data around the web. Managers or executives are continuously honing their skills by collecting useful information for their companies to grow.

Carly Fiorina, an American businessperson popularly known for her tenure as CEO of Hewlett-Packard (HP) quotes

“The goal is to turn important data into information, and information into insights”.

It takes time to determine which piece of information will help companies to reach the next level still, many e-commerce companies or say retailers are unaware of how this analytics can give them a complete learning of their business performance.

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Let’s Begin:

Google has created a useful tool called Google Analytics which crafts accurate analysis of a website or app and helps to take appropriate steps for marketing strategies if required.

Google Analytics is implemented using six important milestones –

  • Intelligence Events
  • Real-time
  • Audience
  • Acquisition
  • Behaviour
  • Conversion

Each of these milestones has different aspects and carries different views as needed.

Scroll down to read on a couple of new features provided by google analytics which will help retailers to optimize their online stores and execute tactful marketing strategies.

Cohort Analysis:

It is a simple analytical report based on Acquisition Date which gives retailers top to toe information about their users’ sessions.

The Workflow:

Before creating cohort report, retailers can set the four segments displayed on the header which easily fetches relevant data analysis of acquired customers from the web or app.

Cohort Type:

This is a segment where retailers can specify the date from when they want to analyse the cohort report . Right now, it’s noticed to have just single option available and that is – Acquisition date.

Cohort Size:

It displays three options in the dropdown naming day week and month which can be set accordingly to define the tenure.

Metrics:

It is the protagonist of the cohort report which helps in doing the actual analysis of all the happenings and can direct retailers for further steps. It carries three different options including Per User, Retention, and Total on the basis of which retailers can pull out specific data analysis.

Data Range:

Specifies the range like last 7 days, last 14 days, last 21 days and last 30 days. Retailers can choose from the option and glance the report presented in the cumulative line chart and bar chart along with date range on  the left side corner.

For example:

Today is May 17, 2016, and data range is set to Last 7 days, Google Analytics will align the data of each cohort from May 11th to May 18th and retailers will get each day session details of their acquired customers or new visitor.

Today is May 17, 2016, and data range is set to Last 7 days, Google Analytics will align the data of each cohort from May 11th to May 18th and retailers will get each day session details of their acquired customers or new visitor.

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The cohort report contains 8 rows as its data ranges from 11th May to 17th May. Columns represent cohorts and rows represent days. The tabular data shows the user retention of last 7 days. The 6th row in the 1st column has darker shade meaning that row contains high user retention rate and the other rows which are in lighter shades denote low user retention rate.

Which Cohort to opt for better business performance?

Till now, you might have got a clear idea on Cohort Analysis. This small feature carries accurate information of acquired customers and their purchases. Retailers can use it as a sword to act fast and execute conducive marketing strategies.

Here’s another interesting facet of Cohort Analysis that will make retailers acquaint with actual user behaviour.

Business Model!

Business Model is one such important aspect which is unavoidable and gives retailers a better understanding of their business and events.

Take a look at a few models that will change the perspective of retailers on how to manage the online stores and increase ROI filtering the fingertips.

Ecommerce:

Google Analytics has provided some useful metrics which retailers can set to analyse and create a Cohort report. E-commerce sites mostly focus on Revenue per User, Transactions per User and total Revenue which are available in the Metrics segment and retailers can create reports based on that.

Note: The key point here is acquisition date which analyses customer’s session from the first visit. Also, consider the scale and level of the cohort and customers’ purchasing skills.

In App Purchase:

It is the best business model to get accurate users’ analysis. Retailers can track user behaviour easily and add feathers to their hat. Simply integrate Google Analytics in the mobile app and use the track Id which is created when the customer first launches the app on his phone.

This is a unique way to shine the cohort analysis and fetch the users’ data effortlessly.

Publishers(Desktop & Mobile)

To excel in this business model, Retailers should have knowledge on User Engagement.

Now, the question is how to get accurate analysis on user engagement?

Metrics like Pageviews per user, Sessions per User, User Retention, Sessions Duration per User gives a clear picture of user engagement to retailers.

Lead Gen

In this business model, Cohort reports rely upon how long it takes to get a lead. Retailers can create daily or weekly reports depending on the price they sell the product. Like, If they are selling the products at a nominal price, daily cohort reports is the best option else weekly or monthly reports will help them to set their goals.

The challenge faced in this model is, there is no metrics to create cohort reports for single goal conversions. Retailers can use Goal Completion Metrics to get the analysis of the configured goals. Still, a question arises,

”Will this metrics show accurate analysis of more than one configured goals?”

Hence, it’s better to look on the cohorts showing a lot of user engagement on the online stored based on time and session per user metrics.

LifeTime Value

This new feature gives retailers an approximate analysis of how long a customer will stay connected with a company and brand using complex formulas.

For example:

You run campaigns through email marketing or social media channels to drive more traffic, Google Analytics tracks the data and shows the value of users acquired through different networks.

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Such kind of data helps retailers to regulate a profitable allocation of marketing resource to obtain those valuable customers.

An important point to note about this feature is, it is seen in Acquisition section for App Views only and does not support Web property.

In Closure
Google Analytics is a powerful tool gifted by Google. It gives deep insights to professionals as well as retailers and helps them better understand user behaviour. With lot many features available under those 6 milestones, Google keeps on enhancing this tool to improvise performance and results.

Stay connected with Google Analytics for more updates on new features!

Review and research by: orderhive.com

Main image credit: e-nor.com

Dropshipping cons every retailer should be aware of

Dropshipping is at the notch these days, thanks to the proliferation of the internet and the accessibility of online stores.

Many retailers/ online sellers tout dropshipping for its ease and the benefits it carries- In a small drop of Investment, retailers can gain a huge amount of profit. Even, the pains to load inventory and dispatching merchandise at the customer’s doorstep is upon dropshippers.

Why not, this business model considered to be the best option?

It’s a lucrative work-from-home business which retailers can access anytime, from anywhere. The only things required to operate their business is the power of the internet and a laptop.

cons of Dropshipping

Still, many retailers avoid to opt dropshipping because of the drawbacks.

  • Fraudulent Dropshippers

It’s a challenging task to find a reliable dropshipper for the retail business who can act as a partner to offer the best deals in niche product line. Also,can ship quality consignment at customer’s doorstep duly on time. The cases of drop shipping fraud are increasing day by day because of the vast competition. Retailers boil themselves searching for suitable dropshippers by either flipping dropshippers directory or browsing the web, still they fail to find a reliable one.

Retailers have to be on their toes to study the profile of a dropshipper before taking a big step i.e. About Company, Reviews, Market Goodwill, etc…

On the contrary, manufacturers or wholesalers whom retailers approach might not respond to their requests as they consider retailers not serious and don’t wish to handle their inventory. This reason can change the positive approach to negative and manufacturers may drop the request stating it not to be worth time investing.

  • Processing merchandise is not easy

    Many retailers who work with multiple dropshipping companies might  follow a different set of rules for order processing, billing and shipping if the companies carry different rules for their processes. This makes the retailer’s task cumbersome. The gap between taking an order and processing it to ship can stretch the shipping hours, as a series of conversation and action takes place before the product is sent off to the destination.

  • Niche Product line

Few retailers are cemented to a single product selling, so if a customer does not find better product line at one store, they easily switch to the stores which serve customers with vast options of brands and products. This results in losing those unreached customers who love to shop for various brands and products.

Retailers suffer this situation if they are associated with a dropshipper who procures inventory of a single product line.

For instance:

A potential user browses for designer watches on your website and refines the search to see options of a specific brand. If the visitor doesn’t see multiple designers and styles, this would compel them to leave the site and search for a competitor’s site. This clearly can be a huge loss to single brand stores.

  • Half-filled glass of information and quality assurance

    This is the second most important drawback for which a retailer has to worry about. Retailers have basic information to provide and are even not sure about the product quality. They carry only a catalogue with a descriptive information including prices to display in their online stores, everything else is managed and processed by the dropshipper.

  • Order Tracking

After passing the customer’s order to the dropshipper, the retailer has to constantly coordinate with the dropshipper to track the status of the order and time it will take to ship the consignment at the customer’s doorstep. The constant updates via mails,messages or calls consumes precious working hours and disturbs the process of both the parties.

  • Thin Margin line

This is the reason for not choosing dropshipping as the sales strategy. The difference between the marked price and charged price is the profit which a retailer actually earns. The profit is moderate and a retailer hardly earns $2-$5 per product. Even if, the products which a seller is selling are expensive and unique, they cannot determine the margin of the selling price.

  • Customer Service

For a customer, a retailer is responsible for his business and not the dropshipper. He does not even know what sales strategy a retailer follows to complete the selling process and as he is only concerned about the product and quality.

Therefore, for a loss or damage or product enquiry, a customer will rely on a retailer for an immediate response which is difficult in this case. Aftermath, a late or disappointing solution can ruin the business image.

  • Goods Returns

Standard Quality is what makes a customer walks hundreds of stores. If the consignment shipped is of inferior quality, customer will not accept and immediately return at company’s address. Knowingly or unknowingly, a retailer has to bear the loss of defective shipped goods though, he has not fulfilled it.

  • Stock Synchronization

Once the order is picked and packed to the destination, the stock level needs to be updated with both the parties- the retailer and the dropshipper. The dropshipper has to notify in advance about the stock level to escape from out of stock issues otherwise, the last minute call of the stock issue can either double the expense of shipping or the retailer might lose a valuable customer.

  • Competition level is High

To stand alone in the busy crowd, a retailer has to think for unique opportunities rather than following the same line and downline the sales graph. As competition is high, dropshippers have a tendency to charge more from the retailers and the retailers struggle with moderate rates though their selling price is high.

With the same business line, a fear of being swallowed by the competitors resist the temper of the retailer to go either for the unique opportunities or set exclusive policies for the customers.

Wrapping Up

Though, dropshipping carries a set of disadvantages, it’s the best option for the online retailers who look for a better approach to expand their business or want to start from scratch. And, some of the drawbacks can be addressed easily if the process of dropshipping is streamlined using a suitable dropshipping management software.

Orderhive, the leading Inventory Management Software is packed with powerful features and dropshipping is one of them. Using this software, retailers can overcome a few dropshipping drawbacks like Order Tracking, Customer Service, Inventory synchronization,etc and make the process hassle-free.

Why online sellers count on multi-channel software?

In today’s competitive world of eCommerce selling on a single channel hampers growth opportunities and delays success for your business.

Many retailers have seen to adopt multi-channel selling strategy for their eCommerce business as it allows them ability to not only sell via their website but also, across multiple online marketplaces and social media platforms.

Multi-channel sellers with big budgets mostly develop software, in-house, to deal with daily ecommerce functions that include inventory management, sales order processing, fulfilment, and overall customer service.

How multi-channel sellers are being dependent towards multi-channel software?

For sellers having a limited budget, dealing with multi-channel operations without having an integrated solution can quickly eat up capital and increase burden in managing them.

Multi-channel software integration is the buzzword for many sellers, as it allows them to connect with the best eCommerce solutions and ensure repetitive tasks are met with an ease.

Have you adopted a multi-channel model for your eCommerce business?  Do you have a multi-channel software solution in place?

This article will assess the role of multi-channel software in impacting the online performance for any eCommerce business owner.

Let’s begin:-

1. Smartly manage product across all your warehouses and catalogues

Multi-channel 1

Challenge: Selling on your own site and listing products on leading marketplaces like Amazon, eBay, as well as, social media sites like “Facebook” that offers a “Buy Button” can increase sales orders for your eCommerce business.

Not being able to update product levels for all your selling channels as soon as a sale is made, can lead to improper stock counts due to which you may have to deny your customer’s for their or delay fulfillment process.

Solution: Multi-channel inventory software integration for your eCommerce business can help you eliminate the risk of missing on sales opportunities by ensuring you always have stock on hand to fulfil every customer’s orders that come in.

Benefits: This integration is making it easy for sellers to confidently deal with multiple warehouses and product categories as they are able to track stock levels in real-time and manage requirements in a full-proof way.

2. Process orders for your multiple stores from a single screen

Multi-channel 2

Challenge:  With the demand of e-Commerce among online shoppers, today, many sellers are seen to be expanding their reach by listing their product across multiple platforms. This is mostly done to increase brand awareness and sales opportunities, both.

Being loud about your products, but unable to fulfil even one of your customer’s orders can impact bottom line results of your multi-channel online selling business.

Solution: Dealing with each of your selling channel accounts separately, chances of missing out on  sales orders increases. Integrated order management software will help you ensure immediate fulfilment and confirmed delivery.

Benefits: Having an ability to access all your orders details in real-time, such integrated software automatically pulls orders details coming from multiple sources that you sync in one centralized system. This way, it becomes easy to spot new sales orders for your multiple stores and process orders from the same single screen.

3. Fulfil sales orders using the best carriers and improve product delivery experience

Multiple 3

Challenge: With hundreds and thousands of sellers selling identical products across the web, online shoppers will take no time to discontinue your brand if you don’t treat them well. Whether you ship one order per day or hundreds of orders every hour, maintaining order fulfillment efficiency and customer service will be the key to success.

Frequently shipping wrong products and delaying order fulfilment processes will surely create a negative impression of your brand in customer’s mind.

Solution: Integrated shipping management software is allowing sellers to easily connect with multiple carriers that are popular and offer quick fulfilment practices to enhance customer’s experience every time they shop with your brand.

Benefits: Such integrated software is allowing sellers to gain tracking details in real-time, which in turn, can be shared with the customer to keep them in a loop while their orders are in transit. Also, ability to ship via popular shipping companies can help you ensure safe and correct product delivery, always.

4. Improve after-sales support experience

multiple 4

Challenge: Many sellers still overlook the importance of entertaining customer’s concern for their delivered product. Unsatisfied with their purchase, many online shoppers approach brands even after receiving the product.

It’s not always your customer will be right, however, neglecting their concerns will surely make it look you are guilty.

Solution: Firstly, listen to your customer’s concern and if they are not eligible for the return or refund as per mentioned in your T&A’s, you can simply deny them without making them feel bad. However ignoring after-sales concerns, even if not eligible, can spoil your image unnecessarily.

Integrated returns management software will automate and help you perform an efficient returns processing for your all stores in real-time.

Benefits: Create multiple returns or process customer refunds in one click. Transactions will automatically be recorded to avoid further misinterpretations.

Wrapping up

Covering four major operations of an eCommerce business, you can see how integrated software is helping online sellers to keep up with the ever-growing pace of change in the eCommerce industry while delivering seamless and exceptional experiences to their customers.

How analyzing customer’s actions can improve ecommerce sales?

5% increase in customer retention can improve more than a 25% increase in profit. This means the better service your eCommerce brand offers, the more sales it will churn.

analysis of customer actions

There are a number of ways to retain online customers, however, blindly using capital in your marketing program will hamper the bottom line of your eCommerce business.

In this article, we will discuss on how tracking your customer’s behaviour can help you make the best out of your capital that you spend on customer retention strategies.

So, what are those important areas beneficial to analyze your customer’s actions and how do they matter performance of your eCommerce sales?

Here we go:-

1. Landing page

Being innovative and frequently updating content and adjusting call-to-action buttons across the landing page, is what many eCommerce business owners perform to engage online shoppers, as well as, influence them to make purchases.

This strategy will no doubt bring in sales opportunities; however, tracking your customer’s behaviour for each of the elements present on your site can improve your retention strategies.

For example:

Tracking your eCommerce landing page, you realize the addition of images has lead to more engagement level; you can immediately focus more in offering a complete visually-impact experience to increase engagement.

The more time you make your customers cling to your site, the better chances of sales order you’ll earn for your eCommerce store.

Similarly, despite offering some of the best deals and offers you are unable to churn results from it. And, unable to track the performance for each will automatically hamper growth.

A tracking system in place will help you eliminate the loss of time and money by analyzing performance for each call-to-action buttons, in real-time. This way, you can quickly take measures and make the most out of those successful call-to-action buttons you have designed.

2. Checkout page

Another important part of your eCommerce business is the checkout page. Today, checkout page does not only relate to making payments and placing an order, however, many sellers are taking an added advantage to up-sell products too.

If you up sell products on your checkout page, tracking customer’s actions and experimenting with your product offerings can help you increase more and more order value for your eCommerce business.

For example:

In the case of apparel business, one of your customers has added a trouser to the cart and finds matching shirts that you upsell on the checkout page.

Having a tracker will help understand your customer’s choice and help you experiment with some best matches to improve eCommerce sales.

3. Access to your coupons and discount offers

Mostly every eCommerce business owners offer special coupons codes and deals; all in an effort to encourage them to make purchases from their brand.

This can be a full-proof way to divert more and more eCommerce sales only if you are tracking your online shopper’s usage on those codes and discounts.

coupons and discount offersFor example:

Despite offering discount codes, you are unable to churn conversion rates from your eCommerce store. This can happen either due to the poor percentage of discounts offered, or, the code does not apply to the customer’s purchase order.

Whatever may be the reason, tracking your customer’s action on those codes will help you immediately figure out the problem and take measures to increase discount code usage and improve sales for your eCommerce business.

4. Search tab

Every eCommerce store will have a search bar that makes it easy to find products and information on-the-go. You may try different automation tactics to make products show up easily for your customers, but tracking the keywords used by your customer can help you enhance prompts in the search tab and increase sales opportunity for your eCommerce business.

For example:

Auto-spell checker in the search tab is no doubt saving many eCommerce business owners from losing sales orders. However, having an ability to track keywords typed by the online shoppers in your search tab will help you understand keywords usage by online shoppers, in deep.

This way you can enhance keyword prompts to ensure your customer’s gain quick access to the products they are looking for. The easy you make it for your customers to find information, the more positive they are to make purchases.

5. Social media traffic

Like any other business owner, I’m sure you might be having a social business account to increase visibility and allow customers make purchases. This is sure, helping many business owners who are constantly keeping a track on their social media traffic.

With leading social media sites like Facebook, Twitter allowing “Buy Button,” it’s easy to churn additional eCommerce sales order apart from your online store.

Social media

For example:

Modern customers cling on social media sites before they make online purchases. Therefore, simply creating a social media account and frequently updating content and information is not enough.

Tracking your audience behaviour on your social media accounts will help you understand their preferences that give you an opportunity to always offer them with information and shopping experience they would like.

This way, you can easily convert more and more social media traffic into potential customers for your store.

Google analytics is an ideal eCommerce tracker that is allowing many business owners to analyze valuable data as per their customer’s actions on their store.

What after sales?

Contact management software is another effective solution that is helping many eCommerce business owners to consolidate all their customer’s purchase order history at one place.

Adopting such system, you can understand the demand for your products, which in turn, can help re-target your loyal customers and boost eCommerce sales for your business.

Strategies to overcome dropshipping challenges

DROPSHIPPING CHALLENGES

Many start-ups and small retailers are finding it easy to cope up with inventory and fulfilment processes using a dropshipping model for their business.

Without having to stock your own inventory, rent a warehouse, or even, fulfilling your customer’s orders – a dropshipping business model is helping business owners easily jump into the massively growing world of eCommerce.

Doesn’t it sound interesting?  But, with the popularity of this model a number of challenges showed up and are still haunting many business owners.

There are a number of articles that may have provided you insights on the good part of a dropshipping model, however, not many have spoken about the on-going issues that are hampering growth.

By understanding dropshipping business you yourself can prepare a list of common questions, however, for those who are unaware of the process can continue reading this article.

What can be those dropshipping situations that can affect your business growth?

1. In case of no product availability

Many dropshippping companies try and offer the best service to stay up in the business. However, still many will fail to process your store’s orders due to not stock in hand.

Frequent fulfilment delays, or, the situation when you’ll have to deny your customers for their orders will automatically hamper growth for your selling business.

Out of stock

How can you deal with it?

Firstly, working with a single dropshipping company is not all a good idea. Ensure you are aware of few alternatives from which you can source product and fulfil your customer’s orders without delay.

For your customers:

Secondly, have a direct contact with your customers informing them of the delay. Also, at the same time, you can pitch available alternatives relevant to their purchase order. This can increase the chances of them going with the alternate product, as some of them would like to have the product as soon as possible

2. In case of late shipments

There are chances when your dropshipping company may fail to communicate with the order shipment delay while you may think it has been shipped. Usually such companies inform once order shipped, however, many retailers who don’t keep a track of shipment confirmation often struggle to deal with their annoyed customers who are waiting for their product.

How can you deal with it?

Ideally, you should immediately contact your dropshipping company for the shipment status 24 hours after you have sent them the order details. So, in the case of delay, you will still have time in hand to get the matter solved, or, check for an alternate to ensure the earliest delivery.

These days many retailers have adopted dropship management software, which helps them to consolidate their multiple suppliers at one place and communicate with them in real-time.

dropship

For your customers:

Today’s customers expect a quick delivery, and, if someone is shopping with you for the first time, always remember they are putting you to the test. They’ll immediately start calling you, and your answer/action will determine their experience with your brand.

3. In case of wrong product shipped/arrived damaged

Dropshipping companies regularly dropship hundreds and thousands of orders every single day, hence, there are chances of wrong or damaged products shipped to your customers. In such cases, an unhappy customer will blame your brand and not the dropshipping company.

Doesn’t matter what went wrong in the fulfilment process, it is your brand that is responsible and who suffers in the end.

How can you deal with it?

Not all dropshipping companies provide safety for your customer’s order, therefore; you need to ensure that you deal with only the ones that have a return policy in place. It will become easy to inform your customers about the returns process and you can ensure your droshipping company will entertain such situations, as and when they occur.

For your customers:

Customers who are already annoyed due to late shipment, further delay in processing those returns will their kill trust for your brand. Ensure you call and instruct them on what to do, and simultaneously apologize and offer a special discount that can help them overcome their bad experience. Doing so, they’ll not hesitate to make another purchase from your store.

4. In case of less items shipped

You would not like to offer your customer’s a bad shopping experience by delivering them incomplete purchase orders. And, such instances can be quite annoying to you, despite providing the correct customer’s order details.

How can you deal with it?

There is a way to stop it from occurring. Always make to match customer order details in the invoice they generate and send you before they ship your customer’s orders. Keeping a track on those invoices will give a chance to avoid mistakes and ensure correct quantity is being shipped to your customers.

For your customers:

Customer who places multiple purchase orders for the same product may happen in error, however, until the customer intimates you for any changes they’ll expect you ship them product quantity as per ordered.

5. In case order shipped to a wrong location

Dropshipping companies will expect you to communicate your customer’s order details via phone or email. Hence, the transparency of your customer’s order details will determine the success of the delivery.

How can you deal with it?

Re-shipping products always affect the capital; hence, you would like to provide a complete address proof for every customer’s order. Connecting with dropshipping companies via email rather than a phone call will automatically eliminate wrong information or confusions.

Also, sending emails you have spell-checked prompts to ensure you always use correct shipping details to your dropshippers.

For your customers:

Products shipped to incorrect address results to a waste of time and cost, as you’ll have to follow the whole process again. This can also lead to a worst situation when your annoyed customers requests for a cancellation and immediate refund (if already paid for the purchase order).

Wrapping up

Dropshipping can make your selling business easy; however, it greatly depends on the suppliers or manufacturers you deal with.

Considering major dropshipping challenges, luckily, there are ways to rectify and even avoid them from happening in future.
All the best:)

B2B Inventory Management Must-Have

The ever-growing demand of online shopping is not only forcing sellers to be on their toes but also, manufacturers and distributors have major contributions in the supply chain process for any retail business.

Modern inventory management practices have already been adopted by retailers (online/offline) in order to ensure sufficient stock availability, as per their customer’s demands.

But, are wholesalers and distributors able to fulfil every order that comes in? Many distributors still cobble together and then juggle multiple software/spreadsheets to manage the intricacies of managing stock requirements for their business.

Are you one of them?

There are a number of articles highlighting various techniques of managing inventory for B2C owners, but, not many have shown insights on managing inventory for B2B owners.

Below in this article, we will discuss on the must-have business to business inventory management features and how they can help?

Here we go:

E-commerce integration

E-commerce being one of the fastest growing industries, your system should offer easy integration to online brands, allowing them a convenience to procure and process their customer’s order from the place they are.

E-commerce business owners are more likely to deal with vendors who understand their store’s stock requirements and offer restocking alerts in a timely manner.

Therefore, ensure your system is flexible enough to integrate with different sized retail business needs that will be easy and quick to communicate.

Barcode integration/ Product identifiers

An old inventory management practice, however, there are still many business owners who have not adopted this time-saving technology for managing their stock.

Manufacturing hundreds and thousands of products or supplying stock in huge bulks- having unique identification numbers with information to each of your products makes it easy to organize and deal with every sales order, efficiently.

Barcode integration in your inventory management system will ensure you can track movements of your products to your customer’s store, as well as, at their warehouses. This will automatically eliminate the risk of losing products in transit, too.

barcode

Multi-currency payment transaction

In today’s global economy, having an ability to quickly convert one currency to another is essential for most selling business, especially if you dropship.

For instance: If you have customers who offer service in multiple places across the globe, adapting an inventory management solution with multi-currency capabilities will allow you accept more and more orders than other business owners who don’t have the ability to do so.

Multiple warehouses management

Modern customers expect an omni-channel shopping experience, hence, many
business owners are seen to be expanding their inventory reach by investing in multiple warehouses to reach out more and more customers.

Being able to sync multiple warehouses in one centralized system, will automatically give you the power to properly control all your business orders that come in.

EDI Order details transaction (Electronic Data Interchange)

Taking orders via email, phone calls, or, even messages surely leads to waste of time, cost and, in most of the cases, mess up in communicating exact details.

Modern inventory management systems allow business owners to sync order details coming from multiple sources at one place that will ensure accuracy in fulfilling customer’s orders, always.

Inventory reporting

You may expand your product reach, but, not having a system to track your stock ins and outs can directly hamper the bottom line results.

Understanding the requirement of each product your make or distribute, is crucial for a smooth flow.

Ensure your system allow you an ability to generate reports on important inventory metrics like:

a- Stock cycle time

This report will help you understand the time duration since when the product is manufactured until product ready to be shipped.

Such reports will make it easy to perform analysis on the time it takes to process a purchase order.

b- Supply cycle time

This report will help you calculate your service level, which means, was your business able to ship every order that came in?

The lower the ratio, the poorer your inventory performance.

c- Level of stock

A crucial metric, that will allow you insights of your stock availability and demand in real-time.

This report will help you understand and forecast stock requirements, especially for those seasonal products.

d- Stock turnover

This will give you an idea, how quickly is your stock being replaced.

The formula to calculate stock turnover:

formula1e- Gross margin

This report will help you understand the percentage of profit you make from your sales orders.

The formula to calculate gross-margin:

formula2

Having an access to such information, will allow you to take winning stock decisions and help your business grow successfully.

reporting

Centralized access for all your employees

As and when your business improves visibility, you’ll have to expand your strength to ensure smooth supply of stock as per demand. However, communicating with your staff separately for every purchase order, may lead to a delay in fulfilling your customer’s needs.

By having all your staff members under one roof, you can know who is engaged with what. Having a centralized access for all your employees, you can track employee’s performance and make better decisions to enhance productivity.

Mobile access

With the increasing demand for your products, you’ll find it a struggle to track movements for each of them. However, having an instant access to your inventory via one of the touchpoints you use, will give you a control on all products.

Ensuring your inventory management system is mobile-friendly, you can adapt a timely and accurate information about your stock, from anywhere.

Closing advice

Wholesale management software is proving to be an ideal solution for business to business owners, as it allows them to adopt the modern ways of dealing with stock requirements.

Offering an engaging interface, you can invite your business customers to adopt a single portal from where you can easily communicate and perform smart inventory practices for your business.

Cheers:)

Tips to gain visibility when selling on Etsy

Etsy is a constantly-growing and busy marketplace that is allowing artisans from across the globe to earn from their creativity.

Currently recording 1.4 million active sellers, this rapidly growing marketplace has a customer base of 19.8 million active buyers helping artisans to make the most out of their art work, online.

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With a number of artisans and sellers registering with Etsy marketplace on a daily basis, it’s becoming difficult for many start-ups to increase visibility when selling on the fastest- growing marketplace which reported revenue of US$ 195.6 million in 2014.

To make it easy for any newbie, I have decided to come up with this article that can help Etsians to do things that actually matters to spread product awareness while having fun, selling on the marketplace.

Firstly, let’s talk about those crucial elements that impacts the most, in Etsy’s search results

Correct product category selection

You may be experimenting with multiple keywords for coming up with the most effective product name, but, all goes in vain; if your product is not listed under the correct category.

Prior 2015, listing on Etsy was a struggle to sellers as there were many categorizations based on multiple concepts, depending on the product type. However, on February 2015, Etsy announced a change to their item categories.

To know more about listing your products with the correct category, click here.

Tags used in the title

Your title may include keywords relevant to other sellers across the marketplace; however, the tag you add to your title can be unique to improve visibility for your products.

For instance: If you are selling Apparel, and you offer the best handmade collection of dress to suit multiple occasions. Now, simply keeping your product title as “men’s casual wear,” or, “best collection for women” will not make your products show up in search engines, easily.

Try and be more specific with your title by adding tags that actually describes the use of your product well, for e.g. “wedding dress for women”. Adding tags like “wedding dress” will improve your product visibility, as customers will enter keywords that would actually serve their purpose for buying the product.

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Please note: Etsy allows sellers to add up to 13 tags in their product name, try and use them all. This can cover more number of keywords that customers look up in Etsy’s search result.

Next: Take advantage of Etsy’s tools

Two crucial product visibility elements offered by Etsy are:

Etsy Shop Title

This will represent your shop, which means your customers will get an idea about what your brand has to offer. Etsy allows sellers to create a “Shop Title” up to 55 characters long, hence, ensure you include the most found keywords to stay up in Etsy’s search results.

To know more about Etsy Shop Title, click here.

Etsy Shop announcements

This section gives sellers an opportunity to attract audience and engage with their products. Be loud about your special offering and new product releases, using Etsy Shop announcement.

Picture3To know more on Etsy Shop announcement, click here.

Third: Use Etsy’s Promoted listings

With millions of people looking up for products on Etsy on regular basis, how can you increase your product visibility?

Etsy’s “Promoted Listing” feature is helping many start-ups small business owners to make their products visible in front of potential shoppers, frequently.

Using “Promoted listing, your products will be showcased as ads within search results, irrelevant to what position they appear in Etsy’s search results. Etsy also helps sellers to “Manage Promoted Listings,” as well as, offer stats to review performance of their “Promoted Listings.

Last, be socially engaged

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Etsy allows sellers an ability to easily connect their products across multiple social media sites, helping them get noticed in a full-proof way.

Take an advantage of this, and increase visibility for your Etsy products on leading social media channel Facebook, Twitter, and Pinterest.

For example: Creating a “Facebook Business page” for your “Etsy Shop,” will allow you share your listings  and make them visible in front of millions of potential customers who visit the site on a daily basis.

To know more about Etsy’s social media connection, click here.

Don’t forget to keep optimizing!

With the above, you can try and increase exposure for Etsy products on the marketplace, as well as, across the web. However, optimization is the key for a steady growth.

What can you do?

Integrate an analytic tool

“Google Analytics” will help you understand and track down any metrics you set up. And, in case of expanding your business by opening multiple Etsy Shops, you can measure performance for all of your stores from a single place.

Make complete use of Etsy Shop stats

An in-built analytic feature offered to all Etsians, “Etsy Shop stats” allows insightful facts and figures to help them increase awareness, effectively.

For instance:

Using Etsy Shop Stats, if you uncheck the boxes for “Google” and “others”, you’ll be left with the keywords people are using on Etsy to find your shop and items

Play with keywords in Etsy Search bar

Last, type all those keywords that have been used to search your product in Etsy’s search bar and gain access to list of products that show up under those keywords.

Having such data, Etsy sellers can find it easy to understand whether the keyword is too saturated to be worth trying to optimize, or, which one will work.
Godspeed:)

Source:
https://en.wikipedia.org/wiki/Etsy
https://www.etsy.com/in-en/