What is Physical Distribution in Supply Chain Management? A Detailed Guide in 2022 

What is Physical Distribution in Supply Chain Management? A Detailed Guide in 2022 

The Covid-19 pandemic has largely shifted the purchasing behavior of consumers from offline to online. The Indian online retail market is growing at a very fast pace and is expected to reach approximately $1.2 trillion (95 lakh crore). As an eCommerce seller, you need to grab this opportunity and establish your business by utilising the required business tactics. Getting listed on multiple channels and receiving orders are not the only things you should do when it comes to the long run. To not only be in the game but also win, you need to make your end customers happy. That is possible with the perfect placement of your product from the very first impression by the buyer to delivering it to them as they expect. To achieve recognition from your customers, you must take care of fulfillment services and all of its processes which involves processing orders, controlling inventory, warehousing, and shipping. All of these factors fall under physical distribution in supply chain management. This has been the primary focus of most eCommerce brands in recent years. To ensure you as a seller are handling the physical distribution of goods properly and what the available options are to become more productive, you can read further. What is Physical Distribution? Physical distribution is the movement of finished products from a company's distribution center, using its eCommerce fulfillment network, to the end-user. Physical distribution in eCommerce includes warehousing, inventory control, order processing, retail fulfillment and shipping, among other eCommerce supply chain tasks. Customer satisfaction is directly affected by the physical distribution of goods and the capacity to get a product to a consumer rapidly and affordably. Business owners can ensure sustained success in a continuously changing, competitive global market by keeping items in handy places and developing dependable means of moving those items. What are the Components of Physical Distribution? Processing Orders During the physical distribution of goods in huge quantities, a uniform system for handling and executing orders should be established. The time period to process orders must be reasonable. Any delay in order execution causes resentment and may result in economic loss. The customer always expects guaranteed delivery within a certain time frame. The degree of customer service is shown in the speed by which orders are fulfilled. Even a small improvement in customer service can result in a 15 to 25%  gain in revenue. In marketing, order serving time can also be used as a USP. Controlling Inventory  Inventory control is always a crucial part of the order fulfillment process. Physical distribution management, including the amount, location, handling, and transportation of inventory, plays a distinctive role. Inventory consists of all the items stored in warehouses that are waiting to be sold. Production activity (purchasing activity) and customer orders are linked via inventory (sales activity). As the customer service level approaches 100%, inventory costs rise at a faster rate. The inventory cost and the level of customer service must be correlated and balanced. To meet client demand, you need to have well-balanced range of products for sale. Stockouts and missed sales can result from having insufficient inventory. Too much inventory entails a lot of money upfront, poor turnover and greater inventory operating costs. Inventory control's major goal is to ensure minimal capital investment and inventory variations, as well as rapid order execution in response to client demand. Warehousing The act of storing and conserving commodities is known as warehousing. It can balance supply over time. Nowadays, micro fulfillment centers are located around markets rather than the supply-chain network. Under one roof, a fulfillment center can handle orders and deliver goods directly to customers where better and faster customer service can be initiated, resulting in a cheaper cost of distribution. Efficient distribution systems can cut delivery and storage times by half. The focus should be on selling rather than the store. Many businesses are moving away from storage facilities and toward fulfillment centers. For material handling, data processing, and inventory control, fulfillment centers employ cutting-edge technology. The services provided by a fulfillment companies are directed by a wholesaler through direct fulfillment or drop shipping fulfillment. Here the wholesaler act as a merchant intermediary and a distribution/fulfillment center could be considered as a inventory of a shop nearby the delivery area. Handling Material Modern warehouses have automated material handling equipment instead of relying on labour. The cost of physical distribution has been dramatically reduced because of new packaging, containerization and palletization techniques. We now have access to machinery such as conveyor systems and forklift trucks. In Western countries, material handling is almost entirely automated. Standard size containers for packing and transporting items can be stored on pallets or small platforms and then moved by mechanical means. Automated physical distribution of goods and protective packaging enhance customer service, reduce distribution costs and accelerate order fulfillment. Shipping Physical Distribution consists of all the steps that ultimately lead to this final step that is responsible for getting orders to the buyer. The process of shipping in physical distribution is a network of activities that consist of storage at multiple sites coupled with a series of transport linkages during the distribution process. These multiple modes of transport can be through road, rail, water, air, etc. It is a very complex activity in which orders are divided into batches and groups and then forwarded to the person responsible for the order to be delivered. This complexity is usually handled by logistics companies. The different transportation methods of physical distribution are listed below: Road Transport: Trucking is the preferred shipping option for most businesses across the world. Trucks, which generally transport manufactured goods rather than bulky commodities, provide faster, more frequent, and cost-effective distribution to more locations across the country than any other logistical alternative. Trucks are very useful for short-distance shipments and they can carry both large and small cargo with relatively fast and consistent service. Intermodal Transport: Intermodal shipping arrangements, which combine rail and truck transportation for specified stages of the journey, are frequently used by small business for fulfillment. This combination generally results in cheaper overall expenses than single-mode transportation. Air Transport: Enterprises often use air freight for the transportation of valuable or perishable goods due to comparatively high transportation costs. Reduced inventory-holding expenses and increased sales that may accompany speedier customer service can occasionally balance the high cost of air freight. Courier Shipments: The delivery of shipping containers, parcels or high-value mail as discrete shipments is known as package or parcel delivery. Most postal systems, express mail services and private courier businesses offer courier shipment services or eCommerce courier service. Water Transport: Shipping containers are routinely used to transport products via sea. Importers and exporters in the country and around the world use ocean freight as their primary form of transportation. What are the Objectives of Physical Distribution? Utilizes Time and Place Physical distribution contributes to the efficient utilization of time and resources. Transportation and warehousing are used to accomplish this. The transportation system creates place utility by delivering items to the exact location where they are needed. By storing products and releasing them when needed utilizes time. Reduces Costs of Distribution Physical distribution costs make up a significant portion of the product's cost. If these costs are managed in a systematic manner, production costs can be reduced. Transportation schedules and routes, warehousing location and operation, material handling, order processing and other cost-cutting measures can all be simply implemented. Enables Market Expansion Mega investments in the form of a strong promotional campaign may prove worthless if physical distribution continues to fall behind market expansion. Firms will be in a great position to take full advantage of market expansion with prior planning for the launch of multiple warehouses, adding new distribution points and extending capacity of existing distribution points, as needed. Maintains Market Share The market is extremely saturated. In a climate of fierce competition, firms expect to increase market share, while maintaining current market share would be a primary success. This is maintained with the use of proper eCommerce logistics systems. Logistics must be closely monitored by businesses. Companies should detect distribution flaws and take quick corrective action. Stabilises Pricing Physical distribution contributes to price stability. Buyers anticipate pricing constancy over time. The effective utilization of transportation and warehousing infrastructure can aid in matching demand with supply, ensuring price stability. Offers Better Consumer Experiences By using physical distribution, consumer service is made more efficient by making products available in the correct quantity at the right time and in the right location, i.e. when a client needs them. 6 Factors That Affect Physical Distribution Every manufacturer must figure out how to get their goods to the end-user. In today's economy, a variety of distribution channels are accessible. A producer needs to keep the following points in mind while choosing one or more distribution channels to ensure smooth operation and lowers logistics costs. Transportation Distribution is always dependent on the supply chain and its efficiency. There are many factors to consider to enable faster delivery in a country like India, where customers are scattered across the country. Product Size Product size is a matter of concern when it comes to cost-cutting and delivering on time. A heavy item cannot be delivered quickly and easily without prior planning. It needs more manpower, warehouse space and larger vehicles which directly affect the cost of delivery. In a similar way, smaller and more perishable products also require their own precautions such as proper storage facilities, extra care, etc. Product Durability These days, food delivery applications are claiming to deliver orders in just 10 minutes. This is because food is a perishable product. Sellers need to identify the perishability of their products and plan physical distribution processes accordingly. Delivery Preferences Customers often have preferences for the delivery of their product such as the location, time, etc. It is the responsibility of the retailer to ensure that these preferences are respected to achieve a positive delivery experience for the customer. Delivery Partner Reachability It is nearly impossible to deliver across the country and make it smooth. A seller can partner with different logistics companies in different locations based upon their area specializations, better workforce, good manager, etc. So here, a seller needs to be smart and choose the best order eCommerce fulfillment company for specific areas. The delivery partner should also be easily contactable by the customer in case of any query, instruction relays or emergencies. Warehouse Management Systems (WMS) To perform complex supply chain tasks, handing hundreds-thousands of orders, moving thousands of miles in multiple vehicles, successfully delivering the product and minimizing the cost to do it is not an easy task for a retailer and consists of multiple variables. To make this more simple and efficient, a business needs high-tech software like WMS. It also gives them tracking and transport abilities. Conclusion: Why Should You Outsource Physical Distribution to WareIQ? Physical distribution is a series of complex tasks and if even one of them goes slightly wrong, it can have a drastic impact on the entire supply chain. Businesses not only need to figure out the best way to accomplish this but also in the most cost-effective way possible, which takes away precious time and activity that could be spent on trying to grow the business. 3PL fulfillment companies such as WareIQ can take away some of that burden by enabling you to offload the entire process of physical distribution. Some features that may entice you are listed below: Cost-Effective With so many delivery options and an endless amount of envelopes, bubble wrap, double-walled boxes and tape needed to keep your items safe in transit, distribution is more complicated than you think, which is why outsourcing can save you a lot of money, not just on the physical costs but also on the costs to your reputation. Trusting WareIQ to handle and deliver your goods will provide you with a competitive advantage and keep your partners satisfied since you'll benefit from our years of experience and deep industry knowledge. Without costly overheads and adapteability to individual needs, WareIQ provides you with a single location for your material to be stored, managed, developed and provided. Because of the high amount of parcels shipped each year, WareIQ has wholesale accounts with more than 20 dependable couriers, airmails and freight partners, allowing you to save up to 50% on your distribution costs when compared to other suppliers. Flexible & Efficient Outsourcing gives you more flexibility, which is important if your firm is seasonal or has peaks and valleys. Inventory levels and delivery requirements can fluctuate from month to month as your company expands. WareIQ empowers you to adapt to required changes and continues to provide a professional and reliable service with more productivity to your business. We are dedicated to our role and create solutions that add value to your business as well as your brand image. You can manage your stock remotely and view historical statistics for each order using our online system. It also gives you accurate stock data so you can avoid wasting money and make better judgments about printing and distribution during each marketing season. Focus on Core Operations Preparing to send something overseas takes time that you and your team could spend elsewhere. Few people outside the distribution industry are aware of the constantly changing customs restrictions and complexities of international and local distribution. This is also not common advice given by large courier firms; nevertheless, WareIQ has an experienced team that is available to advise, educate and support you. It's much easier to outsource your distribution than it is to do it yourself. You can completely concentrate on your core business and you will never have to worry about fulfillment again. WareIQ is a reliable name in the market serving 300+ brands, such as Future Group, Marico, Kama Ayurveda, The Man Company, etc. WareIQ listens and works with you to create eCommerce solutions that complement your business in it’s growth journey. For fulfillment, small businesses have chosen WareIQ as a logistics partner to ensure same-day and next-day delivery. Sign Up Now with WareIQ to take advantage of our superior fulfillment tech platform & accelerate the growth of your online business.  Physical Distribution FAQs What is physical distribution?The movement of finished items from a company's distribution and fulfillment network to the end-user is referred to as physical distribution. Physical distribution in eCommerce includes warehousing, inventory control, order processing, retail fulfillment and shipping, among other eCommerce supply chain tasks. Why is physical distribution important?A company's physical distribution function provides the location and time dimensions that contribute to a fundamental aspect of the marketing mix. Transportation and warehousing are the two most important aspects of physical distribution. The addition of usefulness to a process is the creation or addition of value. What is the objective of physical distribution?Physical distribution's main goals are to get the appropriate items to the right client at the right time and place. In other words, while efficiency and quality service are important goals of physical distribution, they may compete with one another. How can WareIQ help with your physical distribution requirements?WareIQ offers services for the whole range of fulfillment requirements including all the processes that physical distribution comprises such as storage, shipping and order fulfillment.

May 26, 2022

What Are Shipping Labels? A Detailed Guide on the Basic Concepts of Fulfillment in 2022

What Are Shipping Labels? A Detailed Guide on the Basic Concepts of Fulfillment in 2022

The shipping labels that appear on packages don’t get as much attention as they should. They contain crucial information about the shipment such as details about the product, where it needs to be shipped and the price of the order. If a package happens to leave the warehouse without a label, the order will not be legit and the customer may not accept it. While most people may not be aware of the crucial role of shipping labels, it does not diminish their significance. So what exactly are shipping labels? Let us take a deeper dive. What are Shipping Labels? Shipping Labels are a shipment’s identification card or stamp. They contain critical information about the product and enables it to be transported from the manufacturer to the distributor and eventually, the end customer. It is vital to understand how shipping labels work. They usually contain most of the following data but differ from shipper to shipper: Contents of the packageOrigin and destinationSender and receiver’s information, including contact detailsWeight and dimensionsID or a reference number unique to the shipmentCarrier informationAny specialised inspections conducted to test the fitness and safety level of the productTraceable barcodeShipping mode, e.g., express or standard deliveryPayment status: paid, unpaid, or partially paidMaxiCode, which is like a QR Code. It provides all the necessary data and can be read by a machine in any direction.Customer care numberContact details in case it needs to be returned A shipping label is a proof of supply chain automation. With a shipping label stuck to a package, customers can get all information with just a scan. These labels are non-reusable. No shipping label can be pasted on a new shipment after delivery of the previous one. There are many printers available in the market for printing shipping labels. Let us take a look. Types of Shipping Label Printers Presently, 3PL shipping or logistics partners offer to print shipping labels. Moreover, the manufacturer or the distributor can use a downloadable label template, create their own labels and start printing. Although shipping labels can be printed on a regular printer, it takes more time as each label needs to be cut from the paper to be pasted on the package. One of the reasons why companies use specialised printers to print labels is to save time. The most prominent printers for making shipping labels are:  Inkjet and Laser Printers These are a good option if a moderate number of labels need to be printed every month. However, they can be costly due to the ink price, which is often bought depending on usage. Moreover, labels printed through these machines need an extra layer of protection. For instance, the ink can get smudged when exposed to water. Furthermore, if they are placed inside a protective covering, the barcodes and MaxiCodes can become unreadable by machines. Therefore, shipping labels printed through these devices require alot more effort and consideration for external factors. Thermal Printers Although thermal printers demand more initial investment, they save the cost of ink or protective coverings. Only the label rolls need to be bought and replaced. Since they use heat to embed the print, there is no risk of smudging. They produce long-lasting labels. Thermal printers are an excellent investment if the company deals with many shipments per month. There are various brands available in the market. Some of the top brands and models are mentioned below: Rollo Label PrinterDYMO Label PrinterMUNBYN Thermal Label PrinterAOBIO X4 Shipping Label PrinterArkscan 2054A Label PrinterMFLABEL Thermal Label PrinterJiose Thermal Label PrinterK Corner Shipping Label PrinterBrother QL800 Label Printer 4 Best Shipping Labels Practices to Consider Printing correct shipping labels is essential. Any missing information can delay, delegitimize or stop the distribution of the package. Here are some of the best practices that companies should follow for printing shipping labels: Placement Shipping labels must be pasted on the topmost surface for parcels that must be kept upright and have the ‘This Way Up’ instruction printed or pasted on the box. For all other packages, it needs to be stuck on an easily visible area like the top or side of the box. The label must be stuck flat on the surface without bends or creases. They must be placed after the package has been thoroughly wrapped. Moreover, they must be of an apt size that does not spill outside the box or where the print is too small for reading. Their size and quality affect their functioning. Protection In the monsoon season or in areas with high humidity, the label must be covered with plastic or tape. Some shippers use plastic wallets to slide the label in. It remains temporarily sealed and can be pulled out for reading. While this practice was initially used only for international shipping to include necessary documents for customs, many shipping aggregators have started using it in domestic logistics. In an everyday scenario, shipping labels must be stapled or pasted well to ensure that they do not fall off en route. Waybills One cannot predict what damage might occur to a shipping label. Hence, it is essential to have a backup. Moreover, the packing slips and waybills are copies of the shipping label or a document containing the same crucial shipment information. It goes inside the package or the plastic wallet stuck to the outside. Waybills contain the same information as the shipping label, including the sender’s and receiver’s information, package content, order ID, and customer service number. Special Instructions A shipping label is the window into the details of a package. It must include any special directives for handling the shipment safely and correctly to avoid damage. The shippers should print instructions such as: Correct instructions for placing the package, e.g. 'This Way Up' labelsWarnings for fragile contentWarnings for temperature or time-sensitive contentWarnings for flammable productsLabels for confidential contentInstructions such as untouchable by hand such as for products containing dry ice Creating Shipping Labels Things like label and font size, order information, location of the label and quality of paper used for printing make a huge difference. A company can get shipping labels created from two sources: Ask their logistics partner to generate the label for a few ordersHire an aggregator for label printing Most 3PL shipping partners take the onus of printing the company’s shipping labels. However, if a business does not have such an association, they can manually print the labels for their shipments. Here are a few tools: Carrier Websites: Websites like DHL, UPS, Amazon FBA, FedEx, and eBay shipping allow users to create shipping labels on their websites. This comes in handy if the shipment volume per month is low. Besides importing all the shipment data into the website each time, the shipping company must manually update the customer on order tracking details.  Shipping Label Software Solutions: Solutions like Linnworks, Loftware NiceLabel,  Loftware Spectrum, MarkMagic, Maestro Label Designer can help print shipping labels for a larger monthly shipment volume. Shipping Tools: They help online retailers automate the entire shipping process, including generating shipping labels. Once integrated with the eCommerce website, they automatically retrieve order details and help create the label. Companies use such tools when handling a large number of shipments per month. Manual Writing: Shipping labels can also be handwritten on paper and stuck to the package or written directly on a small box, mostly for private and domestic shipments. As a result, most companies do not use this method to avoid any risk of damage to the label. Conclusion: How are Shipping Labels Important for eCommerce Orders? A shipment without a label is like a person travelling without a ticket or a passport. But there are three specific reasons why shipping labels are needed for eCommerce industry operations. Smooth Information Flow A shipping label contains all information that the transporters and customers need to know for a smooth package delivery to its final destination. Any discrepancy or absence of such information will halt the package in the middle of the supply chain. Enhances Efficacy Supply chain productivity depends on the accurate and timely flow of information. Shipping labels are the messengers that carry data from the warehouse to the end customer via distributors. Their presence ensures that the supply chain functions properly. A package without a shipping label can get lost in transit or delayed, thus leading to unmet customer expectations. Maintains Brand Image Shiny and clearly printed shipping labels create an excellent impression for the onlooker. Of course, labels can get dirty and damaged in transit. But the top-notch quality of shipping labels polishes the brand image for the end customer. If you need a shipping label provider for your business, in addition to a host of other fulfillment requirements, consider partnering with WareIQ. WareIQ is one of India’s leading and fastest-growing full-stack eCommerce fulfillment companies that offer a variety of services from same-day and next-day delivery, shipping badges and RTO Shield, to state of the art technological solutions such as our custom WMS and our intuitive, well-designed app store. We can take care of your brand’s entire fulfillment requirements and ensure that you and your customers get the best order fulfillment in the country and have a hassle-free experience and raise satisfaction levels to new heights. Sign Up Now with WareIQ to take advantage of our superior fulfillment tech platform & accelerate the growth of your online business. Shipping Labels FAQs Can retailers generate shipping labels for free?Shipping labels can be created for free, but the company needs to pay for its postage. Can anyone print shipping labels at home?Yes, anyone with a recommended label printer and the right quality paper can print suitable shipping labels. Can shipping labels be handwritten?Yes, it can be handwritten. However, the bar code or the MaxiCode still needs to be printed and pasted on the shipment. It is also worth noting that it might impact the impression customers have of your business as most people are accustomed to printed shipping labels. What are prepaid shipping labels?Companies include prepaid shipping labels in packages to facilitate the return of products. Moreover, some non-profit organisations provide prepaid shipping labels to help people send over items for donation via courier. Can WareIQ provide solutions for shipping labels?Not only can WareIQ provide shipping label solutions for your business, we also provide a choice of more than 20 of the top shipping companies in the nation to partner with, to ensure that your customers receive the highest quality delivery experience.

May 25, 2022

What is Free Shipping In eCommerce? How To Offer Free Deliveries For Your Online Store

What is Free Shipping In eCommerce? How To Offer Free Deliveries For Your Online Store

eCommerce Shipping stores are a common sight in online shopping. Instead of wandering around in physical stores and fighting amongst crowds, fulfillment sellers can sell whatever their products at great convenience from the comfort of their offices or homes. For many merchants, free shipping (also known as free distribution, or free delivery) is an added draw that helps them build customer loyalty and lower shipping costs. However, it's not just enough to give away the goods; there needs to be a strategy behind putting this offer together. Free deliveries are a marketing strategy for eCommerce fulfillment companies. In today's competitive online world, many small businesses plan to offer free shipping or at least find ways to lower shipping costs - but it can be hard to understand how to apply this successfully in a real-world scenario. Warehousing and Fulfillment can be tricky for eCommerce logistics stores, especially those that rely on warehousing and D2C fulfillment companies. However, there are many benefits from offering free shipping - from increasing customer retention rates to receiving appreciation from your customers. This article will outline how you can provide free shipping and lower shipping costs to your online customers. What is Free Shipping in eCommerce?  Free shipping is a fantastic feature for online shoppers. It allows customers to get their items without paying any extra fees. It can be a great way to attract new customers and make them feel appreciated. Ensure you have accurate shipping information on your website and offer free shipping on qualifying purchases.  Use promotional codes and discounts to incentivise buyers to make purchases that qualify for free shipping. It will help you reach your MOV requirement faster and increase the number of customers who receive free shipping when they make a purchase, which will enable a higher rate of customer retention and acquisition. Why Should Online Stores Offer Free Shipping? Free Deliveries are a great way to attract customers and keep them returning to your online store. Offering free delivery on all orders can help you gain loyal customers and make more sales. There are many reasons online stores should offer free delivery, but four of the most important ones are listed below: Free Shipping Helps Increase Your Customer Base  When you offer free deliveries, you tell customers that you value their business and are willing to go the extra mile to ensure that they're satisfied with their purchase. It makes customers more likely to return and recommend your store to their friends. Free Shipping Boosts Your Sales Figures  If an online retailer has many shipping options, they can better cater to the sizes and needs of their consumers. The availability of these different shipping methods equates to a higher sales rate. In 2017, eCommerce warehousing giant Amazon reported that offering free shipping increased sales by 27%. That's a massive boost for any online store and it demonstrates just how important free shipping is for attracting customers. Free Shipping Can Increase Profit Margins  The shipping charge should be available both on the product page and at checkout to maintain an ongoing cost from product page to checkout. If an extra shipping charge deters a customer, they may abandon their shopping cart. Offering free delivery or at least providing lower shipping costs makes it even cheaper for customers since they don't have to pay any additional fees associated with shipping. Plus, if you have a lot of regular customers who order large items, free shipping can save them money. Free shipping Shows Your Customers That You Care  Many online stores offer free distribution on orders on a specific retail value to show their customers that they're valued and appreciated. Offering free delivery is one way to show your customers that you understand the importance of their business. 5 Different Ways to Provide Free Shipping to eCommerce Customers There are a few different ways to offer free deliveries by eCommerce fulfillment to customers. Here are some examples: Use Voucher Codes If you have voucher codes that you offer your customers, you can include them with orders or offer them as a separate product. This way, customers can get access to free shipping without spending extra money on more purchases. Offer Free Returns If you offer free returns, you can make it so that customers who return items receive free shipping. This way, customers won't have to worry about paying for shipping twice – once for the original purchase and again for the return. However, use this policy sparingly if your business incurs the logistics cost. Provide Free In-Store Pickup If you have a brick-and-mortar store, you can also offer free in-store pickup for online orders that are above a certain amount. This way, eCommerce customers can take their purchases home without having to pay for shipping. Offer Exclusive Deals on Free Shipping Sometimes, it's beneficial only to offer free delivery on specific items or particular year periods. This way, you can promote your products and keep your customer base loyal by offering exclusive deals with the benefit of free shipping. Use Social Media to Promote Free Shipping You can use social media platforms like Facebook and Twitter to promote special deals on free shipping. This way, you can attract new customers and keep your existing ones happy by offering free shipping on their favourite items. How Do eCommerce Brands Recover the Zero or Lower Shipping Costs? Brands that are not profitable enough to provide shipping free on all products can choose to offer bonuses with purchases so that customers will spend more and qualify for free delivery. Find Out How to Increase the Price of Your Product. When you are pricing expensive items, shipping may be more than the cost of the item itself and make the product seem overpriced. However, adding a little to the price of already expensive products might not dissuade customers from buying as it will still be cheaper than paying for shipping. Add a markup to your products to cover the average shipping and logistics costs. It is hard to predict additional orders, so covering shipping might make it plausible for the other charges. Find Out How to Get Customers to Spend More Gradually Increase LTV, offer subscriptions and loyalty programs and consider effective email marketing strategies. Customers often need to make a second purchase to cover the cost of acquisition. For example, six will subscribe for a second transaction out of ten customers. If the customer's next purchase covers their initial expense, then anything after that is a bonus. Add Bundling or Lower the Spending Threshold to Increase Your AOV Bundle products together to be able to charge lower shipping costs. Include other benefits, such as buying a membership to the website to get more value and money from the customer's purchase. Increasing your AOV (average order value) will help you reach new customers and keep old ones coming back for more. To increase the average order value (AOV), you should bundle products together or pre-kit them, so it's a single pick and pack process to fulfill an order. For example, Bathorium, a manufacturer of bath frames, allows customers to purchase six for the price of five – this saves shoppers money and increases AOV. To avoid losing customers, consider raising prices if the cost of free shipping is too high. If you offer low-cost items or no subscription model with a product, you might require customers to have a minimum order quantity(MOQ) to receive free delivery. How Do I Know if Free Shipping is Right for My Online Business? Some stores have the flexibility to offer customers free shipping on all products. However, other stores need to offer free distribution as an incentive for customers for specific products. For instance, if your product is expensive, you should test free shipping out for that product by running a limited-time promotion. To promote or boost sales, experiment with the minimum spending requirements and time limitations. It will help you customise the campaign to your customer's needs. Remember, experimentation is critical when it comes to marketing, and you should always keep track of what is working by doubling down on it and stop or remove things that aren't working well. Free delivery likely indicates that retail fulfillment is profitable. If you keep purchasing and making returns, there's always demand for the product and shipping aggregation. Avoid excessive returns by examining the potential impacts and ramifications of your purchase. If you want to offer free shipping, lower shipping costs or make your entire shipping process more efficient. WareIQ can help. We offer the choice of more than 20 of the largest shipping courier providers in the nation at the most competitive prices to enable you to retain higher profit margins and provide a high quality delivery experience to your customers. WareIQ is one of India’s leading and fastest-growing full-stack eCommerce fulfillment companies that offer a variety of services from same-day and next-day delivery, shipping badges and RTO Shield, to state of the art technological solutions such as our custom WMS and our intuitive, well-designed app store. We can take care of your brand’s entire fulfillment service requirements and ensure that you and your customers get the best order fulfillment in the country and have a hassle-free experience and raise satisfaction levels to new heights. Over 300 of the fastest-growing eCommerce brands such as The Man Company, Future Group, Kama Ayurveda and Wingreens Farms, already trust WareIQ with the fulfillment process of their companies, so they can focus entirely on core aspects of their businesses such as sales, marketing and R&D. You can also reap all these amazing benefits while stepping up your eCommerce game. We are tailored to every kind of business and offer the most competitive prices in the industry.  Sign Up Now with WareIQ to take advantage of our superior fulfillment tech platform & accelerate the growth of your online business. Free Shipping in eCommerce FAQs Is it worthwhile to provide free shipping?Free delivery is an increasingly common online shopping option in which customers do not have to pay an additional shipping fee. Customers who value clear pricing structures may welcome free delivery, making it a possible competitive edge for online enterprises. How significant is free delivery to customers?Free delivery makes up to 75% of consumers more inclined to purchase. This is because the incentive enhances the online experience and eliminates the barrier that shipping prices generate. Most importantly, customers consider free delivery to be easy and convenience influences their purchasing decisions. Does offering free delivery increase sales?Free delivery is a great method to increase your sales since customers adore it. They see it as an extra benefit that will allow them to save money when the time comes to buy. How does free delivery make money?Free shipping is used as a lever by smart merchants of all sizes to enhance conversions and average purchase values while minimizing the negative impact on revenue generation. Furthermore, free delivery might save customer care expenses for returns. When returning an item, customers frequently request that delivery costs be paid. How do I offer free shipping for my online store with WareIQ?There are a few methods that online retailers such as WareIQ use to offer free shipping. One approach is to require a minimum purchase amount before providing free shipping. Other methods include charging additional fees for free shipping or offering different discounts for customers who choose to order products with free shipping. Since we offer users a choice of shipping companies, you can always ship your products at the most competitive rates.

May 25, 2022

What Is Demand Forecasting? How To Forecast Customer Demands for Ecommerce In 2022?

What Is Demand Forecasting? How To Forecast Customer Demands for Ecommerce In 2022?

Running an eCommerce logistics business is filled with challenges. These challenges are aggravated when businesses operate in a cutthroat environment where new competitions emerge daily. Organizations, therefore, try to forecast the upcoming market conditions, trends and requirement patterns to achieve sustainable growth.  As a business owner, you might have pondered on some or all of the questions below: What are the products you should produce to mitigate market demand?How many products do you need to store in distribution centres?What should be the exact closing inventory level to run the business successfully?What strategies do you need to adapt to deliver products in the shortest time? The best way to get the answers to these questions is to understand demand forecasting.  This is the technique to understand future requirements and utilize them to improve your customer deliveries without compromising profit margins. Demand forecasting uses different factors to analyze customer behaviours, current and future trends, product acceptance, etc., to provide the best possible visibility for the future.  This article will walk you through the in-depth definition of demand planning & forecasting, the different types of demand forecasting and the reasons you should use it. What is Demand Forecasting? Demand forecasting is the process of making close-to-perfect predictions of the future requirements of all customers. This could be related to existing products you have been selling for years or any new item you plan to launch. Businesses usually deal with stock-keeping units (SKUs), which may vary from hundreds to lakhs, depending on the type of business. The number of customers can also vary at a similar level.  Combining all the SKUs and customer demand for any short or long term period creates a massive combination. Moreover, many more variables like the geographic location, specific time period and even specific projects make it more complicated. Demand forecasting combines all these variables and projects the best possible understanding of the demand pattern in the supply chain. Demand forecasting, also known as sales forecasting, has different factors such as quarterly forecasts, monthly demand planning, weekly sales forecasts and even daily demand plans. In the case of highly perishable goods like food items, you can even see hourly supply and demand planning. The more accurate your demand planning & analysis is, the more it helps to boost your supply chain efficiency. This is because your overall supply-chain planning depends on the accuracy of your demand analysis.  Based on the demand pattern, the supply team plans the inventory strategy and estimates the in-house capacity, materials, ordering pattern, stocking policy, etc. These are the critical factors of an efficient supply chain.  6 Types of Demand Forecasting Based on different business models, experts have created different demand forecasting techniques: Passive Demand Forecasting The passive demand forecast model is one of the simplest forms of demand analysis in the supply chain. Here, the historical data is analyzed and used to predict the future requirements of customers.  In the case of seasonal demand, this forecasting method is useful. For instance, an umbrella manufacturing company can assume whether the same quantity of products will be required in the next year as the previous year.  In this scenario, some thumb rules are used along with the past sales data. For example, simply assuming a 10% increase from last year's sales will be the forecast for the following year.  It is that simple. But in this planning methodology, you need to have in-depth historical data for a more extended period to reach a higher level of forecast accuracy.  Active Demand Forecasting The active model is more scientific and data-driven. It not only relies on historical data but also considers external factors to conduct demand forecasting.  For example, deep market research, marketing campaigns, economic growth, government notifications, budget plans and local and global political conditions all are considered during the demand analysis.  In most cases, startups and organizations entering a new market perform this type of demand analysis. However, there is very little historical data available in these cases and demand planners rely on market surveys and research to generate sales forecasting in the supply chain.  Therefore, this type of demand planning needs more analysis to avoid any assumptions. Nowadays, organizations use advanced software to perform qualitative and quantitative analyses to get accurate information about every product.  Short-Term Demand Forecasting Demand forecasting is also done based on the time horizon. Short-term demand analysis usually considers a time frame of the next three to twelve months. This enables a more accurate percentage.  Usually, the demand analysis is made based on short-term predictions of future demand. This benefits the organization by reducing the required inventory, improving turn-around time, lessening lead time and enhancing flexibility in response to any fluctuations.  Even during the in-house capacity planning, considering the short-term requirement forecast is the smartest method. It helps avoid unnecessary change over time and provides better visibility on your short-term decision making.  Long-Term Demand Forecasting Long-term demand forecasting is more like a strategic plan for business growth and development. Usually, organizations consider a five-year horizon for this type of planning.  When the marketing team considers penetrating new geographical areas to expand the business, they need to try to capture new customers, frame plans to launch new products, etc., the long-term demand analysis captures all the reports and data to populate the forecast. Using this technique, you can plan your future roadmap and budget for different verticals. For example, based on the five-year plan, you can consider a significant capital investment, increase your marketing budget, create a robust plan to enhance your supply chain performance, etc. This long-term demand forecasting allows you to prepare your business for the future.  External Macro Level Forecasting In this type of forecasting, the broader economic aspects are considered. For example, future economic trends may affect your business growth or give you a new opportunity.  Your organization may think of leveraging low commodity prices and rethink developing with a new supplier. In any case, you need a forecast on which you can rely and make decisions. This is the importance of external macro-level forecasting.  Internal Business Level Forecasting Your internal demand forecast is used to identify the operation's bottleneck and for you to take necessary action to remove it. Do you have enough in-house capacity to mitigate the high demand? Or do you need to enhance your production capacity?  Do you have a robust upstream (supplier side) that can meet timely requirements? You will get the answers to all these questions once you perform the internal business level forecasting. What are the Benefits of Sales Forecasting? Sales forecasting has much broader advantages than just managing optimum inventory or how much to order. Though the advantages are diverse, we have mentioned the most significant ones below: Reduces Financial Risks If robust data backs up financial decision-making, there is little chance of slippage. Demand forecasting provides evidence to craft an accurate budget. When you get a better idea of the demand of your customer base, it helps you improve your financial budgeting decisions. For instance, when demand analysis tells you that the demand curve of any specific product is in a declining trend, you can decide to reduce the inventory levels of that SKU and its components.  This helps to reduce the risk of high amounts of obsolete and ending inventory. Similarly, if the forecast of a new product shows that its sales figures will take some time to shoot up, you can better manage your resource allocation.  Improves On-Time Delivery Modern customers are highly demanding. They know their choices, and there are a wide array of options available. Oftentimes, buyers want the product right away. And if you fail to deliver, there are dozens of competitors who will do the same.  With the increase in customers' expectations, businesses face a massive challenge in delivering products on time. Sales forecasting offers you the opportunity to reduce the lead time.  If you know the market demand of the specific product well ahead of time, you get the time to prepare your supply chain and thus, increase the shipping speed.  Increasing inventory levels, allocating in-house production capacity and keeping your distribution centres (DCs) ready with products, are key strategic actions to improve on-time delivery. This is not possible without smart demand planning & demand analysis. Reduces Inventory Expenses Inventory is the function of variation and is often called a necessary evil. An optimum inventory level helps the business capture competitive advantages by offering quick deliveries.  On the other hand, excess and obsolete inventory can drastically consume your profit. Accurate demand forecasting supports your inventory reduction approach. Your warehouse only has the required materials, which means less money is blocked.  Moreover, do not forget the inventory carrying cost. It comprises almost 25-30% of your total inventory. In-depth demand analysis helps the warehouse and fulfillment centers run efficiently by optimizing the space, resources, and utility charges.  Helps to Create a Pricing Strategy Demand planning greatly supports you in strategically framing the pricing of your products. For instance, customers are ready to pay a reasonable price for products that are in high demand. Then, following the trends, you can tweak the pricing strategy of in-demand products.  Enables Better Negotiation A demand pattern allows you to save a lot of money by helping in negotiation with suppliers and service providers. For example, you can manage to get a good discount on bulk purchases if you know that the demand will rise.  Moreover, for commodities that have fluctuating price trends and high forecasts, you can negotiate with the vendor to keep safety stock with them. This will help you get a better price and avoid inventory carrying costs.  How Does Demand Forecasting Affect Your Supply Chain and Fulfillment? In this modern era, eCommerce fulfillment businesses can only sustain themselves if they have an agile and resilient supply chain. If they don't have visibility on customer requirements, all the business processes will run on assumptions.  You may have products that are not required, a pile of stationery inventory that will become obsolete soon, a production line with frequent changes and much more. All these activities trigger inefficiency in fulfillment centers.  Poor demand forecasting will affect the internal business operations and your upstream (vendors and service providers) will also face colossal disruption. Due to the bullwhip effect, suppliers will face high volatility in ordering patterns, inventory planning, stocking policy and other SLA items in the supply chain. These unwanted disruptions will hamper your long-term business relationship. There will be overstocking at every stage, even at the supplier's end.  The most impacted area will be your downstream (the customers' side). The disruption in the supply chain will increase the lead time. As a result, customers will need to wait longer for deliveries which will make them move to competitors and never recommend your products to others. This is definitely not good for your brand reputation. Latest Trends of Demand Planning & Forecasting Seasonality of Demand Seasonality is a factor where the demand and supply increase or decrease due to a particular event or time of the year. For instance, during holidays like Christmas or New Year, the sale of household products and gift items increases. Similarly, you can observe increased sales of umbrellas or raincoats during the rainy season.  Dependency on Global Phenomenons The global economy is more interconnected than ever before. This has been made more apparent by the onset of the global pandemic and the ongoing war in Ukraine, which have had a severe impact on manufacturing, transportation of products and materials and the supply chain as a whole. You may think that events that happen in distant countries have no effect on you receiving your orders on time, if at all, but alas, they definitely do because most manufacturers import at least some of their materials from countries like China. This is why demand planning is important because it can preemptively determine whether these global events will have any impact on your business or not and can easily ascertain what those impacts could be. Requirements to Increase Sustainability Companies the world over are succumbing to growing awareness about the environmental impact that certain manufacturing and supply chain processes have on the planet. Companies are under increased pressure to use sustainable materials in their packaging and to reduce their carbon footprint as much as possible. However, these factors can have a drastic increase in logistics costs so companies need to find the right balance between being environmentally friendly and maintaining their bottom line and this is where demand forecasting can help them get to that balance. Multi-Functioning of Demand Forecasting In the past, demand forecasting, while still an important business process, was usually contained within certain departments. However, this is becoming the exception because most companies now understand the value of sales forecasting and how it can have a positive effect on the entire business. Teams are now striving to find ways to integrate the process of demand analysis with every sector of the business to achieve the best results. Diminishing Importance of Spreadsheets While spreadsheets will always have their importance for maintaining data and an easy-to-understand way, many companies are adopting more advanced methods to demand planning by relying on automation, software solutions and AI to be able to predict varying demand levels for different products in various markets for a specified time period in the future. This helps in mitigating any manual errors or confusion that could occur due to maintaining hundreds of different spreadsheets Conclusion Businesses need to understand their customers and the best way is to use demand forecasting. It helps make smart decisions based on future visibility. Many organizations have realized its benefits and have already implemented this process.  Demand analysis cannot always be 100% accurate but a proper demand analysis and market research can come close. It considers historical data, sales data, market research and economic factors to perform permutation combinations to keep your business strong, agile and prepared for the future. WareIQ is an eCommerce fulfillment company that effectively predicts demand beforehand for its eCommerce partners using its superior WMS (Warehouse Management Software) platform & enables efficient inventory planning & placement. How WareIQ Helps in Forecasting Demand For Its Partners Supply Chain Management Systems (SCMS) is used by WareIQ to forecast supply chains. Our supply chain managers are also educated to predict demand using various approaches. A variety of things can have an impact on a firm and no two sectors are alike. While some of these demand forecasting methods do not require SCMS, the majority of them work well with it to provide an effective supply chain from top to bottom. Buyer Trend Analysis Everything goes out of style and it frequently happens without warning. Buyer trends are tough to follow but doing so may be quite profitable. To fulfill consumers' fluctuating wants, your supply chain must be adaptable enough to add large quantities of an item in a short period of time. At the same time, being aware of buyer trends may save you from having static inventory and keep your supply chain's operating expenses low. Fortunately, logistics allows for achieving the required amount of inventory. Demand Forecasting Management Demand forecasting wouldn't be necessary if trends were similar year after year. All demand fluctuations, like any other metric, include exceptions. When a projected shift in demand does not occur, having an effective demand exception management strategy could help you manage inventory more effectively. WareIQ identifies and tracks any deviations in projected demand in this sales forecasting model. If it seems that an exception may arise, the supply chain will be prepared to respond immediately, avoiding hidden costs or missed opportunities. Intuitive Planning When you suspect that anything is threatening your supply chain, the best solution is to rely on your D2C fulfillment partner's statistics and instincts. Trust WareIQ as your retail fulfillment partner since we forecast based on our own experiences. By sensing prospective fluctuations in customer demand, our seasoned supply chain specialists can identify them. This is known as intuitive planning. Intuitive planning considers everything you cannot comprehend manually. For example, an eCommerce business may intend to acquire a competitor in the future. Of course, you were unaware of this news at the beginning. However, our popular wisdom suggests that this will result in more consumers, implying increased buyer demand. Intuitive planning is not as sophisticated as the other demand forecasting approaches, yet it is still effective. Sign Up Now with WareIQ to take advantage of our superior order fulfillment tech platform & accelerate the growth of your online business. Demand Forecasting FAQs What are the goals of demand forecasting?In a nutshell, the goal of demand forecasting is to create better projections. However, in a larger sense, the goal is to improve organisational performance - more revenue, profit, and customer pleasure. What are the three demand forecasting methods?Qualitative approaches, time series analysis and projection and causal models are the three fundamental categories. What are the forecasted levels of demand?Demand forecasting may be done at three different levels: macro, industry, and company. Forecasts for broad economic circumstances, such as industrial production and national income allocation, are made at the macro level. Can partnering with a 3PL company like WareIQ help with demand forecasting?Yes. 3PL companies like WareIQ have advanced software solutions and techniques that can effectively forecast demand and help you plan ahead to mitigate any discrepancies in storage and inventory.

May 25, 2022

How to Sell on Flipkart? A Step-to-Step Beginner’s Guide to Become a Flipkart Seller in 2022

How to Sell on Flipkart? A Step-to-Step Beginner’s Guide to Become a Flipkart Seller in 2022

Flipkart is one of the largest eCommerce selling platforms in India and its growth has only accelerated in the past few years, with the onset of the pandemic. Flipkart now has a commanding 31% share of the Indian eCommerce market, on par with its largest rival, Amazon. Many online retailers seek to sell on Flipkart so that they can grow their business and expand their customer base. There are many other advantages and other things to consider when opting to sell on Flipkart. Let's dive in deeper to get a better understanding. You can check out our blog on how to integrate WareIQ's WMS with a Flipkart seller account. Why Should You Choose to Become a Flipkart Seller? Adapting to Ever-Changing Industry Trends Choosing to sell on Flipkart comes with the advantage of having information on current and future trends in the market so that retailers can stay on top of them and take advantage by having special promotions, forecasting demand accordingly, and highlighting newer or relevant products etc. This enables sellers to hop on the bandwagon and not get left behind for failing to adapt. Reduced Marketing Budget One of the few drawbacks of becoming a Flipkart seller is that you have to compete with a vast number of other businesses, that either has similar products or similar pricing. But you need not fret because Flipkart provides you with the ability to tap into its vast pool of marketing professionals and photographers to come up with suitable strategies to promote your products and make them look as appealing as possible. You can also get advice on advertising and promotions which will help to make your products more visible. All this can be done in-house which means that you do not need to pay high fees to an external agent. Existing Fulfillment Infrastructure When you sell on Flipkart, you can fulfill orders in one of 2 ways - Flipkart Fulfillment or Self Ship Fulfillment. You can either choose to take advantage of Flipkart’s existing D2C fulfillment infrastructure, which comprises a nationwide network of warehouses and fulfillment centers, road, rail and air transportation facilities, reverse logistics services, 10,000+ delivery partners and much more. Conversely, you can also opt for Self Ship Fulfillment to fulfill orders on your own, while abiding by Flipkmart’s rules and regulations, or you can opt to partner with a 3PL fulfillment company and utilize all their services and technologies to fulfill Flipkart orders.  Minimal Set-up Expenses  Compared to conventional businesses that have to invest in renting out a building or commercial space, invest in lighting, air conditioning, interior decorations, customer seating areas and much more, being able to sell on Flipkart means that you do not have to direct your funding towards any of these tangible requirements. Instead, all you need to do is pay a nominal fee to become a Flipkart seller, sign up and sell your products. You can use the large amount of money you save on important core aspects of your business such as research and development, conducting market research and running advertising campaigns. Nationwide Network of Customers and Fulfillment Centers One of the biggest advantages of becoming a Flipkart seller is that you instantly get access to Flipkart’s 1 million-plus users as potential customers. This will instantly boost your sales volumes and skyrocket the growth of your business. Additionally, when you sell on Flipkart, you get access to Flipkart’s India-wide network of warehouses and fulfillment centers so that you can store inventory closer to areas of high demand or near major shipping hubs to ensure that your customers receive their orders on time and have a positive ordering, delivery and post-ship experience. You can also read our blogs on how to sell on Mytra, Amazon and Shopify to get a better understanding of other online platforms. 5 Simple Steps to Start to Sell on Flipkart Step 1: Registering on Flipkart In order to sell on Flipkart, you first need to sign up with a new Flipkart account or log in to an existing Flipkart account which can be done on the Flipkart Seller Homepage. Once this is done, you will be required to add information about yourself, your business and the type of products you’d be opting to sell on Flipkart. A few of the required details are listed below: NameEmail addressPhone numberPickup address/business addressCategories of products the business is interested in selling through FlipkartBusiness registration documentsTax registration documents Step 2: Registering Your Business After the initial registration has been completed, you are required to register your business. For the sake of convenience, it is best to register your business as either a Private Limited Company (PLC) or a Limited Liability Company (LLC) as both types of business have access to certain facilities and protections that other types of companies do not such as liability protection, easy transferability, easy scalability, ability to be a separate legal entity and much more. The following documents are needed to register each: Identity Proof Private Limited Company Copy of Certificate of Incorporation of Private Limited CompanyCopy of Memorandum of AssociationCompany PAN Card Limited Liability Company Partnership registration or LLP Incorporation CertificatePartnership deedPower of Attorney granted to a Partner or an Employee of the LLP or Partnership firm to transact business on its behalfAny document identifying Partners and the person holding the Power of Attorney with their photographsPAN Card of the LLP or Partnership Firm Address Proof Private Limited Company Company Telephone bill (Fixed line)Company Electricity billLease or rental agreement Limited Liability Company Any officially valid document confirming the address of the Partners and the persons holding the Power of AttorneyFirm/Partner’s Telephone billFirm/Partner’s Electricity billLease or Rental agreementCompany Electricity billLease or License agreement Step 3: Entering your GST and Bank Account Information You will need to enter your bank account details and billing information so that Flipkart can transfer your consolidated revenue for every order. You will also need to enter the below details: GSTIN/TIN NumberPAN cardActive Bank accountKYC documents (Address Proof and cancelled cheque) Step 4: Listing Your Products After all the required information has been added, you can officially start to sell on Flipkart. You will have to add a detailed description of your business and list out your products with a descriptive paragraph, pictures and detailed information about its dimensions, pricing and features, which you can do from the Flipkart Seller Dashboard. Step 5: Post Setup Process When a customer makes a purchase, an order automatically gets generated with all the relevant information. You can then accept the order and choose whether you want to fulfill the order through Flipkart, on your own or through a 3PL logistics partner. The necessary commission fees are then deducted and the remaining balance will be transferred to your bank account. 8 Top Strategies to Get the Most Out of Selling on Flipkart Strive to Improve the Performance Score of Your Flipkart Account ‍When you sell on Flipkart, you are graded on the performance of your products and services. Flipkart has an account performance matrix that is separated into 3 levels - Gold, Silver and Bronze, where retailers are eligible for rewards that vary based on their performance. There are 4 main metrics that Flipkart measures performance on - sales, average product ratings, service quality and regional utilisation. If your performance is up to the mark, you can achieve Flkipkart Gold Seller status, which will legitimise your business in the eyes of potential customers. Provide Ultra-Fast Delivery ‍Consumers are now accustomed to next-day, same-day and even 10 minute delivery in some cases. You need to make sure that you provide fast delivery services otherwise you risk losing customers to competitors that provide these services. You also need to make sure that customers’ orders are delivered according to the estimated date and time otherwise a situation could arise where they are not available to pick up the order and this will lead to a negative interaction with your business. ‍Maintain Suitable Levels of Inventory ‍When you sell on Flipkart, you need to make sure to have a proper inventory management strategy in place to be able to understand the demand levels of each product and avoid high ending inventory levels, which seasons get you the most customers and forecast demand future demand levels to be able to stock inventory appropriately. You need to maintain just the right amount of inventory to be able to fulfill orders because if your inventory levels are too high, your products may expire or become irrelevant and if your inventory levels are too low, you could risk having out-of-stock situations and not being able to fulfill orders which result in both a loss of revenue and customers having a negative impression of your business. Provide Detailed Descriptions in Every Product Listing Your product listings are the main portion of your page that customers will pay the most attention to. You need to sure that each listing has a well-written and clear cut description to help customers make an informed decision. A few important points to implement are listed below: Title: The title needs to have important keywords related to the products and the segment so that it gets more visibility and can be recommended to people who are searching for similar products.Description: You need to provide a detailed description of the product, features, dimensions and price.Images: You need to multiple add high-quality images to your listing to showcase every possible angle of the product and also alternate between images of the product in a still setting and in its ideal use-case scenario Abide by Flipkart’s Rules and Regulations ‍When you choose to sell on Flipkart, you need to make sure that you follow all the rules and regulations that are put in place by Flipkart to avoid penalisations. Flipkart’s policies are designed to provide the best possible experience to customers and also maintain its own reputation. If you put in an effort to have similar standards for your business, it will increase customer retention and trust, thus increasing revenue. It’s a win-win. ‍Utilise Premium Packaging Materials The packaging experience plays a significant role in enhancing the overall customer experience. Customers are bound to appreciate the effort of a well thought out, well-packaged product as opposed to one that has been shabbily thrown together. Branded shipping will help customers resonate with your brand and will help you stand out from a sea of other competitors in the same space. Take Part in Spike Sales Sales are a sure-fire way to gain the attention of shoppers, especially in India, where people are always on the lookout for the best possible deals. Flipkart hosts multiple “Spike Sales” that you can choose to participate in, where they have promotions on different categories of products. Be a part of the hype and it’ll definitely pay dividends. ‍ ‍Run Ad Campaigns for Listed Products Running ad campaigns is an assured way of generating more sales and hype around your products. These ads will automatically direct customers toward your listing and will also be recommended to people that are searching for similar products. We have listed the steps to run ad campaigns below: Go to the seller dashboard and press the “advertising” button.Choose your preferred campaign strategy.Choose the product you want to run ads for.The chosen items will now appear as “Featured Products” on Flipkart.The ad will now be visible to customers who are browsing the site and they can choose to click on it and order if they want to. Check out our blog on how you can become a Flipkart Gold Seller. Sell on Flipkart: Pros and Cons Pros for Retailers who Sell on Flipkart Increase in Potential Customers When retailers sell on Flipkart, they gain access to 1 million active users which could become a pool of potential customers for your business. Your products would also get increased visibility on search engines like Google due to the fact that Flipkart is one of the largest eCommerce selling platforms in the country. Mitigation of Errors and Delays Retailers who sell on Flipkart can make use of the company’s vast network of fulfillment services, ranging from warehousing and retail fulfillment services to shipping aggregation, ultra-fast delivery and reverse logistics. Many of these services make use of the highest-end technology available and is able to mitigate any manual errors or delays before they even happen. Most small and mid-sized businesses would not have access to such resources on their own. Increased Trust in the Company  Becoming a seller on Flipkart enables retailers to take advantage of the overwhelmingly positive image that customers have of the company. Since Flipkart and other eCommerce selling platforms standardize most of their processes, there is very little chance of customers receiving a bad experience and in the off chance that they do, Flipkart’s incredible customer support will diffuse the tension. Customers will come to associate this same level of efficiency and perfection with your brand as well.  Enhanced Customer Care Facilities As mentioned in the point above, retailers who sell on  Flipkart can utilize their highly-capable 24/7 customer support to assist customers with any query or issue that they might face. Customer support is a valuable asset in providing a seamless overall experience and customers often appreciate good communication and transparency in dealing with issues. Cons for Retailers who Sell on Flipkart Increased Levels of Competition Not only do retailers who sell on Flipkart have to deal with competition in their local area but also in different parts of the country. There are a vast number of sellers who would be operating with a similar business model, and sell similar products at a similar price, with all of them scrambling to attain as many customers as possible. It can be difficult for businesses to differentiate themselves from this sea of competition, especially in the eyes of consumers, who just want the best products at the cheapest possible prices. Delays in Receiving Payments Retailers need to offer multiple forms of payment in order to compete. In the case of online payments, it could take multiple days for payments to reflect in the seller’s account which could lead to increased levels of confusion. Even after payments come in, it first goes to Flipkart, who deducts their commission and other charges before finally transferring the remaining amount to the seller. This means that sellers only receive their payment after 7 to 14 days which is a long duration of time. Reduced Profit Margins  In order to sell on Flipkart, retailers need to pay a certain subscription charge. As mentioned above, payments are only made to retailers after Flipkart deducts their share, which reduces the profit margins per order. These charges can take a significant toll on small to mid-sized businesses that have not properly accounted for them. Larger Spotlight on the Product Instead of the Brand  Since there are a vast amount of competitors and rival products available on Flipkart, customers often associate sellers with their products rather than their brand. This can have a negative impact because successful brands such as Flipkart and Google, have a definitive brand image in the eyes of their customers. It can be difficult for up and coming brands to achieve that same status while having to compete with look-alike products and other brands. Conclusion Many retailers strive to sell on Flipkart. While there are certainly a large number of benefits associated with this, there are also disadvantages and expenses that sellers will have to account for while making this decision. If you want to achieve stellar levels of growth and expansion, while still having some flexibility to make your own decisions and not get completely immersed in Flipkart’s ecosystem, consider partnering with a 3PL company such as WareIQ to take care of all your order fulfillment requirements. This will enable you to offer quality, hassle-free fulfillment to your customers while being able to focus on increasing sales and enhancing your products. WareIQ is one of India’s leading and fastest-growing full-stack eCommerce fulfillment companies that offer a variety of services from same-day and next-day delivery, shipping badges and RTO Shield, to state of the art technological solutions such as our custom WMS and our intuitive, well-designed app store. We can take care of your brand’s entire fulfillment requirements and ensure that you and your customers get the best order fulfillment in the country and have a hassle-free experience and raise satisfaction levels to new heights. Over 300 of the fastest-growing eCommerce brands such as The Man Company, Future Group, Kama Ayurveda and Wingreens Farms, already trust WareIQ with the fulfillment process of their companies, so they can focus entirely on core aspects of their businesses such as sales, marketing and R&D. You can also reap all these amazing benefits while stepping up your eCommerce game. We are tailored to every kind of business and offer the most competitive prices in the industry.  Sign Up Now with WareIQ to take advantage of our superior fulfillment tech platform & accelerate the growth of your online business. Sell on Flipkart H2s Can retailers cancel orders on Flipkart?If an order is cancelled after the RTD is checked, the software automatically cancels the order if the order is not picked up after 3 attempts. Because the order has not been delivered to the customer, it is considered a cancellation from the retailer by Flipkart. Does Flipkart charge a fixed fee?The fixed fee is a minute deductable charge of 2% that is made by Flipkart for every confirmed sale, which refers to orders that have been successfully delivered to the buyer. Is it easy to sell on Flipkart?Flipkarty has a relatively simple listing process compared to other eCommerce selling platforms. However, you are required to list at least 10 products to sell on Flipkart. Can your Flipkart seller account be integrated with WareIQ’s WMS?Users can seamlessly integrate their Flipkart seller accounts with WareIQ's WMS. This comes with multiple benefits such as being able to track orders and manage inventory of multiple selling platforms in one place. Can you use 3PL fulfillment companies to fulfill Flipkart orders?Yes, Flipkart allows its users to offload their fulfillment requirements to 3PL fulfillment companies under Self Ship Fulfillment.

May 24, 2022

10 Best WMS Softwares (Warehouse Management System) for eCommerce Fulfillment in India in 2022

10 Best WMS Softwares (Warehouse Management System) for eCommerce Fulfillment in India in 2022

Have you ever thought about the complexity that a selling platform like Amazon, Flipkart, eBay etc. faces while selling products? Billions of items, millions of buyers and thousands of variety of warehouses, employees and machines. Because of the sheer scale, it is extremely difficult to manually manage all these processes. This is where WMS software can play a big part in increasing efficiency and mitigating errors. In the last 4 to 5 years, WMS software has emerged as a multitasking tool for industries. You may know about the Internet of Things (IoT) which has made eCommerce warehousing and inventory relatively easy to manage. If you are an online seller that is willing to sell across multiple channels for growing your business in the virtual internet market, you need to choose WMS software to run things smoothly. What is a WMS Software? Warehouse Management System (WMS) is a new era software solution used by eCommerce businesses to manage their entire inventory and supply chain fulfillment operations from the distribution centers to the store shelf/warehouse. When the inventory levels and workload are higher than what can be handled manually with spreadsheets, WMS solutions are employed by enterprises to meet the unique customer demand requirements of their supply chain and distribution channel. It assists warehouses and fulfillment centers in planning, organizing, staffing, directing, and controlling by utilizing the available resources to move and store materials into, within, and out of a warehouse. It also aids employees in the movement and storage of materials in and around the warehouses. WMS software is used to keep track of warehouse activities from the moment products are delivered to the moment they leave. Inventory management, picking processes and auditing are among these operations. The solution aids in the reduction of lengthy paperwork involved as well as the reduction of human errors caused by storage processes and manual picking. As a result, you will save time, which will increase staff productivity, efficiency and lower operational expenses. What are the Features of WMS Solutions? Inventory Management and Analysis Many of the top WMS solutions include capabilities that enable businesses to gather data from warehouse operations. Companies benefit greatly from real-time tracking, especially when it comes to inventory management. This allows you to check your inventory levels in real-time, so you'll always know whether you're running out of anything or have too much stock in-hand. Other tools may filter data for KPI analysis, emphasizing areas where improvements are needed. Workflow management software determines what is happening in a warehouse and where attention is required. Collecting high-quality data assists decision-makers in determining whether or not to make changes to important business processes, as well as in planning for the future. Tracking and Forecasting This feature helps to increase customer satisfaction. A buyer before placing an order, checks the serviceability of their location and when it will be delivered. After placing an order, they get an estimated time of arrival (ETA) and can keep track of their order shipment. Sellers also track the order and can identify and correct any delays that crop up. Order and Fulfillment Management One of the primary WMS software functions is order and fulfillment services process optimization. WMS solutions help to improve order management by regulating the movement of a product through your warehouse. Users can utilize reorder features to automatically order components or products that need to be replenished on a regular basis. Some WMS solutions give users access to carrier networks, which can help them expedite branded shipping. Warehouse managers can eliminate time-consuming human input chores as automation integration becomes more common. Incorporating robotics, artificial intelligence, and machine learning into WMS systems can significantly improve efficiency and speed. Picking robots can locate and move things without requiring workers to run back and forth between product and shipping regions. Transportation Management Though transportation management can be considered a different category in and of itself, WMS software frequently includes transport management system (TMS) functions. As an integral aspect of supply chain management, TMS software can directly affect and improve warehouse management. If you require transport management facilities, consider seeking a WMS software that includes it. Labor Management WMS solutions aid warehouse managers in monitoring worker performance through the use of key performance indicators. With this approach, workers who are doing poorly, as well as those who are performing amicably, can be readily identified. WMS software consisting of labour management can help identify your employees, keep track of their schedules, and assign duties to them. Employees can clock in and out using simple pins or fingerprints that keep track of their log-in and log-out time. What Businesses Would Be Best Suited for WMS Software? WMS software is enabled with several facilities and gets updated and becomes smarter day by day. It is used in many industries to make their tasks easier and automated. These days, every company is using it according to their business size and complications. It can be customized for various types and sizes of businesses. Some industries use WMS solutions on a very high scale to efficiently run warehouse management processes. Some of them are listed below: Manufacturing Manufacturing industries have complicated warehouse requirements which makes WMS software an important tool for them. They deal in several types of products, materials and packages of varying sizes, volumes, rates, etc. Also, these items have different manufacturing timelines which needs to be segregated into pre-existing goods and newly created goods, and WMS solutions help to ease the process. Wholesale Distribution WMS software helps wholesalers to manage their complex supply chain and maximize accuracy. It allows them to utilize inventory space with exact quality deployment, fulfill orders faster, and manage multiple warehouses, combining cross-docking and advance picking features. Consumer Goods and Retail You can observe that these days, there are multiple grocery stores that have a daily shortage of inventory and have hundreds/thousands of orders to fulfill across one city or in multiple cities. This complex management, if handled by humans, will increase time usage and have higher chances of inaccuracy. WMS solutions make it simple, and smooth and utilize resources at their highest level of efficiency. Third-Party(3PL) Logistics Companies Warehousing is a crucial operational function for a 3PL because its business is to manage the eCommerce logistics and orders of its partners. As a result, a 3PL always uses advanced WMS solutions. Most WMS suppliers provide packages tailored to the complicated structure of a 3PL warehouse, which must keep a multitude of items, owners, vendors, and order systems, distinct and working. As they are in the business of eCommerce fulfillment, they use technology according to their partners’ needs, work models, and functionality by giving them personalized service. The 3PL can deliver reports and metrics of their sales, orders, inventory, etc, using WMS software. Customers can also manage data by generating customer-specific dashboards. Hospitals and Health Care This industry does not have a large inventory or a huge number of orders to fulfill although there are several factors like special storage conditions, a limited shelf life, requirement for 100% accuracy, ulta-fast delivery etc. and if any mistakes occur, it could result in the loss of lives. Here a single piece/item can affect the reputation of a seller, manufacturer and any person related to it. What are the Benefits of WMS Solutions? Optimizes Space and Lowers Operating Expenses WMS software utilizes the floor space and reduces the amount of empty space. Through technology, it optimizes the area and the dimensions of products that are kept there. It keeps track of every item’s entry and exit and the actual space left in the warehouse. Material rotation can also be aided by WMS solutions, whether through First-In, First-Out (FIFO), Last-In, First-Out (LIFO), or First-Expired, First-Out (FEFO) procedures. The WMS software can assist with any rotation rule that is desired. LIFO allows for the most efficient utilization of space and mobility. Product quality can be maintained by using FIFO or FEFO to keep products from expiring in the warehouse. Increases Visibility of Inventory  WMS software enables sellers to have an exact count and check inventory levels. It shows in real-time, the product count, colour, size, holding period, etc. Features in WMS software to calculate the MOQ and EOQ can help sellers to predict when they will be short of inventory so that they can reorder again with the minimum inventory cost. Increases the Effectiveness of Labor A big or a small business should always take care of the utilization of its resources in the best possible way. The WMS software helps you guage the potential of your workforce, keep them involved in the right direction and evaluate them on a day-to-today basis and throughout working hours.  Optimizes the Supply Chain The WMS software can suggest the nearest warehouse to either the manufacturing unit or areas of high demand if a seller is using multiple warehouses. It optimizes and tells the seller about cross shipments to reduce logistics cost and timing. This helps in segregating the product batch right from picking and packing to the last mile delivery option. A better supply chain will give a more personalized touch to the buyer at the same time. Auditing of Internal Automation You as a businessman always need to keep auditing your business and also compare it with others or yourself in different periods. Due to lack of time and resources, you may do it once in a while but with WMS solutions, you can easily do a holistic audit of your business regardless if it is tangible or intangible. 10 Best WMS Softwares for eCommerce in India WareIQ Source WareIQ empowers eCommerce businesses with fulfillment centers near customers and tools to maintain control over inventory, orders, and pre & post fulfillment, in a single platform. It is led by experts that are experienced in working with eCommerce giants. It provides insights on the right network design & inventory placement to improve inventory returns and increase regional fulfillment share.  WareIQ’s WMS software offers a 360-degree Analytics Engine for Business Growth. Data shows that brands that partnered with WareIQ surged tenfold annually in terms of order volume growth. It has been possible because of smart inventory planning with high-end technology using AI, ML and IoT. With the extended version of WMS software, sellers can manage high-volume warehouse operations with integrated complex supply chain logistics. It also helps in their warehousing and distribution processes, delivering high levels of efficiency, control, and visibility. Key Features of WareIQ: Easy integration across multiple online platforms & marketplacesML-based prediction engine for efficient warehouse network design & smart inventory placementCentralised platform for core fulfilment & shipping operationsBranded TrackingRTO ShieldBest Courier Partners to Optimize LogisticsCustomer FeedbackShipping BadgesScan based GRN to assure 100% accuracy Sign Up Now with WareIQ to accelerate the sales of your eCommerce business.  Unicommerce Source Unicommerce's advanced WMS software recognizes the dynamism necessary in a warehouse solution, whereas conventional warehouse management software merely handles the stock location and stock level of commodities in a warehouse. Unicommerce helps you: Centralize the critical functions that are required in omnichannel retail situationsMaintain healthy stock levels and ensures location-allocation in numerous warehouse sitesManage 6000+ warehousesAutomate purchase management while tracking and routing shipments. Increff Source Increff is a simple and efficient web-based multi-channel order fulfillment and WMS software. It’s WMS solutions provides a single view of inventory across all marketplaces and seamless management of orders. Increff provides the following services: Handles manpowerEasy OperationsBuilt for scale100% scan based with unpaid principal balance integration for complete trackingMulti-system integrationSingle window for end-to-end operations NetSuite WMS (Oracle) Source Industry-leading methods such as mobile RF barcode scanning, specified strategies for storing items, job management, last mile delivery management, return authorization receipts and cycle count plans are all part of the NetSuite WMS software solution. If you rely on spreadsheets to manage hundreds of SKUs across numerous sites, warehouse management may soon become a laborious, messy, and wasteful operation. A few features are listed below: NetSuite WMS eliminates manual processesIt helps you to minimize logistics costsRuns warehouses more efficientlyMeets customer expectations Fishbowl Inventory Source ​​When you order new products, Fishbowl’s WMS immediately generates a Purchase Order and bills it to QuickBooks. A few features are listed below: Ability to scan things into your warehouse with a wireless mobile deviceEnables you to store them in their designated location in your warehouseAllows you to create several work orders and bills of materials for complex jobsEnables you to choose things from your shelf, pack them and ship them to the customer when a sales order is received.After the transaction, Fishbowl sends an invoice to QuickBooks, which is updated with all the financial information. 3PL Warehouse Manager Source 3PL Warehouse Manager’s entire staff is dedicated to developing supply chain WMS software based on the best practices of 3rd party logistics, with over a decade of experience working with top-performing 3PL facilities. One of the most popular cloud-based WMS solutions, 3PL Warehouse Manager makes it simple for warehouses to manage inventory, automate regular processes and provide total visibility to their clients. Some features are: The WMS system swiftly transforms paper-based 3PLs into service leadersAllows operations to be done more efficientlyIs trusted by over 1,500 3PL warehouses to help them build their businesses. Vin eRetail WMS (Vinculum) Source Vin eRetail delivers a one-stop solution to all of your marketplace listing-related difficulties through its WMS software. It allows users to digitally upload catalogs for numerous marketplaces by providing import templates tailored to each portal's needs. Its provides the following services: Category-specific templates for uploading all product-related information to a single siteUser-friendly; helps users to view each item and its details and chooses which marketplaces to list the item onPrepareation to upload templates particular to each marketplace QuickBooks Commerce (formerly TradeGecko) Source It is a powerful eCommerce platform for multiple channels and wholesale businesses specializing in B2B sales models. It offers: Multiple inventory control and tracking featuresSeamless integration with Amazon, Shopify, Magento, ShipStation, WooCommerce, etc.Forecasts demand and generates purchase ordersCustomer insights, forecasting and reportsMultiple catalogs options and price lists with individual discount options SAP Source SAP has a flexible WMS software where a seller can manage a high volume of goods and run agile operations with digitized and accelerated warehouse processes. Its key features are: On-premise and cloud deployments   Comprehensive WMS solutionsFully integrated quality, production and track-to-trace processesReal-time control of warehouse automation equipment TECSYS WMS Source Tecsys is a global supply chain solutions provider. It is growing with industry-leading services and tools to achieve operational greatness. It was incorporated in 1983 with its headquarters in Montreal, Canada. It has 600+ customers. It features a cloud-based system, the best system for medium and large organizations. It’s WMS software has received the Technology Innovation Leadership Award. Some of its features are: Streamlined inbound and outbound flow of InventoryWarehouse resource optimizationOpen and flexible automation connectorseasy deployment and onboardingcontrol in transportation management Conclusion: Why is WareIQ’s WMS the best WMS Software for eCommerce Fulfillment? After getting in-depth knowledge about WMS software and its functionality, you as a seller are at the point to choose your partner for warehouse management to get all the benefits and services and achieve growth in your business.  It not only reduces the need for resources but also utilizes them to keep their performance on the track, guiding them to work accurately. For such tasks, WareIQ has a user-friendly WMS software. Its WMS is customized and created for eCommerce businesses so that they can perform all warehouse-related tasks in a single location which reduces complexity. WareIQ acts as an aggregator for all businesses of all sizes and provides multiple benefits to its partners. Apart from the mandatory benefits that come under WMS software, it provides extra real-time features to their customers that help them in growing their business. A few of the unique benefits are: A single platform for multi-channel sales fulfillmentSmart picking and packaging servicesRTO Shield to reduce RTO expensesSmart MOQ & EOQ calculators for multiple warehousesSmart inventory management WareIQ is one of India’s leading and fastest-growing full-stack eCommerce fulfillment companies that offers a variety of services from same-day and next-day delivery, shipping badges, RTO Shield, state-of-the-art technological solutions such as our custom WMS and our intuitive, well-designed app store. We can take care of your brand's entire fulfillment requirements and ensure that you and your customers get the best order fulfillment in the country and have a hassle-free experience and raise satisfaction levels to new heights. Over 300 of the fastest-growing eCommerce brands such as The Man Company, Future Group, Kama Ayurveda and Wingreens Farms, already trust WareIQ with the fulfillment process of their companies, so they can focus entirely on core aspects of their businesses such as marketing and R&D. You can also reap all these amazing benefits while stepping up your eCommerce game. We are tailored to every kind of business and offer the most competitive prices in the industry.  Sign Up Now with WareIQ to take advantage of our superior fulfillment tech platform & accelerate the growth of your online business.  WMS Software FAQs What are the key functions of a WMS?It manages inventory from the moment it enters the warehouse, through storage and delivery to the final consumer. WMS eliminates manual errors and manages stock control by maintaining inventory data transparency. What is a WMS Solution?WMS is a software solution that provides visibility into a company's full inventory while also managing supply-chain fulfillment operations from the warehouse to the store shelf. What are the main benefits of WMS?By monitoring work processes at multiple levels, raising productivity and increasing asset utilization, the WMS will improve a company's operational efficiency for both labor and physical space. Inventory control is aided by WMS automation, which enhances accuracy, output, and speed. Which software is best for warehouse management?Top 10 Best Warehouse Management Software Systems (WMS) In 2022WareIQUnicommerceIncreffNetSuite WMS - OracleFishbowl Inventory​​3PL Warehouse ManagerVin ERetail WMS - VinculumQuickBooks Commerce (formerly TradeGecko)SAPTECSYS WMS What are the different types of WMS systems?Standalone systems, ERP modules, cloud-based systems, and supply-chain modules are the most popular forms of WMS. They all have different benefits for different warehouse needs.

May 24, 2022

How to Sell on Shopify? A Step-to-Step Beginner’s Guide to Become a Shopify Seller in 2022

How to Sell on Shopify? A Step-to-Step Beginner’s Guide to Become a Shopify Seller in 2022

Shopify Inc. is an eCommerce company and an online selling platform that is headquartered in Ottawa, Canada. Its platform enables users to take advantage of a vast online marketplace by setting up an online store to sell on Shopify. More than 1.7 million businesses worldwide have opted to sell their products on Shopify which has made it one of the largest eCommerce companies in the world. A unique aspect of Shopify is that they not only offer a selling platform for online business but also for offline business, a market that few other big eCommerce players have opted to enter. In this blog, we will take a look at how retailers can sell on Shopify, how they can become a Shopify seller, the pros and cons of using Shopify’s platform and much more.  Why Should You Choose to Sell on Shopify? Fast and Simple Setup Process Setting up an account on Shopify is extremely seamless and user-friendly, especially for people who don’t have much technical knowledge and experience. The biggest advantage is that even though the platform is feature-packed, it still has a decluttered and intuitive user interface. There are also multiple guides and tutorials on Shopify’s website that makes solving queries even simpler. Mitigates the Need for Technical Knowledge Shopify is designed to work well for normal people who maybe had a killer business idea or product and seek to sell on Shopify but may not have any technical knowledge. Every software feature is created in-house as well as all website hosting activities. This makes the platform faster, more efficient and secure. Additionally, software updates are pushed by Shopify themselves so you can throw any need for learning complex technical processes out the window. There are no learning curves involved. Enhanced Security and Reliability Retailers who want to become a Shopify seller can reassure themselves and their customers with the extreme level of security and reliability that is offered by Shopify. eCommerce businesses deal in heaps of ultra-sensitive information such as contact details and credit card numbers and it always pays off to not have to worry about the security of personal information. Shopify takes care of all website and server-related maintenance as well as constantly pushing software updates and security patches to ensure that the network and users’ information is always safe and secure, issuing SSEL certificates for data encryption and PCI compliance to secure credit card information. Round the Clock Customer Care Facilities When retailers sell on Shopify, their customers also gain access to 24/7 customer support to take care of any query or issue that might arise. Customers can choose their contact preferences ranging from phone calls, emails and online chats to community forums and the Shopify Help Center to make sure that their needs are always met and at their convenience. Choice of Applications at Users’ Fingertips Not only does Shopify offer a web experience that is tailored to desktops, mobiles and tablets, it also offers a range of customization and applications that users can download with the click of a button. There are more than 160 themes users can choose from to give their page a unique look as well as applications for the addition of different functionalities such as wishlists, reviews, loyalty programs, analytics, marketing apps, integration with social media and much more. You can also read our blogs on how to sell on Amazon, Myntra and Flipkart to get more information about similar services. 6 Simple Steps to Start to Sell on Shopify Step 1: Registering Your Shopify Account The initial step in order to sell on Shopify is to register an account. You will need to fill out information such as your name and contact information. If you choose the “free 14-day trial” option, you won’t need a credit card to sign in. Doing this will enable you to play around with the different settings and options before committing to it permanently. The free trial ends after 14 days post which you will need to select a purchase plan. You will then need to enter your store name. You will get the below error message if the store name you want already exists. The store name will be your main domain name but it can be changed anytime. After the details of your Shopify store have been added, you will be asked if you are an existing seller. If you are, you will need to mention your current revenue. Post answering these, you will be prompted to answer other questions. You can skip this portion but responding appropriately will enable Shopify to give you better recommendations.  Whether you answer the questions or not, you will then be prompted to enter your business address. Once you finish creating your store, you will be redirected to the main admin panel. You can now sell on Shopify. You can now choose between 3 options: Add a productCustomize a themeAdd a domain *Insert Screenshot*  Step 2: Setting Up Your Domain A primary domain is assigned to you by Shopify. The default format is domainname.myshopify.com but you can always choose a different domain or connect an existing domain. Every seller can only have 1 primary domain. Step 3: Choosing a Theme Your theme is what customers will see when they click on your store, which can be customised according to your preferences. Therefore, choosing an attractive theme that fits your brand image is very important. You can either customise your own theme or choose an existing theme from  Shopify’s theme store. Step 4: Listing Products After creating your store, the next step is to list your products - the main reason for setting up an account in the first place. This is generally the step that takes the most time but it's worth it if you want customers to see your products in all their glory. Go to your admin panel and select “products”. This is where you can list new products and see your existing inventory. You can add a product in 3 ways: Manually: You will have to enter all the information about your product such as the description, features and dimensions, in addition to adding photos. Importing via CSV File: If you want to upload a huge amount of inventory, you can do this by importing a CSV file which gets added to Shopify in bulk.  Identifying on Oberlo: You can connect your account to Oberlo to sync your inventory with Shopify. Step 5: App Installation You can download apps to enhance the functionality of different aspects of your business to enable faster growth and expansion. There are more than 2600 apps, out of which some are free and some are paid apps. You can choose the ones that fit your requirements. Step 6: Marketing Your Company Marketing is important to make your product visible to as many people, especially your target audience, as you can. An optimised marketing strategy will be able to drive customers to your store and assist in convincing them to make a purchase. You are now ready to sell on Shopify and boost the sales of your business. 8 Strategies to Sell on Shopify Integrate with an Email Marketing System Email marketing is a really efficient and cost-effective way to promote your products. If you sell on Shopify, you can implement email marketing campaigns through various dedicated platforms such as Mailchimp to generate leads and stir interest in your products. These platforms give you the ability to customise your emails with various themes, stickers and designs to make them stand out from the sea of generic promotional emails that customers receive on a daily basis. You can also schedule automatic emails and have different templates for each campaign. Strive Towards Retaining Customers If you sell on Shopify and want to sell your products, scouting for new customers is often more expensive and cumbersome than focusing on retaining existing customers. You can retain customers by putting in effort into minor details such as providing premium branded packaging, order tracking updates and stellar customer support. Research shows that just a 5% gain in customer retention can lead to a 75% gain in profits. So give your customers the same importance post-sale to achieve an enhanced customer experience and gain their trust and loyalty so they will think of you and your brand if they ever have similar requirements.  Implement Cross-Selling Strategies Cross-selling is a means of focusing on the creation of a more robust network of revenue streams from a single order. To do this, you can offer extended warranties, suggest complementary products and offer discounts if a minimum purchase amount is reached. These tactics convince customers that they are getting a better deal so they are willing to spend more money. Utilise SEO Techniques Search Engine Optimization (SEO) is an age-old marketing technique that focuses on increasing the rank of various web pages on search engines such as Google and Yahoo. This is done through adjusting content according to SEO guidelines, adding relevant keywords and using backlinks to and from other pages so that your page ranks as close to the top of search results for those particular keywords as possible. This not only makes your pages more visible and increases traffic but also legitimizes your page in the eyes of potential customers. Write Attractive Product Descriptions While listing products to sell on Shopify, you need to add suitable and well-written descriptions of your products to convince customers that they need them in their lives. You can describe what it is, its use case scenarios, provide clear and accurate measurements of its dimensions, colour and size and what the aim was when creating it. This paired with high-resolution pictures of the product is a recipe for success. Utilise Coupon Marketing Strategies Coupons are another way to increase the hype and visibility of your products by making consumers feel that they are getting a steal of a deal. A consumer might not think of purchasing a product but if they see a coupon code that says 20% off, it’ll instantly make them reconsider because they are associating it with more value for their hard-earned money. They might even end up buying more items to capitalize on all the discounts they are receiving through coupons. Sell on Different Channels Retailers should never relegate themselves to selling on only one platform if they want to be successful. If you choose to sell on multiple channels such as Shopify, Amazon, Flipkart and eBay, among others, you open your business to up to every customer that uses these platforms and may require what you are offering. Many customers also faithfully stick to one platform and if you are not visible to them on that platform, you have instantly lost an opportunity to make a sale. Keep your options open and sell on as many platforms as you can. Choose an eCommerce Fulfillment Company for Shopify Fulfillment as well to fulfill Amazon orders, fulfill Flipkart orders etc. Offer Upsizing Options on Orders Upsizing is a form of offering a better and more expensive version of a product that sellers have already shown interest in. For example, if a seller is browsing for an iPhone 12 and they see an iPhone 13 in the recommendations for not that much extra, they instantly start contemplating buying the better version because they can now compare the features and price with a single tap. This paired with discounts or coupons can instantly increase the volume and prices of each order. Of course, you need to upsize according to each customer and make sure that the product is not too out of their budget. Conclusion Opting to sell on Shopify is a goal for many eCommerce retailers and for good reason. It has a simple setup process and an easy to use interface that provides users with multiple features and benefits. However, it is easy to get caught up in trying to make your online shop as exclusive as possible by purchasing high-end themes and plugins and before you know it, the costs have skyrocketed and that is before Shopify takes a cut of each order you make. In order to get the best of both worlds, we suggest partnering with a 3PL company like WareIQ to enhance your Shopify selling experience, without breaking the bank. WareIQ is one of India’s leading and fastest-growing full-stack eCommerce fulfillment companies that offer a variety of services from same-day and next-day delivery, shipping badges and RTO Shield, to state of the art technological solutions such as our custom WMS and our intuitive, well-designed app store. We can take care of your brand’s entire retail fulfillment requirements and ensure that you and your customers get the best order fulfillment in the country and have a hassle-free experience and raise satisfaction levels to new heights. Over 300 of the fastest-growing eCommerce brands such as The Man Company, Future Group, Kama Ayurveda and Wingreens Farms, already trust WareIQ with the fulfillment services of their companies, so they can focus entirely on core aspects of their businesses such as sales, marketing and R&D. You can also reap all these amazing benefits while stepping up your eCommerce game. We are tailored to every kind of business and offer the most competitive prices in the industry.  Sign Up Now with WareIQ to take advantage of our superior fulfillment tech platform & accelerate the growth of your online business. Sell on Shopify: FAQs Does Shopify take a portion of your revenue?Shopify does take a commission on each sale which is between 2.4% to 2.9% considering what plan you have chosen. If you use an external payment processing method, this reduces to between 0.5% to 2%. How much does it cost to sell on Shopify?Shopify offers a free 14-day period which users don;t need to pay for. Once the plan runs its duration, users can choose between 1 of 3 available pricing plans. What items does Shopify not allow on its platform?if your products are smoking-related, you won't be able to sell on Shopify. The company y has a strict policy against the sale of cigarettes, tobacco, e-juices, e-cigarettes and any other smoking devices such as vaporizers and pipes. Can your Shopify account be integrated with WareIQ's WMS?Shopify can be integrated with WareIQ's WMS in a few simple steps. This enables users to consolidate their Shopify order and inventory level data with other selling platforms so that it can all be managed from one place. Can you use 3PL fulfillment companies to fulfill Shopify orders?Yes, Shopify allows users to partner with 3PL fulfillment companies like WareIQ to take care of their fulfillment requirements.

May 24, 2022

What is Ending Inventory for an eCommerce Business? 3 Easy Methods to Calculate Closing Inventory?

What is Ending Inventory for an eCommerce Business? 3 Easy Methods to Calculate Closing Inventory?

Every retail business, be it eCommerce, SMEs or those following a multi-channel approach, need to have a clear idea of closing inventory. The ending inventory of the sellable stock in the warehouse is vital for businesses to have visibility of sales, understand the value of the inventory, changes to be made in forecasting and stock levels, etc.  The closing inventory is a crucial metric for better forecasting, understanding what items should be stocked more, which items don't get as many sales and how the business needs to reassess strategies to remain profitable.  What is Ending Inventory? At the end of an accounting period, the ending inventory is the stock value of finished products in sellable condition. The ending inventory includes mentioned assets on the balance sheet. Taking note of the closing inventory is necessary for accurately calculating taxes and estimating the total business value.  Closing inventory calculates the total value of the good, not the inventory volume or number of units available.  What is the Need to Calculate Ending Inventory? Calculating ending inventory is important to identify what products are fast selling and need greater importance and which items take a longer time to sell. By understanding which products take longer to be sold, businesses can improve their forecasting and production strategies and decide if their production or sourcing volumes need to be shortened or lengthened accordingly. Visibility on ending inventory is important to: Match Recorded Inventory with Actual Stock Levels This provides insight into any stock discrepancies between the recorded and physical inventory in the warehouse/fulfilment centers and matches it with the sales made. If the physical inventory is less than what is recorded, it is known as 'inventory shrinkage'. The cause for this discrepancy could be accounting errors, theft, or various other concerns. Know the Revenue Being Generated Calculating the business's net income becomes easier with the starting and ending inventory. This can also help provide clarity on the pricing strategy. Suppose the recorded inventory and physical inventory prices don't match up, it can indicate that the sold items are not profitable as the initial purchase or production will be more expensive than the sale price. Improve Forecasting and Inventory Management When you calculate the ending inventory, it considers the starting inventory during the beginning of the accounting period. This, of course, is a cycle. Having the closing inventory details paints a clear picture of which items sell better than others, the ideal volume of items in the inventory, and how soon items need to be replenished. This also improves the forecasting capabilities for future inventories, discounts etc.  The formula for Ending Inventory Calculation It is important to calculate the ending inventory correctly to keep taxes and accounting in check. For every new accounting period, the starting inventory is calculated from the ending inventory of the previous period. This makes it even more crucial to have the right data to achieve better inventory management. Having accurate calculations also ensures no unexpected shortage or shrinkage in the physical inventory compared to the recorded inventory.  The ending inventory calculation formula is: Ending inventory = [beginning inventory + net purchases] - cost of goods sold (COGS) Here's what each term means: Beginning inventory is the ending inventory from the last accounting period.Net purchases include all items that have been additionally bought and added to the inventory.Cost of goods are the total costs involved in sourcing, procuring, manufacturing and getting the finished product ready for sale Various variables come into play. We arrive at different values based on the calculation method when ending inventory is calculated. Note that only the estimated value of the inventory changes as the units in hand is constant.  3 Different Methods to Calculate Closing Inventory A physical inventory count is the easiest approach to calculating the ending inventory. However, doing a physical check may not be feasible, especially if you have a huge volume of inventory to track. There are a few different ways to calculate the closing inventory. Because there are various methods for calculating ending inventory, it's advisable to stay with one every year to minimise discrepancies in subsequent reports. Let's see the different ways to calculate closing inventory: Last in First Out (LIFO) This method of inventory calculation considers that the most recent stocks were sold first. The older stocks become part of the ending inventory and the newest inventory is noted as the COGS.  For example, you purchased 100 books at Rs.5 per unit, making beginning inventory (100x5=500). When the books needed to be replenished after sales, the per-unit price increased to Rs. 7. During the accounting period, let's assume that 125 books were sold.  In this method, your cost of purchasing the latest inventory was higher than the older stock. So, COGS will be (100x7=700), which is the cost of purchasing the replenishment stocks + (25x5 =125) which will be the additional 25 units you sold from the old stock. This comes up to Rs.825 Ending inventory = Rs.500 (beginning inventory) + Rs.700 (net purchases) – Rs.875 (COGS) The value comes up to Rs.325. First in First Out (FIFO) This second tracking method calculates the ending inventory by assuming that the oldest inventory gets sold first. So, the older stocks become part of COGS, and the newest inventory is added as ending inventory.  For example, you purchased 100 books at Rs.5 per unit. During replenishment, the per-unit price increased to Rs. 7. During the accounting period, let's assume that 125 books were sold.  So, COGS will be (100x5=500), which is the cost of purchasing the replenishment stocks + (25x7 =175) which will be the additional 25 units you sold from the new stock. This comes up to Rs.675. Ending inventory = Rs.500 (beginning inventory) + Rs.700 (net purchases) – Rs.675 (COGS) The value comes up to Rs.525. Weighted Average Cost (WAC) This calculation method takes COGS as an average of the cost of inventory purchased during the accounting period and divides it by the total units in hand. For WAC, all inventory units are assigned the same value.  For example, you purchased 100 books at Rs.5 per unit. During replenishment of the next 100 books, the per-unit price increased to Rs. 7. During the accounting period, let's assume that 125 books were sold.  For WAC, the total cost of both orders will be added (500+700=1200) and will be divided by the total number of units in hand (200). This gets the price per SKU as (1200/200) which is Rs. 6.  So, COGS will be (125x6=Rs. 750), the cost of the weighted average of a single SKU x the total units sold. Ending inventory = Rs.500 (beginning inventory) + Rs.700 (net purchases) – Rs.750 (COGS) The value comes up to Rs.450. Conclusion: How Do 3PL Fulfillment Companies Help Manage Closing Inventory for eCommerce Businesses? Understanding and calculating ending inventory are critical to your company's success. However, the process might be complicated, which is where technology-enabled 3PL eCommerce logistics companies can help. When the time comes to file business taxes, having the correct inventory management solution will save you a lot of time and trouble. Some of the benefits of having a 3PL fulfilment company to manage order fulfilment include: Managing inventory levels, order data, and billing Flexible scaling based on seasonality, order velocity, and other factorsEasy to view dashboards for orders, shipping, and returnsReduced shipping and return label creationShorter delivery timeframes and lower freight costsSeamless integration and collation of data from warehouses, customers' warehouses, and retail outletsReal-time tracking to identify delivery mishaps and promptly fix problemsCustomer engagement post-sales to encourage loyalty and repeat purchases With a fulfilment company like WareIQ, there's no need to invest in a separate WMS, shipping aggregators, inventory management, or tracking tools. WareIQ offers end-to-end fulfillment services by combining network, technology, and knowledge. The full-stack platform allows eCommerce firms to provide same-day and next-day delivery to their consumers, comparable to Amazon Prime, but for everyone.  With a centralised platform for core fulfilment and shipping operations and post-shipping apps, WareIQ manages the entire range of complex operations in the eCommerce fulfilment process, such as inbound functions like scanning and quality checks, 100% accurate Pick and Pack, and inventory management across all channels, for a delightful experience and zero to minimal supply chain leakages. Next-day and same-day delivery services help businesses set new standards for setting and meeting customer expectations. Due to enhanced negotiations with shipping partners, strategically positioned warehouses, warehousing economies of scale and scope, and data-driven decision making, WareIQ customers benefit from significant cost reductions and a wider reach. WareIQ has established itself as a dependable partner for more than 300 reputable eCommerce firms across the country, including Kama Ayurveda, Future Group, Piramal Group, Wingreens Farms, and many others, with a robust nationwide network of fulfilment centres and urban dark stores close to ending customers and subsidised access to all major national and hyperlocal last-mile couriers.  A machine learning-based prediction engine is used for optimal warehouse network architecture and innovative inventory allocation.  On a single platform, all fulfilment and shipping procedures are centralised. For a pleasant experience and fewer supply chain breaches, the post-shipping features of WareIQ are beneficial. Sign Up Now with WareIQ today to take advantage of our excellent fulfilment technology platform and grow your online business. Ending inventory FAQs What all costs should be included when calculating ending inventory?The value of products available for sale at the end of an accounting period is the ending inventory which is the starting inventory + net purchases less the cost of goods sold. When calculating the net purchases, deduct any return costs and discounts before calculating the final value. How can a 3PL company like WareIQ help manage your closing inventory?WareIQ utilises an efficient WMS that aids in inventory management and is able to forecast demand levels and the supply levels needed to keep up with that demand. This helps retailers stabilize their inventory levels to mitigate losses from ending inventory. Is ending inventory and closing stock the same?Yes, the ending inventory and closing stock calculate the same value, the value of saleable goods at hand at the end of an accounting period. How can ending inventory be interpreted?A rising trend in ending inventory balances over time may suggest that some inventory is becoming obsolete, as the amount should remain relatively constant as a percentage of sales. A falling trend in the ending inventory balance, on the other hand, may suggest that a company's production capacity is insufficient to meet customer demand.

May 23, 2022

How To Sell On Myntra? Step By Step Guide To Become A Myntra Seller

How To Sell On Myntra? Step By Step Guide To Become A Myntra Seller

Myntra is India's most profitable e-commerce site. Being able to sell on Myntra is a fantastic opportunity for any business. Myntra has expanded from offering customized gift products in 2007 to presenting more than 500 Indian and international companies in 2022. Myntra features over 1000 companies and sells over 150,000 goods. India is the world's second-largest internet user, with 700 million internet users in a population of 1.4 billion people. Regular internet users make for 87 percent of the total user base. This means that things for online enterprises are only getting better. Myntra, unlike other e-commerce platforms, does not recognize every private label that sells low-quality products. As the platform is limited to branded items, to become a Myntra seller, the vendor should transform the business into a brand. When you compare Myntra to any other fashion e-commerce platform, you will see that Myntra exclusively promotes selected brands, whilst other platforms register any local selling vendors. Myntra displays your products alongside popular brands that are exclusive to the platform once you register your business. As appealing as a Myntra registration may appear, registering a business on the site is not easy, it takes a fair amount of effort to sell on Myntra. It is for the same reason that scams and low-quality products/businesses are kept off the platform: Before permitting a firm to use the site, Myntra goes through a rigorous screening process before you can start to sell on Myntra.  Introduction to Myntra Online Seller Portal Myntra Seller entry is an online selling platform where retailers can sell their items on the website. It offers an advantageous way for retailers to deal with their items, make postings, and get orders from buyers. Assuming you have a product and are thinking to start to sell on Myntra online portal, you'll have to set up your account and list your products to become a Myntra seller. When you've done that, you can begin with getting orders from buyers and start to sell on Myntra. You can also utilize the seller portal to deal with your stock, and track your business details, from there, the sky is the limit. There are a couple of key advantages to selling on Myntra. In the first place, it's an extremely aggressive commercial center with fierce opposition. This intends that there is potential to make a reasonable amount of revenue assuming you set forth the energy. Also, Myntra offers a simple way for retailers to deal with their items and get orders from buyers. This makes it an ideal stage for independent companies and business visionaries who need to begin selling their items on the Myntra. At last, Myntra has high consumer loyalty rates, which is reasonable because of its advantageous stage and cutthroat costs. Venders can likewise utilize Myntra's delivery apparatuses to ascertain transporting costs and get orders for potential buyers. At long last, Myntra provides online tools to buyers to find items that they're keen on buying and review merchants' reviews before making a buy. Myntra supports and provides great website traffic on its portal for people who want to become a Myntra seller. Why Choose to Become a Myntra Seller? Myntra is one of the biggest online business platforms having expertise casually and fashionably of life. Based in Bangalore, Karnataka. Myntra is an online commercial center for the Indian crowd. In this article, you will figure out how to sell on Myntra as a vendor and for that you should know how to register yourself and list products on Myntra. Myntra is an online internet business commercial center that sells local and global brands with month to month website traffic of around 38.5 million, as of April 2022 (as per SEMRUSH Stats). It has turned into a significant advertising channel for every one of the brands that work in the design and way of life areas. There is no dealer commission to enroll on Myntra. Myntra charges a proper commission of 4% to 5%, contingent upon the classification of the item. Myntra committed account directors to give definite data about this classification and illuminate you about the various kinds of advancements you can use to draw in expected clients. After the registration and enlistment of products, you can sell on Myntra and access different assets for your business development. Advantages of Selling Products On The Myntra Seller portal As a Myntra vendor, you should get aware of the several compelling reasons for shops to flock to Myntra and establish a significant presence on the online marketplace. Myntra retailers have complete control over their merchandise once authorized. Companies can handle orders, online sales, catalogs, merchandise quantities, and product quality. When sellers start to sell on Myntra, they experience many advantages of selling on this platform. Some of them are mentioned below. Myntra's Internet Presence Reaches A Significant Number of People. Myntra's management has always believed that having an online presence is essential for connecting with customers on a personal level. As a result, they provide a diverse range of products from leading companies, and their user-friendly website makes it simple for clients to find what they're looking for. In India, Myntra's marketplace reach is extensive. It is offered to all types of customers who are eager to purchase things in a variety of pricing ranges. With so many people visiting their website, it's no surprise that their items are constantly rated among the best on the market. If you want to sell on Myntra successfully, start by establishing a strong presence on Myntra. It will assist you in connecting with more potential clients and increasing revenue. When you use third-party platforms, you can save money on marketing charges. Myntra marketplace receives millions of visitors each day and has a consistent user base, and you don't have to worry about the payment gateway as well.  Myntra receives millions of visitors each day and has a consistent user base, and you don't have to worry about the payment gateway as well. WareIQ also provides packaging materials, facilitating packaging and shipping easier for online vendors. Myntra Provides a Diverse Range of Products Myntra is India's largest eCommerce company, with over 6 million consumers. Products one can sell on Myntra range from apparel to appliances Many Indian vendors have listed their businesses and items to gain more attention and reach a broader audience. Myntra is a shopping website that sells a variety of products for men, women, and children. Clothing, accessories, and footwear are all available. Myntra also has a sale area with fantastic deals on clothing, footwear, and accessories. Myntra Gives Excellent Customer Service Myntra offers excellent customer service to those who sell on Myntra as well as their consumers. Their team is ready 24 hours a day, 7 days a week to assist you with your issues and queries. Furthermore, they have a well-organized return policy in place that allows you to easily get your money back if the thing you purchased does not fulfill your expectations Overall, Myntra is a trustworthy online shopping platform with excellent customer care. Myntra Items are Competitively Priced Myntra provides competitively priced products at savings of up to 50% off standard rates. Users can filter products by category, size, color, and brand using the app. Dynamic pricing is critical in boosting sales on online marketplaces. A slew of firms offering analytics services assist marketplaces and those who sell on Myntra in updating their prices by constantly watching market demand and supply as they strive to sell enormous volumes. Offering competitive prices and keeping good metrics assist online retailers in capturing the "buy-box," or conspicuous placement at the top of the category page. On peak sale days, vendors that do an average of a couple of crores in businesses hire the least people to adjust the prices on the marketplace. Myntra Offers Discounted Deals and Also Easy Returns of Goods The vendor who sells on Myntra also provides discounted deals on products so that consumers can purchase. Discounts and promotions are available on a variety of products and categories. Users must scan the barcode of the goods they wish to purchase and then navigate to the 'Myntra Deals' tab on the product page. They will then be able to see all of the available discounts and promotions. Myntra has simple return and exchange policies. You can return the product for a full refund or exchange it for something else within 14 days of getting it. Furthermore, if you are not happy with your purchase, you have the option of receiving a refund or an exchange within 30 days of making your purchase.  Understand Seller Profile- To Become a Myntra Seller With the number of vendors on Myntra increasing at an exponential rate, it became difficult to treat all merchants fairly and incentivize their success. As a result, on August 29, 2019, they launched the Marketplace Partner Tiering Program effort to fuel seller growth and improve user and seller experiences. The Marketplace Partner Tiering program's goal is to improve and maintain partners' performance on business-critical criteria like sales, reliability, and quality by assuring a positive customer experience. The program enables sellers of various sizes and tenure to drive their Myntra growth by concentrating on their performance and is divided into three tiers: gold, silver, and bronze. The Marketplace Partner Tiering program is ongoing and will be renewed every quarter in the first week of the first month, based on the partner's performance in the preceding quarter. Gold is the highest category, and to earn it, a partner must constantly maintain good metrics. All sellers begin to sell on Myntra as bronze vendors and can advance to the silver and gold tiers based on their success. 6 Easy Steps of Onboarding Process to Become a Myntra Seller Myntra is a popular eCommerce shopping platform in India, and there is no sell on Myntra fees for Indian online vendors. If you are serious about selling on Myntra India, there are numerous options for eCommerce shippers and online merchants to grow their businesses. You can go straight to the Myntra seller central website for Myntra seller registration online and enter your business information to begin selling your products in the Myntra seller central dashboard. The steps required to become a Myntra seller are given below- Step 1- Fill up the Myntra seller registration form with all of your company's information. Step 2- Enter business information such as GST number, PAN number, Bank account details, business address, email address, phone number, and so on. These details will be used to generate tax invoices for clients and the marketplace. After registering, you must set up your store by selecting a theme and a location. After you've built the store, you'll need to build a listing, which we'll go through later in the post. This will comprise the URL of your store, the title of your product, its price, and the number of units available for purchase. You will also need to market your store on social media platforms, such as Facebook and Instagram, and also through online search ads. Step 3- Select the product category you want to sell on Myntra. You should conduct additional research on the product you intend to offer on Myntra.  Step 4- Enter product information and begin product listing. You must decide on a selling price. Create an eye-catching and useful listing for all customers. Finally, enter information about each item, such as its price and description, into the product list. You're ready to sell on Myntra, once you've finished these steps! To increase your visibility and sales in the marketplace, you must include as much information as possible. There are numerous resources accessible on the internet that can assist you in attracting customers to your listings. It is critical to conduct research before selling on Myntra. Know what the product you're selling has to offer, and make sure to highlight all of its features and benefits. You should also ensure that you have reliable information about sizing, colors, and other characteristics. Step 5- Determine how you want the merchandise shipped. You can use third-party logistics to get your product to clients. Choose a shipping rate based on the size and weight of all of your purchases. Step 6- To begin receiving orders from the marketplace, you must conduct a promotion and advertising campaign. Use social media and other internet methods to publicize your listing. You can also provide free delivery and easy returns. To know more, as under which business structure you need to register your business on Myntra, and start to sell on Myntra. Please read our article on Flipkart Gold Seller. How Does Myntra Measure Your Sales Performance After initiating to sell on the Myntra, always keep in mind the KPIs that Myntra analyses for you to sell on Myntra. Evaluation of seller's performance is done using these inspection criteria that they have developed- Gross Merchandise Value (GMV) Myntra pushes for maximum sales. Myntra uses the Gross Merchandise Value (GMV) of vendors to assess their success. It is the total value of products sold to clients by a vendor over a specific period, excluding returns and canceled purchases. Seller Cancellations Myntra anticipates a minimal number of order cancellations from its sellers. So, this performance indicator indicates any cancellation initiated by the seller, i.e. when the seller lacks sufficient inventory or is unable to fulfill a specific transaction for whatever reason, the seller must cancel the order Cancellations caused by Myntra, on the other hand, would not be considered in this measure. Adherence to Inventory SLAs This metric only applies to vendors who do not handle their order fulfillment, i.e. Myntra handles their order fulfillment. Myntra does not want any issues to cause order delays or client cancellations. So, to avoid scenarios that can cause a product to be out of stock (OOS) owing to a delay in delivery, Myntra expects merchants to obtain inventory within a specific time frame. Adherence to Delivery SLAs This indicator applies exclusively to merchants who conduct order fulfillment in-house or outsource order fulfillment to a 3PL (third-party logistics) provider. Because Myntra wants its merchants to fulfill orders quickly, it has created tough standards that sellers must follow. All orders indicated as ready-to-dispatch on time are included in the dispatch SLA. Returns Myntra anticipates low order returns. Myntra considers any orders that were returned (or reimbursed) by the consumer that the seller could control for this purpose, excluding try and purchase goods and product quality returns. Quality of Product When it comes to product quality, Myntra has high expectations. Myntra takes into account any orders that were returned due to quality difficulties, such as defective products, fabric quality, faded products, used products, worn-out products, stitching flaws, and so on. How to Become a Gold Seller on Myntra After you start to sell on Myntra, always aspire to become a gold tier seller. For that you must achieve the following performance criteria: GMV (gross merchandise value): Traders who sell on Myntra should have a monthly GMV of at least INR 25 lakhs.Seller Cancellations: Traders who sell on Myntra should cancel fewer than 0.11 percent.Observance of Inventory SLA: Traders who sell on Myntra should have a procurement rate of more than 85 percent from April 1st to September 30th of any given year, and from October 1st of the same year, sellers should have a procurement rate of more than or equal to 90 percent.Observance of RTD SLA: Traders who sell on Myntra should have a Ready to Dispatch rate greater than or equivalent to 90%. Guide To Improve Performance Criteria Every Vendor who sells on Myntra aspires to be a Gold Seller on the platform. In comparison to the other grades, Myntra's Gold tier provides several perks. The challenge now is how to enhance your performance so that you may become a Myntra seller with Gold Tier status, and how to keep your Myntra Gold Tier status if you currently have it. You can achieve the gold tier by focusing on improving on KPIs mentioned below. Increase Gross Merchandise Value A vendor who sells on Myntra must have a monthly GMV of at least INR 25 lakhs. To sell on Myntra and obtain that figure of sales, the seller must look into the facts mentioned below  Offer Free Shipping Customers who do not have to pay for delivery are a popular alternative for online purchasing. Customers that are price sensitive and want a clear pricing structure would appreciate the free shipping. Upsell and Cross-Selling of Products Upselling is a sales tactic that involves selling a better, more costly version of a product that a client already possesses (or just bought). Meanwhile, cross-selling refers to offering items that are similar to those that a consumer already owns You may upsell items by offering larger sizes, adding additional features, or improving performance. If a consumer desires a 4GB RAM for their computers, upsell them to 16GB RAM, with a limited-time offer and a somewhat higher cost than their prior option. On your product pages, you may include an "often bought with this item" or "who bought this" area for cross-selling. Add Bundles When you bundle complementary products into a collection of things that can be purchased together at a discount or at a lower price than when purchased separately, this is known as product bundling. As an upsell or cross-sell, you might group goods. Alternatively, you may design a one-of-a-kind product bundle in a gift box or with bespoke wrapping. Discounted Deals Discounting is a marketing tactic that encourages customers to buy more and in larger quantities at a reduced price. This is especially helpful if you're selling things that are generally purchased in bulk. You may also utilize free presents or free merchandise to reward clients who spend more money in your shop. Quality Customer Service Approximately 95% of customers feel that customer service is vital in their brand selection and loyalty. Furthermore, 80 percent of customers value a company's experience as much as its products. When you take the time to address clients' inquiries on social media and live chat, you develop trust and make them feel comfortable purchasing from you. Return requests can be converted into new sales if you are diligent in managing them. Instead of requesting a refund, your buyer may be content with an exchange. This boosts brand confidence and encourages people to return to your store. After all, keeping a current client is five times less expensive than obtaining a new one. Lower Order Cancellation Ratio The vendor who sells on Myntra must have seller cancellations fewer than 0.11 percent. To sell on Myntra and maintain lesser cancellations, the seller must look into the facts mentioned below  Make Information Easily Accessible The client of the twenty-first century is well-informed. Most shoppers do their leg work before making a purchase and most of the buyers abandon the purchase due to a lack of information.  Providing precise information such as product characteristics, usefulness, and price will help to decrease cancellations and returns. Enabling easy access to help agents can also inspire consumers to call out for information that they cannot obtain elsewhere. Agents at call center outsourcing businesses may capitalize on cross-selling and upselling possibilities by assisting clients in locating items that meet their specific requirements. Prioritize Transparency Transparency with your consumers about product or service performance, availability, or order tracking can help decrease cancellations. Transparency may also be improved with a clear and efficient communication strategy. It is well established that providing 24/7 customer assistance through customer service outsourcing has a favorable impact. Use Technology Wisely Technology may be a game-changer for e-commerce companies. Using technology wisely while managing inventories or connecting with consumers may improve customer experience and reduce mid-purchase dropouts. Advanced programs and inventory management software, for example, can give up-to-date product listings. This can help to decrease order cancellations due to delays. Technology can also be used to facilitate quick communication, such as with chatbots. Check High-Value COD Orders When transporting high-value cash-on-delivery goods, an unavailable consumer might pose significant logistical and financial challenges for your company. Before fulfilling a COD order, it is usually preferable to confirm the customer's availability. This can help you avoid last-minute cancellations and save you money. Check High-Value COD Orders Find the Right Fulfillment Partners For successful product distribution, an e-commerce firm must rely on several partners. A diverse set of stakeholders influences customer experience, ranging from logistical partnerships to contact center outsourcing firms. This is why it is critical to select the correct partners to build a trustworthy experience chain for your clients and avoid cancellations due to discontent Minimize Returns Vendors who sell on Myntra must maintain the least returns as much as possible. To sell on Myntra and maintain returns, the seller must look into the facts mentioned below  360-degree product images To sell on Myntra or any eCommerce fulfillment platform differs from selling in a traditional retail store. In a retail store, customers may visually check and judge the quality of things. E-commerce platforms, on the other hand, provide relatively few visual indications to buyers about the goods they are about to purchase. Sellers must overcome that gap with outstanding product photography. Providing your consumers with a 360-degree picture of the goods is the most effective strategy to reduce returns. Don't overlook important visual information so the buyer knows exactly what they're getting. In-depth Product Description If there are any aspects that a photo cannot convey, make sure you mention them in your product description. A thorough product description is essential for decreasing Myntra returns since it reduces the amount of misled purchases. A good description can inform clients about the product's intricacies, such as measurements, color options, and materials utilized to create it. A consumer who understands exactly what they're getting is less likely to return the product once it's been delivered. Make sure to include crucial facts in your product title so that clients can easily find the content. Use product videos Videos are fantastic marketing tools. Because you won't be able to make a sales pitch in person, make sure your product video fills that need. A product video can assist clients in better comprehending the product and making an educated buying decision. It condenses your product photos and descriptions into an easily digestible visual bundle, filling the visual and sensory gap that usually bothers online customers. Keep in mind that you may only upload videos and additional visual material if you are a Myntra-registered brand. Outstanding packing The online shopping experience of a client does not end after a product is purchased. Packaging can help you increase sales significantly. Packaging is more than simply understanding how to pack a product; it is also about ensuring that the proper items are packed in the first place. Always double-check your orders to verify that clients receive the merchandise they requested. Shipping and delivery on schedule Customers have deadlines as well. Their purchase may be a birthday present, therefore waiting for the thing is out of the question. When you get an order, make certain that the product is sent on time, every time. While there are often logistical issues that are beyond the seller's control, it is within your ability to ship orders as quickly as feasible. If the order is late, there is always the possibility that the merchandise may be returned, resulting in an unnecessary blemish on your seller record Ensure timely customer service Because of Myntra's customer-friendly return policies, sellers have few options as a vendor if a product is returned. Returned goods, on the other hand, provide a chance for a seller to learn from their mistakes. Vendors must resolve customer complaints in real-time and provide a channel for customers to report their issues. A fast answer might help to alleviate a customer's concerns and boost their trust in your business. A positive customer experience frequently results in more purchases and a reduced return rate. Make use of feedback and client reviews Customer feedback and reviews are critical for enhancing your service and products, therefore keep a watch on customer comments and reviews at all times. To reduce your return rates, try to figure out why your product was returned and work to solve the problem. It is also never a bad idea to contact the buyer personally. If a consumer has requested a refund, get in touch to explore what can be done and how this scenario may be prevented in the future. Direct and honest communication is frequently all that is required to guarantee that the customer does not post bad feedback about the vendor. You may take this a step further by asking your clients to complete a brief multiple-choice survey to better identify and address underlying issues. Improve Procurement SLAs Plan your inventory replenishment to avoid running out of inventory while keeping in mind the typical time it takes to send the product to the eCommerce fulfillment center.You must have a certain quantity of items in stock in your storage facility at all times, i.e. standard level inventory.When inventory falls below the normal level, you must order more inventory, also known as reordering level.Keep an emergency supply on hand. Improve Ready to Dispatch(RTD) SLAs Create product listings for the goods that, based on your order processing capabilities, you will be able to ship by or before the scheduled ship date.Ship the orders and confirm the shipping with Myntra by the order's scheduled ship date.Pack your orders and designate them as ready to dispatch (RTD) on a first-come, first-served basis. Regularly review your order fulfillment operations to detect and rectify any inefficiencies that may result in late dispatch.Increase your ability to handle orders during flash sales and other promotional events. How can WareIQ Assist You to Sell on Myntra?  Working with a tech giant like WareIQ will help you sell on Myntra as Gold Tier Seller. Let's look at how: Meet all SLAs to guarantee shipment adherence and avoid seller cancellations. WareIQ's SLA-driven and streamlined pick and pack solution allows you to pack Myntra orders on time and label them as 'ready to dispatch.' Sellers can minimize late shipping and cancellations by meticulously processing orders while keeping SLA in mind. Read how the pick and pack process works. With Correct Inventory Relay, you can avoid seller cancellation Every 5 minutes, WareIQ syncs your inventory across all sales channels, allowing you to convey precise inventory levels on every marketplace and avoid cancellations. How do we assist in reducing seller cancellation?  You only get requests for inventory that you have by relaying precise inventory levels. Check out Warehousing and Fulfillment at WareIQ and read about warehouse management. WareIQ's Inventory Planning Increase your Gross Merchandise Value(GMV) by offering product bundles You may utilize strong merchandising strategies like product kitting with WareIQ to package many goods together. This allows you to maximize product visibility and give clients interesting incentives. How do we assist? It allows you to increase sales by boosting a purchase's average order value (AOV). Discover how kitting may be an effective revenue-boosting strategy.  Fulfillment is frictionless during flash sales and other promotional events. WareIQ network supports flash sales by coping with exponential increases in order volume and integrating its broad fulfillment infrastructure with well-organized workflows. Simply tell WareIQ of the sale's schedule and duration, and WareIQ will raise your daily pick capacity and provide enough labor. How do we assist in frictionless eCommerce fulfillment? It enables you to improve sales, enhance income, and assure uninterrupted order fulfillment. Check out our crucial guide on organizing a flash sale. Eliminate seller-controllable returns and product quality returns, ensure accurate order processing and quality inspections WareIQ performs quality checks throughout inventory receipt and order processing to ensure that your customers receive the proper items. If you have one-of-a-kind items that need to be thoroughly investigated, WareIQ allows you to tailor the inspection criteria to your exact requirements. How does it assist? It enables you to provide the correct items with remarkable order accuracy while efficiently handling returns management. Conclusion While many merchants believe that selling on Myntra is a no-brainer, it is dependent on the type of your items, company goals, and eCommerce fulfillment service requirements. To become a Myntra seller, we may provide your company with the push and exposure it requires to maintain continuous development. Retailers, on the other hand, would have to evaluate the benefits against the drawbacks. If you do decide to sell on Myntra and want to keep some of your flexibility, you can always hire a third-party fulfillment firm like WareIQ to handle all of your needs. You may concentrate on the heavy lifting while we handle the rest. WareIQ is one of India's leading and fastest-growing full-stack eCommerce fulfillment companies, providing everything from same-day and next-day delivery, shipping badges, and RTO Shield to cutting-edge technological solutions like our custom Warehouse Management System (WMS) and user-friendly app store. We can handle all of your brand's fulfillment needs, ensuring that you and your customers receive the finest order fulfillment in the country, a hassle-free experience, and increased customer happiness. Over 300 of the fastest-growing eCommerce firms, including The Man Company, Future Group, Kama Ayurveda, and Wingreens Farms, have already entrusted WareIQ with their fulfillment processes, allowing them to focus only on sales, marketing, and R&D. All of these fantastic advantages are also available to you if you improve your eCommerce game. We cater to all types of businesses and provide the most affordable rates in the market. Sign Up Now with WareIQ today to take advantage of our excellent fulfillment technology platform and develop your online business faster. How to Sell on Myntra FAQs What is the process to register and sell on Myntra?To sell on Myntra, you must first register a seller account on their website before filling out a simple form with your personal and business details. How can I create a Myntra seller account?If you want to sell on Myntra and want to open a Myntra seller account, you must first create a Myntra Partner Portal account. You may create a Myntra seller account from within the Partner Portal once you have registered a Partner Portal account. What type of products to sell on Myntra?All kinds of Clothing and accessories, Bags, Footwear, Self-care Products, and Jewellery are the best categories of products that vendors sell on Myntra. Is it profitable to sell on Myntra?Yes, it is advantageous and profitable to sell on Myntra. Before you begin to sell on Myntra, you should be well informed of the company's selling policies. How do I sell on Myntra if I don't have a GST number?If you wish to sell on Myntra without a GST number, you may only offer non-taxable items. These items do not require a GST number to be sold online. Is it possible for any individual to sell on Myntra?Only a business entity, not a person, is permitted to sell on Myntra. As a result, to become a Myntra seller, the applicant must own a legally recognized firm. How can I sell on Myntra and become a gold seller?If you wish to sell on Myntra and aspire to become a gold tier seller, you should follow policies strictly to sell on Myntra and stick to SLAs to gain access to the gold tier. You also need to maintain specific return rates and quality as per rules to sell on the Myntra marketplace. Why sell on Myntra?Selling on Myntra is an excellent approach to promoting your products to prospective consumers. One of Myntra's biggest features is that they provide free shipping on orders above INR 499. Returns are very simple, and buyers may receive their money back within a few days.

May 23, 2022

7 Best Ways to Increase Shipping Speed in eCommerce Business in 2022

7 Best Ways to Increase Shipping Speed in eCommerce Business in 2022

The speed of delivery has always been one of the major factors in meetings customer expectations and it seems to be getting more challenging. However, the real challenge is that in today's modern world, fast shipping in 1-2 days is considered the norm, not an additional benefit. There is a dire need for eCommerce players to increase shipping speed to meet customer expectations. Before figuring out the reason for improving delivery speed, let’s understand what eCommerce shipping speed means. What is Shipping Speed? Simply put, shipping speed refers to the speed of delivering customers’ orders to their doorsteps. Whether the product being shipped is online fashion, groceries or pharma, its shipping speed is the time taken to travel from the warehouse to the customer. It depends on the distance between the storage unit and the customer’s doorstep, the road network, and other logistical challenges and costs such as infrastructure. Shipping speed is calculated in the number of days or hours taken to deliver the shipment to the customer. It is different from the processing time that companies take to process and prepare the order for shipping. Processing time includes the time to procure the inventory and build the final product. Shipping speed comes into the picture once the product is handed over to the carrier. Why is Shipping Speed an Important Metric in the Shipping Strategy of an eCommerce Business? Customer expectations drive eCommerce business decisions. A few years back, the expectations were same-day or next-day deliveries. The internet penetration in smaller towns was already driving the trend of fast deliveries when the forced stay-at-home lockdowns changed customer mindsets. Gen-X and millennials were getting used to the idea of instant gratification. This situation reduced their patience even more and so too, the timeline given to eCommerce players to deliver. The rising number of eCommerce players in the market has added to the desperate need to perform better. Most customers switch to another brand if the delivery takes more than one or two days. In fact, 49% of online shoppers accept that same-day delivery pushes them to complete the transaction. 80% of shoppers expect same-day deliveries, but 61% expect their package to arrive in less than three hours. Plus, many customers agree to pay for increased shipping speed. The eCommerce logistics involved in shipping online perishables or groceries is another story. However, its penetration in the Indian economy is expected to reach up to 5% by 2025 from 1% today. Plus, around one-third share of the income is spent on groceries, and a young population below the age of thirty further pushes eCommerce companies to improve delivery speed. All these factors combined are spearheading the need for speed in the shipping strategy of eCommerce businesses. In addition, the current consumer mindset is forcing online retailers to improve delivery speed to stay in the game. Top 7 Ways to Increase Shipping Speed in eCommerce Streamline Picking eCommerce business owners know the significance of same-day picking of inventory. The moment an order is placed, try to pick up the stock or schedule it through your logistics partner on the same day which increases shipping speed. Notify the customer of the pickup to keep them engaged. Let them know that their order is already on-route to the warehouse for processing. This technique serves as a great time-saver. Use Multiple Storage Locations Having multiple warehouses and dark stores is another way to increase shipping speed and although it also increases overall logistics costs, this hack indeed speeds up last mile deliveries. Areas are divided into geographical zones, and storage spaces are set up for order fulfillment. Moreover, it allows eCommerce companies to cover more pin codes. The logic is simple. Being closer to the customer’s destination helps in saving time and logistics costs. Plus, partnering with a specialist warehousing provider at multiple locations can help the business reduce overheads. Be Ready for Peak Season Discounts and orders increase during the festive season, leading to hectic timelines and puts unprecedented pressure on the supply chain. As a result, shipping delays can quickly occur when orders pour in, in contrast to any other time of the year. So it becomes crucial for businesses to prepare for this increase in demand in advance. Get resources such as manpower, inventory, software and 3PL fulfillment companies to prepare for the festive season. Unmet customer expectations can lead to poor reviews and a sudden drop in ratings. The eCommerce industry is on high alert during the peak season and all players look for ways to entice customers. No business can afford to lose its customers during this time due to underperformance. It is critical to focus on increasing shipping speed during this period. Provide Updates Through Notifications Letting the customers know of the whereabouts of their order is making a promise that their shipment is on the way. After making the payment, customers keep a frequent tab on their packages. eCommerce companies should strive for same-day pickups but delay informing the customers. Instead, roll out the confirmation email after the order has been picked and packed from the warehouse and shipped. This way, the notification highlights your promptness and surprises the customer who will receive the package earlier than expected. Partner with Experts Managing an eCommerce business comes with a lot of challenges. Having a 3PL logistics expert on board to offer advice and logistical services can smoothen the process. A specialist can help businesses plan eCommerce warehousing at multiple locations, offer safe and well-timed transportation services and give advice on reducing expenses. Have SLAs for Processing Procuring the inventory and preparing the final product to make it ready to ship can be a cumbersome process. Moreover, delayed processing can pressure shipping partners to meet delivery timelines. It can lead to failed promises and unhappy customers in case of tight shipping deadlines. Having service level agreements (SLAs) executed well on the ground helps prevent the snowball effect. eCommerce companies can also hire a logistics consultant to plan timely processing, push out the final product for delivery, and increase shipping speed for the business. Automate Processes Besides usual delays, as discussed above, human errors are another common cause of delays in operations. Automating the supply chain either partially or completely can save time & help to increase shipping speed. There are readily available automation mechanisms like robots, automatic barcode scanners and automated shipping decks. eCommerce companies must develop and optimise their shipping routes for timely deliveries to a particular zone or location. Today’s superior tech can automate the supply chain to save time and effort. AI and ML-enabled software assist in charting the best routes for efficient utilisation of transportation, workforce and time. Plus, advanced apps help integrate retail fulfillment systems with the supply chain and help improve delivery speed. Despite all preemptive measures, delays can happen while shipping, but there are ways to handle them. How do Online Businesses Manage Shipping Delays? After facing delayed shipments, most online shoppers don’t return to an eCommerce brand. It is more difficult to retain an existing customer than to acquire one. If not a global pandemic, human errors, customs issues, poor warehouse facilities, transportation & warehouse management, or simply distorted communication between logistics partners can lead to shipping delays. Here are some ways to manage shipping delays: Customer Communication Update the customer in real-time with the reason behind the delay and the revised estimated delivery time. Then, offer them some discounts on their current or future purchases and special deals to pacify them. Take Ownership While some customers may understand, some might choose to post complaints on social media. Either way, eCommerce companies need to take ownership of the delay and issue a formal apology. Track Orders in Real-Time eCommerce companies must watch for any mishaps or delays once the shipment has left their warehouse. While hiccups occur, shipping partners usually offer a resolution. Some propose a money-back guarantee, which helps retail customers. Use Multiple Logistics Partners The supply chain requires multiple processes at different stages. Using multiple logistics partners is advisable for eCommerce businesses so they can fall upon someone else if one service provider falters.  How Can WareIQ Help Increase Shipping Speed for eCommerce Players? WareIQ is a shipping and eCommerce fulfillment enterprise. They provide their eCommerce clients with high end updated technologies like an advanced warehouse management system, RTO Shield, a team of specialists, multiple warehouses across India, information regarding the best courier services (area-wise), etc. This series of offerings enables eCommerce businesses to store inventory closer to their customers throughout the country, thus facilitating faster order fulfillment and improving delivery speed. WareIQ's team and tech, combined, offer efficient solutions for Intelligent inventory placement and courier allocation to the eCommerce industry. They employ a full-stack approach that offers complete fulfillment solutions, last-mile delivery tracking, COD and returns management. After all, they are a seasoned logistics service provider. Sign Up Now with WareIQ to take advantage of our superior fulfillment tech platform & accelerate the growth of your online business. Shipping Speed FAQs How can WareIQ provide fast shipping speeds to your business?WareIQ offers multiple fulfillment services including it's custom WareIQ RUSH platform that enables companies to provide seamless same-day and next-day delivery. How is Shipping Speed calculated?Shipping speed for an order depends on the processing time and transit time. Factors affecting it are the customer’s delivery location, the route leading up to it, any unforeseen contingencies and the number and nature of products that need to be delivered. Can there be different charges for odd-hours shipping?Yes. If a customer selects odd-hour delivery timelines, eCommerce companies can charge a fee for such shipments. Such orders affect the average shipping speed executed by the company. They demand specialized planning, which might have to be advanced or delayed depending on the customer’s request. Does faster-shipping speed increase sales in eCommerce?Fast shipment contributes to greater conversion rates.  49 percent of customers agree that speedy shipment encourages them to shop online. This means that a single day's delay in delivery might make or break a purchase. When delivery times are too slow, 85 percent of customers look for better options elsewhere.WareIQ is an eCommerce fulfillment company that provides Prime like logistics with the fastest shipping speed to online brands in India enabling next day & same day delivery. Can complaints or requests received in transit affect the shipping speed?Any customer requests received in transit are usually not accepted as they can delay the shipment. However, 3PL shipping partners know how to handle such contingencies and can assist the eCommerce businesses in managing the situation.

May 21, 2022