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Multi-Channel Selling: How to Use Multi-Channel Retailing to Boost Sales Across Online Marketplaces in 2024?

Multi-Channel Selling: How to Use Multi-Channel Retailing to Boost Sales Across Online Marketplaces in 2024?

In this day and age, making sure your product is visible and readily available to a wide audience is just as or even more important than ensuring you have a competitive product in the first place. With the sheer number of resellers, listing platforms, and media outlets to promote products on, it is easy for even an ultra-competitive product that is targeted at the right audience to fall through the cracks. That is where multi-channel selling comes into play. It is a means of ensuring that your product is available on every single type of platform that it could be listed on. This helps increase the visibility of your product and there are more chances that your potential customer will identify and eventually purchase your product through one of the many eCommerce multi channel selling platforms that it is listed on. Read more to find out how multi-channel selling can help your business. What is eCommerce Multi Channel Selling? Multi-Channel Selling is a way of selling products on multiple sales channels. A seller can sell products/services from its e-commerce website as well as any online marketplace, social handles, or/and from its physical brick-and-mortar stores. In the past, multichannel selling was limited to in-store experiences, catalogs, and sales over the phone or via email. Customers can shop and buy through whichever channel they like with multi-channel selling. A manufacturer selling to a few wholesalers, for example, might have sent them a catalog. Wholesalers would then need to contact the manufacturer and place an order over the phone or via email. This is a lengthy process that involves a lot of paperwork and is prone to errors and misunderstandings! Today in multichannel selling, sellers are able to attract visitors in bulk to their site and convert a substantial fraction of that traffic into paying clients with effective marketing efforts and a well-designed website. But why limit the business to a single website? There are numerous alternative sales channels (Amazon, Flipkart, Meesho, etc.) via which a seller can attract new consumers and increase revenue for their business. To build a brick-and-mortar business, sellers would have to spend a significant amount of time and money finding new locations, hiring new personnel, and so on. However, moving into new territory online is a lot easier and less expensive. [contactus_gynoveda] 5 Different Platforms Utilised for eCommerce Multi-Channel Selling There are various platforms utilised for eCommerce multi-channel Selling. Majorly, it has been bifurcated into five categories. These are as follows: Seller’s websiteOnline marketplacesSocial media platformsThird-party websitesBricks and mortar Seller’s website multi-channel selling_mCaffeine In the era of the internet, a website is an important asset of multi-channel retailing and acts as a virtual shop where a buyer can find a catalog of product categories with all the exclusive details having a buying option for it. There are few companies that start their business as D2C brands where they sell via their own website. A few examples of such companies in India are mCaffeine, BOAT lifestyle, open secret etc. Online marketplaces multi-channel selling_marketplaces_Amazon In recent years, online marketplaces have been dominating the market with the highest market share of sales. Amazon, India's biggest online retailer claims to have 85 million unique monthly visitors (according to big commerce) followed by Meesho and Jio mart. It is a very important outlet for multi-channel retailing Advantages of an online marketplace in multi-channel selling include: Huge customer baseEasily accessibleEasy checkoutNew consumers who may purchase againFulfillment process for retailers and customers Disadvantages of an online marketplace in multi-channel selling include: Marketplace fees (which can vary by category)Restrictions on branding one’s businessCut-throat competition, leading to minimum marginsInability to record customers’ information Marketplaces are further divided into three main categories when grouped by their target audience: Business-to-business (B2B)Business-to-customer (B2C), andPeer-to-peer (P2P), or customer-to-customer (C2C) Suggested Read: Sell on Flipkart, Sell on Myntra, Sell on Etsy Social media platforms multi-channel selling_social media_Instagram Websites and e-commerce platforms are not easily accessible for small businesses, so these businesses show up their online presence and sell their product using social media platforms. It helps all businesses to increase customer retention by posting and tagging directly to the clients. Third-party websites multi-channel selling_third party websites_GSMArena This is usually utilized for electronic and luxury products like mobiles, smart watches, washing machines, etc. Here, people come to see features and compare them with similar products of different brands in a certain price range. After comparison, there is a buying option for the customer. Bricks & Mortar It is the conventional method of buying and selling products. Customers go to stores and buy products. With the changing time, the working style of these stores has changed. Many big players have emerged in this business model. They keep almost everything under a roof at a very marginal rate. What are the Advantages of Multichannel Selling? All selling options have pros and cons. Adding all these channels to the multi-channel selling options adds a bunch of pros and scales down the cons. It increases availability with 24*7 options for a customer. To get more insight the benefits have been listed below. Increases Presence If a seller opts to be on multiple channels then the presence of his brand(products) will increase with the number of channels. E-tailor will get more customer presence for their listed product. More Focus on Target Customers/Markets You must have heard this marketing mantra; sell the right thing, at the right time, to the right person. The explanation of this mantra comes with the question, how is it done? Multi-channel options enable a seller to select an audience mainly through online selling. Here,  the seller can filter the market based on their psychographic and demographic profile. Sellers have the ease of choosing their niche market and targeting them with the right strategy.  Improves inventory transparency As a seller or manufacturer, here they get the exact count of products they have in their inventory. With the help of an AI and IoT seller, the manufacturer or any person in charge of it is informed regarding the inventory, orders, sales graph, shipment tracing, the life of products, etc., etc. Improved Customer Perception Generally, a person perceives what he sees. The transparency of reading customer reviews on products, delivery, packing, or any related pre and after-sales service helps the customers to choose the right product offered by a good seller. This has changed the perception of the online shopping experience for most of the general public.  Gather Insightful Data In the coming years, data will rule the market. The primary difference between an old seller/shopkeeper and a new one is, that the old shops have more contacts, it's a name known by a bunch of people due to which they have much footfall in their shop. If a seller has data on the masses, what they are looking for, where they live and their ability to buy this will help a seller to target the group of needy. Improves Conversion Rate If we have the data of someone who is already looking for a similar product then of course it will be easy to sell him, instead of selling the product to those who may or may not want to buy it. Here we have options of easy conversion by targeting the right person which leads to a high conversion rate. What are the Disadvantages of Multi-Channel Selling? When we talk about the disadvantages of multi-channel selling. Many of the disadvantages of a single channel are covered by other selling channel options. Although being in a competitive market a seller will have disadvantages. A few of the major disadvantages are: Complex logistics In multi-channel selling options, most of the channels are online where the buyer looks for delivery at his/her doorstep before any transaction of money. Most of the time the seller is ready to dispatch the product but the problem is in logistics. A seller who is engaged in selling products can barely give enough time to packing, shipping, tracking, and all logistics-related steps. In multi-channel online selling, buyers are beyond the seller’s reach so logistics is the biggest disadvantage. A platform which has a good logistic facility is said to be a better platform for sellers as well as buyers. Competitive Pricing In a huge marketplace where there are millions of sellers and billions of buyers, the pricing of the product matters a lot. Here the buyer chooses and the seller loses, if there is a small difference in the price of the same product by different sellers. Return and refund After doing everything to sell the product through multiple channels like listing products, choosing a logistic partner, and dispatching articles before getting paid, if the customer returns the product without any reason then a seller feels it is the biggest disadvantage of online selling which also applies to multi-channel sales. 5 Main Challenges Associated with Multi-Channel Selling for eCommerce in 2024 Doing business is a tough task. Sellers have a lot of challenges to face which are part of their business practice. A few of them are: Product Information and Listings Management To sell a product, sellers need to make the buyer aware of what the seller is selling, what are the benefits of the product, and the advantages of buying from them. To sell they need to show. Inventory Management An eCommerce multi-channel seller who works with the idea of selling in quantity with fewer margins needs to maintain a good amount of inventory. They get orders from many platforms and to fulfill that demand they need a high volume of the listed product and/or keep the inventory maintained as per the demand ratio otherwise if they are short of product they will fail to deliver it on time or may not deliver after taking the order which will impact on seller reviews. Cross-Channel Messaging Only making a presence on the platform does not give a seller active buyers. They also need to be active and keep in touch with them through messaging, tagging, and replying to their queries. Order Fulfilment and Returns Order fulfilment and product returns can consume a lot of time and add complexity when sellers sell on several channels. Establishing a flexible, dependable, and scalable fulfillment plan that does not eat into profit margins is a more crucial and demanding task than most sellers realise. Gathering order fulfilment and return concerns in one place, together with a channel-specific view, will aid in identifying and addressing the bottlenecks that eCommerce sellers frequently face. Data Management and Analytics As the number of channels grows, the volume of data coming in and the number of data sources that e-seller must handle will become overwhelming. It's more likely to result in the seller losing out on the big picture. These data silos must be broken down, and business intelligence must be integrated into a single display. It helps them get a big picture of the business and derive actionable insights from the data. What are the Different Strategies for Multi-Channel Selling in 2024 that Online Businesses can Implement? Before making any strategy, a seller needs to know about multi-channel selling inside-out. The knowledge needed to be gained by each seller is different, according to their product and business model. So first we need to define channel as per offerings and availability  There are three models of selling: Business-to-business (B2B)Business-to-customer (B2C), andPeer-to-peer (P2P), or customer-to-customer (C2C). So for each type of business, a seller will have to choose different channels according to their end-user. Like a product offered on Amazon business can not be sold on Amazon, a seller can not list a product on BigBasket and cannot list or sell on Shopify as well, and gain equal attention. They all are sales channels for use for different purposes so customers should choose wisely and customise the product features smartly. Build a Multi-Channel Marketing Plan Before a seller makes an account and lists the product on multiple platforms, they need to make a plan. Will they need a customer support team, a person taking care of the logistics, accounts, etc? These days sellers have options that are helpful in full-stack logistics but here also they need to get partners with them. Use a CRM Software to Target Prospects Multi-channel e-commerce marketing is only as good as the technology that powers it. A seller can send content on several channels every day for as long as they like. They may lose sales if they do not keep up with their targets as they bounce through various channels. Rather than saturating each channel with content at random, target people who come into contact with the offered product. Customer relationship management (CRM) software can help sellers to do this. CRMs allow sellers to keep track of all of a customer's interactions with their company. They can choose one that connects to all of their channels to ensure that no contact goes unnoticed. When a client reacts on a channel, the CRM creates a user profile for them right away. With each engagement, that profile is regularly modified. This allows a seller to see how a consumer moves across their channels and identifies trigger events that may indicate what that person is looking for. Conversion pathways that function better with that profile are also visible. The seller would be able to figure out when, where, and how each consumer wishes to be contacted if those channels are followed. Optimise the channels and implement target marketing based on this data to increase sales conversion. CRMs can also assist sellers in identifying loyal consumers who have been with them for a long time. They can give rewards to them. As a result of word-of-mouth, they will attract additional clients. What Types of Businesses is Multi-Channel Selling For? In this day and age, all businesses should have multiple channel selling options. It gives equal opportunity to businesses regardless of their size, reach, brand, non-brand, urban location, rural location, etc. The things that matter here are quality of product/service, availability, reviews by other customers, quick delivery and return policy.  The only thing that a business should think about and plan before going on a certain selling channel is whether; is the platform right for their target market. A machine lubrication oil manufacturer should not list and sell its offerings on Amazon or eBay and a pair of shoes will rarely get any customers on IndiaMart. Choose the channel sensibly, list the product and describe it smartly and choose a delivery partner wisely. Why Should You Choose WareIQ as a 3PL Fulfillment Partner if You Are a Multi-Channel Online Seller? Different stages of the buyer's journey are targeted via social media, comparison shopping engines, marketplaces, and a seller’s website. The ultimate goal of a seller is to make more sales regardless of any platform or location. At the end of the day, any seller will want more transactions, rotation of products in inventory, and popularity which all are fulfilled here. A seller will be able to maximise their reach and broaden the breadth of the company's capabilities by having a presence on each of these retail channels. If they do it right, customers will keep coming back for more, no matter where they are in their journey. eCommerce Multi channel commerce is a crucial strategy for success in today's connected world, but it comes with its own set of problems and opportunities. Online selling on multiple online marketplaces in India is cumbersome & complex due to the following reasons: Marketplace Integration: Marketplace additions have long onboarding cycles and iteration loopsFulfillment Infrastructure Setup: Warehouse additions via PPOB/APOB model is a time-intensive (30-90 days) process with ongoing compliance costsERP System Integration: ERPs are typically integrated for B2B workflows and don't support B2C eCommerce operationsCompliance Stipulations: Being compliant with PN2 & FDI norms of the Government of India takes the brand's focus away from core online business You can streamline your entire shipping operations in one place with WareIQ. Established in 2019, WareIQ, a Y-combinator-backed startup, has rapidly grown to be the leading provider of full-stack eCommerce fulfillment services for some of the most reputed brands in India. WareIQ offers a full-stack platform for eCommerce companies to enable same-day delivery and next-day delivery to customers – an Amazon Prime-like experience but accessible to everyone. Integrate with multiple marketplaces & pan-India fulfillment network from Day 1 through WareIQ's Seller on Record model & go live on-demand on multiple marketplaces with premium-tier access, simplified operations & zero compliance risks to accelerate your revenues. Leverage our existing listings on multiple marketplaces & go-live on-demandKickstart your B2C operations with a simple B2B stock transfer to WareIQSimple & easy financial payments & reconciliations through our virtual inventory modelCreating cost & process efficiencies through centralized taxation & compliances WareIQ's analytics-enabled technology platform functions as the central command center for all your logistics operations. Order management, inventory management, warehouse management & shipping management – all are possible through WareIQ's fulfillment platform. [signup] eCommerce Multi Channel Selling FAQs (Frequently Asked Questions) What is a multi-channel business?Multi-channel retailing is a business approach in which you sell your products on multiple sales channels, both online & offline, via which they can purchase from you. It's frequently confused with omni-channel retailing.  What is an example of multichannel retailing?The retailing of products through more than one channel is referred to as multi-channel retailing. Catalogs, physical stores, e-commerce platforms, and online marketplaces like Amazon and eBay are examples of these channels. What do you mean by Omnichannel selling?Omnichannel retail (or omnichannel commerce) is a multichannel sales strategy that focuses on offering a consistent customer experience whether the customer is purchasing online, on a laptop, or in a physical store. Why do retailers need multiple channels for selling?Multi-channel retailers allow you to reach your customers no matter where they are in the buying process or what device they choose. There's no limit to where shoppers can find and buy products now that they have mobile devices. Does WareIQ provide fulfillment services to retailers selling their products on multiple channels & marketplaces?Yes, WareIQ provides fulfillment services to online brands selling on multiple online platforms & marketplaces which can include their own D2C websites as well as marketplaces like Flipkart, Amazon, Myntra, Nykaa etc. WareIQ’s Fulfillment Tech Platform supports integrations with 20+ top marketplaces & D2C platforms, and prominent national, regional, and hyperlocal couriers, enhancing reach by covering deliveries for 27,000+ pin codes. What is a multi-channel selling marketplace?Multi channel marketplace is basically advertising and selling everywhere your customers shop. Beyond promoting, it introduces commerce to multiple channels where your target market already spends time, such as marketplaces, social media, messaging applications, and online communities.

August 02, 2022

Product Bundling in eCommerce: Definition, Types, Advantages & Strategies for Online Sellers to Capitalise on Selling Product Bundles in 2024

Product Bundling in eCommerce: Definition, Types, Advantages & Strategies for Online Sellers to Capitalise on Selling Product Bundles in 2024

Even eCommerce retailers are the customers of other brands in other industries. Customers often browse through multiple product listings and end up purchasing the option that gives them the best deal such as buy one get one extra, free delivery if the purchase value is of a certain amount and buy 3 products for a 10% discount on each, among others. This business trick is called product bundling and it is mainly used to increase the average order value of a business. In this article, we will learn all about how product bundling works, how it is implemented, strategies for online sellers, and ways to get better output while implementing a win-win situation for yourself as well as your customer. What is Product Bundling? Product bundling in eCommerce refers to several products or services sold together as a combined package to offer customers a better offer than if they were sold individually by a seller. Groom kits, sets of soap, value meals at restaurants and other products are a few examples of product bundles. Some companies only offer specific best-selling products in bundles rather than individually to entice customers to try other products along with their best-sellers. Product bundles are a well-liked strategy used by eCommerce retailers to sell more of their goods and raise their revenues over time. [contactus_lilgoodness] Types of Product Bundling Pure Bundling Pure product bundling prohibits the sale of individual products that make up the bundle separately. Instead, they can only be bought together at bundle pricing. The options available to the consumer are constrained by this strategy. For Example, many companies only offer trips or insurance for families instead of providing options for an individual. Mixed Bundling Customers can purchase particular products in mixed bundles or as standalone ones, at bundle pricing or standard pricing. A consumer at a fast-food restaurant, for instance, has the option of purchasing a single burger or a bundle value meal. Mix and Match Bundling The mix-and-match product bundling method enables customers to choose from a variety of related products. Brick and mortar retailers typically do this for quickly moving consumer goods like perishables or bulk items. Here, you list a few things for your consumers to select from and they can put the selections together to create a unique bundle. This technique raises the item's perceived worth by making the customer feel like they have direct control over what they purchase. It is the ideal strategy for pushing your clients to buy products in quantity and at bundle pricing without pressuring them to purchase things they don't want. Similar Item Bundling Customers that wish to buy a lot of things at once will benefit from using this strategy, which is similar to bulk buying. This technique is typically used with items that get depleted quickly. Examples of such products are conditioner with shampoo, face wash with face cream, etc. New Product Bundling In this strategy, newly launched products are promoted alongside more established or well-liked products to get clients to purchase your most recent offering. eCommerce shops employ this strategy, combining new products with existing well-known stock to increase visibility for the new offering. The more well-liked the current product is, the closer the customer is brought to the new product. Examples include new series of watches sold with mobile phones at bundle pricing by respective brands. Gift Set Bundling Gift packages are designed for customers who wish to present a loved one with a collection of complementary products. Most of the time, holiday seasons are when this kind of bundle is sold. As the name implies, this kind of bundling aids consumers in selecting gifts for friends. This is based on the idea that a present is better if it includes more items. When consumers are shopping for useful items over the holidays, this form of bundling is extremely common. For example, a grooming kit consists of several products. Cross-Sell Bundling As an add-on to a primary product, retailers sell a complementary product using this product bundling strategy. With less expensive things or with parts or accessories that match a more expensive item, this form of product bundling is effective. For example, when you buy a laptop, you may also purchase a bag or a charger. Buy One, Get One Free or Half-Price Bundling Source This type of product bundling is when consumers purchase one major item, they can save money on or receive a free additional item by combining them. This method works best for one-time purchase products. In the case of electronics, for instance, a client who purchases a laptop would not return to the store to purchase the same item. Giving your consumers a free item, a discount, or a gift card can thus encourage them to add more things to their carts at bundle pricing. By including extra features or products in your current purchase, product bundling increases the value of your sale. To meet your clients' preferences and satisfy their desires, you can adjust your product offerings. Offering distinctive and expertly designed product bundles can make you stand out from your rivals. It raises the perceived worth of your products in the eyes of your customers, clears out your stale inventory and increases sales. Inventory Clear-Out Bundling If you want to get rid of outdated inventory or simply create room for seasonal goods, this strategy is quite effective. To quickly remove it from your inventory, combine well-liked products with the stock of non-moving or outdated goods. Even when older products sell for less, this strategy aids in cost recovery. Occasional Bundling This approach maximizes the festive season and unique events. For instance, when it comes to Valentine's Day, you frequently see a combination of flowers, cards, wine and chocolates packaged together for people who wish to celebrate with their special someone. Advantages of Product Bundling To Retailers Increases Your Average Order Value (AOV) Over time, product bundling may boost individual item sales and profitability. Your average order value will go up if you bundle your products together to encourage buyers to buy many items at once. For example, if you are a sports item seller, you may give customers a choice so that while buying a bat, they can choose to buy balls and wickets, making them purchase more than a single product which increases your average order value (AOV). Decreases Marketing and Distribution Costs You can sell more products and spend less on marketing and delivery by using product bundling. You can combine complementary products and offer them as one bundle rather than promoting each product separately. When you package various things together, you only need one warehouse to keep them, as opposed to multiple. Bundling also reduces the number of boxes of individual things you need to ship and reduces the cost of postage. Instead of creating print and online advertisements for each product, you can group them to save money on marketing expenses while simultaneously promoting all of your goods. Reduces Inventory Wastage Unsold goods remain in your inventory as dead stock, increasing your holding expenses before needing to discard them. Bundling can be used to get rid of this dead stock before it becomes an issue. Customers will view the bundle as a deal and be more likely to purchase it if you combine a slow-moving or stagnant item with a faster-selling product. This lowers your inventory holding costs, decreases waste and frees up warehouse space. Aids in Product-Line Expansion Online shopping for single inexpensive things typically has two unsatisfactory options - either the vendor pays for shipping but loses money on the sale or the customer pays more for shipping than the item itself. eCommerce businesses can grow their product lines by bundling products at an order-value threshold in a way that benefits both customers and sellers. To Consumers Product bundles frequently provide discounts. Bundles are the ideal option if buyers plan to buy the contents of the bundle anyway. Customers will often compare prices on the package to obtain the greatest deals. If you are looking to price your products for more profitability, you can experiment with product bundling. They Can Try Out Different Products Customers can sample new products or product ranges that they might not have otherwise had the opportunity to try thanks to product bundling. Customers can be given complimentary goods to try when buying certain products. They Don’t Need to Waste Time Researching Multiple Products Product bundles naturally combine complementary solutions. As a result, buyers don't need to conduct any research to see whether those items would integrate or be of use to them. As a result, the purchasing process is expedited and the user experience becomes frictionless. They Can Personalize Their Order Make bundles specific to the buyer's needs so that they are not restricted to buying products that they don’t want or need. In such a scenario, a person can opt to choose multiple products that will add value to their initial order so that they perceive they are getting a better deal. Usage of Product Bundling in Marketing Source Creates a Positive Impression of Your Brand Customers will view an offer as more of a deal if it contains a reduced or free item than if the two items were sold separately. You can provide your consumers with the most value for their money while simultaneously increasing your sales by providing additional product bundling. Saves Time and Marketing Costs Product bundling helps marketers save time. It is significantly simpler for staff to stock (especially for physical products) and the products can be sold as a package deal, which reduces the number of products you need to promote to just one instead of multiple.  Provides Seasonal Opportunities You can entice clients to buy more products by bundling them during busy periods of the year, such as the holidays or summer sales, by instilling a sense of urgency or FOMO. Also, during festivals, you can spend extra on campaigning and marketing and you can save money by promoting the items as one unit instead of separately. Enables You to Sell More Products to Customers Customers have more options and greater value with product bundling, especially if the package includes things they need. Customers are typically more likely to select a well-made bundle over a product that is sold separately. Reduces Shipping Costs As you are sending things in bulk, bundling them together and offering a discount results in lower overall shipping costs as only one package is being shipped as opposed to multiple shipments. Tips to Capitalize on Selling Product Bundles in 2024 In this section, we will look at how to offer product bundles as well as the criteria you should use to measure your success for year 2024. Understand Your Customers Keep proper knowledge of your target customer base. Observe the factors that motivate people to buy particular products even if you may already have information on your consumers in your CRM system, including historical sales and purchasing behaviour. Look at the things they do not buy collectively as well as what they buy collectively and when. You can begin to develop specialized product bundles and strategies after you have a better understanding of consumer behaviour. Create Bundles Accordingly Find what customers regularly purchase and based on the data, create product bundling that fulfills their expectations. Choose solutions that will appeal to clients by considering the complementary products from your range that you can sell together. Create varied product packages as a final step to ensure that there is something for everyone. Products that your customers have purchased earlier and are likely to buy again should be included in your bundles as this will assure repeat business rather than one-time sales. Offer Better Deals Customers are constantly seeking the greatest deal. They are constantly on the lookout for the best deals and discounts. Consider giving your bundles a discount to increase your sales. Without affecting your profit margins, this will greatly improve the attraction of your products. Choose a Product Bundling Strategy To make your goods stand out, here are a few product bundling strategies that will bring value to your bundles: Price anchoringeCommerce Flash Sale (time-limited) bundlesPut bundles in the most visible areasBundle products according to themesShow the savings and the deal advantagesConsider personalization Manage Analytics and Optimize Decision-Making You can evaluate the effectiveness of your product bundling methods using the metrics listed below: Average Order Value (AOV) If your Average order value per customer increases then find out which bundles are doing well and the reason behind it. Product Growth Annually You can determine whether an item is doing well as a standalone item by looking at its sales history over a year. If not, think about combining it with a high-performance product and keep an eye on the outcomes. Conclusion It is worth considering how you can use product bundling in your sales and marketing plans if you offer items or services because it's been a successful marketing technique in every industry and continues to be practised both online and offline. If you need assistance with storing and fulfilling your product bundles, consider partnering with WareIQ. WareIQ helps you analyse historical data to identify which strategies are effective, driven by the real-time purchases of buyers. While managing inventory, we can identify the sales rate of each product and show you the top and bottom-performing products to make it clear which items require product bundling. Our WMS software will calculate the cost of your bundling and can give you better bundle pricing after optimizing the storage cost of the product. You also only pay for the storage space and services you use. We also offer multiple other eCommerce fulfillment services such as a nationwide network of fulfillment centers and partnerships with more than 20 of the largest shipping aggregators in the country. Product Bundling: Frequently Asked Questions (FAQs) What are the advantages of product bundling?Over time, product bundling may boost individual item sales and profitability. Your average order value will go up if you bundle your products together to encourage buyers to buy many items at once. Which company uses a bundled pricing strategy?This is demonstrated by businesses like Amazon, which frequently put together dynamic product bundles based on related items that their customers frequently buy. This enables Amazon to provide lower pricing than its rivals while simultaneously generating higher profit margins for the company. What is product bundle pricing?Bundle pricing is a business approach where businesses combine multiple products into one package and offer it for one price rather than assigning separate prices to each product. Why do companies sell bundle products?The objective of product bundling is to increase sales by persuading clients to purchase additional things. Companies occasionally put together product bundles containing items they want to sell off or clear out of stock. What are some examples of successful product bundling campaigns?There are plenty of examples of the same. To state a few 1. The classic example of product bundling is the "meal deal" offered by fast food restaurants, which combines a main item (such as a sandwich or burger) with a side and a drink at a discounted price.2. Many retailers offer "bundle" deals on products such as electronics or home appliances, where customers can purchase a package of related items at a discounted price. How do I avoid common pitfalls when using product bundling?1. Make sure that the products in your bundle are complementary and add value for the customer. Bundling unrelated or low-quality products can turn off potential buyers.2. Determine the right price point for your bundle. The bundle should be perceived as a good value by the customer, but it should also be profitable for your business.3. Clearly communicate the value of the bundle to the customer. Make it easy for customers to see the savings they will get by purchasing the bundle rather than buying the products individually.4. Don't overuse product bundling as a pricing strategy. If you offer too many bundles, it can become confusing for customers and dilute the impact of the offer5. Monitor the success of your bundling campaigns and be willing to make adjustments if necessary. This could include changing the products in the bundle, the price of the bundle, or the way the bundle is marketed and promoted.

August 02, 2022
What is a Pure Play Retailer? A Comprehensive Guide for eCommerce in 2024

What is a Pure Play Retailer? A Comprehensive Guide for eCommerce in 2024

It is very common to hear that an eCommerce seller with no brick and mortar store that is selling their products upfront, generates a huge number of sales and earns a handsome amount of money. The reasons for choosing this route can be many, like lack of capital, having fewer resources, operating other businesses, small manufacturing units, etc. The retailers who operate under these circumstances in the eCommerce space are called pure play retailers. In this blog, we will go into detail about pure play eCommerce and the differences between eCommerce sellers and physical store owners.  What is Pure Play Retail? Pure play retail refers to a business that only sells through one channel or only sells a single line of products instead of selling multiple product mixes. In the context of the eCommerce industry, pure play retailers only sell on online channels and do not have a physical store.  Many business owners decide to concentrate on a specific kind of good or service, which means that they run a pure play business. For instance, Boat only focuses on making earphones and electronic products like charging cables. The phrase "pure play" can also refer to huge organizations and eCommerce businesses that focus on a single industry like coffee or home furnishings. [contactus_uth] Pure Play Retailers vs. Omnichannel Retailers [table id=42 /] Advantages of Pure Play Retail over Omnichannel Retailers Lower Costs Pure play eCommerce can be substantially less expensive than multichannel shopping as long as your company has a robust order fulfillment service. The only significant expenses for pure play retailers are website maintenance and order fulfillment as there are no shops to operate. With the appropriate order fulfillment provider, you can reduce shipping costs and avoid investing in your own warehouse, personnel or infrastructure. Scope for Better Customer Experience Pure play retailers can focus all of their attention on enhancing the consumer experience through the channel they operate on because they only have one channel to maintain. Addressing customer issues, troubleshooting problems and creating a checkout and post-purchase experience that excites and retains customers can be given more time, money and focus. Disadvantages of Pure Play Retailers over Multichannel Retailers Lower Brand Visibility It might be challenging to promote your brand in front of customers without a physical presence and the touchpoints it offers such as signs, shop floor employees and shopping bags. Even if your digital marketing strategy is effective, pure play retailers may find it challenging to obtain loyal, repeat customers and capitalize on branding opportunities. Returns May Cost More Money In brick and mortar stores, the client needs to invest their own time and money to physically transport the product back to the shop it originally came from and they are responsible for covering any in-store return transit fees. For pure play shops, in-store returns are not an option and if a consumer wishes to return an eCommerce order, you can end up paying freight twice. This could gradually reduce your profit margins, especially if you sell a product that is frequently returned after being purchased online. Importance of Fulfillment Companies to Run Pure Play Retail in 2024 Ability to Offload Key Procedures Pure Play Retail is run only online without a brick-and-mortar store. They only have a virtual shop that is run through their website or a third-party selling channel. So if they are focused on eCommerce selling and get orders from across the country/world then they surely need a fulfillment company to manage their inventory in multiple locations, forecast demand, deliver the product after order placement and other necessary procedures. Access to Optimization 3PL companies will optimize your fulfillment and shipping processes if you want to take advantage of the cost savings and ease that pure play eCommerce offers. Online merchants of all sizes can manage inventory with the aid of third-party fulfillment which completes orders quickly and affordably, and satisfies consumers. Ability to Save on Expenses When partnering with a fulfillment company, pure play retailers can get access to a bunch of features for relatively cheap prices. They also do not sell products offline so they can reduce the expenses needed to keep extra manpower because ultimately, these resources will be underutilized. The money will be better utilized in giving extra discounts, marketing and positioning and investing it back into the business. Conclusion Pure play eCommerce comes with multiple advantages, especially for retailers that have newly entered the eCommerce industry and don’t have access to large amounts of investment and resources. Thus, if you want to sell products on online marketplaces without needing to invest in a physical store, it could be a good option for you, If you need best fulfillment service partner, you can opt to partner with WareIQ. When you delegate fulfillment tasks to WareIQ, you will get access to a large number of strategically, well-chosen, decentralized fulfillment center locations across the country. Merchants can significantly save on shipping costs by storing their products across our fulfillment network, allowing them to store their inventory closer to their customers. In order to smoothly and automatically send online orders for delivery, WareIQ’s WMS can integrate with more than 12 eCommerce platforms. Through WareIQ's dashboard, retailers can keep an eye on inventory levels, fulfillment processes, monitor orders and have access to other crucial information in real-time while also analyzing data to grow their business. Additionally, WareIQ's comprehensive B2B suite enables retail distribution for businesses as soon as they are ready, in addition to facilitating online expansions into online marketplaces and social channels, when you ever decide to expand into omnichannel retailing. WareIQ also equips you with an RTO shield which will protect you from the negative impacts of returns. Pure Play Retailers: FAQs Why is pure play a good option?Pure plays are easy to assess and provide the most exposure to a specific market niche and thus, some investors favor investing in them as opposed to other businesses. What is pure play in digital media?A pure play business like Netflix unlike Amazon only concentrates on one specific commodity or service. An investment in a pure play business might be compared to an investment in a specific good or service offered by the business. What are some pure play companies?Pure play companies are mostly eCommerce sellers but can also be major firms like Starbucks. Additionally, pure plays can be huge enterprises such as KFC and Dunkin' Donuts coffee shops. What are pure play retailers?In the context of eCommerce, pure plays retailers are companies that purely do their business online and on one channel.

July 29, 2022
eCommerce Catalog Management: A Definitive Guide Including Definition, Challenges, and 10 Best Practices in 2024

eCommerce Catalog Management: A Definitive Guide Including Definition, Challenges, and 10 Best Practices in 2024

Your customers expect consistent product information from you. They appreciate rich images that will help them visualize your products clearly. They want to be able to browse various product categories on your website as efficiently as possible. Without eCommerce catalog management, your product database is bound to deteriorate and hamper your business eventually. Surveys reveal that 30% of adult online shoppers would consider purchasing from an online retailer they have never shopped with previously if the retailer provided detailed product information. This means that a website that is simple to navigate, contains current information, and has eye-catching product images will not only draw in repeat customers but will also enhance the likelihood of turning indifferent visitors into devoted ones. In this blog, we will learn about eCommerce catalog management, why it is necessary, common problems faced and the 10 best techniques to make the most of it. What is eCommerce Catalog Management? eCommerce catalog management refers to the process of ensuring that your product database is structured, up-to-date, and organized across all online sales channels. Because it enables customers to locate what they're looking for and feel confident making a purchase based on the information supplied, eCommerce catalog management is a crucial part of developing an online brand. It aids retailers in managing product catalogs for various audiences and helps with inventory tracking across numerous channels for logistical objectives. Although different products require different details and information, product catalogs for online retailers often include information such as color options, pricing, sizes, the country of origin, materials, and more. [contactus_gynoveda] Why is eCommerce Catalog Management Necessary? Both B2B and B2C customers are accustomed to doing their product research and purchasing online these days. Therefore, in order to fulfill these client habits, make sure your products are visible and easily available online so that you can maintain your competitiveness. In order to enhance the purchase experience of customers, your firm needs to have a well-managed online product catalog. Concise and thorough eCommerce product catalog management will also help you establish yourself as an authority in your field and win over customers to your online store. 6 Common Problems With Product Catalogs Problems in eCommerce catalog management can have a negative impact for a variety of  reasons which include: Processing Product Data Manual entry is inherently laborious and error-prone. Although there are a few choices, such as management systems and automation technologies, eCommerce startup businesses can find it challenging to control operating costs. Absence of an Integrated Storage System When a firm grows, using several spreadsheets to keep inventory data causes errors and takes time. A unified data management system is required by vendors and suppliers to remove inconsistencies and search for disparities. Many retailers don’t have the financial resources to invest in these solutions so eCommerce catalog management suffers as a result. Inefficient SKU Replenishment Poor SKU management can cause stockouts and other inventory problems that go beyond product cataloging. It is challenging to track which things need to be reordered, where to store certain items based on demand, and ensuring the information presented online is accurate across channels with the ability to track inventory by SKU number. Difficulty in Integrating Channels Running a multi-channel marketing strategy is essential for reaching audiences and guiding them through the sales funnel. However, many B2B businesses find it difficult to optimize their offerings on several channels, especially if they don’t have a competent WMS to assist. Increase in Time Consumption You may find it challenging and time-consuming to refine and repurpose ERP datasheets for eCommerce product catalog management. Additionally, investing money in data sheets does not always result in high-quality customer-facing content for ongoing updates. Lack of Planning for Multiple Audiences Some eCommerce businesses have multiple catalogs for different audiences such as one for B2C orders and another for B2B. A common mistake is not considering the audience type of each catalog. As a result, the information across catalogs is too similar. This can cause issues, especially if you want to display bulk pricing only for B2B customers. Ensuring that you display the right information for different types of catalogs based on the audience is critical.  Solution: Always Think of the Customer The best way to achieve efficient eCommerce catalog management and streamline different product catalogs based on different audiences is to consider all audiences when curating a catalog and set it up that way in your eCommerce platform. By utilizing inventory technology to automatically display the appropriate details and information for each audience, it is possible to save manual labour and increase accuracy and consistency. 10 Best Techniques for eCommerce Product Catalog Management in 2024. We've compiled the following 10 best practices for managing your eCommerce product catalog to assist you in overcoming various obstacles, which are listed below: Build Brand Confidence With Reliable Product Details Make sure your customers feel at ease using your eCommerce site while they shop when implementing eCommerce catalog management. Visitors to your online store should feel confident doing business with you since this will increase their likelihood of making a purchase. You must provide complete and accurate information in your product catalog if you want to accomplish this goal.  To create high-quality product content, you can start with the three factors listed below: Incorporate Thorough Details in Your Product Catalog: You should give your buyers all the information they require to quickly evaluate your offerings. Technical characteristics, visuals, inventory data, measurement units, and product usage combinations should be included. This material must be understandable and simple to navigate.Verify That All of Your Information is Current: Assisting customers in making informed judgments will improve their purchasing experience. Consider both your static data, such as product specifications and your dynamic inventory data. If necessary, designate someone to be in charge of each adjustment. A different option is to attempt to link your web store inventory to your ERP inventory records so that your web store inventory levels are automatically updated.Use Top-Notch Images to Illustrate Your Items: Visitors to your online store will be drawn in and engaged as a result of high-quality images. Utilize several media forms to take it a step further. Tag and Group the Products in Your Digital Catalog By giving your customers the opportunity to filter, enhance and sort the product information on your website store, you can make it easier for them to explore your digital product catalogs. All of your products should be consistently tagged and categorized to have successful eCommerce catalog management. But remember to approach this from your customer's point of view. Consider how people may search your website and how they might browse for information. Make sure you don't restrict crediting your products to size and color alone.  Make sure that all product tags are uniform. For instance, do not alternate between labelling things with "medium" and "M". Instead, solely use "medium" to denote a product size. Make sure that all measurement units are identical. Use either inches or centimetres, and not both, when describing your goods. Implement Process Mapping for Your eCommerce Catalog Management eCommerce product catalog management is a complicated procedure, as was already indicated because of the involvement of numerous stakeholders. Making a process map for your catalog management can help you solve this difficulty. The locations of your internal and external stakeholders along this process can then be determined. You can gain a comprehensive grasp of the following through this mapping process: What steps in the catalog management process are impacted by stakeholders?Who is impacted by the modifications to your catalog?When do people experience the effects of the process? The mapping method enables you to rapidly identify the precise stakeholders to contact when your eCommerce product catalog needs to be updated. Let's take the example of a wholesaler who wishes to add a few products to their online wholesale ecommerce store. You would be better able to comprehend the steps you need to take and in what order if you had a clear map of your catalog management process. Then you'll be aware that you first need to gather the new product information from the suppliers, determine whether your courier can package the new products using the available resources, commission a product photo shoot with your agency, and ask your internal content team to write the product description, consult with your logistics department to obtain the documentation for new SKUs, etc. Offer Comparable and Alternative Products At a physical store, when customers want to check out, they go to the register. Products that may have been forgotten or missed are visible in the checkout area before they take out their credit card to finish the transaction. The same principles apply in an eCommerce setting. If customers can't find the specific thing they're looking for, they should be given options or encouraged to browse similar products. To raise the average order value, don't be afraid to cross-sell and upsell with related and alternative products. Maintain Your Online Store's Database of Product Catalogs Maintaining a database is an essential component of improving eCommerce catalog management because it is a form of information management. The following advice can assist you in maintaining a tidy product catalog database: Keep Your Product Catalog's Source of Truth Consistent: This entails preserving your data in just one database and avoiding its replication in any other system. This is not only more effective but will also eliminate any mistakes.Define the Permission Flows and Roles for Database Modification: Stakeholders will be aware of their precise roles and responsibilities when the product catalog database is changed. Authorization flows also assist you in preserving and protecting the integrity of your data and avoiding data duplication.Examine the Viability of Increasing Your Database if You Plan to Grow Your Product Catalog: Consider whether any future product catalog data can be collected, organized, and handled using your current data structure. In the event that it isn't, you should first consider reorganizing your internal data structure to make sure it is scalable. Choose a Tool for eCommerce Catalog Management You can manage your online store's product catalog with the help of a variety of solutions available on the market. Your online store's eCommerce catalog management can be controlled by:  an independent online store platforma spreadsheet application (e.g. Microsoft Excel)a system for product information (PIM)a website for online shopping that connects to your ERP You should take into account your current tech stack, business size, the complexity of your product catalog, availability of your personnel resources, and whether you have plans to grow to multiple online stores in the future when selecting an eCommerce product catalog management application. Try to maintain a single source of truth no matter which approaches you pick, as noted above, to prevent duplicating product data and running the risk of errors. For instance, you should avoid duplicating the data into a different eCommerce platform if you are already managing your product catalog with an ERP or PIM system. eCommerce that is connected with an ERP makes this possible. Personalize the Product Catalog for Your B2B Online Store If you operate a B2B company, you'll probably have to deal with an additional layer of complexity because your product pricing may vary depending on the customer or the nature of the purchase. For your B2B web business, catalog personalization should therefore be something you really consider. So, pay particular attention to whether your online store has control over the listed price. Additionally, confirm that your eCommerce catalog management solution enables customized catalogs if you decide to deliver various contents to various consumer categories. The content presented to your clients will be more pertinent to them if you choose a customized catalog option. Use an Inventory Management Software Regular inventory checks make sure that the items you list as being accessible online correspond to the actual stock on hand. To prevent backorders or selling an item that won't be restocked, you should update your product page if a product is out of stock. Inefficiencies like stocking too many slow-moving items and inventory shrinkage (when real inventory levels don't match accounting records) can be discovered with the aid of inventory audits. Balance Your Physical and Online Catalogs Consider how to make the two catalogs work in harmony if you use an offline product catalog in addition to your web catalog. In contrast, your online catalog can act as a comprehensive and current source of product information for in-depth analysis and comparisons while your offline catalog can act as a simple-to-read product summary for thorough comprehension and to help customers make quick decisions. Automate Reorder Point Notifications Using comprehensive inventory management software for your eCommerce catalog management requirements can enable you to set reorder points and have them notify you when the stock of a product falls below the level that was set. This will enable automated reorder triggers to the manufacturer in order to be able to replenish that product and avoid further stockouts and customer dissatisfaction. Conclusion The secret to boosting sales and managing a value-driven eCommerce platform is inspiring product data through eCommerce catalog management. People interact with product catalogs to raise awareness and make decisions about purchases. A seamless information flow draws customers back to your store. To organize information and choose appropriate product categories, managing your eCommerce product catalog is essential. If you need assistance with eCommerce product catalog management and any other eCommerce requirement, you can consider partnering with WareIQ, to enhance your digital library and strengthen your competitive edge. While assisting you in expanding your eCommerce endeavours, WareIQ guarantee no hassles and top-notch product data management. We provide facilities such as a nationwide network of fulfillment centers, a custom WMS that provides facilities such as automated replenishment triggers, the ability to track inventory levels across multiple fulfillment centers and get real-time updates, and integration with more than 12 of the biggest eCommerce marketplaces and much more. eCommerce Catalog Management: FAQS What is an online business directory or catalog?An online catalog that features the goods or services of a business that engages primarily in eCommerce is usually referred to as an eCommerce product catalog. This catalog is an example of a larger change in how consumers interact with businesses globally. What does procurement of eCommerce catalog management entail?Suppliers now frequently offer eCommerce catalog management as a component to assist organizations' procurement procedures. If you're not familiar with the word, catalog management refers to internet portals where suppliers can show products to authorized buyers that have been pre-approved by procurement teams. What does content and catalog management mean?The generation and updating of electronic catalogs are made possible by processes, services, and applications utilized in an eCommerce context.

July 29, 2022
10 Best Strategies to Gain More Days of Sales in eCommerce Beyond the Festive Season Like Independence Day Sales in India in 2024

10 Best Strategies to Gain More Days of Sales in eCommerce Beyond the Festive Season Like Independence Day Sales in India in 2024

Holidays are a special time for multiple reasons including the fact that they generally mean that people can take a break from their usual routine and take some time off to spend it with family, go on vacation, take a breather from work and many other fun activities. Depending on the significance and reason for the holiday in question, celebrations can vary from person to person. However, one holiday that has the capability of uniting the entire country is Independence Day. Every year, streets, buildings and vehicles are adorned with the Indian flag which is regarded as an expression of freedom and the beginning of prosperity for this relatively young, burgeoning republic that has grown to become one of the largest economies in the world. India thrives in multiple different industries but the growth of eCommerce has been unprecedented due to more people gaining access to the internet every day and discovering its simplicity and convenience of it. Thus, it also marks a profitable time for retailers to get more demand and gain more days of sales beyond the festive season. However, it is also imperative for them to maintain this traction post-independence day so that they can carry this newfound momentum to the next holiday season in India. In this blog, we will take a detailed look at why demand increases during independence day, the importance of maintaining the sales output post-independence day, 10 strategies to gain more days of sales beyond the festive season and how WareIQ can assist.  Why Does Demand Surge During Holidays Such as Independence Day? Strong Shift Towards eCommerce Shopping Due to the large number of people who gain access to the internet and discover the convenience of online shipping in addition to the vast number of existing eCommerce customers, the online shopping industry is experiencing rapid growth. This stems from the realization of customers that they do not need to waste time and money travelling to a destination, standing in a long queue and waiting to get their items billed. Instead, they can just browse through a vast catalogue of products that is available from every retailer and company, at their own convenience. This, mixed with the natural spikes in demand during independence day celebrations, has benefited eCommerce businesses immensely. People Wanting to Celebrate Independence Day, along with every other major festival in the country, is a time of celebration where most people spend money more lavishly than on a general basis since they have a reason to. Whether it is shopping for sweets, new clothes, new electronic items or any other product that they might need, customers are bound to be more liberal with their money as these are the occasions that they look forward to and are willing to spend more to make the most of the occasion. Customers Have More Free Time Due to Independence Day being a public holiday in the entire country, most customers would have the day off work and can use this extra time to search for products that they might want and need. On a general basis, people may not have time to browse through heaps of different product pages due to other responsibilities and commitments that they have to fulfill. However, holidays like Independence day are the perfect opportunities to relax and spend the day spoiling themselves and their loved ones. Large Amount of Offers and Discounts Flipkart Independence Day Offers In order to gain more sales during Independence Day, retailers often try to grasp the attention of customers through various offers, promotions and discounts. Customers are aware of this and often hold off on buying new products throughout the year so that they can take advantage of these reduced prices. On the other side of the coin, retailers are also aware that they can capitalize on the increased sales that are up for grabs so they also make an effort to entice customers to choose their brand by trying to undercut or offer better deals than their competitors. A few of the companies that consistently offer Independence Day sales include eCommerce marketplaces like Flipkart, Myntra and Amazon, retail companies such as Nike, Adidas, Croma and many others, and food delivery platforms like Swiggy and Zomato. These discounts can range from 10% up to even 70% in some cases. Users can access these offers by visiting the relevant website and choosing products that meet the criteria of the sale. Amazon Independence Day Offers [contactus_lilgoodness] Why is it Important to Gain More Sales Post Festive Season Sales like Independence Day Sales in 2024? Getting Rid of Leftover Inventory Companies often sell specialised inventory to cater to the specific requirements of customers during every festive season, including Independence Day. These items can become obsolete post-Independence Day and can risk getting expired, which would be a major loss for companies to risk incurring. To mitigate this risk, it is in the best interest of eCommerce retailers to sell as many units of such products as possible. Maintaining Sales Velocity Till the Next Holiday Season Festive seasons are generally the most profitable times of the year for eCommerce retailers due to the spike in demand and the increased sales that can be generated as a result. It is important for businesses to attempt to maintain this sales velocity post-Independence Day till the next festive season so that they can sell as many products as possible and not have a lull in demand for their commodities, which can be quite hard to recover from. Capitalizing on the Runoff Demand There will always be customers who are in a celebratory mood even post-Independence day or who still have to buy more gifts for themselves, family or friends. Enterprising retailers who save enough stock to cater to the requirements of these customers will benefit compared to their competitors as this will give them a temporary monopoly on the market for Independence Day-related products. Customers who still want to shop will flock to these retailers as there won’t be much supply elsewhere. Increasing Revenue and Profit Margins Increased sales almost always translate to higher revenue and profit margins for eCommerce sellers. The ultimate goal of most retailers is to generate sales and make money and what better way to achieve this than to take advantage of already existing demand. Maintaining sales volumes or at least not letting them dip to conventional levels will enable them to be more successful till the next festive season so that they can survive a stagnation in sales in the interim. Top 10 Strategies to Gain More Days of Sales Beyond the Festive Season Sales Like Independence Day Sales in India Track and Analyse Historical Data Accurately analysing the data of prior post-Independence Day periods during previous years can provide insights into which strategies were successful and which weren’t and can also be a good indicator to identify which products would be best suited to generate sales in the current season. Past data is invaluable when it comes to framing and analysing strategies to generate increased sales. Similarly, this also helps retailers gauge the estimations of how much they wish to sell this year and the amount of inventory to keep in stock. Allow Backorders Even with the most accurate forecasting and inventory preparation for sales, there is always a risk of popular commodities running out of stock, especially in a country like India where customers want to ensure that they have all the necessary festivities in order. By allowing customers to backorder the items they need, retailers can ensure that they still make the sale and don’t lose customers to their competitors. The delivery date can also be adjusted accordingly. This can help retailers serve customers in the post-Independence Day timespan. Run Promotional Campaigns Running an adequate number of promotional campaigns in order to spark interest in a brand and its products is vital, especially post-Independence Day when competition would still be fierce. By advertising their products and their use cases for the relevant festival or holiday that is approaching, retailers can generate the amount of visibility needed for their products and can simultaneously determine how much inventory they would need to store, based on the response and results of the campaigns. Additionally, less-demanded products could be discounted or offered in bundles to boost their sales and logistics strategies like providing free shipping if the order cart is worth a certain amount can also be implemented. Fabricate a Budget for the Season By creating a budget for the specific festive season such as to gain more sales post-Independence Day, inventory preparation can be done more cost-effectively and efficiently. This will also help retailers determine their costs by assigning a value to each procedure such as marketing, manufacturing and delivering, and will help them understand their profit margins once all these expenses have been deducted. It will also prevent the unnecessary ordering of inventory and will keep product levels at the optimum amount that is needed. Communicate With the Suppliers Independence Day generally brings increased sales and impatient customers so it pays dividends for retailers to speak to their suppliers in advance and fill them in on the estimated production levels required from them to avoid any confusion and finger-pointing further down the line. Suppliers may need to up their production ante to keep up with the higher demand and faster fulfillment times needed by adapting their manufacturing processes. Place Inventory Orders in Advance By ordering inventory in advance, less pressure is placed on manufacturers to cope abruptly with the increased sales that are brought post-Independence Day. This will also mitigate the number of errors and mistakes that could occur if vendors had to rush to fulfill their order quota in time, which could ultimately lead to dissatisfied customers and RTO initiations.  Highlight Important Dates It is not only important to mark important holidays and festivals on your calendar but also the start of promotional campaigns, order placement dates and other important information that has an impact on inventory preparation post-Independence Day. By staying organised, retailers can always be one step ahead of any unforeseen issue that could suddenly arise. It will also help them to plan their strategies effectively and have everything in place by the time demand starts to surge. Have Consistent Inventory Counts The post-Independence Day season can be extremely stressful for all parties involved which also increases the risk of misplacement of items, accidental counts and other mistakes. Consistently counting inventory at regular intervals will mitigate the dangers of inventory level discrepancies by preventing stockouts and always having access to a register of accurate inventory counts. This will help streamline inventory management and the order fulfillment process. Provide Ultra-Fast Shipping To keep up with the rate of demand and the number of orders coming in on a daily basis, it would be fruitful for retailers to provide same-day and next-day shipping, not only to increase customer satisfaction but also to be able to fulfill a larger number of orders. This prevents any backlog from occurring and ensures that every order is shipped on time so that new orders can be prioritised. Many 3PL companies provide these delivery services so it is beneficial for retailers to take advantage of them. Use Inventory Management Software The key to efficient and error-free inventory preparation for Independence Day demand is utilising advanced inventory management software. These software solutions like the option provided by WareIQ, provide multiple benefits including real-time updates of inventory levels across multiple fulfillment centers, and automated replenishment triggers, and can integrate with multiple eCommerce selling platforms. This helps in speeding up multiple processes and also reduces the rate of manual errors. Conclusion: How WareIQ can Help You Gain More Days of Online Sales Beyond Independence Day Sales? It is tantamount for retailers to not only take advantage of the skyrocketing demand brought by Independence Day but also to maintain their success and continue to gain more sales post-Independence Day. It can be easy for retailers to get complacent if they have had positive results during the season but they need to learn that eCommerce retail is a marathon, not a sprint, and staying ahead of the curb at every opportunity is the key to success. If you are an eCommerce retailer and need help with maintaining increased sales volumes post-independence day or any other eCommerce-related requirements, you can consider partnering with WareIQ for the year 2024. WareIQ is one of the leading eCommerce fulfillment providers in India and offers a wide variety of eCommerce solutions for every requirement or issue that arises. In addition to advanced features such as a custom WMS that can track inventory in real-time across multiple fulfillment centers and eCommerce marketplaces, an app store with a well-designed UI that has multiple apps to enhance productivity and an RTO shield that will provide insurance in case of returns initiations, we also offer conventional fulfillment services such as a nationwide network of fulfillment centers and dark stores, partnerships with more than 20 of the biggest shipping aggregators in the country to always offer the quickest and most cost-effective delivery, inventory management including intelligent inventory placement in warehouses closer to your customers and much more. Gain More Days of Sales Beyond the Festive Season: FAQs What are some of the other important festive seasons in India?There are multiple festive seasons in India but the ones that have the most demand include Diwali, Dussehra, Christmas, Holi and much more. How can retailers tackle the increased sales volume that is brought about by Independence Day?Retailers can opt to partner with a 3PL company like WareIQ that has multiple resources and uses advanced technology to provide an enhanced experience to retailers and their customers. Why is it important for sellers to take advantage of festive seasons like Independence Day?The ultimate goal of eCommerce retailers is to sell their products and make money. Therefore, they should capitalize on the increased demand that customers have during festive seasons. Do retailers need to sell specialised Independence Day products?It is not entirely necessary to do so. However, it would be beneficial to promote existing products, run ads and release new products to take advantage of the already existing demand. Why is it necessary for sellers to partner with 3PL companies like WareIQ?Often, sellers may have ambitious plans but do not have access to the technology and resources that are involved in implementing them. With WareIQ, you have exposure to multiple services and experts that can tackle any requirement.

July 27, 2022
Custom Packaging: Definition, Types, Benefits & How to Offer Branded Shipping Experience in eCommerce & D2C Through Custom Packaging in 2024

Custom Packaging: Definition, Types, Benefits & How to Offer Branded Shipping Experience in eCommerce & D2C Through Custom Packaging in 2024

Custom packaging allows businesses and products to create their own distinctive packages, as opposed to conventional packaging, which is the same as that of every other company. Product packaging is crucial for businesses because it not only makes their product stand out from the competition, improving the consumer experience but it also plays a key role in protecting the product within. If your company doesn't have customisable branded packaging, it will be difficult to stand out from the competition and clients will be less likely to respond favourably if the box or other sort of package is plain and monotonous. In this article, we'll delve a little more into the definition of custom packaging and some of its advantages. What is Custom Packaging? Custom packaging is boxing that is made especially for your business, the product your business is producing and the way it will be shipped. It seeks to protect the product more effectively than standard and generic packaging because it is designed to fit the product exactly. To ensure that the branded packaging functions flawlessly, the package frequently needs to go through an engineering, designing, prototyping and testing process. Going with custom packaging over standard packaging typically requires much more time, effort and money because the packaging undergoes an extensive procedure. The physical aspects of the package are equally as crucial as the engineering design, which must be flawless. Printing logos, patterns, forms, images or anything else the business wishes to incorporate on their custom packaging that stays loyal to their brand can be done on the boxes. [contactus_gynoveda] 6 Benefits of Custom Packaging for eCommerce & D2C Brands Enhances Brand Recognition When compared to normal packaging, the packaging of a product improves the consumer experience, brand awareness and value. Packaging is important since consumers today are looking for items that are distinctive and customisable. It leaves a lot to be desired and is likely to be a significant turnoff for customers to receive dull and generic goods that do not seem special and enjoyable. The emotional bond you build with a consumer will be considerably stronger if you can increase the value of your brand through better custom packaging and a superior product. Long-term and repeat business will be generated by the emotional connection, which will also lead to long-term success for the business. Increases Customer Satisfaction As we mentioned previously, superior packaging results in a better customer experience. Customers are drawn to packaging that is beautifully made and designed, which makes them feel valued and joyful. They will see something as lacking in packages that are ugly, generic and monotonous. Provides Product Protection Custom packaging is an excellent choice for improved shipment protection if your product is unusually shaped or more prone to breaking. The last thing you want is for your goods to break during ecommerce shipping because the ordinary box you are utilising is not well-padded or fits poorly. Custom packaging options are excellent for protecting your product from all sorts of harm. Grows Brand Value Every client merits a "Wow!" experience. Customers typically grow weary of receiving monotonous brown boxes on a regular basis. This Christmas, you might choose to surprise them by changing the appearance of your bespoke boxes and packing. Give your consumers the moment they've been waiting for by decorating your boxes with vibrant colours and designs. You can receive positive reviews by giving your customers a "wow" moment. Offers Eco-Friendly Alternatives The majority of personalised packages are constructed with environmentally friendly materials, which reduces waste. Papers allow for recycling and reusing by allowing for the creation of unique boxes. Environmentally damaging chemicals are not used in the production of papers by eco-friendly manufacturing enterprises. Sustainable materials like corrugated, cardboard and kraft can be made without using hazardous materials. The majority of these chemicals have an impact on both aquatic and atmospheric life. Therefore, choose eco-friendly materials while selecting a packaging material. Offer Branded Shipping Experience A post-ship experience doesn't end when your customers receive an order. Ensuring your shipping materials and packing process are on-brand will help your company deliver a branded shipping experience most customers will remember. When your customer receives a shipped package from your brand, their very first impression of your product is going to be the carton. From there, what is the first thing they see upon opening it? And the next? From start to finish, there are many opportunities for your company to deliver a memorable experience that solidifies your brand identity. Shipped products should be packaged in a way that enhances the customer’s experience of your brand. The order in which items are presented can add massive value and streamline a customer’s shopping experience.  Branded Tracking is used by some best fulfillment companies (such as WareIQ uses its own branded tracking page) for a much richer branding experience. What Does Fulfillment Container Packaging Consist of? Outer Packaging of a Fulfillment Container The first thing your customer sees upon delivery is the outer packaging of your fulfillment container. An important question to ask when choosing outer packaging is this: Should my company’s shipping packaging be branded or not? For companies shipping products that require discretion – such as adult products or high-end products – a plain and unbranded outer package is likely preferred, in order to prevent theft in transit or prying eyes from neighbours. For other products – especially perishable food items – it can be important to mark or brand the outside of the box to alert recipients of the package contents immediately upon receiving delivery. If your product doesn’t fit into either of those categories, consider what is best for your customer and your company. Will custom printed boxes and packaging material enhance your customer’s experience? If so, that can result in an increase in your company’s bottom line. If custom-printed boxes aren’t right for your brand (or if it’s currently outside of your company’s bootstrapped budget), another option to consider is pre-designed non-branded coloured boxes. These can be enhanced with a simple creative solution such as using a stamp to add branding or a sticker used as a seal on the outside of the parcel. Custom-printed packing tape is another great way to add branding elements to your shipping process. An additional perk of custom packing tape is that it serves to dissuade tampering during the transit of a product. Inner Packaging of a Fulfillment Container Choosing the inner packaging of your fulfillment container is another superb opportunity to highlight your branding. While many items are shipped with packing nuts, paper, foam, bubble wrap, etc., you may differentiate your shipping experience by using materials more aligned with your brand's ethos.For companies looking to promote their eco-friendly ethics, opting for biodegradable packaging or recycled materials shows your customers that you care about minimizing environmental waste. This gives customers the satisfaction of investing in a brand that promotes ethical, sustainable practices, which makes them feel even better about purchasing. Do you have a particular thematic colour scheme associated with your brand? Crinkle paper comes in most colours. Tissue, perhaps a more elegant option, can be printed with your company’s watermark! Types of Custom Packaging Materials The various kinds of materials used in custom packaging include: Paperboard Boxes Paperboard boxes are strong, lightweight cartons that may be cut and shaped into a variety of designs. They are the most commonly used packaging for retailers that deal in a variety of products and need a standardized material that can fit in all of them. It is also one of the most cost-effective options on the market. Solid Bleached Sulphate Boxes Their exquisite white hue is provided by the clay coating on their surface. They can be the finest choice for perishables like pastries, meat, and other items because they are smooth and ideal for branded packaging. Unbleached Coated Kraft Boxes This packing material has a rustic appearance. It will appeal to any customer who appreciates the organic appearance of repurposed materials. These cartons are perfect for storing heavier products like detergent for clothes, soft drinks and so forth.  Recyclable Paperboard With a Coating This packing material is used by online retailers to sell dry goods like pasta and cereal. It is constructed of fibres with clay coatings for added strength. It is inadequate for heavier objects and is readily weakened in storage areas. Corrugated Boxes They are also referred to as cardboard boxes and they work best for transporting goods from one place to another. Corrugated boxes are used to package the majority of Nike footwear. The flute size of these boxes also serves to distinguish them. Your product will benefit from additional cushioning and compression resistance as the flute size increases. Paper Bags Paper bags are versatile and simple to use. Paper bags were used for packing before newer materials were available. Paper bags are commonly used in grocery stores because of this. Aside from that, they are incredibly environmentally friendly materials that anyone interested in sustainable business may choose to use. Rigid Boxes Perhaps more expensive than other packaging supplies are rigid boxes. They are thicker than usual since they are produced from heavily compressed paperboards. They can be used for shipping and are not collapsible like other types of paper. They can be used to package pricey items like jewels, phones and shoes. Things to Consider While Choosing Your Custom Packaging in 2024 You should at the very least pick the colour, size and style that will be ideal for the type of brand image you want to convey to your customers. The sort and size of the product involved determine the quality and size of the custom boxes you opt for. Custom packaging can hold cosmetics, electronics, kitchenware and other products. The various factors to take into account as a result while selecting a tailored package include: Opt for a Reasonable Cost When you purchase custom packages in large quantities, you may frequently find them at reasonable pricing. Customers occasionally receive complimentary bespoke packages around the holidays. Therefore, firms should go for high-quality yet reasonably priced custom packaging to avoid incurring such high costs. Additionally, the design shouldn't be expensive. Test Out Various Materials Check out several materials before purchasing branded packaging supplies in bulk. Make sure the material you choose is appropriate for the design and object you have in mind. Looking for materials that will last and be strong. You can choose between kraft paper and cardboard for your packing needs. They can safeguard your things, are not too pricey and work well for personalised packing. Check Out the Finishing and Colours It's crucial to keep an eye out for appealing colours and finishing when selecting a personalised package. For your brand to stand out from rivals, it needs a distinctive hue. Therefore, selecting a single colour palette for your personalised products that represent your brand can aid in raising awareness of your company. For instance, the matte black colour boxes of the iPhone 12 pro series make them easy to spot. Optimize the Size and Shape When selecting custom packaging, take into consideration the appropriate shape and size. You can accurately measure your equipment and stuff to match it to the appropriate box size. You may protect your possessions from any kind of damage or negative publicity by doing this. Additionally, you will avoid waste and additional costs. Choose Themes Additionally, you can pick the ideal themes for your goods. Your company's themes, colours and patterns can help people understand your brand identity and draw in new clients. For instance, you might utilise a springtime floral design or add some red and white seasonal hues to your holiday presents. Your consumers will feel the greatest during any special season thanks to themes. Conclusion: Is Custom Packaging Right for Your eCommerce & D2C Business?  You may all agree that every firm benefits greatly from branded packaging. You can market your business, increase revenue and attract new clients with its assistance. Your consumers are equally as thrilled since your store offers a wide selection of beautifully designed custom boxes for them to select from. If you need assistance with offering branded packaging, you can choose to partner with WareIQ. WareIQ is a rapidly growing eCommerce fulfillment company that provides a vast amount of services to meet every requirement that online sellers can have. We provide branded packaging options that can be customized as per every requirement that a seller has and will make their products stand out from the rest. We offer a wide selection of materials and themes to ensure that your brand is represented in the best possible way. Custom Packaging: FAQs Why is custom packaging crucial?Custom packaging is crucial because it can set a product apart from the competition, highlight benefits, and project a premium image. For businesses trying to enhance their share of an expanding market, product differentiation is crucial. Without a box, how can I ship a large item?Wrap big parts in packing material, bubble wrap, or shrink wrap. It will protect them from dents and scratches while in transportation. However, our wrapped object will be more secure if you put it inside a box. If you decide to send it without the box, make sure to wrap everything tightly and tape it down. Do I need custom packaging?A product's marketing and sales can both be improved with good bespoke packaging. 60% of customers who enter your store are probably going to choose one of your product's beautiful custom packages. For instance, wine bottles that are packed can draw far more attention than wine bottles that are put on shelves.

July 27, 2022
Top 7 Strategies to Deliver a Branded Shipping Experience to eCommerce Customers in 2024

Top 7 Strategies to Deliver a Branded Shipping Experience to eCommerce Customers in 2024

People think an online seller earns a lot of money. Yes, they do, but how? Does the seller just make accounts on different online selling platforms and start his new journey? No! People might not know the process behind every single sale, but an e-seller has to put in a lot of effort and strategise accordingly. When a seller starts selling on multiple platforms through multi-channel selling, they have to do a lot both before and after the order gets shipped. They have to list their product, upload details category-wise, make FAQs on different selling platforms, etc. After this, the next process would be if they receive an order request. They need to pack it, take care of online payment, maintain inventory details, and a lot more. Among all, branded shipping is one of the most essential processes in online selling. It helps online sellers to make the process as personalized as possible and helps customers associate with the brand they have ordered from. What is Branded Shipping? Branded shipping is the shipping of a product by a seller to the buyer’s address which includes a process of using custom boxes, packaging slips & labels, sending order confirmation messages with tracking details, making product presentations highlighted, and adding various personalised touches. Experts believe branded shipping in ecommerce is an opportunity, especially for an online seller who cannot reach their customers directly. It helps them to increase brand presence and boost the recall value of a brand leading them to gain the mind-share of their customers and establish them as a brand. The primary objective is to safeguard the product through its movement with a delivery partner but it comes with numerous advantages. [contactus_gynoveda] How can your Business Offer Branded Shipping? A business can offer branded shipping by taking care of several steps: Offering Customised Packaging Packaging plays an important role in defining the impression on a consumer's likelihood to purchase the same product again. A seller cannot sell products without packaging. Packaging not only safeguards products but also adds value to your brand. A seller should always pack the product in customised boxes and bags. It takes into account the exact space needed, reduces the logistics costs, and increases brand presence. Sending order confirmation and tracking details The buyer should know their purchase details through tracking IDs. Every time an order is placed, the seller should send a confirmation of order placement to the respective buyer. It is helpful for both the buyer and seller. A buyer will get assured of his order and can track when they are going to get the delivery. At the same time, the seller can also track the product and get further insights into the status of the order and if the customer or the delivery partner is facing any problems. Sending an e-bill as well as a hardcopy E-bills have transformed the conventional way of giving a purchase receipt. An e-bill acts like a notification reminder for the buyer. In case the need arises to avail guarantee or warranty, it is easier to find than hard copies as they are susceptible to getting lost. In the threshold of the digital era, we have all kinds of people around us. Most of the time, consumers are not the final buyer. They sometimes buy for someone who is not internet friendly and still prefers physical buying. So for them, the bill gives a personalised touch from the seller's side by informing them about your company and brand.  Using visual branding elements Without marketing, your product sales are incomplete, and visual branding elements are a tricky way of marketing if you are not in direct contact with your customer. It includes logos, imagery, typography, colours, packaging and messaging, among other elements. As an eCommerce seller, it gives you recognition in a crowd of other sellers on the same platform. It can help you emerge as a brand and later get identified as a brand. Partnering with branded logistics companies The biggest online retailer, Amazon, offers the premium service of same-day or next-day delivery, for their prime members. Ecommerce logistics is the key to the success of online selling. It is a big factor among sellers to partner with a good logistic company to sell and buy products. People having a bad logistic experience may not choose the same seller and platform and would rather opt to purchase the same or a similar product from a different website.  Suggested Read: Find the Right logistics companies for your eCommerce Business. What are the Advantages of Branded Shipping in eCommerce? There are dozens of advantages of branded shipping for both the seller & the buyer. A few of the major advantages are listed below: For the seller Saves Time In branded shipping, you already have developed a system of packaging, delivering, and much more to the product, post-sale. You just have to send the product for delivery from your shop, warehouse or fulfillment center. Then it will get wrapped, packed, and sent via the best delivery partner. Features like checking shipment unavailability or product unavailability can save time, money, and energy for both buyers and sellers.  Saves Money Yes, this system will save money too in comparison to an unorganised way of packing and shipping. Unnecessary packing can be saved by using custom packaging. The extra weight and paper usage can add up to significant expenditures for businesses over time. It can also help you save money on shipping. The majority of shipping expenses are determined not only by the weight of the package but also by the size of the box it is shipped in. Dimensional weight pricing is the accurate term for this. If a seller doesn't use custom shipping boxes, they're probably spending more for each item they send than they need to. These may not appear to be significant factors, but when multiplied by the number of units sold, they can add up to significant savings for any company. Adds Brand Value Premium packaging, fast delivery, brand presence on and in the box, tracking options, etc. makes each purchase hassle-free and unique for the customer which increases the brands reputation and value. The customer will want to keep choosing the same platform because of the positive experience associated with it. Increases Brand Visibility Packing slips & labels along with the product invoice in a customised bag/box with branded packaging tape, and neat packaging is a trick of advertising and marketing where a consumer will appreciate all the fine details. This gives a touch and feel experience to a buyer instead of having a look at it on some random sites. Enhances the Customer Experience A customer receiving an order with all the small details being taken care of, such as getting the purchase confirmation to posting a delivery review and return policy, will appreciate the effort. Many sellers do not care about such things but it matters a lot when we talk in terms of positioning for customer satisfaction. For the Buyer Ability to track order The buyer will have a sense of satisfaction if they have been informed of all the detailed information about their order. They can see the entire delivery process, which is one of the most important things in online shopping. Ability to contact the seller directly The detailed information about the order and brand makes it easy for a buyer to reach out to the seller directly. Most of the time, people refuse to buy a luxurious or an electronic item for fear of being cheated so this eliminates that fear. Offers a hassle-free Purchase  A buyer who talks about the disadvantages of online shopping usually mentions the bad experience and problems faced during the purchase. Branding Shipping eases the process and makes it hassle-free for them. What are the Costs Associated with Branded Shipping? A good service that will give you several advantages, market your brand, protect your product then it will automatically become quite expensive. Every time you will have to purchase customised boxes, and bags as per the dimensions of your product, you will have to spend more for genuine tracking and will have to do a lot of compliances. So here is your business worth question arises: What to do now? You can do two things, either hire an expert if you are a single-channel seller, own warehouses with good inventory, partner with appropriate delivery channels, or you can just outsource an expert to do this all. Interestingly, the outsource channel may cost you less and give some extra features that you can not avail yourself of. These features are: Customised packagingOpting for the best delivery partnerGives you details about trackingReduces your cost of brandingManage your inventoryMake return policy easyEnhances post-purchase experience There are few businesses helping e-sellers with all the above services at an effective price that will cost less in a ratio per product compared to doing it by self. They save money because they do inhouse packaging, keep multidimensional bags and boxes, have their own fulfillment center, and eCommerce logistics experts to compare prices of different logistic channels with the fastest delivery, if the product got returned then they receive and keep it again at the fulfillment center which is quite cheaper than sending it back to the manufacturing units or warehouse and again ship it to some other buyer. These days they tell you, your fulfillment status and the return number(percentage) by the buyer which again helps you to choose to ship them or not.  Top 7 Strategies to Deliver a Branded Shipping Experience in 2024 Use Custom Shipping Bags and Boxes The packaging supplies and shipping boxes can be ordered online and delivered right to the buyer's door, saving money for the seller. When it comes to branded shipping in eCommerce firm, the box is the first thing a seller should think about. This gives plenty of chances to make it a memorable aspect of the delivery process. From corrugated boxes to printed courier bags, tapes, and stretch film rolls, can give the products a branded look without sacrificing quality. Check out the custom shipping boxes for a variety of alternatives. Choose from a variety of sizes, colours, materials, and forms to create your ideal branded box. Customers are more environmentally sensitive than ever before, hence eco-friendly boxes are also accessible for shops. It ensures that the brand receives notice and that the shipping is more brandable. Include Packing Slips & Labels Two crucial components of branded shipment are branded labels and packaging slips. For many e-commerce businesses, they are only a means of improving brand loyalty and the transactional aspect of the e-commerce shipping process. Sellers might be wondering how a standard shipping label and slip contribute to branded shipment. Remember that anything a customer touches or sees has the potential to engage them with the brand. Give the package slips and labels the same attention to produce the perfect branded shipping. A well-planned packaging slip can help in expanding the business. The packaging slip is more crucial than the invoice because it ensures all aspects of a shipment, from purchase details to track, as well as identifying out-of-stock items, damaged items, and the package's worth. Packaging slips are one way to ensure branded delivery and manage customer expectations, regardless of how a seller handles their shipment. Opting for the best logistic partner One of the wealthiest people in the world guarantees you better logistics because he knows and has proved that the USP of online multi-channel selling will be the supply chain. We know logistics is the key to selling online, and being in your business you may not be a logistic expert then what to do now? Here, you should play smartly. You are not a logistic expert so get partnered with experts, and now your product has an equal better post-purchase service. Send Order Confirmation & Tracking Details When a buyer places an online order, they should receive an automated email immediately confirming that their order has been received. They should also be notified about the order status. It is important for informing the customer of the branded shipping experience. It also raises the chances of customers returning to the seller's website and encourages signups. It helps in gathering consumer information to evaluate which customers convert the best. Highlight the Product Presentation The presentation of the product inside the box is just as critical as the exterior. This necessitates the use of high-quality packing materials, as well as consideration of the product's size and shape, as well as the shipping box. The usage of separators within the box improves the appearance of the products. A seller may create a terrific unboxing experience that your consumers can post online. By using a certain colour scheme, look up some popular unboxing and product presentation ideas and keywords to discover which ones have attracted the most attention. Add a Touch of Personalization The easiest method to amaze a consumer is to add a personal touch to your shipping boxes. Consider the brand and let buyers know the company is paying attention to them. Including a thank you letter in the shipping box will demonstrate how much the company values its customers. Furthermore, employing customised options might enhance the consumers' unboxing experience. Allow customers to take their time enjoying the things they've ordered. Although this may appear to be a minor action, it has the potential to earn sellers a fantastic reputation. In today's competitive environment, how sellers brand their unwrapping and shipping experience has a direct impact on your customer's experience and perception of that brand. Box Inserts Once the box is opened, will you take this moment to present your customer with something in addition to what was ordered? This stage in the fulfillment process is often overlooked, but it can greatly enhance the customer’s experience of unboxing their order. Here are some different options and ideas for box inserts: Personal touches At volume – handwritten notes aren’t feasible, a printed note card is more than adequate to evoke a similar welcoming feeling. Consider taking this opportunity to thank your customer or formally welcome them to your brand.Even packing slips can be personalized with a signature or stamp that says, “Packed for you by ____.” This reminds customers that your business is run by real humans who care about the customer experience. In an increasingly automated world, these simple human touches can make your brand stand out. Postcard inserts Feature a call to action, such as an invitation to join a social media contest.Ask customers to document their experience with a photo of their new products.Share your company’s origin story or brand values.Include an on-brand quote or introduction.Companies that offer high-touch support can invite customers to contact customer service with questions or feedback.Promotional material such as a discount code for future orders will encourage repeat sales and maximize a customer’s lifetime value. Gifts Delight your customers with an unexpected free item such as stickers, freebies, or other bonuses. If your products can be distributed in sample sizes, this is a great cross-sell technique to introduce your customer to a new or complementary product. For the proper effect, the product sample must be of interest to the specific customer segment, based on the product ordered. Random or non-complementary gifts can have an adverse effect and may appear to be a tool for liquidating stale inventory. Post purchase experience Companies are now putting more emphasis on customer service than on product and pricing. It's all about driving new sales for numerous brands. When clients click the buy button, the mission is complete! Isn't it time to rejoice? Not so fast, my friend. The seller's work is just getting started. The truth is that post-purchase touchpoints determine whether or not a buyer becomes a lifetime customer. The fact holds whether you're looking at it via the objective lens of lifetime value or the subjective lens of customer experience. If a brand can keep a customer satisfied for 100 days, the average customer will stay for five years. It's time to get serious about the post-purchase experience if your company sells products or services online. Conclusion: How Does WareIQ Help eCommerce & D2C Brands Deliver a Branded Shipping Experience? WareIQ offers a variety of services to eCommerce Retailers and can help deliver a high-end branded shipping experience to their customers. From our state of the art app store to custom shipping badges to inform customers of the estimated delivery time, WareIQ has got you covered.  With our comprehensive branded tracking system, you are able to: Get a unique customised tracking URL Integrate customised tracking links to your website and let customers track their orders on your website. Intelligent marketing placements to cross-sell/up-sell Turn your order tracking links into a profitable marketing channel. Create cross-sell/up-sell opportunities, drive repeat, and educate customers. Store links on your tracking page Convert customers back to your site by adding links to your website on the tracking page. Shipping journey and order tracking Get full shipping journey and real-time order updates on the tracking page. Gather feedback from customers on the shipping experience Customer Reviews App collects feedback from your customers & gives you an insight into the brand performance that can help you increase customer retention & loyalty, cater to the problems highlighted by dissatisfied customers faster & improve brand perception. Shipping Badges Shipping badges appear on your product pages that helps customer check pin code serviceability and the expected delivery date for any product. The WareIQ App Store is well-designed and is enhanced to be as user-friendly as possible to allow customers to browse through all our apps, consolidated within the app store with just a few taps. With convenient navigational tools, fed with live data of your business performance, our app store offers users next-level capabilities to get the most out of their eCommerce business & offers best branded shipping experience. Some tools that we offer are listed below: Provides you with more tools in your arsenal to boost your eCommerce operations and make the supply chain your competitive advantage.Acts as a centralised portal, empowering you to manage all the stages of your eCommerce fulfillment and shipping operations from WareIQ platform directly.Shed down the inefficiency, inconvenience and complexity of working on multiple non-integrable apps. Our suite of powerful applications can easily integrate with your eCommerce workflows and systems, thereby opening new avenues to scale up your business.Leverage AI-ML powered analytics, fed with live data, for smart demand planning, smart inventory placement and network optimisation to enable same/next-day delivery for our customers.Helps you reach out to your customers on the right channel at the right touchpoint, and build trust with your customers through transparent communication and seamless engagement.Build customer loyalty by ensuring a delightful post-shipment experience for your customers. 300+ brands, such as The Man Company, Future Group, Kama Ayurveda and Wingreens Farms, have trusted WareIQ as a reliable partner in their growth journeys. No minimum order quantity requirements make it suitable even for small businesses, having low order quantities, to take advantage of the latest trends such as next day delivery and same-day delivery. The onboarding process is simple, convenient and less time consuming, while the pricing policy is clear and transparent. WareIQ also undertakes strict safety precautions at its warehouses and complete ownership of the operations, thereby minimising the risk exposure of WareIQ customers. Thus, WareIQ will definitely prove to be a more reliable and trusted long-term fulfillment partner compared to dropshipping and conventional 3PL companies. [signup] Branded Shipping FAQs (Frequently Asked Questions) What is branded shipping in ecommerce?Branded shipping serves to strengthen your company's identity while also telling its unique story. Branded shipping is a way of providing superior post-purchase or post-ship experience to online shoppers. How to provide branded shipping experience to your customers?• Go for custom packaging boxes• Add packaging slips and labels• Share timely order tracking information• Try including something to add personal touch• Make sure that products are presentable What is custom packaging?Customer packaging is packaging used by your brand to ship products, it should reflect your brand’s identity every time. Does WareIQ offer branded shipping experience?Yes, wareIQ offers a comprehensive branded tracking system through its app “Branded Tracking” and branded shipping experience through real-time communication updates regarding order status, custom packaging, shipping tags & shipping labels. Why is labeling a product important?A label serves as identification to an otherwise nameless item and aids in right products reaching the right customers that further creates a trust between brand and the customer.

July 27, 2022
Average Revenue Per Unit (ARPU): Definition, Formula to Calculate, and Methods to Increase ARPU in 2024

Average Revenue Per Unit (ARPU): Definition, Formula to Calculate, and Methods to Increase ARPU in 2024

While running a business, you must keep an analysis of every important metric. You can observe things such as the quarterly revenue, cash flow, inventory sold, etc. As per the industry and new techniques of gaining customers against more revenue, there are several other metrics too. According to the business type, the KPIs (key performance indicators) needed can vary drastically. For instance, subscription services and product bundle sales will require the use of average revenue per unit, or ARPU. To ensure that your pricing remains competitive and that you don't lose clients to your competitors, it's crucial to properly plan and prepare accordingly. A profitable pricing strategy should be balanced out with an increase that your clients would consider reasonable. In order to make informed decisions regarding your pricing strategy, it is critical to consider what your competitors are doing. In this blog you will precisely learn about average revenue per unit (ARPU) and why it is crucial for business, how can you apply it, and how you can increase the magnitude of ARPU in your business. What is the Average Revenue Per Unit (ARPU)? The average revenue per unit is an important indicator of average profitability generated by each user or subscriber. It is mainly used in the telecommunications and media industries, which have a subscription-based revenue model. In the eCommerce business, it helps sellers in inventory management as a KPI that reflects the data about the average revenue after selling one unit of an item. Most phone carriers, internet service providers, software solutions, and the media and streaming sector use ARPU. It is also used for membership-based enterprises and subscription box services. So while it is a crucial statistic for managing inventory, it may also be used to determine performance when it's impossible to track individual product sales. [contactus_lilgoodness] How to Calculate Average Revenue Per Unit Using the ARPU Formula in? To calculate ARPU, you need to define a certain time period. For reference, the majority of telephone and communications providers determine ARPU on a monthly basis. The number of units or users is then divided by the total income made during the standard time period. Since it might not accurately reflect changes with time, the end date of the period is not used as the denominator. The average of the beginning and end of the determined duration is taken instead. The number of users varies at any one time, particularly in sectors like media and telecommunications. Therefore, in order to calculate ARPU as accurately as possible, the number of units for a specific period must be calculated. The calculation is quite simple. We need two values as mentioned below: The total revenue in a certain time periodThe number of users in that time period Then divide the total revenue by the number of users ARPU Formula = Total Revenue / Number of Users Benefits of Calculating Average Revenue Per Unit Helps Manage SKUs More Accurately Your average revenue per unit, when utilized with SKU monitoring, aids in streamlining the SKU management process. This makes it possible for you as a seller to closely monitor which SKUs are selling quickly, which ones are moving slowly, which ones are more profitable and which ones are eating up your money. After that, you can use these revelations to guide your SKU rationalization efforts. This is the procedure for determining which SKUs should be retired due to poor profitability and sales. Long-term eCommerce revenue is improved by an effective SKU rationalization process since the sooner slow-moving and unproductive SKUs are discontinued, the less money you will need to spend on procurement and holding fees. Therefore, you can easily increase your revenue by leveraging your average revenue per unit to enhance your SKU management. Helps in Strategizing Pricing Plans Optimizing your pricing approach is one of the main ways that figuring out your average revenue per unit can help your organization. This KPI can help you determine whether changing your product's pricing strategy will increase profitability. In order to boost average order value and hence, your average income per unit, this revaluation may entail changing your product bundles. It might also entail gradually raising your product's markup. For an eCommerce business to grow, this is a critical stage. Over time, markups on prices and products need to be modified continuously. Additionally, knowing your average income per unit might serve as a benchmark for your decisions. Enhances Warehouse Management A crucial element in your inventory management procedure is calculating your average revenue per item. It helps you determine whether your inventory levels are ideal since if you have too much inventory, you may experience a lower average revenue per unit because you are paying more for purchasing and managing your inventory. Furthermore, when a product stays unsold on the shelves, having an excessive amount of inventory in stock increases your chances of having deadstock. Due to the cost of purchasing things that are not getting sold, this further lowers your average revenue per unit. However, it is simpler to determine which SKUs have higher profitability and inventory turnover and whether any slow-moving SKUs need to be terminated when you are actively monitoring your inventory movement and average revenue per unit. This makes it possible for you to establish the minimum order quantity (MOQ) for each unit, which is crucial for preserving the ideal amount of inventory throughout your warehouses and fulfillment facilities. By doing this, you avoid ordering too many slow-moving items and too few fast-moving ones. Identifies Opportunities to Increase Revenue and Reduce Costs Finding more ways to increase your revenue is probably one of the main benefits of calculating your average revenue per unit. This indicator enables you to identify which goods and services are effective at bringing in money and which ones are not. In order to maximize your offerings and increase your revenue, you must first choose how to do it. Cost savings are yet another significant advantage of determining your average revenue per unit. Because increased expenditure frequently results in decreased income, your inventory-related costs may drastically impair your ARPU. Therefore, looking at your average revenue per unit will help you determine whether your costs for acquiring and maintaining inventory are too high. This is an excellent way to find any areas where you can reduce your cost of goods sold and cost per unit. Ideally, you ought to consider your ARPU in conjunction with the various expenses incurred. Forecasts Growth and Revenue Finding more ways to increase your revenue is probably one of the main reasons to calculate your average revenue per unit. This indicator enables you to identify which goods and services are effective at bringing in money and which ones are not. In order to maximize your offering and increase your revenue, you must first choose how to do it after optimizing it. Suppose you want to focus more on one subscription box if it has a high ARPU, stock more of it and work to boost subscriptions for it. Alternatively, you might think about pairing well-liked, highly profitable SKUs with sluggishly moving SKUs to increase sales while avoiding deadstock. In the case of eCommerce services, you are aware of the high demand and more profitable products so you can store those and promote them to increase their sales velocity. Pros and Cons of ARPU Pros For investors, ARPU is a useful indicator for comparing a company with its competitors.It works as a metric to analyze a company’s strengths and weaknesses.It shows the acceptability rate among users if the ARPU number is impressively high.High ARPU can also boost a company's reputation. Cons Since ARPU is a metric at the macro level, it can be reported without the specifics that give it meaning.The trajectory of a business may be better indicated by user growth and user churn.There are situations when ARPU is reported without sufficient details.Low average revenue per unit can damage a company’s reputation and investors may find it risky. How Can Average Revenue Per Unit be Increased in 2024? There are several ways to increase ARPU depending on the business type and its usability. Many businesses, including telecom providers, try to increase their ARPU by offering bundles or more advanced levels of service to their present clients. These two different business models use their internal data to determine which demographic groups are most valuable to them. After identifying the most valuable group, the corporation focuses on encouraging growth within that group. Selling their current clients more expensive tiers or service bundles is one strategy used by many businesses, particularly in the telecom industry, to raise their average revenue per unit. Others, like media businesses, concentrate on raising advertising revenue. Media and telecom businesses both do internal data analyses to determine which demographic groups are most valuable to them. The target market for the company's growth will be gen X consumers or families with children if those groups look to be their most valuable customers in terms of their contribution to average revenue per unit. Note: Many companies are decreasing their ARPU but adding more users to generate more revenue. Uses of Average Revenue Per Unit (ARPU) Telecommunication Companies ARPU is a metric used by telecom companies like AT&T, T-Mobile, and Verizon to track the average revenue generated by each mobile phone subscriber. The value of revenue used to compute ARPU for a business in the mobile phone market includes any money from incoming calls and data charges that must be paid as part of the regulated interconnection system, as well as the monthly bills that users pay. Social Media Companies Companies in the social media space like Snapchat and Meta Platforms (formerly Facebook) provide investors with average revenue per unit data. The disparity in these metrics between the two businesses contributes to the substantial discrepancy in the two businesses' values. Subscription Services The results of the metrics can be used both internally and externally to compare subscriber-based businesses and to help predict upcoming service revenues derived from a customer base. Average Revenue Per Unit (ARPU) vs. Customer Lifetime Value (CLTV) Some people mix up ARPU with client lifetime value. Despite their similarities, they both have different metrics. Their differences are laid out below: [table id=41 /] Conclusion: Increase and Maintain Your Average Revenue Per Unit With WareIQ WareIQ is a rapidly growing ecommerce fulfillment company that is based in India. It offers a variety of eCommerce services that can help you to increase and maintain your average revenue per unit by streamlining multiple processes and reducing your storage costs and operational costs. A few ways we can help are listed below: It gives you facilities like a nationwide network of fulfillment centers and offers no MOQ to help lower storage and transport costs and ultimately, APRU.We have partnered with more than 20 of the biggest shipping aggregators in the country and always assign the cheapest and best delivery partner for every order with real-time tracking.We give access to your sales and revenue data to assist in framing pricing strategies and getting further orders.It gives you RTO insurance which prevents the negative impacts of returns management.We help you forecast demand and supply which helps you in maintaining APRU.We help pack your goods in a customized manner (boxes or bags) which helps you in lowering packing costs.We help cut unnecessary involvements that cost you overall on your ARPU.We optimize your sales data and reflect your KPIs. Average Revenue Per Unit FAQs (Frequently Asked Questions) What is ARPU?ARPU is a measure of its profitability based on how much money a product makes from each of its customers or subscribers, and the average revenue per unit. For businesses in the media and telecommunications sectors, which rely on subscribers or users, it is an especially helpful metric. Is ARPU a KPI?Average Revenue Per User (ARPU) is a KPI and can be used to distinguish between the productivity of your sales and marketing departments. What is a good average ARPU?Based on location, industry and pricing model, the average ARPU is likely to vary. As a result, there isn't a constant answer to it.

July 23, 2022
Retail Distribution: Definition, Types, and Factors to Consider While Opting for a Retail Distribution Strategy in 2024

Retail Distribution: Definition, Types, and Factors to Consider While Opting for a Retail Distribution Strategy in 2024

Inventory is the biggest asset for an eCommerce seller but it is not easy to order and store. There are several things to be taken care of before and after ordering products. To remain competitive in the long run, a seller will need to adopt new strategies and broaden their perspective in order to be competitive. By streamlining all their retail logistics activities and having effective distribution management, they can increase the effectiveness of their supply chain processes. As a result, for better efficiency and cost savings, you will require an optimized retail distribution plan. Today we will learn about retail distribution including the types and considerations while choosing the right retail distribution strategy through third-party logistics. What is Retail Distribution? A retail distribution strategy is the process of getting goods from manufacturers to sellers or direct to customers (D2C) through a fulfillment channel. Throughout this journey, products move through many intermediaries such as wholesalers, vendors and retailers or in the case of dropshipping, directly to buyers from the manufacturers themselves without passing through a store or selling platforms. Manufacturers, wholesalers, retailers, agents, etc. are mainly included. Choosing the correct retail distribution plan is the secret to a successful distribution process, higher revenue and long-lasting client loyalty. [contactus_uth] 3 Types of Retail Distribution Intensive Retail Distribution Companies use this retail distribution technique to widely disseminate the availability of their items so they can access the market as much as possible. Brands can accomplish this goal by distributing their goods to as many eCommerce retailers and outlets as they can. Retailers of convenience goods are particularly prone to intensive retail distribution. For example, you can easily find glucose packets in almost all types of stores and malls. Advantages Boosts product awareness Encourage impulse buying Enhances revenue Selective Retail Distribution Selective retail distribution falls between intensive and exclusive retail distribution. With this retail distribution approach, products are distributed to numerous places. However, it is used much less compared to intensive retail distribution. For example, a premium watch brand like Tag Heuer may choose to sell its product to its own branded stores or other selected stores. But places like DMart or Reliance Retail cannot be seen selling Tag Heuer. The reason behind this is that such brands need to imply and maintain a high-end brand image and exclusive messaging. Advantages Ensures good market coverage Offers more control Boosts customer satisfaction Exclusive Retail Distribution Exclusive retail distribution is distinct from intensive retail distribution. This form of retail distribution employs certain distributors who are told to sell products only in predetermined locations. Exclusive distribution is frequently used by companies that sell expensive, high-end goods. This method and a brand's prestige image are therefore related. It aims to reach a certain niche market that is well-defined and capable of buying the product. For example, IKEA malls usually consist of 1 or 2 locations in a city which is also on the exterior of the main town.  Advantages Keeps the firm focused Secures the manufacturer’s finances Facilitates localization 4 Factors to Consider While Choosing the Right Retail Distribution Strategy in 2024 Product Type Routine, limited, and extended products are the three main categories of purchases for retail distribution. Products that are inexpensive and that consumers do not give much thought about while making purchases are considered routine purchases. When a certain brand's product is out of stock, buyers tend to move to another one rather than visiting other places to purchase the same product, making them highly replaceable. Toothpaste and batteries are a few examples. An elaborate retail distribution strategy is advised for these commodities. Customers aren't always loyal to particular brands, so having the products widely available and simple to get enhances the likelihood that they will be purchased. Between routine and extensive purchases are limited purchases. The prices of these goods are often fair. Compared to a typical purchase, consumers take more time to research and compare various products. Mobile phones, washing machines and refrigerators are examples of limited purchase products. Customers consider the pricing and usefulness more carefully before making these purchases. And for these types of goods, either a selective or an intensive retail distribution strategy works best. Extensive purchases include high-risk items like homes, auto insurance and schooling. The intensity of the buying choice also increases as an item's price rises. For certain goods, an exclusive distribution strategy works well since it helps clients see the value in the good or service. To raise the price of each item, some brands even make fewer of these expensive goods. Customer Demand Based on Location Having your inventory close to your customers is an efficient approach to streamlining distribution and fulfillment, regardless of the retail distribution strategy you are already utilizing. Based on previous demand, this would include strategically distributing your product throughout various distribution hubs. If the demand for your goods is high in one area and low in another, you might need to send out fresh orders from the distribution center that experiences less demand and has spare inventory on hand if you run out of stock in a high-demand location. So, products need to travel for longer distances all the way to the high-demand area. Long shipping routes are required to deliver goods to the region with the high demand. This slows down the supply chain and increases shipping costs. Instead of spending time and money delivering the products to your customers, you might be able to save time and money by strategically moving your inventory to the high-demand distribution hub. Similarly, you should provide retailers who have done really well at selling your goods with a greater amount of inventory to avoid stockouts or losing out on sales. Inefficiencies of Distribution Strategies Retail distribution has a lot of moving items and thus, it seems inevitable that your retail operations will have some inefficiencies. It is critical to routinely review your distribution strategy for any ineffective procedures that need to be improved upon or eliminated. You can have a number of partners who are in charge of different aspects of your distribution process. Suppose, you have three partners. One partner manages a retail warehouse, another partner handles fulfillment and a third partner handles last-mile delivery. The rest of the supply chain encounters a delay if any one of these partners experiences an interruption to their regular business operations, which could have a substantially negative impact on your bottom line. Instead of depending on a single partner who is capable of managing all the processes, different people might assist you in streamlining and simplifying the procedure. You should do an audit to search for ways to cut costs as well. Find the most expensive distribution steps and determine if there are any less expensive alternatives. Since products must pass through several shipping zones before they finally reach the buyer, quick distribution of goods from a single central hub can become very expensive. Instead of using local distribution, fulfillment services can speed up deliveries while drastically reducing freight expenses. Even obstacles in your distribution process may be discovered by a thorough audit process. Suppose a warehouse is poorly organized, pickers may have a harder time finding what they need, which would slow down distribution and fulfillment procedures. You may determine what needs to be improved and how to address those bottlenecks by recognizing these problems. Cost While Partnering With a 3PL Every retail distribution plan has advantages and disadvantages with the associated cost. Knowing the costs can help you choose the best retail distribution strategy for your retail company and guarantee that your firm’s finances can cover the costs and any potential losses. Extensive retail distribution strategy planning entails product availability in as many markets and retail locations as possible. It should therefore come as no surprise that raising product awareness is expensive, particularly if a company wants to sell its goods in every store. The location of the retailer may affect the prices. As a result, if you intend to use an intense distribution strategy for your retail firm, this is a crucial issue to take into account. While it appears that selective retail distribution is less expensive than the intensive option, disagreements with distributors can result in significant losses. Because of the nature of such a retail distribution strategy, this could be costly. Companies must make sure there is enough effective communication when problems arise in order to address them all right away. Conclusion: Optimize Retail Distribution With WareIQ Retail distribution is an essential aspect of eCommerce fulfillment as it enables goods to be transported from the manufacturer to the seller’s fulfillment centers and eventually to their customers. To accomplish all of your retail distribution goals, you can consider partnering with WareIQ.  Using WareIQ, you can strategically split up your goods and store them in multiple fulfillment centers, located across the country. By keeping inventory closer to your customers, you can speed up delivery while saving money on freight. We also take care of the entire range of fulfillment processes from handling the picking and packing of goods to transporting it to your customers. Orders are automatically received, processed and forwarded to the fulfillment queue in our warehouses, where the picking and packaging procedures are started. In order to keep shipping costs down, WareIQ ships your products on your behalf through well-known shipping carriers and always assigns the fastest and cheapest option for every order. Additionally, automation through our custom Warehouse Management System streamlines and improves the efficiency of the entire B2B order fulfillment process by bringing order data and updating inventory levels in real-time, directly into the WareIQ dashboard, where it can then be analyzed and tracked. Retail Distribution: FAQs

July 21, 2022
10 Easy Steps on How to Register & Start to Sell on Etsy in 2024

10 Easy Steps on How to Register & Start to Sell on Etsy in 2024

In addition to other e-commerce websites focusing on vintage or handmade goods, selling on Etsy will be a great business to start as Etsy will be one of the top online marketplaces in the world in 2024. Therefore, handcrafted, vintage, and craft materials should be your ultimate goals for selling and increasing your inventory. Because of its extensive selection of products, which includes fashion, photography, art, wedding essentials, jewellery, health & beauty items, gourmet goods, and many more, Etsy distinguishes out from other marketplaces. SaaS-based and Open Source platforms like Shopify, Magento, and WooCommerce are all compatible with Etsy. As a result, vendors are ready to connect their online stores created on these platforms with an Etsy store. After reading this post, you will know how to sell on Etsy in 2024 successfully. Since its establishment in 2005, Etsy has become one of the largest online marketplaces in the world. Etsy has 4.1 million active sellers and 81.9 million active shoppers. In addition, Etsy.com has more than 50 million unique things for sale. One method to earn money online and launch a successful business is by learning how to sell on Etsy. To start selling on Etsy, please continue reading if you want to build a business and earn money by selling goods to this enormous pool of prospective customers. Read- How To Sell On Amazon What is Etsy? As an online marketplace, retailers can sell on Etsy, and buyers can purchase artistic products, collectables, craft materials, and vintage objects that are hard to obtain in a conventional online store. Customers search the Etsy marketplace for handmade things rather than mass-produced items. It provides a platform for part-time or full-time small company owners, such as those who own art galleries and artisan craftspeople, to display their products. In addition, retailers can sell on Etsy to a broader clientele without building their websites, as with Shopify (you can also sell on shopify). It is a hybrid business that blends an eBay-style marketplace with the energy of an art show. On Etsy, shoppers may discover antique and handcrafted goods, personalized children's toys, made-to-order artwork, hand-printed clothes, and more. On Etsy, antique goods make up a sizable portion of the marketplace. The minimum age requirement for objects to be considered vintage is 20 years. You may get a broad range of collectable things for an affordable price. The platform uses a specific storefront where an Etsy merchant may pay to list their goods. Etsy is the world's top platform for art and collectables because of the distinct niche it fills. It is important to note that Etsy does not produce the goods. Instead, it serves as a middleman, bringing buyers and sellers together in a single marketplace. You can even sell on Etsy and utilize its features to their fullest while on the move if you download the iOS or Android Etsy app. Etsy is the most popular marketplace for art and collectables in the world due to the distinct niche it fills. [contactus_gynoveda] 5 Reasons Why Should You Sell On Etsy in 2024? In the past, artists consigned their goods and sold them at fairs and open marketplaces. Although the internet made it possible to connect with customers even in their local area, professionals didn't feel the need to have their website. Then Etsy appeared; it allowed every retailer to create a customized online "store" with complete internet business capabilities and manage their business using its straightforward setup process. It's a quick, easy, reasonable, and efficient way to attract clients. Customized Store A personalized storefront, or an online store hosted at Etsy, is something very few other marketplaces provide. Aspiring entrepreneurs may list all their products in one location, brand their store with a logo and unique taglines, and make their regulations. Retailers can now POD (print on demand) goods to sell on Etsy. As a result, you may directly market your unique creations on various products ranging from customized apparel to handmade goods and crafts supplies. Large Audience As was already said, Etsy boasts an impressive 33+ million active users, 40% of them are return visitors. It demonstrates how much the customer adores Etsy. These great signs inspire merchants to open their shops and start to sell on Etsy right away. Own Shipping Policies The business owners who sell on Etsy are in charge of listing items on Etsy. Vendors can design restrictions for shipping, refunds, and exchanges thanks to it. Most Etsy sellers work part-time jobs. Therefore they cannot offer competitive shipping or refund policies like the major online retailers. Etsy is fully aware of this. They are given the liberty to select their policies. Customers are urged to buy more holiday decorations during these months because Etsy guarantees free shipping, further boosting sales. Customers don't want to pay a large amount of money to transport their ordered products to their place; they genuinely want to experience the allure of "Free Shipping." Mobile Commerce With a great mobile app and a robust mobile commerce presence, Etsy supports third-party merchants. 66% of all Etsy visitors came from mobile devices in 2017, and 61% of all Gross Merchandise Value(GMV)will be transacted there in 2020. Statista reports that from the first quarter of 2017 to around 6% in 2019, the proportion of Etsy mobile sales increased. It consequently provides excellent m-commerce visibility to online Etsy entrepreneurs. Gross Merchandise Sales(GMS) grew, as a result, rising from 3.9 billion to 4.1 billion dollars in 2021. ETSY's Offsite Ad The new Offsite Ads have been added to Etsy's redesigned ETSY Ad Tool. In the past, sellers were required to pay for Google Ads and boosted listings. However, the most recent upgrade does away with the requirement for vendors. Instead, use the new Etsy offsite ads for advertising your products on Etsy and other websites under the Offsite Ads section. The most attractive feature is that you only have to pay if a customer clicks on your ads and buys something within 30 days. At COVID19, Etsy made a significant contribution by covering the cost of the offsite advertising. As a result, new business owners may quickly boost their earnings by drawing a sizable audience. You may Also Read- How To Sell On Myntra How Much Does it Cost to Sell on Etsy? Like any other online marketplace, business owners who sell on Etsy are charged fees for displaying and selling things. Therefore, you must pay for the expenses associated with conducting business on Etsy, even if enrolling and opening an Etsy shop are free (unless you choose a premium membership plan). If you use Etsy Payments, these costs will be automatically taken from the proceeds of your purchases. If there are still costs you owe at the month end, you are in charge of paying them just like any other bill. In this case, Etsy will immediately charge the payment card you have signed up for auto-billing On the other hand, if you operate in a nation that cannot use Etsy Payments, you will be in charge of monitoring and paying your platform subscription each month. Despite this, Etsy levies different seller fees: a listing fee, a transaction fee, and a cost for processing payments. Listing Costs On Etsy Listing fees are what Etsy costs you as a seller to list your products in your shop. Each listing on Etsy costs 20 cents, and when an item is listed, listing fees are deducted from your payment account (which you set up in step six). Regardless of whether you sell on Etsy, for items listed, you must pay the listing fee for each product you list. In addition, a listing expires after four months, when you must renew it and pay an extra 20 cents if you wish to retain it in your shop. Because listing costs are charged in U.S. dollars, it's vital to remember that they may vary if you run your Etsy store from a different nation. In that case, the listing fee will be based on the exchange rate. Transaction Costs On Etsy Transaction fees are levied when you sell on Etsy. The transaction fee is 5% of the overall item price, including shipping and gift wrapping, and is charged in your chosen listing currency. Etsy will thus use the current market rate to translate the fee amount from the listing currency to your payment currency if your payment currency differs from your listing currency. It's also crucial to remember that Etsy will charge a fee if a currency conversion is necessary. Etsy Processing Charges You will pay a payment processing fee for each transaction when an item is sold if you accept payments online through your Etsy shop using Etsy Payments. Depending on where your bank account is located, Etsy will incur different processing costs. Etsy charges 3 per cent plus $0.25 for every transaction for American merchants. Additionally, Etsy will include VAT, or value-added tax, if necessary in both their payment processing and other seller costs if you're a seller in a region that is subject to it. Additional Selling Fees On Etsy First, depending on the shipping labels you select, there may be expenses involved with buying your mailing labels through Etsy. Location and other delivery options will affect shipping label prices. Second, you must pay Etsy a 20-cent transaction charge per sale while you sell on Etsy's online store. Finally, you will be responsible for any fees related to any additional services you choose to use from Etsy. For instance, if you use Etsy to advertise your store and items, you'll need to select a daily budget for the campaign and pay per click. In addition, as we previously noted, signing up to sell on Etsy is often free. Etsy also has one premium membership plan: Etsy Plus. Including Etsy ad credits, cutting-edge customization choices, and exclusive pricing, this package offers comprehensive and sophisticated tools to help you manage and develop your Etsy business. Of course, the usual costs mentioned above will still be charged, and Etsy Plus will cost $10 per month. You may also Read - How To Sell On Flipkart 10 Step Process- How To Register & Start To Sell On Etsy in 2024 Starting a business on Etsy is simple. Here are the procedures to create your online store and begin to sell on Etsy. 1. Create An Etsy Account Visit Etsy.com and select "Register" from the menu in the upper right corner of the screen. Enter your name, email address, username, and password after that. You may also create an account directly using Google, Apple, or Facebook. After creating your account, carefully review the platform's policies to ensure that while you sell on Etsy, you abide by their rules. 2. Launch Your Shop From Your Etsy Account It's time for you to launch your store. When logged in, scroll to the bottom of the page on Etsy. Then, "Open Your Etsy Shop" must be clicked. You will be required to provide the language, the currency, and the justification for starting a business in this section. Then, select the options most closely related to you to go on to the next level. And don't worry, if online buyers wish to purchase your things from another nation, Etsy includes a built-in currency conversion function. 3. Select Your Shop Preferences On Etsy Once the setup is complete, you must modify your store's options and settings to reflect how you want your shop and Etsy site to operate. You must also fill out the following information in addition to the shop language, shop nation, store name, and shop currency: Your Business Name You must give your business a name before you can start to sell on Etsy. Select a store name that is no more than 20 characters long, has only letters and digits, and doesn't contain any spaces. Remember that selecting the appropriate name for your store can help with Etsy search engine optimization. Therefore, before choosing a shop or store name, it pays to understand keyword relevance, Etsy SEO, and Etsy search. You must use a tool for keyword research if you need assistance with this. If you've previously selected one, Etsy permits you to modify your business name just once. Shop Title- Briefly describe your shop and the things you sell on Etsy in the shop title. What you do, sell, or offer as an Etsy seller should be clear from your end to buyers. For your Etsy store name. Again, effective keyword utilization is crucial. Links- You can link to your social media pages on the platform. You may quickly spread the word about your storefront to your network by linking to your Facebook page, Twitter feed, and other social media accounts. Store Announcement- Like many business owners who sell on Etsy, you must put information in this part about your Etsy listings or what current and potential customers may need to know when they visit your shop. Message To Buyer- When a buyer purchases Etsy, you may add a note that will be sent to them automatically. You may also add a message to digital purchasers, and potential consumers who buy one of your digital items will immediately get the message. 4. Establish store policies In the Shop Policies area, you may define shop policies that are particular to the sales of your products. These consist of: Welcome Greeting- To offer buyers a better understanding of who you are and why your Etsy business is there, you can use this space to welcome visitors and provide a few facts about yourself. Remember to include relevant keywords. Shipping Policy: Include all the information your clients need to know about how and when they may expect to receive their purchases from you, including how you ship, where you ship to, and numerous other specifics. Refund Policy- Your refund policy should specify what you'll do and won't do if a customer requests a refund. Seller Information: This section contains all the details buyers could need to know about your Etsy shops, including your address, phone number, and email address. 5. Describe Your Shop You may access the Members, Story, and Manufacturer's areas using this tab. In addition, the "Your Shop" menu provides access to the "About Your Shop" option. Members- This area may be used to link to both your user profile on Etsy and the profiles of any other people associated with your Etsy business or who work there. The purpose of your Etsy store- Your attraction to the website and your favourite aspects of the items you manufacture or sell there can all be described here. You may use this part to link to your blog, Facebook, and other outlets, which is a terrific approach to help your consumers get to know you better. Manufacturers- List any external vendors you work with to produce your goods here, along with a brief description of what they each do for you. 6. List Your Belongings It's time to establish item listings once your Etsy store is operational. The following fields for your online store must be completed when establishing a listing on Etsy: Title: Just like the title of your online business, you need to make sure the title of your listing includes pertinent keywords. In the same way, buyers would look for the products and describe the items you are selling. For instance, describe it as a "yellow halter neck top with sequins" rather than just a "beautiful shirt." On the listing- Here, you must decide the nature of the item, the maker(s), the year of manufacturing, etc. Category: You may classify items in your Etsy store using the category feature. When feasible, select the category and subcategory that best suits your product. Quantity and Cost: You must provide the cost and quantity of the goods sold. Don't forget to include the costs of creating, selling, and promoting your items on Etsy when inputting the inventory quantity and pricing. Additionally, be sure to provide any details about your many product variations, including sizes, colours, materials, and other variations. Product Description: When selling online or when you first join Etsy, you should always add keyword-optimized product descriptions. However, it would be best to use language your buyers can readily comprehend. Product photos: Whether or whether you have promoted listings, you should have at least one, preferably more, pictures of the item so that shoppers can see what they are buying. Never post photographs on Etsy that are of poor quality, as many Etsy merchants do. Instead, make sure that each of your pictures is appealing and attempt to give each of your goods a white backdrop. Alternatively, if you decide to utilize a custom backdrop, be careful to use the same one throughout all of your photographs. If you can't keep track of all your images Adjust Thumbnails: The photos that your customers view when they search for or come across your goods are called thumbnails; they should be adjusted. When you sell on Etsy, the significance of selecting the appropriate thumbnails cannot be stressed because they are crucial in getting people to click on your listing. Additionally, thumbnails influence how your Etsy shop appears and feels, so stick with a consistent appearance to strengthen your brand. Fixe Shipping Charge: Enter your items' delivery information after that. This comprises: Shipment chargesTime of processing Origin zip codeSize and weightwhere you plan to shipFree delivery If you need to visit the post office or contact the USPS first to confirm rates, you may easily edit the shipping pricing and choices area information afterwards. 7. Check Out Your Listing Before posting it for the first time, click "Preview Listing" to see how your Etsy shop appears to customers. It is essential to make any necessary improvements before your shop opens for business. Click "Finish" if you are satisfied with how everything appears. 8. Choose An Etsy Payment Option On Etsy, a variety of payment options are available. Whether your clients prefer PayPal, Etsy Payments, or any other electronic payment method, you may accept whichever works best for you. Due to its simplicity and convenience as a payment option, Etsy Payments is used by most platform-based Etsy sellers. With this option, you may use credit cards, bank accounts, debit cards, online shop credit, Etsy gift cards, and other payment methods. 9. Add Billing Details You will need to input billing information, such as a credit card number for identification and authorization and a card where the platform can charge your fees and commissions, depending on your place of origin. Once you've completed this, you're all set up and can begin advertising and optimizing the products you're selling. 10. Optimize Your Etsy Store Etsy is a terrific location to establish a small business store without having to pay for and deal with in-person sales, but in terms of how to be found, it's similar to Amazon, eBay, and Google. For your products to sell on Etsy differs from listing them there. First, you need a solid marketing plan to draw people to your items and persuade them to buy. This involves using Etsy SEO, advertising, branding, and various optimization techniques for different sales channels to bring your goods in front of potential buyers who are purchasing online. Here are some methods for improving your Etsy store: Complete Your Profile: As one of the numerous Etsy merchants, your profile on the website is a terrific method to increase your trust. Add a picture and a brief biography about yourself. This strengthens your relationship with your audience on a more personal level and fosters confidence, increasing the likelihood that they will buy your items. Add a Store Bio: You may provide extra information about your eCommerce store in the business bio area. Use the 5,000 characters you have carefully to create an intriguing tale. Because people are primarily motivated by emotion, a good tale is the best tool. The possibility of employing narrative to assist in establishing deeper relationships with your potential clients is ideal in this part. Use templates: The marketplace on Etsy provides merchants with a wide range of templates that can be used to change the look of your business. An excellent strategy to help your buyers remember your Etsy store is to find a template that accurately represents your brand or the type of crafts you sell on Etsy. Using Marketing And Automation Tools: Marketing can help you even sell on Etsy app. One such tool is the Etsy Seller App, which lets you manage all of your listings from your phone. The app also enables you to get alerts whenever something occurs at your store, such as when you get client feedback, send an item, or if they have a query. You may use Etsy's tools to manage, market, and expand your creative company. Here is where you may read more about them. Additionally, the platform contains tools created for each step of the development of your business, and you can access more sophisticated tools with a monthly subscription plan. Conclusion A worldwide marketplace is Etsy. Selling here will increase cross-border sales and provide your brand with global exposure. Remember that most business owners, who sell on Etsy store owners have found success after starting modestly. The biggest challenge to selling on Etsy is frequently the hesitation to begin. You don't need a large staff because 79 per cent of Etsy enterprises are managed by lone entrepreneurs, with 97 per cent operating from their homes. Why not take advantage of this opportunity to get started when there are millions of prospective customers and the chance to share your unique items with the world? If you need help in fulfilling your orders on Etsy, you think of partnering with WareIQ WareIQ is one of India's leading eCommerce fulfillment companies that provides a variety of fulfillment services including a WMS that can integrate with more than 20 of the largest eCommerce marketplaces including Esty and track inventory in real-time, across multiple fulfillment centers. [signup] Sell on Etsy FAQs(Frequently Asked Questions) How to manage a sale while you sell on Etsy?On Etsy, click "Your Account" and "Shop Manager" to set up a sale. Then click "Sales and Coupons" under "Marketing." Locate the "New Special Offer" option and click it to finish.Following that, you may choose the kind of discount you want to provide. You can choose to conduct a sale, mail offers to potential customers, or make coupons. To sell on Etsy, do you require a business licence?You don't need to bother about getting a business licence if you aren't running your internet store as a genuine business and aren't making any money. You don't need a business licence if you're a hobbyist, craftsman, or casual Etsy user and want to sell handcrafted items, craft materials, or operate as a creative entrepreneur. Can you sell on the Etsy app?For iOS 10.3 or later-running devices, Sell on Etsy is intended to be a seller-only mobile experience. Android users may also access Sell on Etsy. How much does it cost to sell on Etsy?While creating an Etsy store and signing up are both free, Etsy charges US sellers 20 cents for every listing in addition to an additional 3 per cent and 25 cents per transaction. You will incur a 20-cent Square manual charge per transaction in addition to Square's credit card processing costs if you use Square to sell products from your Etsy store in person that are not synced with your Etsy shop inventory. What products can I not sell on Etsy?Alcohol, tobacco, drugs, drug paraphernalia, and prescription medications are all prohibited items.Human remains and animal products, Hazardous substances, recalled goods, and weapons are all dangerous items. Items that glorify, support, or promote hatred are known as hate items. The list of stuff you shouldn't sell on Etsy includes illegal goods, items that encourage illegal activity, and highly regulated goods. Is it worth it to sell on Etsy?Because it's the simplest method to set up an eCommerce site specialising in homemade arts and crafts and antique items, selling on Etsy is worthwhile. Etsy is simple to use and pick up. The marketplace favours volume merchants with cheap prices and 5-star reviews since it is low-cost and low-risk.

July 19, 2022