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Tips for eCommerce Sellers

How to Choose the Best Amazon Pricing Strategy to Get Ahead of the Competition in 2024

How to Choose the Best Amazon Pricing Strategy to Get Ahead of the Competition in 2024

When you begin selling on Amazon, you will make one of the most critical decisions in setting your prices. It can be tricky, as you need to strike a balance between making a profit and being competitive. Luckily, a few different pricing strategies help you make the best decision for your business. Choosing the right Amazon pricing strategy can be the difference between a successful and a struggling business. What is an Amazon Pricing Strategy? An Amazon pricing strategy is simply a plan for how you will set prices for the products you sell on the platform. It will involve considering your profit margins, operational expenses, shipping costs and the prices charged by the competition. Once you understand what an Amazon pricing strategy is, you can start looking at the different options available to you. One popular option is price matching. It involves setting your prices based on your competition's prices. It can be a great way to stay competitive and ensure that you are making a profit. Another option is to use Amazon's pricing tools. These tools can help you to set Amazon competitive pricing that will still allow you to make a profit. Finally, you can also consider using Amazon dynamic pricing which is where you can readjust your prices based on the demand for the product. [contactus_uth] Importance of Choosing the Right Pricing for Your Products Affects Customer Perception When selling on Amazon, choosing the correct pricing for your products is essential. If you price your products too low, your profit margins will diminish. If you price your products too high, customers will not buy them. It is essential to find a balance between these two extremes when selecting an Amazon pricing strategy. One way to determine the correct pricing for your products is to look at the prices of similar products on Amazon. Helps in Balancing Expenses Customers are more likely to buy products that have free shipping available. See what prices other sellers are charging and price your products accordingly. It would help if you also considered the cost of shipping and other operational costs when determining your prices. You also need to figure out ways to reduce these expenditures as much as possible so that you can maintain your profit margins. Qualifies Products for Amazon Prime Another factor to consider is the Amazon Prime program. Products enrolled in this program must be available at specific price points to be eligible. If you want your products to qualify for Amazon Prime, you need to make sure they are priced according to the specifications that are mentioned. Choosing the correct pricing for your products is essential to selling on Amazon. It will help if you find a balance between making a profit and giving customers a good deal. Considering all these factors, you can ensure that you choose the best pricing strategy for your business. How do You Calculate the Best Price for a Product? When it comes to pricing your products on Amazon, there are a few things you need to consider: Cost of Your Product You need to make sure that you are providing Amazon competitive pricing to attract customers. However, you also need to make sure that you are making a profit. So, it would help if you balance these two factors by ascertaining the cost of producing your products. Competition in the Segment Take a look at what other sellers are charging for similar products. If you are priced too high, you may lose out on sales. But if you are too low, you may not make enough profit. Again, it would help if you found a balance. Finding the right Amazon pricing strategy can be done by analysing the market and setting prices accordingly. Target Market If you are selling luxury items, you can charge a higher price than if you are selling everyday items. It is essential to know your target market and price your products accordingly as people with varying income levels will want and be able to afford very different things. By considering all of these factors, you can develop an Amazon pricing strategy that will help you get ahead of the competition. 4 Tools to Establish Your Amazon Pricing Strategy [2024] If you are selling products on Amazon, it is essential to have a pricing strategy in place to ensure that you get the most out of your products. Here are the top four tools that you can use to establish your Amazon pricing strategy: Amazon Fee Calculator If you want to stay ahead of the competition on Amazon, it's essential to know how to price your products correctly. The best way to do this is to use an Amazon fee calculator. An Amazon pricing calculator considers several factors, including the cost of your product, shipping costs and any fees charged by Amazon. It also compares the prices of similar products sold by other sellers on Amazon. The calculator will give you Amazon competitive pricing for your product based on all this information. Of course, you don't have to use the offered price. You can set your price while using this as a guideline. However, using the suggested price from the calculator is a good starting point to frame your Amazon pricing strategy. It will help you stay competitive on Amazon while still making a profit. Amazon Automated Pricing Amazon Automated Pricing Website If you're looking to establish your Amazon pricing strategy, one of the first things you should look into is Amazon's automated pricing tool. This tool considers the prices of similar products and automatically sets your prices based on various factors. One of the advantages of using this tool is that it can help you stay competitive with other sellers. By considering the prices of similar products, you can be sure that your costs align with what other sellers offer. It can help you avoid being undercut and losing sales. Another advantage of this tool is that it can help you save time. Rather than manually researching and setting your prices, you can let the device do all the work for you. It can free up your time to focus on other aspects of your business. The Amazon automated pricing tool is valuable when establishing your competitive pricing. AI Repricing with Algorithms AI-Powered Amazon Repricing Software When repricing your products on Amazon, algorithms are your best friend. By using an algorithm, you can automatically adjust your prices based on the competition. It ensures that you always offer the best price possible without constantly checking on your competition. There are a few options for choosing an algorithm for your Amazon pricing strategy. You can use a standalone price or a service that integrates with your Amazon account. Standalone prices will usually be cheaper but they may not offer as many features as a service that integrates with Amazon. Once you have chosen an algorithm, you must set up your account and input basic information about your products. After that, you can sit back and let the algorithm do its work. You can monitor your results and make changes as needed. Overall, using an algorithm is a great way to streamline your Amazon pricing strategy. Manual Pricing Manual pricing is the process of manually setting your prices based on factors such as competitor prices, cost of goods sold and desired profit margins. This method can be time-consuming but it gives you complete control over your pricing. One benefit of manual pricing is that you can tailor your prices to specific products and market conditions. For example, if you know that a particular product is in high demand, you can set your price accordingly. Or, if you know that competition is fierce in a specific market, you can adjust your prices accordingly. Another benefit of manual pricing is that you can change your prices as often as you like. This flexibility can be helpful if you need to respond quickly to changes in the market or your Amazon competitive pricing. Of course, one downside of manual pricing is that it requires constant monitoring and adjustment. You could lose sales if you're not diligent about checking competitor prices and making changes to your expenses. Additionally, if your costs change (e.g., if you get a new supplier), you'll need to manually adjust your prices to reflect those changes. Pricing Strategies That Sellers Should Know With more than 300 million active users, Amazon is the world's largest online marketplace. And with such a large customer base, it's no surprise that many sellers are looking to get a piece of the Amazon pie. But with millions of other sellers vying for attention, it can be tough to stand out from the crowd. One way to do this is to offer Amazon competitive prices on your products. But how do you know what pricing strategy to use? Here are four Amazon pricing strategies that can help you sell more products in 2024: Economy One pricing strategy that can help you sell more on Amazon is to offer a lower-priced "economy" option. It can be an excellent way to attract customers looking for a bargain. It can also help you clear out inventory nearing its expiration date. To implement this Amazon pricing strategy, create a listing for your product with a lower price than usual. Be sure to indicate that the product is an economic option. You may also want to explain briefly why the product is being offered at a discount. For example, you could say that it is due to expire soon or has been refurbished. If multiple products are eligible for the economy pricing strategy, you could create a separate listing for each. Or, you could create a single listing with multiple products included. It can be an excellent way to package together products that complement each other. For example, you could offer a discount on a set of kitchen utensils if someone purchases a cookbook. By providing an economy option, you can attract bargain-hunting shoppers and move inventory that you wouldn't be able to sell otherwise. Premium A premium Amazon pricing strategy can help you sell more on products. By charging a higher price for your product, you can communicate to customers that your product is of high quality. It can help to increase customer confidence in your product and ultimately lead to more sales. Additionally, customers are often willing to pay more for products that they perceive to be of high quality. You can communicate to customers that your product is worth the investment by charging a higher price. It can help increase sales and encourage customers to return in the future. Finally, premium pricing can help you to better compete with other sellers on Amazon. It can help you to win customer trust and ultimately boost sales. If other sellers are selling similar products at a lower price, customers may perceive your product as being of better quality. Skimming If you want to sell more goods, one Amazon pricing strategy you can use is skimming. It means setting a high price for your product to increase your profit margins. It can be effective if you have a unique or in-demand product. You can make more profit on each sale by listing a high price. It can help you to sell more in the long run. Of course, skimming only works if people are willing to pay the high price you set. So, you need to ensure that your product is worth your expense. If it's not, people will buy from someone else. If you decide to use skimming as an Amazon pricing strategy, keep an eye on your sales. If they start to slow down, it may be time to lower your prices. Penetration Penetration pricing is when you set a low price for your product to attract customers and gain a significant chunk of market share. You may also offer discounts or coupons to encourage people to buy your product. The goal of penetration pricing is to get as many people as possible to use your product. Once you have a large number of users, you can then increase the price. This strategy can be risky, as you may not be able to recoup your costs if you don't gain enough market share. Penetration pricing can be a successful Amazon pricing strategy if you have a good product that people want. It's essential to do your research and ensure that your target market is price-sensitive before using this strategy. Conclusion Pricing your products on Amazon can be a tricky business. On one hand, you want to price your items low enough to attract customers but on the other hand, you need to make sure that you're making a profit. Try different pricing strategies and see which works best for you and your products. With careful planning and execution, you can find the right pricing strategy for your business to help you get ahead of the competition. If you need assistance with fulfilling Amazon orders and reducing your logistical costs and operational expenses, you can consider partnering with WareIQ. WareIQ is fulfillment company based in India that has shown enormous growth potential and provides services related to every aspect of eCommerce such as storage in a nationwide network of fulfillment centers, picking and packing, shipping through our partnership with more than 20 leading shipping aggregators, a custom WMS to manage your inventory and much more. Amazon Pricing Strategy Frequently Asked Questions: FAQs Are prices on Amazon dynamic?Yes, Amazon employs dynamic pricing which means that product prices constantly change depending on costs and other market situations. How does Amazon keep prices competitive?Amazon is able to sell products at competitive rates due to warehouse automation technology that streamlines multiple processes. It also prompts sellers to have low prices to be competitive. Why is using an appropriate Amazon pricing strategy important?It is important to price your products according to the nature of your audience and how much they are willing to pay for it. If it is too expensive, they might lose interest and shop elsewhere.

July 18, 2022

Top 10 Methods to Increase Average Order Value (AOV) for eCommerce Sellers in 2024

Top 10 Methods to Increase Average Order Value (AOV) for eCommerce Sellers in 2024

The central aim after starting an eCommerce business is to sell more and more products. Some business practices help you get an idea of your sales performance and how to increase it for the betterment of your firm. One method is to increase average order value. You can calculate how well your store is doing by finding out what your AOV is. The tactics in this article can help you to increase average order value after you have determined it. You will be well on your way to increasing the number of orders placed on your online store, whether you decide to implement bundled discounts or a free shipping threshold, post which, you can easily prepare to experience an increase in sales. What is Average Order Value (AOV)? Average order value (AOV) in an eCommerce business is the average amount of money that each customer spends on each purchase that they order from your business. It is an indication of the cash and inventory flow of your online business. High AOV denotes high sales and healthy profit margins. So for new eCommerce sellers, it is often a challenge to increase average order value. [contactus_gynoveda] How to Calculate Average Order Value? To calculate your average order value (AOV), simply put the total revenue you earned and divide it by the total number of orders. Average Order Value(AOV) = Total Revenue (Earnings) / Total Number of Orders (Sales) For example, let's assume that you own an eCommerce store that sells earphones. In July, you generated ₹45,000 in total revenue from 30 earphones that were ordered. Your average order value will be:  45,000/30 = ₹1,500 The value means that a customer is spending ₹1,500 on average on each transaction from your online store. Benefits of Having a Stong AOV in 2024 Boosts Sales and Profits You will notice a surge in sales and profit as the AOV increases. Your business will generate more money overall, the more you make with every order. If you notice an increase in average order value, you can put more money into the expansion of your company and earn more profit. Offers Better Overall Marketing Returns When you spend money on fixed assets and marketing, that amount is more or less a fixed expense that you have to spend on the business. By spending the same amount of money, you can increase average order value and thus, the overall return margin on spending will also increase. For instance, after subtracting the cost of the products and taxes, you would not have made much money if you spent a lot on marketing, especially if your AOV is low. However, your marketing expenditure becomes more profitable when you notice an increase in the average order value. Hence, the necessity of implementing an average order value strategy is vital. Maintains Better Cash and Inventory Flow A better AOV will provide you with a better flow of inventory as well as the cash flow associated with it. You will be providing fresh items to your buyers and never feel a cash crunch in the business. In the case of pumping extra capital into the business, you will be assured of getting a good return instead of fearing the blockage of money due to leftover inventory. Provides Data for Forecasting Orders The insight that the average order value shows you is the market demand for your products. If it is low, you need to order fewer items and offer discounts in order to sell them. And if it has a high figure, you need to reorder more at a particular time to avoid stockouts. 10 Effective Tips to Increase Average Order Value Execute First Time Offers If your company is less than six months old, the majority of your consumers will be first-timers. Promoting discounts to new customers helps raise the AOV. You can offer this specific audience a one-time discount when they purchase multiple units of a well-liked product or special bundle offers reserved only for customers who have never purchased with you before. It will be considerably simpler to persuade your customer to buy with you again if they order many goods and are happy with their purchases. They will have already had a personal experience using your website to shop. As a result, your chances of getting them to buy from you again are higher, which will help to increase average order value. Run Flash Sales Flash sales are special offers provided by an eCommerce seller for a few hours for a set of specific products. These products often have extra discounts during the period of the flash sale. Flash sales increase the sales velocity for hours in a day which can ultimately increase average order value. It is mostly done during the off-season when the AOV is lower. Provide Discount Coupons Discount coupons and gift cards are a physiologically better method to increase average order value. To avoid losing money, you must make sure that your product prices are high enough to prevent a free purchase from your business after the buyer uses the discount coupons. Make sure that customers are aware that they cannot use the discount coupons to pay for current purchases or delivery and implement digital barriers to prevent them from doing so. Offering discount coupons also encourages additional purchases, which helps cut down on additional advertising expenses. Giving clients more for their money is an amazing idea when sales are lagging due to various factors. This deal should not be available all year long because it can become ineffective and result in losses. Have Festive Offers Many buyers wait for festive offers to buy high-priced products, specifically so that they can receive discounts. These high price products are ordered by a few customers but offer a better profit than most other products. These festive offers also add more customers to your shop while helping you maintain your AOV for the future. While these offers help increase average order value, you can sell your old products by giving high discounts on them and free up your money instead of holding onto them perpetually. Initiate a Free Shipping Threshold Offering a free delivery threshold is the simplest strategy to raise the average purchase value. For example, free delivery on a purchase of above ₹500. When customers check out and their order falls short of the minimum amount required for free shipping, you can include an additional notification. This notification will prompt them to add more items to their cart and enable you to increase average order level. Offer a Minimum Order Discount Indians have a tendency to save money and constantly search for the best offers. Buyers may feel guilty about placing large orders. By showing customers their overall savings if they order a certain amount, you can increase average order value and also increase customer satisfaction. This can stop cart abandonment or alterations, which could reduce the total they intended to spend. Customers will feel as if they are getting a better deal. Even if it serves as a preventative measure, demonstrating to customers the financial advantages they get from purchasing multiple things can help raise your AOV. Cross-Sell or Up-Sell Related Products A cross-sell is a product that is distinct from the one that a consumer is currently browsing but that they might also like. For instance, if a consumer is looking at a pair of shoes, you may suggest a pair of socks that go well with it as a recommended product. Adding all the items that the model is wearing in the listing pictures to the suggested items is a great cross-selling strategy. As an illustration, if a tank top in the product photo is being sold, you might cross-sell the jeans that are in it too. Customers are more inclined to buy the two items together since they can see them in use. To increase average order value or profit, you can up-sell by persuading customers to purchase more expensive items or upgrades. For example, if you sell mobile phones, you might up-sell earphones, mobile covers, add-on guarantees, etc.  Offer Same-day or Next-day Delivery An enhanced sense of satisfaction comes when products/services come to customers as soon as possible and they can utilize them. Many companies are doing their best to make their customers happy and that is why all buyers strive to provide amazon prime-like delivery, i.e., offering Same-day or Next-day delivery A seller who offers a slow fulfillment option can be at risk of buyers preferring to choose a competitor that offers faster delivery. So always keep in mind to make delivery hassle-free and available all over the nation. Provide Different Payment Options Many times, a buyer is willing to purchase and pay for the product but in the end, the cart is abandoned due to a variety of reasons. You may try to persuade the buyer by giving them offers on the product or some extra benefits like free shipping but very often, the reason behind it is the lack of payment methods available. For example, a buyer may prefer to pay through UPI to avail of coupon benefits given by a digital payment platform. So the more payment options you give, your AOV will get higher. Have a Clear and Easy Return Policy In an eCommerce business, you must have a return policy because, in the sector, buyers are afraid of getting a fake or damaged product instead of the one they spent their hard-earned money on. The return option gives them a sense of trust which influences them to place orders without worrying about the product quality. Conclusion Average order value in eCommerce is a helpful tool used by businesses to calculate the average value of transactions done with respect to a particular time frame. There are several reasons to increase average order value and several methods to go about it. This is where WareIQ can help. WareIQ provides services relating to picking, packing, reordering and managing inventory which will help you increase average order value by providing smooth and fast fulfillment to ensure better reviews and positioning of your products. When you use WareIQ’s Warehouse Management System, Inventory Management System and other services, you do not have to worry about fulfillment, taking care of returns or placing orders to your merchants manually as all these processes will be provided by us. We also provide a network of fulfillment centers across the country for easy storage and have partnered with more than 20 of the biggest shipping aggregators to provide ultra-fast delivery to every customer. Increase Average Order Value: FAQs Why is Average Order Value used?The average sum of all orders placed with a merchant over a predetermined time period is measured by an eCommerce indicator called Average Order Value (AOV). Sales Velocity Vs Average Order Value.Sales velocity is measured as the rate at which a potential customer progresses through a company's sales pipeline and earns money where as average order value (AOV) tracks the average amount of money a buyer spends each time they place an order. Does AOV make a distinction between each order, even if they are ordered by the same customer?AOV determines transactions per order, not sales per buyer. Even though a single buyer might buy something more than once, each order would be taken into account independently for calculating AOV. How do you forecast the average order value?Calculate your average order value using the formula:Average Order Value = Total Revenue / Number of Orders 

July 16, 2022
What is eCommerce Enablement? How Can it Help Accelerate Businesses Growth in 2024?

What is eCommerce Enablement? How Can it Help Accelerate Businesses Growth in 2024?

Consider your company's eCommerce tech stack as its backbone; it must be robust in order to support other operations and run efficiently. Every eCommerce company depends on certain factors to support its online activities. For orders to be processed, payments to be received and orders to be sent to the fulfillment queue, you need a coordinated set of tools and technological solutions, which are known as eCommerce enablers. We'll examine eCommerce enablement in more detail in this blog, along with the benefits and the current trends in the eCommerce market. Let's investigate. What is eCommerce Enablement? The act of submitting purchase orders and invoices online is known as eCommerce enablement. This electronic procedure is applicable to online-only retailers. Shopping carts and a Secure Sockets Layer (SSL) are features that help make this capability successful. eCommerce enablement is a crucial component of online marketing.  [contactus_gynoveda] Benefits of eCommerce Enablers eCommerce Store Management eCommerce enablers take care of daily tasks, internet advertising and coupons. It focuses on enhancing your brand's reputation and increasing sales. It offers the best brand exposure online by managing various important aspects of your store. Item Management eCommerce enablers are in charge of the full procedure of product listing and pricing. It closely collaborates with other online platforms to keep an eye on promotions in real-time. The professional appearance and copyright description are also taken care of. Order Delivery With prompt delivery and response, eCommerce enablers shorten the time needed to process orders and hence, they can be shipped out faster, reducing delivery speed in the process. eCommerce enablement streamlines ecommerce warehouse tasks to speed up the order fulfillment procedure. Customer Care eCommerce services require professionalism and can be quite demanding. A group of professionals need to use eCommerce enablement to manage this service. Good customer service helps to improve your brand's reputation by fostering client happiness and trust. Reports Any type of firm produces a tonne of reports, including those on sales, SKU progress, analytical results, etc. A thorough review of reports is necessary to determine your company's status. Knowledgeable eCommerce enablers make exact changes and edits and provide the necessary information to advance forward among fierce competition. Digital Ads Newspaper and TV ads have been replaced by digital marketing. eCommerce companies that want to expand internationally need to use digital paid advertising. When developing these advertising, the eCommerce enablers' technical professionals focus on demographics and interests in addition to account and marketing management, which can help your eCommerce business. But doing so can be expensive. 6 Recent eCommerce Enablement Trends to Follow in 2024 People are increasingly choosing to shop at online retailers because of the convenience and time savings they promise. As per reports, In 2024, Global eCommerce sales are increasing tremendously as a result. Retail eCommerce sales hit $5.1 trillion globally in 2022 and during the following four years, these figures are predicted to increase by 50%. One of the main factors that influence individuals to make their purchases online is the chance to optimize convenience and receive better value. Research shows that consumers prefer to shop online over in-store because they feel online retailers offer the greatest prices and incentives. Online shopping is also quite popular among consumers because it is the most practical for them. Faster shipping, supported by improved fulfillment procedures, is also enhancing the appeal and practicality of online shopping. For faster delivery of their orders, many customers are willing to pay higher fees. According to a survey by Deloitte, 49% of respondents would pay more for same-day delivery and 42% for next-day delivery. Furthermore, consumers find two-day delivery to be particularly enticing, with 47% of participants saying they would make an online purchase in order to receive their product in two days. Additionally, 31% of people would pay even more for two-day delivery. These statistics demonstrate the rising acceptance of online purchasing, which makes now the ideal time to participate in eCommerce enablement. You might also obtain a competitive advantage by providing affordable prices and adding expedited delivery alternatives to improve the fulfillment experience. Analytics-Driven Consumer Acquisition COVID-19 has unlocked unprecedented visibility into customer behavior and shopping data, catalyzing a permanent shift in consumer shopping preferences toward eCommerce channels and allowing brands and retailers to provide a more specialized, personalized and effective customer experience that increases conversions and loyalty. Thanks to eCommerce enablers, businesses may focus on product improvements and marketing while also increasing the effectiveness of their advertising expenditures. Enhancing User Experience through a Mobile Interface Retailers and brands are addressing consumers with a mobile-first strategy that draws on social media, location-based information, consumer preferences and mobile technology (such as real-time notifications) that target customers at the most likely time for consumer action/conversion. The simplicity with which shops may accept payments and reduce purchasing friction significantly affects transaction conversion, which can now be done through mobile payment gateways. Differentiation With Vertical Marketplace Expertise Online marketplaces have become important hubs for business-to-business and business-to-consumer trade, offering more access to goods and inventory, and raising market transparency. Long-standing vertical/niche markets are primed to profit as a base of customers and vendors that are established and fosters consistency in market activity and consumer confidence that is spearheaded by eCommerce enablement. Omnichannel Integration and Optimization Brands may more effectively manage and get visibility across a growing variety of eCommerce channels thanks to eCommerce enablement-led technologies. To provide the best customer experience and boost operational efficiency across current infrastructure, successful merchants seamlessly link their offline and online activities. End-to-End Provisions for SMB Vendors SMBs are increasingly using specialized methods to distinguish their offerings (such as quicker shipment, individualized customer support and highly focused advertising campaigns). SMBs may successfully compete with much larger rivals by integrating data-driven solutions that address the customer journey from acquisition through fulfillment. Industry-Leading Solutions for Enterprises eCommerce enablement software and technologies that enable enterprise merchants to differentiate at every stage of the client journey are necessary due to the growing competition. For every part of their operations, large retailers rely on best-in-class software solutions. Diverse software tools must work together seamlessly to give merchants actionable intelligence. How Does eCommerce Enablement Lead to Better Growth? eCommerce Fulfillment is sometimes the last thing on businesses' minds when they begin selling their goods online. The success of your eCommerce operations strongly depends on having the appropriate products delivered on time to your customers in the most cost-effective way possible, so fulfillment should actually be at the center of commerce enablement. Your ability to process orders received from various channels, replenish of your stock, adapt to changing demand and accurately pick and pack orders should all be possible. This is why a lot of eCommerce companies use a 3PL for order fulfillment because it enables them to delegate all these difficult chores to professionals. By storing your order for you, automatically receiving orders at their warehouses, and sending them to the fulfillment queue, a 3PL can streamline the fulfillment of your online purchases. Professionals will pick, pack, and prepare your orders for shipping in the quickest amount of time while assisting you in saving money on shipping costs with lower shipping rates. Why are Tech Stacks Mobilised Towards eCommerce Enablement? As was already mentioned, the success of eCommerce enablement depends on eCommerce tech stacks. End-to-end eCommerce requires the use of software and technological solutions because most eCommerce procedures take place online. The platforms, programs, frameworks and other technological advancements required for managing and operating an eCommerce business are together referred to as your eCommerce tech stack. Your website's overall look, feel and style are determined by the HTML and JavaScript that make up the front-end of your eCommerce tech stack. Databases, web servers and storage are examples of server-side languages and programs that are used in the back-end. Generally speaking, you should base your tech stack on many aspects of your eCommerce firm, such as the following: Order and inventory managementOrder and payment processingFulfillment and shippingCustomer service and supportProduct information managementEnterprise resource planningOmnichannel platformsReturns managementData and analyticsMarketing Conclusion: How Can WareIQ Offer Solutions for eCommerce Enablement? eCommerce enablement is one of the most important factors to enable your business to be successful. It includes all the major operations of every sector of your business. Therefore, you need to pay attention to streamlining your eCommerce enablement, which can be done by partnering with a 3PL fulfillment company like WareIQ. WareIQ offers a full-stack eCommerce solution for every type of eCommerce business. We offer a specific set of services that enhance eCommerce enablement, some of which are listed below: We manage sales, inventory, payments, reconciliation, returns & NDRsWe offer Prime-like badges to provide assurance of qualityWe offer technical onboarding support for many online selling platformsWe provide pricing insights to improve your sell-through rate eCommerce Enablement Frequently Asked Questions: FAQs What advantages does eCommerce offer to retailers?Retailers may offer a convenient option for clients to purchase their products through websites and apps. Additionally, it offers them perceptions of online shopper behavior to help them better comprehend their requirements and tastes. What is eCommerce agility?In order to build an agile eCommerce environment, a seamless shopping experience that removes barriers between the offline and online worlds is generally referred to as eCommerce agility. Ecommerce software platform: what is it?Software that supports online buying and selling is known as an eCommerce platform. It enables vendors to control digital sales, marketing, and virtual assets from a single platform. Ecommerce platform solutions come in a variety of forms, and each form offers particular advantages and disadvantages. What core responsibilities does e-commerce software have?The web store's backend is made up of e-commerce software. It enables entrepreneurs to quickly build a website to sell goods, handle fulfillment, accept and process payments, and manage inventory.

July 16, 2022
10 Best Oberlo Alternatives for Online Sellers to Fulfill Online Orders in 2022

10 Best Oberlo Alternatives for Online Sellers to Fulfill Online Orders in 2022

If you are an eCommerce seller and gravitate towards dropshipping then you must have heard about Oberlo. It was one of the most well-known dropshipping companies for most sellers but unfortunately, it was delisted from the market. Shopify acquired Oberlo in 2017 and later decided to continue it in May 2022 without sighting a specific reason.  Though it was the first choice for many retailers, they still have to continue their business processes and find an Oberlo alternative for dropshipping that is available in the current eCommerce market. For you to choose which Oberlo competitors to use, we have compiled a list of the 10 best Oberlo Alternatives. About Oberlo Oberlo is likely the most well-known dropshipping service, which enables business owners with a Shopify eCommerce website, to browse through various products and add the ones they want to sell directly through their own store. Because Shopify is used by people who wish to sell things online in a hassle-free way, sellers all over the world have used Oberlo to list and dropship their products. Oberlo imports products from AliExpress directly into your online shop. Although the software is globally functional, it is exclusively accessible by Shopify store owners, which may provide a challenge for businesses who prefer WordPress and WooCommerce. If you wish to choose reverse dropshipping or sell high-quality goods from other dropshipping vendors like Banggood, DHGate and others, your options may also be constrained. [contactus_lilgoodness] Why do Companies Search for an Oberlo Alternative? Shopify has currently removed the Oberlo app from its platform. Oberlo was taken off the market as of May 12, 2022. Additionally, online merchants are no longer able to find it in the app store or download the app from other sources. Retailers who have installed Oberlo can continue to use its features until June 15, 2022. Oberlo broke the devastating news to its users throughout the world. On June 15, 2022, its dropshipping app was discontinued, making it impossible for users to access their Oberlo accounts after that date. The team made it clear that the decision was based on various factors, including what was in the best interest of Shopify merchants. If customers want to keep dropshipping after the discontinuation of the app, Oberlo has provided them with two solutions which have been listed below: The DSers app will automatically transfer previous data from OberloRetailers need to manually move to an Oberlo alternative dropshipping application Although it was simple to use because of its accessible features, there were several limitations with Oberlo which have been listed below: It only works with Shopify storesIt only buys products from AliExpressIt has less control over shipping options provided by suppliersIt is crowded with other dropshippersThere are similar products listed by many dropshippers 10 Best Oberlo Competitors Spocket Source For US or EU-based sellers who want to ship their products to their consumers more quickly, Spocket is commonly regarded as the best Oberlo alternative. Spocket was founded in 2017 and is an innovative online dropshipping marketplace and automation platform. The company also has a vast network of more than 1000 dropshipping suppliers, with over 80% of them based in the US or Europe. After integrating your business, importing products is simple and only requires a few clicks. Additionally, Spocket offers one-click order processing and automated inventory updating. DSers by AliExpress Dropshipping Source DSers is a better Oberlo alternative for dropshipping because it is an approved AliExpress dropshipping partner app. Additionally, Oberlo encourages users to automatically transfer their data to the DSers app, which is officially suggested by the company as a good Oberlo alternative. The features that DSers has are all that users require to scale their dropshipping businesses. The DSers app can handle large orders, has more than 150,000 merchants currently and has an integrated interface with AliExpress. Follow the instructions on the Oberlo FAQ page if you're unsure how to seamlessly switch from Oberlo to the DSers app. The benefit of DSers is that it integrates with other platforms besides Shopify. Another feature of DSers is that its free plan allows for the import of 3000 products, which is fantastic for someone just starting in the eCommerce industry. Suggested Read: Alternatives to AliExpress SaleHoo Source SaleHoo provides retailers with a selection of more than 1.5 million products to sell as they develop their eCommerce brand. Depending on your specific demands, you can currently choose products from thousands of different dropshippers and wholesalers. To make sure you have access to the most reliable providers who can deliver fast, you can also browse the suppliers listed on the site. SaleHoo is designed to be an easy-to-use Oberlo alternative for people who desire a quick way to identify reliable vendors. For beginners who do not have a lot of money to spend on their perfect product strategy, this software is also quite reasonably priced. For instance, the initial cost of SaleHoo is just a little over $65 per year. Seasonsway Dropshipping Source Seasonsway Dropshipping primarily focuses on fashion-related products, which is clear from just a short look at their inventory. It is one of the best Oberlo competitors that are best suited for fashion items. They have a wide range of gift items, clothing, innerwear, household goods and mobile accessories. All of these particular product niches are more lucrative than other niches. Retailers can increase their profits by trading in the mentioned marketplaces, according to experts. So if you want to trade in these sectors, Seasonsway could be among your top choices. It costs nothing to sign up for Seasonsway. However, they do not provide any website building platform and you will have to either build your own website or sign up with retail marketplaces. They offer a variety of fashion-related merchandise. You get a dashboard where you can manage all of your dropshipping needs, such as payments, processing and other necessities. Wholesale2B Source Wholesale2B runs under a software development business that specializes in dropshipping. Because of this, wholesale2B has an edge in terms of the technical aspects of dropshipping. They can offer capabilities like inventory management, order management and website creation that can help your business. Its main limitation is that it only offers customer support by email or a live chat channel and only during business hours. That is why it appears that some users are dissatisfied with Wholesale2B's customer service.  To meet the needs of various consumers, Wholesale2B offers a variety of service plans. These plans must be purchased to begin dropshipping. However, you still sign up for a free account and then you can browse and see the products listed. Wholesale2b makes it simple for anybody to start a dropshipping business on a budget by offering more than 1 million products at wholesale rates, allowing you to rapidly import them to your online store or marketplace. Access to their network of suppliers, the majority of whom have offices or warehouses in the US, is free. The starting price for the premium plans, which include automated inventory management and one-click order fulfillment, is $29.99 for the import of up to 10,000 products. Worldwide Brands Source The Worldwide Brands network is a platform for dropshippers and wholesalers, which makes it a good Oberlo alternative. All of the wholesalers who utilize WorldWide Brands are available to you for a lifetime just after making a one-time payment of $224. Users have access to more than 16 million products. You can order a variety of products from Worldwide Brands and dropship them to your customers and the majority of these goods are bought directly from producers or wholesalers at low prices. The wholesaler sets the delivery period for each product on WorldWide Brands. The goods are delivered in roughly a month to the wholesaler in another nation. Local wholesalers can have the products delivered to you in less than a week. Credit cards and PayPal are accepted for payments. Worldwide Brands is perfect for seasoned dropshippers who want to test out new products in the market. It is not the best choice for new dropshippers looking to launch their eCommerce company. Snazzyway Dropshipping Source Snazzyway is a distinctive Oberlo alternative. It is an India-based website focused on the dropshipping of women's undergarments. The best fit is if you deal in lingerie, bras or other inner-wear for women. You may not know that the Indian lingerie market was estimated to be worth over $3 billion in 2017 and is projected to grow at a solid CAGR of about 14% to reach $6.5 billion by 2023. Snazzyway is an excellent Oberlo dropshipping substitute if your dropshipping business sells clothing and undergarments. Wholesale Central Source Wholesale Central is a wholesale and dropshipping supplier. The US-based dropshipping company has more than 25 years of experience connecting global suppliers and buyers. The platform of Wholesale Central, which contains suppliers from all over the world, is very simple to use and explore and is free for all buyers which makes it a good Oberlo alternative. It transports goods to wholesalers or buyers in bulk. Wholesale Central has a reliable database of global wholesale vendors. It is free for all its customers and simple to use. Finding suppliers who use dropshipping can be more challenging. GeekBuying Source Electronics and tech accessories are the main products sold on Geekbuying. The rarest tech products are available here. Additionally, you may purchase clothing, jewellery, and watches on this Oberlo alternative. Geekbuying can deliver goods anywhere in the world. The average shipping time for all locations is 5 to 10 days. You can also place large orders through it. Geekbuying offers a range of payment options. PayPal, credit card, debit card, Boleto or Konbini are all acceptable methods of payment on this website. Wire transfers and installment payments are additional alternatives. DropshipMe Source DropshipMe is the free WordPress plugin for importing high-selling AliExpress items through WooCommerce-powered stores. DropshipMe is the most practical Oberlo alternative when it comes to establishing a successful dropshipping business using WooCommerce. DropshipMe lets you import goods from a hand-selected database of more than 50,000 top-selling AliExpress items. As a result, you won't need to browse AliExpress in search of profitable goods to sell. Things to Keep in Mind while Choosing an Oberlo Alternative When choosing Oberlo competitors that work for your company, you must understand the processes involved in making a choice. Consider the following factors to help you choose the finest Oberlo alternative: Compatibility with Multiple Selling Platforms The tool you have selected should work with your online store for selling goods online. The AliDropship plugin would not help you much if you have a Shopify store because it's designed for WordPress + WooCommerce stores. Check the compatibility of your Oberlo alternative with your website and other sites that you sell on. Accessibility to Integration With Supplier Platforms The tool you select should facilitate the seamless sourcing of products from the suppliers you want. While some support the importing of AliExpress goods, there are a few platforms that work with Wish, Alibaba, Taobao, etc.  Simplicity to Use and Locate Look for tools that are simple to use and have a user-friendly interface. With Shopify or WooCommerce stores, many providers have completely automated integrations that enable an automatic order fulfillment procedure and simple importing of products. Fast Fulfillment Times Check the shipping method used by the Oberlo alternative you choose. Fast delivery speeds enhance customer satisfaction and enable you to fulfill more orders in a shorter period of time. Maintenance of Quality Your preferred Oberlo competitors should provide a consistent level of product quality. Always order a sample before placing your order to make sure the goods are of high quality. You can evaluate the product quality, delivery costs and vendor communication by testing it out before you commit. Additional Features The features and tools your online store needs should be provided. Today's eCommerce firms need to have access to a wide range of features like order tracking, inventory management, price adjustments, automatic reordering, etc. Cost of Alternatives Always be careful to account for all of your costs when calculating your income vs. profit. Don't just figure out the base product cost; also include any potential extra costs like shipping and handling. The ideal way to get more for your money is to work with a dropshipping agency that will buy your bulk orders directly from Indian or Chinese manufacturers and distribute them to your end clients. Conclusion: WareIQ’s Role in Opting for an Oberlo Alternative Since India is an emerging eCommerce retail market, a number of dropshipping businesses are making a huge profit from operating their services here. The majority of dropshipping sellers form partnerships with numerous eCommerce businesses, but it's also crucial to consider the types of goods you sell, and whether or not their service fees and shipping costs are within your budget. The delivery time should also be reasonable for the locations of your customers. Working with a specialized 3PL provider like WareIQ can be the finest Oberlo dropshipping alternative for businesses who require the entire spectrum of eCommerce fulfillment services because we offer fulfillment services with incredibly quick delivery and an AI-based WMS. WareIQ is a full-stack eCommerce fulfillment platform that provides all the services needed by online retailers. We will always offer the quickest and cheapest delivery options through our partnership with more than 20 of the biggest shipping companies and give users a variety of technological advantages like an advanced WMS, unique app store, storage in numerous fulfillment centers, picking, and packaging, shipping, last-mile delivery, reverse logistics and much more. Oberlo Alternative : FAQs What are the limitations of Oberlo?Although Oberlo is simple to use and offers a lot of helpful features, there are drawbacks. The majority of them are caused by the fact that it only functions with Shopify and AliExpress. It is therefore incompatible with other eCommerce platforms. When and why was Oberlo removed by Shopify?The Oberlo app has already been taken down by Shopify. Oberlo was taken off the market as of May 12, 2022. Now online merchants are no longer able to download the app from other sources or locate it in the app store. What is reverse dropshipping?Reverse dropshipping is obtaining goods from developed markets and then mass producing them in developing countries like India and China instead of the other way around. Is dropshipping possible without Oberlo?Yes, you can dropship products by any one of the alternatives to Oberlo as per your choice. Although Oberlo has been delisted, the dropshipping industry is growing.

July 16, 2022
Wholesale vs Retail: A Comprehensive Guide for eCommerce Sellers in 2024

Wholesale vs Retail: A Comprehensive Guide for eCommerce Sellers in 2024

Retail and wholesale are two crucial steps in the distribution process in the supply chain sector. Any product that a business produces is first sold in bulk to the wholesaler, who then sells it to the retailer, who then sells it to the final consumers. To put it simply, the wholesale and retail difference is that a wholesaler purchases the goods in large quantities from the manufacturer and then sells them to the retailer, who in turn sells them to the final consumers. The primary difference between wholesale vs retail is that a wholesaler sells products to businesses or retailers who will then resell them. A retailer, on the other hand, solely sells products to the final customer as their target market. These two commercial connections serve as key sales channel intermediaries. The supply chain will be affected if any of these links are missing. We shall discuss the key distinctions between wholesale vs retail in this blog. What is Wholesale? Wholesale refers to the cheaper, large-scale sale of products to merchants and retailers. The wholesaler purchases the goods in bulk disassembles them repackages them, and then sells them to retailers. The wholesaler only offers particular products and is least concerned with the store's location, the products' packaging, or their presentation. They care less about a product's quality and more about its quantity. Significant investment is needed for a wholesale company and not just in marketing and advertising. The wholesaler's clients are dispersed over numerous towns, cities, and states. The majority of purchases are made by clients using credit. A wholesale eCommerce store should be authorized to sell products solely to retailers and typically not to the general public. However, a buyer will pay more if they choose to purchase a product directly through wholesale vs retail. In order to concentrate on one type of business for their goods, a wholesaler typically sells just one product or a single category of products. [contactus_gynoveda] What is Retail? Direct sales of products or services to consumers are referred to as retail. Retail sales can be conducted using a wide range of items and delivery methods. A few examples of the different kinds of retail establishments are: Internet shops Low-cost retailers conventional stores The fact that the sale involves the final consumer sets a retail transaction apart from a wholesale one. The parties engaged are more important than the type of distribution channel for defining retail. Retailers serve as middle-man between wholesale businesses and customers. You can classify yourself as a retailer if you exclusively sell goods with the intention of distributing finished products. Similar to this, a retail-based transaction will take place if you are purchasing items for personal use. For instance, if you need a printer for your brand-new company and buy one from your neighbourhood store, you engaged in a retail-based transaction. Retailers typically only offer minimal amounts of products. Sure, if your company expanded to that point, you could buy 100 printers from the same store. However, as this is not a typical request, it would probably take some time to complete. Retailers typically offer things in far lesser volumes than wholesalers do. Wholesale vs Retail: Key Differences Between a Wholesaler and Retailer [table id=40 /] Wholesale vs Retail: Types of Wholesalers and Retailers Wholesalers Merchant Wholesalers  These are the most typical wholesalers used in the private label, FMCG, and agricultural industries. Simply put, merchant wholesalers are the people that purchase products directly from manufacturers, keep them and then resell them to customers. They are not limited to selling exclusively to retail or online customers as they can sell through any channel. Any losses incurred in the process of purchasing and reselling the product must be paid for by the merchant wholesaler. Sales and Distribution Wholesalers These wholesalers handle both the manufacturing and direct distribution of the goods to retailers. Typically, they don't trade in products made by other companies. They can reduce their overhead costs for transportation, warehousing, etc. by merging the manufacturing and distribution processes. When manufacturers establish a distribution division within the business, they are acting as their own distributors. They will market and sell their own goods to other retailers and wholesalers. Discount Wholesalers This kind of wholesaler specializes in purchasing and reselling merchandise at deep discounts. These products are either inventory liquidations, returned or refurbished products, or discontinued lines. They offer retailers massive discounts which leads to an increase in the number of bulk orders placed, which enables retailers to get the products at much cheaper prices than other wholesalers. Dropship Wholesalers Dropship wholesalers aren’t really wholesalers in the regular meaning of the word. When an online retailer sells something, its wholesaler or distributor will send the item right to the customer. A drop ship wholesaler resembles a retail partner more in this regard. On many websites, you may find a tonne of dropship wholesalers. They are responsible for manufacturing products as well as shipping them to the final customer. Online Wholesalers Instead of using more conventional channels like trade exhibitions, this kind of wholesaler offers its products in large quantities online. This is very different to other types of wholesalers, who have been slow to adopt the use of technology in their promotional activities. These wholesalers are able to gain more attention through internet ads and other types of marketing. Retailers Speciality Stores These concentrate on name-brand products and a particular category. Examples of speciality stores are Victoria's Secret and Nike, which typically exclusively sell products that have their brand name or are connected to it. Online Retailers Without incurring the costs associated with traditional brick-and-mortar merchants, online retailers deliver items straight to clients at their homes or places of business. They typically sell things for less than retail pricing, store goods in retail warehouses, and establish connections with warehouses, vendors, and occasionally, manufacturers to obtain goods at lower costs. Department Stores In the actual retail area, traditional department stores offer a large variety of goods that are categorized into various categories. Shoes, apparel, cosmetics, jewellery, home goods, and other items are some of the categories found in department stores. Supermarkets These merchants offer a wide variety of food and drink items, along with occasional home goods and consumer electronics. Petrol Station Convenience Stores  These are often retail establishments that specialize in selling fuel to customers on the move. They also sell a small selection of groceries and automobile care items but at exorbitantly high "convenience" prices. Other Media Retailers Let's not overlook media sellers who market their products through conventional channels like TV and catalogues. Although this is a diminishing trend, there are still many stores that utilize it to sell their products. Also read: Retail Operations 2024: Best Practices for Streamlined Management in E-Commerce and Retail Wholesale vs Retail: Which Business Model is Right for You in 2024? You might choose to start out as a store if your small business is just getting off the ground. Most likely, you don't now have the capacity to satisfy wholesale demand. Spend some time establishing your brand and gain a following. You can do online business and send things straight to customers. Using wholesale suppliers to establish yourself in brick-and-mortar stores is something you might think about when your brand develops, your business grows and you become better equipped to make huge quantities of products. Or you could decide to start your own brick-and-mortar businesses. Keep in mind that you are not required to pick between the two. Growing businesses frequently do both.  You may achieve the level of freedom you seek by running your own business and being able to market your original works. You are able to acquire this financial freedom and build a prosperous business for yourself whether you are a retailer or a wholesaler. If you need assistance with fulfilling and storing any type of eCommerce orders or products, whether it is wholesale vs retail, WareIQ has got you covered.  WareIQ is one of India’s fastest-growing eCommerce fulfillment companies that provides a vast number of fulfillment centers and dark stores all across the country. We do not have any minimum order requirements and you only have to pay for the storage you use. Additionally, we utilize advanced technology such as a state-of-the-art WMS to help you track and get real-time updates across multiple fulfillment centers and eCommerce marketplaces. Wholesales vs Retail: FAQs

July 15, 2022
What is Sell Through Rate in eCommerce and How Can it Impact Your Business in 2024?

What is Sell Through Rate in eCommerce and How Can it Impact Your Business in 2024?

Most eCommerce sellers attempt to manage their inventory in the best way possible but while many of them spend a lot of time on inventory costing techniques, they neglect to consider how effectively the inventory is flowing through their supply chain. A high sell through rate indicates that you are placing the proper amount of orders in relation to demand for those goods. However, a low sell through indicates that you have ordered too much of a product. In many cases, your demand forecasting, purchasing or pricing strategies are fundamentally flawed. Let us get a detailed understanding of what sell through rate is in eCommerce and how it can impact your business. What is Sell Through Rate (STR)? Sell through rate or STR is the ratio of inventory received from your manufacturers during a given time period to inventory sold during the same time period. Your STR is a performance metric that compares monthly sales to a predetermined goal. You can track sales, modify your objectives and maintain supply-chain efficiency by measuring the sell through rate of your company. STR varies depending on the industry and organization but ideally, a rate of at least 80% is preferable. [contactus_gynoveda] How to Calculate Sell Through Rate? Sell Through Rate Formula To calculate your sell through rate, you need to total your sales during a specific time period and the total amount of stock available for sale for that same period.  You can calculate STR using the sell through rate formula which is as follows: Sell Through Rate (Percentage) = (Total Sales / Stock on Hand) x 100 You can calculate your sell through rate weekly, monthly, quarterly, half-yearly or annually, depending on your sales goals and target time to achieve it. Real-World Example  Suppose you sell electronic items. If you order 250 Bulbs for July, you would want to calculate your sell through rate at the end of the month to understand what your sales figures are. If you sell 200 bulbs out of 250 then your STR is: =(200/250) X 100 =80% Hence, your sell through rate for July is 80%. Why is Sell Through Rate Important? The sell through rate is important for several reasons: Helps Discern Your Best Performing Products Your sell through rate is more than just a general indicator of total sales. STR is frequently determined by the supplier, product line, store location and other factors involved in eCommerce retail. As a result, your STR is a useful tool to assist in your understanding of the most popular products. Utilizing this data will enable inventory optimization and a more accurate assessment of consumer demand. It will also help you to focus on refining and promoting those products to generate more revenue. Assists in Calculating Your Inventory Holding Cost A low sell through rate highlights inaccurate forecasting of your goods and possibly under-utilisation of storage space. To learn more about how you can reduce your storage costs, you can calculate STR. Stock that will soon expire or that will become obsolete due to changing seasonal demand can make overstocking even more expensive. The unsold inventory occupies space that could be used to store goods that are highly in demand. You can decide on the amount of storage space you need by taking into account storage expenses versus anticipated transportation costs or losses from stockouts, both of which have increased significantly during Covid-19. Helps in Segmenting Your Supply Chain Unexpected delays frequently occur in different stages of the supply chain, especially during COVID-19. Manufacturers, vendors, retailers and customers are all attempting to compensate for supply cycle bottlenecks. Many businesses make up the difference by placing excessive orders or overstocking before they know whether products will truly be profitable. Your STR gives you clarity on sales trends so you can collaborate with your suppliers to order the appropriate goods in advance and stock up on high-selling items. Assists in Determining Your Targets Every retailer has sales objectives and they will differ for each depending on multiple factors. Setting goals enables you to monitor performance, hold sales representatives responsible and inspire your team and other colleagues. Sell through rate measures your targets and enhances sales via suppliers, product lines, store locations, sales channels and other factors. STR can be used to analyze sales from any angle and gain a better understanding of how various aspects of your retail operation are doing so that you can accurately frame your targets and meet your objectives. Helps With Managing Capital An important tool for comparing your revenue to the cost of goods is your sell through rate. A decreasing STR over time indicates that you are spending more money than you are bringing in. On the other hand, as you alter your inventory orders and storage expenses, a growing STR indicates that your profit margin is increasing and will keep doing so for the foreseeable future. 5 Ways to Improve Your Sell Through Rate in 2024 If you have determined that your sell through rate is poor after calculating it, here are some strategies for increasing STR and expanding your clientele: Maintain Accurate Inventory levels The practice of buying goods in bulk and then putting them aside until they are needed is no longer viable for retailers. A product has a minimal possibility of making a profit when it is sold after being on the floor for ten weeks or more. If your sell through rate is steadily declining, you might want to think about lowering your inventory levels. Slow-selling products could be eliminated or reduced in quantity and you could stock up on high-demand products that will increase your revenue and profit margins. Make Sparing Use of Discounts The quantity of stock you initially ordered may be the reason your sweaters aren't moving as quickly as you'd like, even though you're not selling them at full price. Post the end of a particular season, most items are not sold as frequently and now you have to wait for a whole year to sell them, which will most likely cause them to become obsolete. Suppose a product is out of stock, business is slow or you only have a few of the less sought-after sizes left, discounting current products makes sense to make space for new inventory. Although it could seem like an appealing strategy to increase sales, keep in mind that you'll also be lowering your profit margins. You should use discounts and promotions rarely and if you do run them, keep the break-even threshold in your mind. Forecast Demand How much merchandise you sell in a specific time frame depends on the season. For instance, the sell-through rate of school shoes in December is likely lower than it is in May. Similarly, woolen items' sell through rate in May is much lower than it is in December. Your STR may showcase a few product lines that are out of season even though it doesn't take seasonality into account. Demand forecasting can be used to fix this. Use Social Media More customers translate into more sales and an increased sell through rate. Make a list of prospective marketing tactics to raise the profile of your retail establishment. Consider working with major retailers on campaigns that promote your brand and merchandise to attract new clients, potentially through branded or merchandise-specific retargeting, advertising or Instagram posts and stories. Use social media tools to increase awareness, such as the "swipe up" feature on Instagram (alternatively you can sell on Instagram also) stories or Facebook's shopping ads. This makes it possible for customers to access your product page directly, increasing the likelihood that they will convert. Working together with an influencer or group of influencers who are relevant to your audience will work more. Make Use of Bundling Combining two or more products to be offered for sale at a discount is known as bundling. Product bundling is frequently used by retailers to increase cross or up-selling and lessen the "pain of paying." It's also a wonderful way to sell surplus inventory and slow-moving items, particularly if your products are close to expiry or become out fashioned rapidly. Sell Through Rate vs Inventory Turnover Rate [table id=34 /] Many shops have attempted to make the connection between the two figures or, more specifically, to determine whether inventory turnover and sell-through are correlated, but it is pointless. Manufacturers frequently devise special advertising campaigns or promotions to boost the sell through rate of their goods at the retail level. They will help a retailer move items out of their store using specialized funding known as cooperative funding (co-op). They can be used as advertising funds or, in some cases, as actual cash to mark down your inventory. Conclusion A high sell through rate indicates that you are placing the proper amount of orders according to demand and a low sell through indicates that you have ordered too much compared to demand. One of the best ways to optimise your sell through rate and get a better understanding of how to maintain inventory levels in relation to demand is to partner with a 3PL company like WareIQ. WareIQ employs the use of a custom WMS that gives you access to historical data and all the metrics you need to measure your sell-through rate. We can also help with demand forecasting and suggest the optimum amount of inventory you need and which fulfillment center location it would be best suited for. We also help in determining your EOQ and MOQ to always have the appropriate amount of inventory on hand. In addition, we handle multiple other processes involved in order fulfillment such as storage, inventory management, delivery and returns, and also provide access to our advanced technology and applications through our custom app store. Sell Through Rate: FAQs What is a sell-through agreement?For large shops, a sell through agreement is a set of guaranteed sell-through functions like an insurance policy. For example, a designer is compelled to sell a specific percentage of their products at full price when they have a sell-through agreement. What is sell-in vs sell-through?Sell-through refers to sales that actually reach the customer. Sell-in refers to product transactions that are kept on shelves that customers may or may not choose to purchase. How do you calculate the sell-through rate?STR is calculated by dividing the quantity of units sold by the quantity of units received and then multiplying the result by 100. Every 30 days, most shops calculate their sell-through rate. What is a good sell-through rate?Industry and organization specifics vary, but as a general rule, a sell-through percentage of at least 80% is preferable.

July 04, 2022
What is Shopping Cart Abandonment? Top 10 Strategies for Reducing Cart Abandonment Rates in 2024

What is Shopping Cart Abandonment? Top 10 Strategies for Reducing Cart Abandonment Rates in 2024

The most disappointing thing that a seller can experience is when a buyer shows genuine interest but doesn’t end up purchasing anything. It reflects a loss of all the resources and time that is dedicated by the business. Shopping cart and checkout abandonment are all too prevalent among online buyers in the modern eCommerce space. Data shows that the current average shopping cart abandonment rate is more than 70% in India, which is severely eroding retail revenues. As a result, many retailers have made reducing shopping cart abandonment a top priority and are investing increasing amounts of money in doing so. Fortunately, there are a number of approaches and personalization techniques that aid in abandoned cart recovery and boost returns. Let us look at it in detail. What is Shopping Cart Abandonment? Shopping cart abandonment happens when a potential consumer begins the online check-out procedure for an order but leaves before making a purchase. A commodity that is added to the shopping cart but never purchased is regarded as having been "abandoned" by the customer. In simple terms, it is the same as a customer going to a store to buy products, choosing which ones they want and are about to have them scanned, but suddenly decided against it. In a real-world scenario, a shop attendant can inquire if there are any issues and recommend them better and cheaper products. [contactus_uth] How to Calculate Shopping Cart Abandonment? To calculate cart abandonment rate, you need to divide the total number of completed transactions by the total number of created carts. Subtract from one and then multiply by 100.  The formula is as follows: The total number of transactions initiated. This will show you your rate of shopping cart abandonment over a given time frame. For instance, you can take into account all of the transactions from the previous month or quarter and split them by the number of completed transactions or the goods that customers added to their carts but did not end up purchasing. For example, if you have a total of 500 carts created and 120 completed purchases, the cart abandonment rate is 76%. The 3 Stages of Shopping Cart Abandonment Pre-Abandonment It might be challenging to determine visitor intent during the pre-check-out stage because they might simply be browsing your website without making a purchase decision. In some cases, factors contributing to their final abandonment may be related to the user experience. No one will purchase from your website if it appears to be shady or fraudulent. A reliable website can influence users' behaviour significantly by lowering hesitations and fears. The usability of a website that is simple, transparent and convenient can frequently convert a potential buyer into a loyal customer. Both internal and external aspects of the eCommerce experience, including security seals, shipping procedures, customer testimonials and more, may have an impact on the trustworthiness of your business, as determined by customers. Buyers need to feel secure when making purchases from a website. Broken links, poor image quality, inaccessible sites and site timeouts can make visitors lose faith in your company and their ability to make wise purchases. Three efficient strategies to encourage trust in your business and develop confidence in your site include displaying well-known verification seals and logos, making customer product reviews easily accessible and providing complete disclosure on security standards. According to a study, unanticipated expenses, like expensive delivery fees or additional prices, are the main reasons for cart abandonment. Preventing customer frustrations and significantly lowering pre-abandonment dropouts can be accomplished by streamlining the checkout process and offering upfront prices, clear payment options and transparent delivery charges. Display of Abandonment Intent The warning for impending cart abandonment is set off by a number of the buyer's telling behaviours and intent signals. There are efficient personalization and abandoned cart recovery options that let you recuperate in real-time and convert those potential abandonments into sales. Customers could feel confused when websites have an excessive amount of content. When buyers lose interest and indicate that they are ready to go, eCommerce companies can deliver personalized and incredibly compelling messages to them. Powerful ways to keep visitors engaged before they go back to their referral source include triggering an incentive-laden overlay with limited-time offers, free shipping, money-back guarantees or an inducement to subscribe to a newsletter upon display of this behaviour. For instance, assume that your user has chosen to quit your website rather than completing the checkout after being confronted with unexpected shipping expenses. By automatically launching an exit-intent overlay or message with a tailored incentive for finishing the order when you notice your visitor's exit intent, you can successfully re-engage with them. Employing flashing tab notifications that change the title of the abandoned browser's tab to attract the user's attention and persuade them to purchase if they already have items in their cart is another strategy that is simple but effective in reducing shopping cart abandonment. Post-Abandonment To get your customers to return, resulting in abandoned cart recovery, there are a variety of retargeting tactics and technologies you may use. For instance, businesses can use targeted display advertising to retarget cart abandoners, reminding them that they still have products in their carts and providing them with special offers when they come back to finish their purchases. When a user visits a website, browsing cookies are used to retarget them with highly relevant advertisements for things they have already shown interest in. eCommerce businesses can create customized abandonment email campaigns to remind customers to finish their shopping or to provide discounts when out-of-stock items have been restocked. While requesting input from customers might assist in identifying the issues that contributed to shopping cart abandonment, providing personalized marketing messages is an incredibly successful method to encourage returns. Sending out surveys to your visitors and clients regularly will help you remain on top of their expectations and will provide you with information on the most pertinent and efficient marketing methods to use to decrease future abandonments. Abandoned cart recovery strategies can be quite successful in re-engaging customers at all stages of the cart abandonment process. Customers' demands are rising, and eCommerce merchants in charge of omnichannel shopping should adopt creative new approaches to address their needs on a personal level, throughout the customer journey. Top 10 Causes of Shopping Cart Abandonment in 2024 Unintuitive Checkout Process The buyers should reach the finish line as soon and as easily as possible. A lengthy checkout process with numerous steps and forms might cause friction and slow down your customers. As a result, the buyer not only detracts from the present checkout experience but may never make another purchase on your website. Unforeseen Shipping Expenses Unanticipated delivery expenses typically hit a customer after they've entered their shipping information and discover that it is more costly than they anticipated. Once they notice those fees, customers might reconsider their purchase and, if their expectations aren't satisfied, they might even abandon their cart. Forced Account Setup  Prior to making a purchase, users should not be required to register an account. This is especially true for new customers who might not be prepared to open an account. The checkout experience is complicated and order completion is slowed down when customers need to generate a username and password in order to finish a transaction. Payment Safety Concerns Understandably, most buyers are extremely wary of making purchases online. They won't complete their purchase if they don't feel secure about giving their personal information or if they worry that their payment information won't be handled securely. Shopping Cart Restrictions Customers don't want to add things to their cart only to discover later that they are unable to purchase them due to limitations on the amount that one person can buy. Being forthright about quantity restrictions helps reduce consumer resentment by establishing expectations that a product may have restricted availability. Better Deals Elsewhere Customers now have access to a wide range of options when purchasing online and can compare those options quickly, thanks to the wonders of the internet and the growth of mobile commerce. Deal-seeking customers frequently place items in their carts with the intention of buying them later from a different store that is offering a better deal. Lack of Variety in Payment Options Online buyers prefer to finish their transactions with the payment options that are most practical for them. Some customers may be content with the default selection but others may decide to quit your site entirely if you don't accept their chosen payment method, whether it's card payment, UPI payment or the purchase now, pay later option. Rigid Returns Policy  After adding items to their cart, customers frequently receive information about warranties and return policies. A vague or insufficient return policy may make customers think twice about their purchase. Customers want to know that they can simply return a product to a shop and get a refund if anything goes wrong with it. Long Delivery Timelines  Customers expect to receive their order as soon as possible. The advantage of shopping online over visiting a store is lessened if consumers must wait too long. Instead of waiting for your store to ship, a consumer who needs their purchase by a certain date might decide to search elsewhere. Glitches in Website Performance  A glitchy or unsteady eCommerce site may make customers lose faith in your checkout process or simply become irritated and leave. In the event of an unexpected crash or lengthy page load, customers are less likely to provide their payment information for fear of being charged twice for the purchase or having their payment fail. 10 Best Strategies to Reduce Shopping Cart Abandonment in eCommerce Provide Ultra-Fast Delivery The online shopping space is expanding and enhancing the delivery process to fulfill orders as soon as possible has become very important. Same-day and next-day delivery has become the new standard USP provided by sellers. In many cases, some sellers, with the help of a third-party fulfillment company, can deliver an item within a few hours. This has a positive impact on customers' buying experience and reduces shopping cart abandonment rates. Offer a Mobile-Friendly Experience A streamlined, appealing mobile interface of a website is essential to boosting online sales because younger consumers are increasingly using their mobile phones for shopping. When combined with typical distractions such as calls, messages, social media, etc. an unorganized and unfriendly user experience will increase the rate of cart abandonment. Mobile-friendly websites are fantastic due to their responsiveness and optimization. However, developing a mobile app for both Android and iOS would be the greatest method to appeal to millennials, as no website can match a native app in terms of usability and navigation. Some of the top merchants in the world like Amazon, Flipkart, Mesho and others, have repeatedly demonstrated this. Have a Simple Check-Out Process Customers tend to favour eCommerce websites with simpler checkout processes because there are now more options available to them than ever before. They will immediately leave to locate a website with a simpler interface if they see a lot of pop-up windows or they need to confirm an action more than once. If customers find a website with a good user interface, that brand will easily win them over. Customers dislike filling out registration forms, verifying their phone numbers and email addresses, and entering their billing and payment information. Allowing customers to register using their social network accounts would be a more appealing method to accomplish this. Simple measures like these can greatly increase abandoned cart recovery. The shopping cart must have a clean appearance and show the products clearly. The price breakdown in terms of cost, shipping and taxes, as well as information on the return/exchange policy and delivery, must all be prominently shown on the page. By enabling one-click ordering, other eCommerce companies can learn from Amazon. Another example is Mesho, which has recently introduced a new feature that enables prospective buyers to click on a picture of an outfit they like and make a straight purchase through the app rather than going to the retailer's website. Reduce Any Uncertainties The discrepancy between the actual goods and their online description or product image is among the most common complaints about internet purchasing. Realistic product imagery, snappy, in-depth product descriptions and product films that portray the item more accurately and highlight its features can all help to lessen this. When describing something, it is important to be as truthful and accurate as possible. In a time when consumers seek credibility above all else, images that have been heavily modified are considered unacceptable. Conversion rates can be greatly increased by using images of the use case of the product. Provide Transparent Pricing Most websites display a starting price in their ads or even on the product description page, then raise it when you add items to your cart. This makes customers wary of unexpected price increases. Making sure that all costs, including shipping costs and taxes, are expressly listed on the product description page, is the simplest technique to reduce shopping cart abandonment. This prevents customers from leaving the checkout page after noticing an increase in the overall price. One thing that websites can do is include tax in the cost of the goods and, if applicable, state the threshold for free shipping and delivery on the home page or product page. Undercut Your Competitors  When a buyer lands on your website and starts shopping, they might abandon their cart because of price comparison with your competitors. You lose the deal and the customer for further sales, so you need to check competitor costs and price your product in a similar vicinity or even below it. Additionally, a website can reassure users of this by providing details regarding discounts, customer feedback and reviews for each product page which may add value to the product if the pricing is high in comparison to competitors. Implement a Fair Returns Policy eCommerce's ability to offer a doorstep return/exchange facility is one of its biggest advantages. To reassure customers, an effective policy backing this needs to be prominently shown on the checkout page. Free returns enable customers to make purchases without hesitation or concern. Offer Customization Options Many times, buyers choose a seller because of the colour and size of the product, fast delivery, favourable payment options, etc. They seek the easiest possible transactions and the best customer experience. So you should offer customization options to increase the rate of cart abandonment recovery and finally earn their money. Have Multiple Payment Methods Retailers must provide numerous payment gateways, including region-specific payment alternatives, as well as the choice to remember customers’ payment information and preferences. Additionally, new payment providers could provide promotional offers and cashback plans to entice customers to finish their transactions. Send Emails to Customers Who Showed Interest Staying in touch with customers who have shown interest in your brand and your products can increase their chances of returning to your company and making a purchase. It pays to have a form where users can record their contact details before check-out so if you notice that a customer has abandoned their cart, a personalised email can be sent inquiring about the reason for their sudden abandonment and can suggest similar products or offer a solution. Provide Assurances on Listings Assurances such as a money-back guarantee in case a product is returned or shipping badges that specify the exact delivery speed will reassure customers that they are dealing with a professional company. This will reduce the chances of them suddenly abandoning their cart because they are apprehensive about the company. Additionally, it will give them more clarity on when they can expect to receive the order and anything else that you wish to convey. Conclusion: How Can WareIQ Help to Reduce Shopping Cart Abandonment? To reduce shopping cart abandonment, you should primarily start by measuring and analyzing shopping cart abandonment KPIs in order to figure out where you are going wrong and increase sales and the rate of repeat customers with the help of various technology and experts. Differentiating between cart abandonment and checkout abandonment has proven to be successful for many retailers. WareIQ, one of the country's most trusted third-party fulfillment companies, provides a whole range of eCommerce fulfillment services from storage to delivery and everything in between. We assist retailers with reducing their shopping cart abandonment rates by providing super fast delivery services like same-day and next-day delivery through our WareIQ Rush product. This assures customers that they will not have to wait for multiple days to receive their products and can encourage them to make the purchase after they have added products to the shopping cart. Additionally, you can display custom shipping badges on your product pages to convey faster delivery timelines, which provides assurance to them they will receive their products within 1-2 days of placing the online order. Shopping Cart Abandonment: FAQs What percentage of online buyers abandon their cart?In India, more than 70% of shoppers abandonment their cart. Why do online buyers abandon their cart?Buyers remove items from their shopping cart due to multiple reasons such as excessive checkout rates, increased shipping costs, lack of discounts, slow website performance and much more. How do you calculate shopping cart abandonment?To calculate cart abandonment, divide the total number of transactions by the total number of carts created. Subtract it from one and then multiply by 100. What is the shopping cart abandonment rate in online shopping?The shopping cart abandonment rate is a crucial metric for online shopping to keep track of buyers removing items from their shopping cart and don’t end up purchasing anything.

July 01, 2022
How to Enhance Post-Purchase Experience in eCommerce With Order Notifications [2024]?

How to Enhance Post-Purchase Experience in eCommerce With Order Notifications [2024]?

The eCommerce industry is highly competitive, especially in a rapidly expanding market such as India’s, and the onus is on companies to try and find unique ways of differentiating themselves from the competition. As customers begin to order online more often because of the convenience that it brings, more and more are starting to get accustomed to useful convenience features such as ultra-fast delivery and seamless order tracking. In fact, research indicates that more than 83% of online shoppers expect regular updates about the status of their packages. This is where providing transparent and timely order notifications to customers can help to improve their experience and opinion about a company. Read along to get a detailed understanding of order notifications, the overall post-purchase experience and what it entails, and how WareIQ’s notifications app can help provide a stellar customer experience. What are Order Notifications? Order notifications, also called post-purchase notifications, are real-time alerts that are sent to customers to keep them informed about the status of their order and when it is expected to arrive at their destination. They can typically be sent on a variety of mediums such as email, SMS, Whatsapp and even customised platforms such as an order tracking app or a branded tracking page, where retailers are able to provide more detailed information such as product banners, social media links, information about the company and much more, compared to conventional channels. Order notifications are an extremely important facet of modern eCommerce retail as they enable customers, most of which run on extremely tight schedules, to make arrangements to be available to collect their orders. The details that are generally present in post-purchase notifications include the order number, tracking ID, and which stage of the fulfillment process the order is in such as “items have been packed”, “items have been dispatched” and “items are out for delivery”, and the estimated date and time that the package will arrive at the customer’s doorstep. [contactus_lilgoodness] 5 Elements Involved in Providing a Good Post-Purchase Experience to Customers Enhanced Communication Customers generally expect a basic after-sales experience that encompasses a feedback form and details about their purchase. However, something as simple as an appreciative email or message, thanking them for their service and saying a few words about how their business helps the company to stay afloat, goes a long way towards making them feel special and that they are actually valued by the firm. This will also increase the chances of them becoming repeat customers and recommending the company to their family and friends who have similar requirements. Customer Support Some companies often provide excellent customer support while trying to convert interest into a sale and during the delivery process, only to falter after the customer takes ownership of their order. A bad taste can be left in the mouth of a customer who has spent their hard-earned money on purchasing the products of a particular company, only to find that they are ignored or provided with sub-par customer support after the company no longer has an active interest in keeping them engaged. This is where companies can differentiate themselves by keeping a record of prior customers and their contact information, and giving them importance when they have an inquiry or issue. They could even be calling because they are interested in making more purchases so retailers need to capitalize on making them feel like their business is welcome. Increased Consumer Loyalty Research indicates that a customer retention rate of 5% can boost profits by up to 90%. Providing a seamless after-sales experience is essential for businesses who want to retain customers, whether it is through post-purchase notifications, promotional emails or messages thanking them for their business. Customers are more likely to repeatedly purchase from brands that they can trust and that have made a genuine effort to provide an enhanced experience to them, not just to sell them a product, but also to keep them in the loop about future events, campaigns, and new product launches. eCommerce customer feedback matters the most.   After-Sales Service It is easy to think of after-sales service as customer support but they are very different in practice and they each have their own role in providing a positive post-purchase experience to customers. While customer support is centered around more technical aspects such as answering calls and solving problems, after-sales service focuses more on making sure that customers are satisfied, even if there are no additional issues that arise. It encompasses things like product returns, facilitating exchanges and much more. Good after-sales service leads to happy customers so businesses need to focus on providing it. Heightened Customer Satisfaction Most customers have enough presence of mind to gauge the difference between genuine effort and doing the bare minimum. To achieve a high level of customer satisfaction, firms have to put in the time and avoid taking shortcuts, as that can often lead to poorer results than what was intended. Additionally, it is also important to keep track of the rate of satisfaction that customers exhibit when they have encounters with different departments of a business. Retailers need to push for feedback in order to understand what their strengths and flaws are so that they repeat and expand the procedures that work and mitigate or adjust the ones that don't. Importance of Post-Purchase Notifications in eCommerce Active Communication is Expected by Customers Post-purchase communication helps firms assert to customers that they genuinely appreciate their business and value their feedback as to where they succeeded and where they fell short, which allows them to make the relevant changes and adjustments to streamline every process and customer interaction. Customers also may have queries or product-related issues even after they have accepted their order so it pays to constantly be available in case they try and contact the company. Order Notifications are Anticipated by Customers It is overwhelmingly clear that customers expect constant and consistent alerts from retailers about the status of their orders, as is mentioned in an earlier portion of this blog. Order notifications provide insight to customers as to which stage of the order fulfillment process their package is currently in and when it will reach their destination, allowing them to make the necessary preparations to accept it when it arrives.  Post-Purchase Notifications Inspire Brand Loyalty and Positive Feedback from Customers The post-purchase interaction is the last thing that a customer will experience a business on their current order cycle so it is essential that they are left with a positive opinion. Not only does this increase the chances of them becoming repeat customers, but their positive and impactful reviews on a listing and other public forums can be the push that is needed to convince other potential customers to give the business a chance. 3 Ways in Which WareIQ’s Notifications through the “WareIQ Interact” App Enhances Post-Purchase Experience in 2024 Order notifications and post-purchase interactions are essential for providing a comprehensive and positive customer experience. Oftentimes, the after-sales services offered by a business are what matters more than the actual purchase itself. This is also something that many businesses neglect to offer so opportunistic retailers can use this as a means to stay ahead of the competition. And if they are partnered with WareIQ and have access to all of our post-purchase offerings, they are guaranteed to be on top of the eCommerce totem pole. If anyone is well-versed with downloading apps on the Google Play Store or Apple App Store, there won’t be a learning curve involved to seamlessly download and install apps on their custom WareIQ dashboard. One of our latest offerings to help retailers offer their customers an exemplary post-purchase experience is the notifications app. Designed to make sending order notifications and other after-sales interactions with customers as easy and seamless as possible, users can simply download apps with the press of a button. WareIQ’s post-purchase notifications app - “WareIQ Interact” enables online businesses to provide a powerful, personalized & automated post-purchase experience to their customers across WhatsApp, Email & SMS during the entire shipping journey. Through WareIQ Interact, you can deliver a personalized & interactive experience to your customers in 3 ways: Engage Customers Across Channels Drive up-sell & cross-sell opportunities by sharing notifications with customers across multiple channels – WhatsApp, Email & SMSAdditionally, lower NDR & RTO rates by seeking direct confirmation from the customer over Whatsapp, Email & SMS Live Delivery Updates Share a variety of live updates regarding your customer’s consignment delivery & alleviate their shipping concerns Track Notifications Access the notifications dashboard to track the history of all communications sent out WareIQ not only offers services like order notifications and post-purchase services but also the entire gamut of operations that are associated with eCommerce fulfillment. This includes facilities such as: A nationwide network of fulfillment centersA custom WMS that can handle inventory managementIntegrations with multiple eCommerce marketplacesA choice of more than 20 of the largest shipping aggregatorsThe most cost-effective and transparent pricing in the businessSmart inventory placementIntelligent delivery assignment based on the quickest routes and cheapest pricesNo minimum order quantityA custom app storeAn RTO shield with insurance and liability protection Post-Purchase Experience: FAQs Why is it important to provide order notifications to customers?Customers often get aggravated when they do not know the status of their order. It is important to provide order notifications so that they can see where it is in real-time and be reassured that it is on its way. What platforms are used to send notifications through WareIQ’s notification app?We commonly send updates through email, SMS and Whatsapp. Do all major 3PLs offer order notifications?No, only certain companies like WareIQ offer shipping notifications, in addition to a vast variety of other eCommerce fulfillment services. Can other applications be downloaded on WareIQ’s app store?Yes, we provide a full suite of multiple applications that are designed to enhance productivity in different areas of eCommerce fulfillment. How can WareIQ’s notifications app help in customer retention?By providing a prolific post-purchase experience to customers through the use of our notifications app, with facilities such as real-time updates, custom email notifications, branded tracking pages and more, they will be more inclined to have a favourable view of your business and will likely choose it for future purchases compared to your competitors.

June 29, 2022
10 Types of Shipping Notifications for Timely Order Updates and for Enhancing Customer Engagement in eCommerce in 2024

10 Types of Shipping Notifications for Timely Order Updates and for Enhancing Customer Engagement in eCommerce in 2024

Keeping customers informed about the status of their order by providing order tracking facilities is one of the pressing concerns of most retailers that operate in the current eCommerce climate, especially in a fast-growing market such as India, where the rate of new eCommerce shoppers is increasing rapidly due to the expanding number of people who are consistently gaining access to the internet and all the lifestyle benefits that come along with it. New customers are more likely than existing ones to be agitated about the status of their order and it is up to the eCommerce retailers to take the initiative to provide constant reassurance that their order will arrive on time. Regardless of whether customers are new or existing, providing real-time updates to the order status will instantly provide them with an enhanced customer experience. Read further to get detailed information on eCommerce shipping notifications, their importance and 10 types to keep your customers informed. What are Shipping Notifications? Shipping notifications, also called order notifications, are updates that are provided to customers about the status of their order to keep them up-to-date about when they can expect to receive it. Shipping notifications can be sent in a variety of ways such as through SMS, Whatsapp, email or even custom tracking pages. They help customers get a better understanding of whether their order will reach their destination on time or if there will be any delays in shipping so they can plan accordingly. The information that is generally present in shipping notifications includes the order and tracking ID, which phase the parcel is in such as “order confirmed”, “items packaged” and “in-transit” and the estimated time of arrival to the customer’s location. [contactus_uth] Importance of Order Notifications for eCommerce Businesses They Provide Transparency to Customers Modern eCommerce customers generally expect that they will have the ability to track their order, whether it is in the form of notifications sent through a messaging app or a branded tracking page that provides them with all the information they need. Customers generally do not like to be kept waiting, regardless of if their food is taking longer than expected when they go to a restaurant or if there is a long check-out queue at a supermarket. This holds especially true for eCommerce retail because they do not have a physical sense of where the product is. Providing transparency through shipping notifications is essential to keeping customers informed at every step of the delivery process. They Enhance the Brand’s Image Customers appreciate it when a business makes the entire process of purchasing a product online to it being delivered to their doorstep as seamless and efficient as possible and order tracking notifications play a big role in that. Even if a delay occurs or an unforeseen issue arises, they will be less likely to attribute it to the business because they are being kept informed about any happenings in real-time. If a customer does not have to go through the effort of having to take time out of their busy schedule to deal with customer care personnel to find out where their order is and instead, can just automatically receive updates as to where their order is and when it will be delivered, their opinion about your business will instantly skyrocket because people appreciate convenience and ease-of-use. They Mitigate Concern From Customers  Order notifications generally reduce the number of frantic inquiries from customers about where their order is. Customers who order online, especially ones that don't have much experience with it, are more apprehensive than if they had purchased their products in a physical store, due to the fact that they cannot touch or see the order until it has been delivered to their doorstep and this is even more amplified for Cash-on-Delivery (COD) orders because they have already paid for it and do not want to risk getting scammed and losing their hard-earned money. Shipping notifications help give them peace of mind by automatically providing constant updates every time the parcel enters a different phase of the fulfillment process so they never have to wonder about where their package is. 10 Types of Shipping Notifications to Keep Customers Informed Order Confirmation This is generally the first interaction with a customer after they have ordered an item and it is confirmed by the company. It can be in the form of an automated email or message informing the customer that their order has been received and is currently being processed. In the event of a payment error, if it is a prepaid order, businesses will also have to keep track of whether the money has been credited to their account and notify the customer accordingly. Order is Being Shipped An automated notification can be triggered through the business’s preferred contact medium, that the order is being shipped. This refers to the process of the order being picked up from the warehouse or fulfillment center by the relevant shipping aggregator, who will then transport it to the city or town where the customer is located. Customers are generally reassured when they see this notification because it means that the order has been successfully dispatched from the warehouse, without any complications. The order status can be provided with the ETA as retailers will generally have a better idea of when the package will reach once it is in transit. Suggested Read: 5 Easy Steps to Ship Order Consignments in 2024 Order is Sent for Delivery Once the order has been shipped to the city or town where the customer is located, the ground-level delivery personnel will be assigned the task of last-mile delivery to the customer’s doorstep. As soon as this happens, the order tracking page needs to reflect the updated status and a notification should be sent to the customer with the estimated delivery time to ensure that they will be available to collect it. The contact details of the delivery executive can also be provided in case there is any issue en route to the customer’s destination. Order is Successfully Delivered After the order has been successfully received by the customer, a notification can be sent to the customer detailing all the relevant information such as the product, amount, payment method, date of order confirmation and date of delivery. Retailers can also use this as an opportunity to promote similar or complementary products, provide tips for product maintenance and push for feedback about how the whole interaction with the company went, from purchasing the product to receiving the delivered item. This will help retailers generate positive feedback in the case of successful delivery or identify areas of improvement, in the event that the customer is displeased about something. Order is Cancelled, if Applicable Orders can be cancelled at any time, for a variety of reasons. In the event of a cancellation, customers need to be notified that is successfully done and that the order will no longer be delivered to them, to avoid any confusion. Retailers can also push for feedback regarding the reason for the cancellation and provide assurance that their money will be refunded within the relevant number of days, in case they have already paid for it. Order is Delayed, if Applicable Shipping notifications must be sent if any delay or issue occurs before the order has been delivered or dispatched. Delays could occur for a variety of reasons, in any phase of the fulfillment process, such as the product being out of stock at the warehouse, the delivery partner being stuck in traffic or bad weather and much more. It is the duty of the retailer to inform the customer about these delays and adjust the ETA, if necessary so that the customer will be informed and can better plan to be available to receive the order on the revised delivery date. Order Has Had an Unsuccessful Delivery Attempt Oftentimes, the delivery executive reaches the customer’s location, only to find that there is no one to collect the order. This is due to a variety of factors and even the slightest variation between the ETA and the actual delivery date and time can cause the customer to be unavailable and not be able to make prior considerations. Order notifications need to be sent to inform the customer that a delivery attempt was attempted unsuccessfully and can inquire about an adjusted date as to when they would be available to collect it. Order is Undeliverable Due to Loss or Damage Even with the use of advanced order tracking systems, goods can sometimes still get misplaced or damaged in transit, which is out of the retailer's control. If such an incident occurs, it is best to send a shipping notification to the customer informing them of the event and reassuring them that a new replacement order is on its way. Even though unforeseen circumstances may occur, retailers can maintain customer satisfaction by handling it in an appropriate manner. Return Initiation by the Customer Returns can occur for many different reasons, some of which can be blamed on the retailer such as damaged products being received, wrong items being packaged at the warehouses and unforeseen delays. However, there are many instances where returns are initiated due to no fault of the seller such as buyer's remorse from the customer, them finding a better deal elsewhere or simply because they changed their mind. Either way, when a return is initiated, an order status notification can be sent to the customer containing an acknowledgement of the return, a summary of the condition of the returned items, a status of the refund of the payment, if any and more. You can read more about how companies manage returns. Exchange Initiation by the Customer In some situations, customers opt for a product exchange, rather than a return. During these circumstances, shipping notifications can be sent containing an acknowledgement of the exchanged items, an adjustment to the price if needed and all the conventional order tracking notifications such as “order confirmed”, “order has been shipped”, and “order is out for delivery” and “order has been delivered”, to make the customer aware of the order status of their exchanged products. Conclusion: How Can WareIQ Help to Provide the Best Shipping Notifications to Customers in 2024? Shipping notifications have become an essential component of the eCommerce fulfillment process. Customers demand to be kept up to date about the status of their orders and if they aren’t, the business can face a significant amount of backlash, which can have a further negative impact on attaining new customers. Order notifications can be easily provided due to the vast amount of technology that is available. However, if you are an eCommerce retailer and want to provide a truly personalized experience to your customers, you can consider partnering with WareIQ.  WareIQ is one of India’s fastest-growing eCommerce fulfillment providers that uses a centralised technology platform to enhance the experience of retailers and their customers. We provide a vast array of services that encompass the entire suite of fulfillment operations from storing your inventory in our fulfillment centers to delivering products to your customers. In terms of providing shipping notifications and a stellar customer experience, we offer the many services, some of which are listed below: Branded Tracking Pages Our branded tracking pages allow retailers to provide a truly personalized experience due to the high rate of customization that can be tailored to each individual customer. Instead of just a generic tracking screen, you can insert product banners, information about your brand, social media links and much more. Customers will end up spending more time on the tracking page, browsing through complementary products and getting a better idea about your company, which can even lead to repeat purchases. This will definitely enhance their experience and make your brand stand out from the rest. Notifications App - WareIQ Interact We provide a custom app store with multiple downloadable apps to enhance various aspects of your business productivity, similar to the Google Play Store or the Apple App Store. WareIQ offers a notification app named “WareIQ Interact” where every element can be customized and multiple orders can be tracked right from the app, with no external page or link needed. This enables retailers to be more organised and get insights into every order in real-time. eCommerce brands can use WhatsApp, Email & SMS to automate order status communications during the entire shipping journey. With WareIQ Interact, online brands can engage customers in the following ways: Share consistent communications with their customers to build a brand their customers can trustAlleviate shipment-related anxiety & boost trust in the brand leading to repeat salesOpen new avenues for growth by cross-selling & up-sellingReduce the volume of NDR & RTO orders, leading to lower losses Customer Care We also offer customer care facilities so anytime a customer has a query or an unforeseen issue arises, our team of trained professionals will be there to get everything back on track as soon as possible. This provides assurance to you and your customers that you are backed by a dedicated team with multiple resources at their disposal to troubleshoot any problem that may arise. Shipping Notifications: FAQs What are the most common ways of sending shipping notifications?The most common platforms that are used to send shipping notifications are email, SMS and messaging apps like Whatsapp. Why is it important to send shipping notifications to customers?It is important to keep customers updated and informed about the status of their order, as they often get agitated if they don’t know where it is and assume that there is some issue or delay. It is paramount for retailers to provide reassurance to them. Is order status updated in real-time?Yes, order status is updated in real-time, as the order makes its way through the fulfillment cycle. Can there be errors in shipping notifications?Yes, if there is a technical glitch or an unforeseen delay arises and is not updated properly, the shipping notification can reflect a different result than what is happening on the ground. How can WareIQ help to limit any errors that might occur?WareIQ uses state-of-the-art technology to provide real-time updates at every stage of the fulfillment process and automatically tracks every element of the order constantly, until it reaches the customer.

June 28, 2022
What are the Steps to Start to Sell on Snapdeal & Open a Snapdeal Seller Account in 2024?

What are the Steps to Start to Sell on Snapdeal & Open a Snapdeal Seller Account in 2024?

Snapdeal was originally pioneered as a daily deals platform in 2010 but has since grown to become an eCommerce marketplace that encompasses various services such as multilingual support, a customizable interface, and the use of advanced technology to enable retailers to sell their products on its platform. Currently based in New Delhi, the company has become a major player in the Indian eCommerce selling space which is reflected by more than 500,000 sellers that utilize it to sell a variety of commodities that span across industries and price ranges, giving customers a variety of options. The majority of the company’s customers are located in smaller towns and villages, rather than conventional metropolitan areas, which has led it to provide coverage to more than 96% of India’s pin codes. In this blog, we will go into detail about why you should sell on Snapdeal, how to become a Snapdeal top seller, the challenges associated with it, and how you can employ WareIQ’s assistance. Why Should You Sell on Snapdeal? Mitigates the Need to Set Up a Store A huge advantage of opting to sell on Snapdeal and most other eCommerce platforms is that the entire retail process from generating interest in a product and converting it to a sale, can be done online without the need of ever setting up a physical store and all the expenses and challenges that are associated with it such as rental costs, interior decorating costs, electricity costs and maintenance costs. This enables retailers to save a ton of money and removes any hassle of needing to run a whole store which makes the entire process more pleasurable and efficient for both the seller and their customers.  Provides Access to More Customers When retailers opt to sell on Snapdeal and offer their services digitally, they instantly convert their potential customer base from just their local operational area to the entire country. As more of the country’s population gains access to the internet, they will discover the benefits and conveniences of shopping online instead of commuting to a physical store. In addition, Snapdeal provides services to more than 3000 cities and towns in India which means that retailers can receive orders from the opposite end of the country. This increased customer reachability will have a profound impact on sales and will assist retailers in expanding their operations further. Operates Round the Clock Companies who sell on Snapdeal are not bound by the restraints that a physical store has to abide by and this includes operational timings. Businesses are always in the position of attaining new customers, even when their staff is asleep or on holiday. Whether a customer is browsing through your online listings on their 9 am commute to work or during a 2 am shopping spree because they can’t get any sleep, your business will stay open to welcome their business, which simply cannot be done through a conventional brick-and-mortar store. Mobile shopping from anywhere has changed the shopping scenario in recent times. This helps in converting even the slightest bit of interest into a potential sale. Assists in Running the Business On the Go Due to the digital nature of eCommerce retail, businesses that sell on Snapdeal can take advantage of their staff not needing to be physically present in an office to be productive and keep an eye on ongoing operations, which can be seamlessly done through Snapdeal’s Seller Zone App or Seller Panel. This provides a lot more flexibility by enabling employees to be up to speed on important matters relating to operations, sales or issues faced by customers. This also leads to more time being spent with family or engaging in other personal activities such as physical fitness and being out in nature, which can stimulate personnel to work harder and more efficiently. Diversifies Your Product Range Retailers who put their Snapdeal seller accounts to good use can be reassured by the fact that Snapdeal is taking care of important logistical processes such as confirming orders and tackling delivery issues. This enables companies to put more focus on core business activities such as studying the market, enhancing their business strategy, refining existing products, and developing new ones which will ultimately lead to more satisfied customers resulting in improved customer feedback and higher profit margins. By having the freedom to diversify their product portfolio, businesses can tap into new segments of the market and expand their overall reach. [contactus_uth] 6 Simple Steps to Start to Sell on Snapdeal & Register as Snapdeal Seller in 2024 Step 1: Creating a Snapdeal Seller Account Source The first thing you need to do is go to https://sellers.snapdeal.com/ where you can create a Snapdeal Seller Account. You will need the following documents to complete the registration for the year 2024: Owner’s nameCompany’s nameCopy of your PAN cardCanceled cheque from the seller’s payment accountCopy of your Aadhaar cardPhone numberEmail IDBank account informationGST numberAddress proof such as bank statement, electricity bill, passport, etc. Step 2: Entering Your Business Information Source You have to enter your business-related information such as your office address, pick-up pin code, digital signature, name of the business, etc.  Step 3: Verifying Your Email and Phone Number Source You need to verify your registered email and phone number by entering the verification code that will be sent to both. This will be used to notify you about orders, tracking information, and other important notifications. Step 4: Submitting Your KYC Documents Source KYC documents such as GSTIN, PAN card, and Aadhar card will be used to verify your ownership or identity of the company. They need to be uploaded to the website. Step 5: Entering Your Bank Details Source You need to enter the relevant bank details as this account will be used to credit payments after a sale is made and also for relevant deductions and expenses. Step 6: Creating a Product Listing Source Once you are done with the registration process, you can list a product using your Snapdeal Seller Account. You should have an idea of what products you want to sell and which category they belong to. There are 2 ways you can list products to sell on Snapdeal. Manual Product ListingBulk Product Listing You can either click on “Create a Single Listing” to list products individually or you can bulk upload by uploading your content. Once your products are successfully listed, you can start to receive orders. You will get a notification every time an order is placed and you can choose to accept or reject it. You can now begin to sell on Snapdeal and utilise all the benefits that come with it. Challenges Faced by Retailers Who Sell on Snapdeal in 2022 Incurring of Returns Expenses Sales returns are a major challenge for every seller, regardless of the eCommerce platform. However, some handle it better than others. Retailers who sell on Snapdeal have to deal with 2 types of sales returns - courier returns and buyer returns. Courier returns are when the courier company could not deliver the order due to various circumstances and buyer returns are when the buyer returns the product, which could be due to a variety of reasons, many of which aren’t the sellers' fault. Sellers do not incur any expenses for courier returns but for buyer returns, they have to pay for the transport fee for delivery and return as well as the marketing and selling fees. For retailers struggling to maintain their profit margins, this could have dire consequences.  Suggested Read: Why should you sell on myntra? Lower Profit Margins Compared to Other Platforms This problem is more pronounced on Snapdeal compared to other eCommerce selling platforms due to the large amounts of local vendors who prefer to use it as opposed to an international platform. This creates severe levels of competition and if businesses do not own a trademark, any and every other company can sell similar products at similar prices. The sheer volume of retailers trying to get into the eCommerce space in India means that by the time operational and logistical expenses and Snapdeals commission are cut, retailers barely have any profit left over. Quality Control Issues Snapdeal is one of the worst offenders in this regard. Retailers who sell on Snapdeal constantly face issues such as incorrect titles that are difficult to change, random transferring of shipping plans to Snapdeal Plus with no option to change it back, and retailers using the images and descriptions of other vendors. Dealing with these issues can cause severe time delays and unnecessary hassles for sellers when they could be focusing on other, more important tasks.  Constant Changing of Account Managers  A consistent theme of online selling platforms is the assignment of account managers to sellers who will assist them in tackling any issue or doubt that arises. On most other platforms, a fixed account manager is present, which is beneficial because they will have a deep relationship with the seller and will also have knowledge about prior mishaps that may have occurred. However, retailers who sell on Snapdeal can have their account managers suddenly change, without any prior notification. This means that when an existing problem isn’t solved or a new problem arises, there will be a new account manager that has no relationship with the seller or prior knowledge about the case which can lead to severe delays in solving it. Highest Expenses and Commissions Out of all the major eCommerce marketplaces operating in the country, Snapdeal is one of the most expensive. Retailers who sell on Snapdeal constantly have to pay the most expensive shipping fees, which contain many hidden costs and keep fluctuating. Snapdeal’s payable amount to retailers, known as seller net payable, is also one of the lowest and leaves sellers with some of the lowest profit margins of any online selling platform. This combined with the fact that there are many features omitted from the platform means that sellers are getting a much lower value compared to similar services. Suggested Read: Why should you sell on Amazon? Conclusion Snapdeal is one of the emerging eCommerce marketplaces in India. Since it is a homegrown company, it inspires many retailers to sell on Snapdeal, in addition to offering a vast amount of coverage to every part of the country. While the platform does have its benefits and drawbacks, it is still a useful platform to sell on as gives retailers more exposure to customers who do not live in big cities but rather, in smaller towns and cities. Retailers who sell on Snapdeal in conjunction with other platforms are best suited to have the maximum amount of visibility possible. It is always a smart option for sellers to sell on multiple platforms so that they can extend their reach and are not monopolized by a single marketplace. If you need to fulfill orders on Snapdeal or any other eCommerce platform, you can take advantage of WareIQ’s offerings. WareIQ’s custom WMS offers seamless integrations with more than 20 online selling platforms including Snapdeal, Amazon, Flipkart, and much more. This enables retailers to access all their order information across multiple platforms and inventory details across multiple fulfillment centers, to be easily accessed in one centralised virtual location. In addition, we also track important metrics about every order to enable companies to forecast future demand and the amount of inventory that they will need. We also provide fulfillment services for retailers who sell on every platform at faster speeds and discounted rates. Sell on Snapdeal FAQs (Frequently Asked Questions) Are there any fees to sell on Snapdeal?Snapdeal doesn’t charge any fees to register and list products on their website. A commission is charged on every item that is sold. How do sellers get paid on Snapdeal?Payments are transferred to the registered bank account of the seller through NEFT transactions. There are 4 payment cycles per month. The payment cycle can become more frequent based on a seller’s performance. Are there any charges to sell on Snapdeal?No! There are no charges. How much commission does Snapdeal take from sellers?There is no fixed rate card given by Snapdeal. To note, their flat commission percentage is 22% and the minimum deduction value is Rs75, they charge as per which comes out to be higher. Can I sell on Snapdeal without GST?As per the government's declaration, all the businesses selling goods on any e-commerce platform (Snapdeal, Flipkart, etc) need to be registered under GST irrespective of their yearly turnover. Does Snapdeal operate outside of India?No, Snapdeal currently does not offer services outside of India. Can you integrate a Snapdeal Seller Account with WareIQ’s WMS?Yes, users can integrate a Snapdeal Seller Account with WareIQ’s WMS to take advantage of all the benefits that it entails. What services does WareIQ offer to retailers who sell on Snapdeal?WareIQ offers multiple services to users such as order fulfillment, packaging and shipping at cost-effective rates. Additionally, WareIQ’s WMS offers integrations with most eCommerce marketplaces and can collate data relating to inventory levels and order management from all of them in a single virtual location.

June 20, 2022