How to Properly Manage Your eCommerce Business

IMAGE SOURCE:https://cdn.pixabay.com/photo/2020/02/14/18/05/ecommerce-4849055_960_720.jpg

With more and more online customers joining the online shopping revolution, eCommerce is becoming the business model of the future. Every business is focusing on their online presence and every new start-up is looking for ways to maximize their impact on their online market.

Pulling off the first few orders is exciting for a new eCommerce website, but it takes more than quality products to keep the excitement going and grow your business into a giant online empire. Sustainability and growth are impossible for a new eCommerce business if it isn’t set up and maintained properly.

To help, we’ve put together a comprehensive blueprint to help you scale your eCommerce business, attract and retain customers over the long run.

Maximizing Profits with Paid Ads

By using paid ads, you can gather a lot of new customers, as well as reestablish a connection with your previous ones. Depending on your target customers, you can choose one or several ads from the dizzying array of paid ad platforms including Facebook ads, Instagram ads, Google Product Listing Ads, and Google AdWords.

Utilizing paid ads successfully requires systematic alignment of multiple points from a great USP,  to killer ad copy so if you don’t know what you are doing then it is often worth speaking to ad experts. The trick to increasing your sales is identifying the best ad for your business and targeting your specific customer. According to a Google report, every $1 you spend on AdWords returns $8 in profit. Likewise, Facebook ads have been shown to have a very positive impact on sales volume due to the amount of time people spend on the platform. Utilizing paid ads successfully requires systematic alignment of multiple points from a great USP,  image, or killer ad copy.

Managing Your Product Inventory

Managing product inventory is one of the biggest headaches for eCommerce entrepreneurs as you can burn through your profits if you mess it up. Often, however, eCommerce startup founders make the mistake of neglecting inventory management, which triggers a negative sequence of problems like painfully long shipping times or dissatisfied customers, which eventually destroy the business. Big sales volumes aren’t enough if you fail to adapt to the increase in demand or get a grip on the stock.

Here are two factors you need to consider in order to manage your product inventory properly:

Maintain an Optimal Inventory 

You can estimate your ideal inventory based on refill stock durations and current product demand. The basic rule to follow is to keep a minimum level of inventory on hand at all times whilst preventing from last second panic for more products.

Forecast Your Demand with Data

By predicting the product demand with data, you can tackle seasonal spikes and drops. It is necessary to carry out regular forecasting to mitigate your damage during slower spells and maximize profits during busy periods.

Implementing Customer Service Standards

Exceptional customer service across multiple channels is crucial to succeed in the world of eCommerce. It allows you to deliver something that is often missing from online businesses – the “human” touch. It reinforces your brand image and nurtures customer loyalty.

IMAGE SOURCE: https://cdn.pixabay.com/photo/2017/08/07/19/45/ecommerce-2607114_960_720.jpg

So where can you take care of your customers? There’s a plethora of channels that you can use to deliver customer service. Depending on the size of your business, email and social media are still the most popular.

Email

Email is the cheapest and easiest way to interact with your customers digitally. You can publish a contact form on your storefront for customers to get in touch with you. Email is also a great way to collect data on customers and gather their insights which you can then use to write product descriptions and copy.

Social Media

Social media is a vital tool for every eCommerce business. In fact, just Facebook alone has 2.6 billion active users monthly. Social media can provide life-like social interaction between customers and businesses, which can help you to deliver superb customer service.

Here are some tips to win over your customers on social media:

A friendly Tone

A few short replies to each comment can go a long way. Generally, customers are more likely to be satisfied with a brand with friendly customer service.

Personalization

Customers respond best when things are customized for them, and even a personalized customer service interaction can engrave the brand image into the customers’ mind.

Rapid Response

Not all problems can be solved with a single message, but at least sure make the customers feel heard.

To be able to make it in the eCommerce game takes hard work and thoughtful management. You have to understand every single factor of your business and your marketplace in order to thrive in such a competitive world. Implement the tips in this article and stay ahead of the game with your market, customer, and product research, and you have every chance of taking your business right to the very top!