Backorder meaning: pros and cons
What does backorder mean? Let’s assume your business is making progress; that is something fantastic. Sales are going great, but suddenly you begin to struggle with keeping your customers’ demand. How do you address such a situation? Will you stop selling? That would drive your clients to your competitors. That is not what you would want. Therefore, what is a backorder? How can you take advantage of backordering? In this article, you will learn everything about backorder. Furthermore, you will know the difference between backorder vs. out-of-stock. Are you ready? Let’s get the ball rolling. The meaning of backorder Backorder refers to an out-of-stock product that the manufacturer expects to deliver within a particular date. Businesses will continue to sell products when they don’t have them in order and guarantee to ship them to buyers whenever they have them in their inventory. When a business allows shoppers to backorder a product, it means the shoppers can order the item and get it later. When an order has a backordered item, the item cannot be shipped immediately because it is physically unavailable at the moment. However, if other items you order are available, you will get the order split, and the items available will be sent to you while you wait for the back ordered item. Backorder vs. out of stock When an item is out of stock, it means it is currently unavailable in the inventory and doesn’t have any date for its availability. However, backorder’s meaning is you have a particular date for the item to arrive. The simple difference between backorder vs. out-of-stock is that in out-of-stock, the item is unavailable at the moment, whereas in backorder, the item will be shipped in 2 weeks. In backordering, there is hope that the product will get to you, but it will take a little while. However, an out-of-stock other means that the chances that such product cannot be ascertained. In other words, the seller cannot predict when next the product will be available. Pros of Backorder For most businesses, the term backorder brings a feeling of negativity. However, if you look at it the other way, you can see the positive sides of it. When you keep a large stock, it requires storage space. Storage space needs money, and most companies don’t have such storage centers. Therefore, the only option is to pay for service to hold their inventory. Nevertheless, when you keep a small stock in supply and allow the others to be backordered, you ease yourself from expensive storage space, which reduces costs for your business. You can pass on the cost reduction to your customers by selling the product at a lower price. This is true when the demand and sales for a particular product become high. Cons of Backorder We can’t deny the fact that backordering comes with disadvantages. When a company always sells its product using backordering, it can signal unseriousness on the company’s part. It can also mean that the business isn’t making progress by providing what the customer needs at such time. Whenever a customer always sees their product in backorder and observes it happens frequently, they might cancel the order, forcing the company to provide refunds. If you are looking for a backorder solution for BigCommerce, be sure to check our app out: BigCommerce BackOrder.
Best Tools to Track Conversion Rate
Conversion rate is the determining factor of an eCommerce success. There are many tasks to be done while launching an online business. You will have to decide what items you want to sell, your suppliers, then how to set up the store, and create paid advertising to market your brand. Yet this is clearly not everything. The digital world is highly competitive, and you have to up your game to get consistent customers. You need to encourage your buyers to buy from your shop. However, how can you convert these customers to become loyal clients? What is the eCommerce conversion rate? To increase your sales and revenue, you need to have a high conversion rate. The eCommerce conversion rate is the percentage of visitors who buy items from your store at a particular period. Nevertheless, it is just one way to measure your online store’s success. Examples of conversions include: Social media shares An online sale Email signups A user adding an item to their wishlist or cart How is the conversion rate calculated? Peradventure, everything goes right in your marketing plan; you are expected to win the sale within approximately 2 percent. To understand how to calculate the eCommerce conversion rate, let’s use an example. For instance, your online store gets 10,000 visitors with 100 conversions within a particular timeframe. It means your store’s conversion rate is 1 percent. To get this, you divide the number of conversions by the number of visitors. 3 tools to track conversion rate There are numerous tools available to track the conversion rate of your online store. Even if you have issues with analyzing your conversion rates, these tools are invaluable for your online business. Let’s look at the best 3 tools for this task. HotJar If you want a simple conversion rate tool for your online store, HotJar comes in handy. It helps you understand how users interact with your website. It also allows you to set attribute-based features on country, length, device, page views, etc. Furthermore, you can always combine different data to get deeper segmentation. Google Analytics Google Analytics is easy to set up and gives you a broader view of what is happening on your websites. You can access the number of visitors – where they come from, are they new or returning visitors, do they stand on your website? What pages do they visit? Importantly, you can use this to grow your online store. Above all, Google Analytics is free. BigCommerce Analytics If you think Google Analytics is complicated, then BigCommerce is another option to consider. There’s an administrative section within your store that allows you to see all abandoned carts and much more. You can take advantage of the multiple analytics dashboards when you want to know how to boost your conversion rate. Boost your conversion rate with automation There are a lot of things you need to do to keep a high conversion rate. This includes running advertising, managing inventory levels, providing customer support, and many more. Altogether, they are relatively overwhelming. Therefore, a lot of online stores are implementing automation platform to get rid of repetitive tasks. Automation app allows for: Auto-publish products and banners Auto-categorize orders according to value, billing address, etc Auto-segment customer based on demographics, spending, the total number of order, etc Auto-tag customers on CRM, email marketing, and delivery platforms Auto-notify of low-stock items, abandoned cart, or high-value orders Auto-detect and halt high-risk orders Auto-generate reports & lists on Google Sheet Integrate Atom8 to your BigCommerce store today and get your hand free from these tedious tasks.
How to Build an eCommerce Funnel for Maximum Conversion
An eCommerce funnel is an effective way to measure and convert potential leads into long-term customers. As every store owner wants to attract as many customers as possible, the competition is getting fiercer than ever. However, many might wrong when shoppers are hunting for online product information. At times, they don’t complete their orders. For example, you may get bounce when a visitor hits your website. Their connection might be interrupted by the time they reach your store because of internet failure or a sudden call. Whatever the situation might be, you risk losing the customer on the first visit. To avoid this, you can take them through your eCommerce conversion funnel. What is an eCommerce conversion funnel? An eCommerce conversion funnel illustrates routes customers take from when they become aware of the brand when they make a purchase. The conversion funnel involves various processes, including customer retention, cross-selling, upselling, and subscription-based models. Four stages of Ecommerce Funnel An eCommerce conversion funnel usually involves four stages. Each stage is determined by the customer’s perception of your product, brand, and competition in the market. Let’s briefly look at these eCommerce funnels. Stage 1 – Awareness Here, the consumers become aware of your brand and get familiar with your offer while looking for a solution to their problem. Most of the time, the awareness stage requires educational materials from your brand. You can use blog posts, video content, and other formats to build this process. Stage 2 – Interest Now you have created the hook using your educational content, you can’t let them escape without committing to you. You need to increase the educational and entertaining value of your content to maintain their interest. Share relevant content on your social media platforms and blogs to engage with your audience. Stage 3 – Desire Once you have gotten their attention, you need to create a desire. Here, you talk about the benefits of your products instead of their features. In other words, you focus on the expected outcome of using your products. Stage 4 – Action The action part is where to close the sale. You want your potential customers to complete the buyer journey and make payment. In fact, a sale win of 2% would be good enough in the eCommerce market. Furthermore, once they take action, they will have completed the eCommerce funnel. However, you still need to keep them close to reintroduce the process. 3 Steps to Build Ecommerce Funnel You can follow these three steps to build an eCommerce conversion funnel to help identify what your customer wants. Let’s take a look at each of these steps. Create customer journey You can take advantage of Google Analytics to create customer journeys using different reports such as user flow. Here, you can figure out what people do on each page on your website. For instance, do they visit another page after the homepage? Where do you get most referrals from? Define a lead Once a visitor visits your website, they become a potential lead. If they leave their email, you need to nurture them through various strategies. What strategy will you use to transit them from awareness to the action phase? You should design content for each stage for your target audience. Plan funnel stages to trigger conversion Implementing the four stages of the eCommerce funnel comes in handy here. You have to create a plan to keep these customers using the eCommerce sales funnel. Build up your sales funnel In conclusion, the eCommerce sales funnel is essential to build up a strong relationship with your customers. Tapping into their psychological state allows you to thoroughly understand their needs and apply relevant strategies. Start your sales funnel today to make a change in your conversion.
Best Automated Notification Examples With Atom8
Automated notification emails are messages to your customers announcing current or upcoming changes within your store. It’s one of the best ways to grab their attention and endure a long-lasting relationship with consumers. These days, a huge number of emails with different content are sent out every day. Hence, marketers are reaching out to automation platforms to boost their productivity. In this article, we’ll discuss how automation helps distribute several types of email marketing and provide best practices you can follow. 1. Cart abandonment reminder A customer who adds any product to the shopping cart clearly has an interest in purchasing. However, they might forget to check out, or the price is not yet affordable, or some technical issue happens within your website. No matter what the reason is, it is highly necessary to win back an abandoned cart. One of the fastest ways is to send them an email one hour after the cart is abandoned. This has helped merchants increase revenue recover by 10%. With automation, you only need to create the notification email template once and the app will do the rest. 2. Upsell and cross-sell email Selling for existing customers is 70% easier than convincing new prospects. This is because, after a time of engagement, they are more likely to trust your brand and comply with your suggestion. In this example, Shoprunner captures the customer’s navigation towards a tanktop and sends them an email attached with other matching products. Furthermore, CTA such as “people who bought this item also bought” and “frequently bought together” is often most successful in driving upselling and cross-selling. 3. Order update notifications This kind of automated notification keeps your customers updated about the progress of their orders. It will increase your credibility by making sure you’re not trying to make a fool out of your consumers. In detail, the email often contains information such as order confirmation, order number, order status updates as well as a unique tracking code. In this example, Fitbit confirms the order with information including the date, address, and order value. They also provide a tracking code and expected shipping date. The email makes clear that the order has been placed and when their customer should expect the delivery. 4. Sales notification Promotion programs may take place in different situations, be it the holiday season or your anniversary. However, your customer might not always be aware that a special offer is available. Therefore, always remember to notify them of any discount. With the help of automated workflow, you can customize your notification message and send it to different groups of customers at a time. This will enhance the personal relevance of your items, thereby increasing the sales opportunity. In the case of global operation, you can set up the email to be sent at a different time zone without paying all attention to the clock. 5. Re-engage email Regular engagement is the best way to keep your customer interested and informed about your store. In other words, its ultimate function is to motivate people to purchase more. For example, after your customer spends $1000 in your store, upgrade them to Premium customers and send them a personalized promo code. This shows that you care about each individual customer and incentivize them to continue the relationship with your brand. Automated notifications with Atom8 Personalized notifications lead to a 25% increase in click-through rate compared to any mass email campaign. That’s what Atom8 can help you to maximize conversion. The platform allows for: Categorizing customers based on demographic and geographic information Tagging customers on email marketing platforms including Mailchimp, Sendgrid and Klaviyo Triggering campaigns according to predetermined time and conditions With Atom8, you can set up an automated notification for multiple events without having to switch between different apps. This saves you time and resources to invest more in leveraging your content. Modern shopping is all about creating a seamless experience. Thus, if your business can tap into your customers’ demands, you’ll secure loyal customers and fasten your development.
