How to turn shoppers in to loyal customers
New customers are a must for a business to be successful. The new buyers must be turned into lifetime buyers as loyal customers. Focusing early on generating leads is an effective way of running a business profitable. Ensure to keep your customers happy so that they become repeat customers. If you find your strategy is less effective, rethink and work on it. Repeat customers are the best, regardless of their order is for 1 or 10 numbers. The acquisition of repeat customers turns into evangelists as they are the happiest customers happy with your brand. They also introduce new customers. A business needs customers conveniently and to transform the new customers into repeat as a loyal customer is a task. Preserving customers and improving their experience calls for some tactics. Path to customer retention into loyal customers Excellent shopping experience Do not miss this golden opportunity. Provide an excellent shopping experience, so that the process is seamless and smooth. It is the real driver to gain customer loyalty. It is an overall feeling that the consumers experience during the buying process on reaching your site. Give them choices, an easy payment process, and the delivery date should never miss. Above all offer free returns, if essential. Exceeding the expectations of your customers will make them your loyal customers. Capitalize on personalization Collect data and use it to earn your shopper’s attention. You may create offers targeting to personalize. Customers visiting your store online will be pleased to see an ad surfing. You may use social media sites or Google tools to run the ads and grab your customer’s attention. Remember, it should pique their interest. Also, get their email address and send personalized messages on their special days, such as birthday or wedding day offers, free gift cards, etc. Email communication Email is a way of reminding your customers to stay in touch. You may send coupons, extra offers, etc. Introduces yourself and send via emails: Special offers only to loyal customers such as discounts or coupons. Receiving the best deals is always tempting and triggers them to revisit your site. Useful tips including product usage quick tips or links to new products information. Customer stories as to how a product of yours can simplify their lifestyle or its benefits. Announcement of a new product and invite with a comeback message saying it is been long and they should visit your store for more varieties. It will surely entice them for more shopping. Send videos or GIFs relating to your business. Educate through emails or send helpful blog posts. The advantage of using emails is that you can plan ahead and utilize various automation tools. Therefore, you can save a considerable amount of time and effort to ace this channel. Customer service A shopping experience is a way you feel special during the purchasing process. Shoppers receiving a helpful and quick response are sure to become your loyal customers and fans. Make the service responsive and fast. Provide customer support 24/7 by phone, email, or live chat on the website. To retain customers on your site and to make them revisit your site, listen to their calls. If something goes wrong, place your sorry with some coupons, discounts, or gift cards. Use this chance to transform a complaint into an opportunity. If you do it right, you enjoy a win-win and long-term relationship with loyal customers.
Is Dropshipping Meant For Your Online Business?
What is Dropshipping? Dropshipping is a retail fulfillment method; the business does not keep the products it sells in stock. Specifically, the products are sent directly from your wholesaler to your customer, and you are not required to keep products in stock. With a dropshipping model, when a store sells a product, it purchases it from a third party and gets the product shipped directly to the customer. In this model, a seller doesn’t have to handle the product directly. In the traditional retail model, you have to open a brick-and-mortar shop, maintain stock of products and have to pay overheads, whereas, in the dropshipping model, you open an online store and accept the customer’s order, and you transfer that order and the shipment details to a third party, i.e. a wholesaler, manufacturer etc., who then ships the goods directly to the customer. Pros Of Dropshipping For aspiring entrepreneurs, it is a great business model because it allows them to test different business ideas quickly. Some other benefits are: Low Investment Minimal funds are required to start a dropshipping business as there are no upfront inventory costs or shipping logistics. Easy to Start Prior experience is not inessential to start this business; you can easily start this business with some foundational knowledge. In dropshipping business, you do not have to worry about inventory, warehousing, shipping, etc. Flexibility A dropshipping business can be run from anywhere as it does not require a physical store, warehouse, team or office. You only need a laptop and a good internet connection. Moreover, you have the liberty to choose your work hours. Another advantage is that you can easily add new products anytime at no- additional cost as you do not have to purchase them. Scalability It is relatively easy to scale a dropshipping business as most of the additional work falls on the suppliers. Cons of Dropshipping Business Though dropshipping is an attractive business model but it has its downsides too. A few cons of are: Low Margins Dropshipping is a highly competitive vertical, and the margins are very low. For making profits, you will have to make more sales. High Competition It is easy to enter the market for anyone as dropshipping requires little capital and expertise and has low entry barriers, resulting in high competition. Inventory Issues Since you do not have your own inventory and source the product from different suppliers, it is challenging to track stocks as suppliers work with many other retailers. Supplier Errors You have to accept the responsibility and take onus in case of delayed shipment, damaged goods, missing items, and low-quality packaging even though it is the supplier’s fault. Dropshipping Best Practices It is a supply chain model that allows you to lower costs and expand with fewer efforts and resources. The best practices in dropshipping business are an investment in automation to save time and effort doing manual tasks. Establish strong communication channels with vendors and cultivating a strong relationship with vendors. Outline business rules and compliance guidelines very clearly. Additionally, monitoring vendor performance and taking corrective measures before the escalation of the problem is the key. In summary, following these tips will help you better manage your business and make it profitable.
Common Inventory Analysis Metrics You Should Know
Inventory Analysis Inventory analysis is the technique to determine the optimum level of inventory a firm should maintain. The most common inventory analysis method is ABC analysis. Let’s go through a few important metrics that can assist you in finding the right amount of stocks at hand to meet demands. Metrics and Calculation Formulas for Inventory Analysis Inventory Turnover Inventory turnover is the metric to measure the number of times a manufacturer’s inventory is sold, replaced, or turned over during a specific period of time, usually one year. However, the measurement can also take place on a quarterly or monthly basis. Basically, inventory metrics measure how properly the inventory is managed. A higher inventory turnover indicates efficient inventory management, and a poor turnover indicates excess or obsolete inventory in stock. Formula To Calculate Inventory Turnover: Inventory Turnover= Costs of Goods Sold/ Average Inventory Backorder Rate This inventory analysis KPI helps to track the percentage of orders that could not be delivered on time. It shows how many orders were not fulfilled at the time a customer placed an order. The Back Order Rate KPI indicates how well you forecast, replenish and track your inventory. In brief, a higher backorder rate points to poor demand forecasting and planning. It affects customer satisfaction. Formula for Calculating Back Order Rate: Back Order Rate= (Total Backorders/ Total Orders)x100 There are many reasons due to which a company might have a high backorder rate. For instance, not purchasing inventory according to demand, not re-ordering the stock on time, and poor tracking of multichannel inventory. Sell Through Rate Sell through rate compares the amount of inventory a retailer received and the amount of inventory it sold over a given period of time. Formula for Calculating Sell Through Rate: Sell Through Rate= (Number of Sales/ Stock-in-hand)x100 Sell through rate determines the percentage of units sold over a specific period of time and demonstrates your supply chain’s efficiency. Average Inventory Average inventory is the amount of inventory that a company keeps in hand during a period. Formula to Calculate Average Inventory is: Average Inventory= (Beginning Inventory + Ending Inventory)/2 This metric gives you an overall view of how much stock the company has on an average during a specific period of time. In other words, the purpose of the average inventory is to ensure that the company has a consistent average inventory over the course of a year. Gross Margin Return on Investment Gross Margin Return on Investment is the gross profit a company made for every dollar of purchased inventory. Specifically, the metric aims to measure how efficiently a company buys and sells its products. Formula for Calculating Gross Margin Return on Investment (GMROI): GMROI= Gross Margin/ Average Inventory Cost Days Inventory Outstanding This inventory metrics tells you the time taken to convert inventory into sales. If days inventory outstanding is low, it indicates the inventory is moving efficiently. In case it is high, it means excess inventory is sitting on the shelves. Formula for Calculating Days Inventory Outstanding: Days Inventory Outstanding= (Average Inventory Cost/ Cost of Goods Sold)x365 Conclusion To sum up, this article has given you a definition of inventory analysis and the various metrics used to determine the suitable level of inventory for a firm.
Top inventory management techniques to implement in 2021
Inventory Management is a way of controlling and tracking the inventory orders, their storage, and usage. Inappropriate inventory management leads to the working capital crunch, increase in storage cost, more idle time. Consequently, it causes waste of labor resources, supply disruption, leading to unsatisfied customers, and sales reduction. Therefore, following inventory management techniques is unavoidable to ensure an effective stock supply. Essential inventory management techniques Just in Time (JIT) Just-in-time is an inventory management technique involving only the right quantity available at the time of production. Precisely, it means maintaining accuracy. This is a technique requiring efficient timely suppliers, proper planning, and timely inventory arrival for the orders. JIT is appealing as it slashes costs on shipping, warehousing, insurance, and others. However, it is risky to stay always perfectly predictable. Having access to timely fashion helps to stay competitive and real-time analytics help optimize operations. JIT, the inventory management cloud-based system offers clear visibility from anywhere into your inventory. Backordering Backordering is a process that customers place orders, regardless of the stock. It is a practice commonly used by retailers when there is a surge in demand. Backorders are a way of taking orders, receiving payments for the products that are out-of-stock. Enabling backorders is an indication of increased cash flow and sales. It gives flexibility for the small businesses, while the risk of overstock is less. However, it also includes the customer dissatisfaction risk to wait for a longer time. One of the relatively simple inventory management techniques is backordering. It means using this inventory technique; you should match purchase and sales orders. Further reading: Best practices for managing backordered items. Bulk shipments A bulk shipment is comparatively cheaper to ship or purchase goods. Bulk shipments are the predominant inventory management techniques. It is applicable for high customer demand goods. The bulk shipping downside is you have to invest extra money, right from the inventory to warehousing. It may offset the money saved due to stocking huge volumes. Besides, there is the worry of selling them fast. Bulk shipments lower shipping costs, and ensure profitability. Shipping evergreen or long shelf-life products is a great option as bulk shipments. Dropshipping and cross-docking Inventory management techniques, dropshipping, and cross-docking are business models allowing you to ship and sell products that you do not stock or own. It is where the manufacturers or wholesalers produce goods, warehouse them, and take care of the shipping. Dropshipping is convenient as it transfers the shipment details and the customer orders to a wholesaler or the manufacturer to ship it directly to the customers. The same is with cross-docking, where the incoming railroad cars or semi-trailer trucks directly unload materials onto outbound rail cars, trailers, or trucks. Essentially, no inventory holding cost, low startup cost, less risk, and potential profit. There is a possibility of staging the inbound items until the completion of the outbound shipment. It may require a network and extensive fleet for cross-decking. Consignment Consignment is an arrangement where a vendor agrees to give to a retailer their goods without upfront payment. They receive payment only when the retailer sells the goods. The inventory management techniques favor a win-win situation for the suppliers and retailers, provided they share rewards and risks. It calls for a high degree of confidence. It is good to test new products and to know the product performance. The retailers benefit as their capital is not held, while they can return at no cost the unsold goods. It decreases lag times even to restock the products.
How to reduce inventory holding cost
Any small business owner understands that an increase in demand means something good. It is a sign that you are making progress and customers are noticing you. However, it comes with higher overheads and costs, especially if you have small storage. To increase your growing inventory, you need to a significant amount of cost. Therefore, minimizing your inventory cost is a great way to free up space and reallocate your business capital. It is a daunting task for most small business owners because the cost of managing inventory is very high. You have to pay for the warehouse, account for shrinkage, breakage, and quality control can be expensive. Perhaps, you are contemplating how to cut these costs when you want to add new products; in this write-up, you will learn a simple trick on how to reduce your inventory holding cost. How to Reduce Inventory Holding Cost If your small business is experiencing extreme growth and you don’t want to be cut off guard, you can implement the following techniques to minimize your inventory holding costs. Find the right reorder point When you understand the perfect time to reorder products and the exact volume you need, it is easier for you not to over hold more inventory than expected. To get your reorder points, you can use a forecasting tool to help you look through past sales data. This data can put into consideration the seasonality geography and channels most customers prefer to buy. According to a recent study, having insight into your previous sales pattern helps reduce inventory costs. Avoid overstocking If you spend a large amount of money replenishing your stock, there is every possibility that you are missing out on opportunities for your business to grow. Suppliers often offer discounts for large volume orders, promotional items, or deals on a new item. Is it hard to turn down all of these offers? Well, you can. Initially, it might look like you are saving money when you accept any deal or discount since you will eventually reorder products in the nearest future. Nevertheless, if your product always remains on your shelves, you might subsequently experience a deadstock situation. It means you have to pay for the products in your storage. To minimize your inventory holding cost, you should only order the exact quantity you need while using any remaining capital to diversify your inventory. Reduce supplier lead-time In a situation where your store has high supplier lead-time, you would need additional storage space to accommodate all orders. It means you will have to get more space for these products. However, when your supplier offers a lower lead time, you have the flexibility to make orders. With this, you minimize stock carrying costs while reducing the risk of holding goods that can become obsolete. Use inventory management software Starting your new online business can be challenging, especially when you want to forecast customer demand. You can leverage inventory management software to enable you to analyze and understand how each product performs. Today, there are several cheap inventory management software to use that will help you reduce inventory holding costs. Use Backorder to lower Inventory Holding Cost Another method to save inventory holding cost and space is allowing backorders on your site. This method has both pros and cons. So you should calculate backorder cost carefully to make sure it is below inventory holding cost. Following backorder best practices and finding the right tool to manage backorders will assist you greatly in cost optimization.
Reasons For eCommerce Fulfillment Automation
Fulfillment is the core compenet of any eCommerce store. Nothing is frustrating as losing or screwing up your orders. One bad experience can change a customer’s behavior towards your brand forever. Regrettably, that one customer can make other customers feel the say way about your brand because they will “sell” their experience to others close to them. Notwithstanding the reason for experience – slow order processing, incorrect data, and unreliable integration, you need the right process to fix things. When you do this, you improve your customer experience, which would increase your sales. In this write-up, you will learn the benefits of auto fulfillment in eCommerce What is eCommerce fulfillment automation? Most eCommerce sellers rely on manual data entry process to take orders online using different systems for order fulfillment. However, passing data manually give room for different errors. It is easy to mistype an order number, address, name, or SKU; these can result in a customer’s lost order. Nevertheless, if the seller is a “perfectionist,” it doesn’t take away the fact that manual data entry is slow. eCommerce automation involves using software to automate the process of order fulfillment rather than the manual method. In order words, the automated eCommerce fulfillment fastens the entire process – starting from when the customer hits the “submit order” to when the item is delivered. Clearly, automation makes the auto fulfillment process easier and begins the process immediately after the order is placed. Benefits of automated eCommerce fulfillment process Today, more online shopping platforms are using an automated eCommerce fulfillment process to automate their business. The advantages of an automatic system cannot be compared to a manual method of data entry. Here are a few benefits of the automated eCommerce fulfillment process. Reduce cart abandonment For most online businesses, cart abandonment is a major issue. However, eCommerce automation reduces such abandonment by identifying when a customer leaves without completing the order. It further pushes notifications or emails to encourage the customer to complete the order. While you might not convert all abandoned carts, you can reduce the number of cart abandonment and improve your numbers. Better customer experience eCommerce automation fulfillment process provides a better customer experience. Satisfied customers are more likely to make another purchase in the future. It is easier to satisfy previous customers than new customers. However, automation makes it easier for you to keep your customer and convert them into loyal customers. Automation provides the best customer experience for your online shop. Customers can find whatever they are looking for quickly and buy easier instead of being bogged by unavailable or unrelated products. Promote employee productivity and efficiency eCommerce automation helps increase your employee’s productivity and efficiency since the software handles most of the tasks. Instead of having numerous data entries every day, you can save them the stress and get an automated system to complete the process easily. Ready for peak seasons Automation allows you to get ready for peak seasons such as Black Friday and Thanksgiving days when there are more orders. The stress of collecting orders manually is tedious and prone to mistakes. However, with an eCommerce fulfillment process, you are ready for peak seasons. Avoid errors and more data control Manually inputting customer data and orders can lead to errors due to human inaccuracies and errors. This can cause severe issues in the order management process, including shipping and fulfilling the wrong order. However, an automated eCommerce fulfillment process speeds up the process and reduces human error. Additionally, you get control over your data. Automate your eCommerce fulfillment Nowadays, the fulfillment cost takes up 70% of the average order value. Automating this process will cut the cost tremendously while allowing you to do more work at the same time. As long as your fulfillment runs seamlessly, everything else can be tackled more easily.
Inventory Control Tips For Backorder Management
To have effective inventory control, you need to create a balance between minimizing the cost of holding a lot of inventory stock while maintaining adequate stocks for your customers’ demand. In most cases, out-of-stock orders can lead to customer dissatisfaction and lost sales. However, imagine having a customer order that can be filled later? What if the customer is willing to wait for the order? What is inventory backorder? A backorder occurs when a customer places an order or buys a product for inventory stock that is unavailable. An inventory backorder may arise when a product is sold out because of unforeseen high demand. Assuming you have a product with seven items in stock, three different customers decide to order the same product, with each desiring to buy four each. In a normal situation, you cannot fulfill one’s order and tell others to go. However, backorder makes it easier for you to sell two items to each and assuring them to receive the remaining items on a future date. Tips for inventory control When your online store is experiencing a surge in demand, there is every possibility you might have backorders. However, stock management is an essential aspect of increasing your conversion rate. Here are important tips for backorder management if you run an online business. Open communication with suppliers and customers Encourage open communication with your customers and suppliers. You can do this through email, chat, phone, or social media. When faced with a backorder, you can provide honest answers to ease the pressure. Ensure you display your contact information correctly on your website and reinforce the importance of customer satisfaction. Data-driven inventory control You need a data-driven inventory control such that orders won’t be placed if the distributor or wholesaler cannot fulfill the demand. When you have frequent backorders for several products in different locations, it involves a lot of data. Additionally, there must be accurate delivery within the stipulated timeframe. However, without a proper data-driven inventory management tool, backordering can become a significant issue. Once you face this situation, it will cause problems such as loss of business, customer trust, and brand credibility. Accurate warehouse inventory To avoid any backorder mishap, you need to keep an accurate inventory of your items in the warehouse. It can be hard to know the number of items available manually, but automation has made everything easier. Therefore, to avoid having backorder or out-of-stock orders frequently, ensure to keep accurate warehouse inventory. Review inventory frequently Here, you need to review your inventory frequently to ascertain what you have. It is important to look at your processing for ordering and stocking inventory if you experience backorder regularly. If you have historical data, it will help you when to reorder stocks before they get low. Furthermore, it can also use the auto-schedule reorders. Assign automated reorder point Peradventure your distributor or wholesaler cannot fulfill your order or think there will be a delay, you can assign an automated reorder point. You can also provide the option of refunding payment if the customer cannot wait for the order. You need to know when you are running short of inventory. Assign reorder dates; this can be weekly, monthly, or increments. With this, the system can keep track of items in stock.
Necessary preparations for managing backorders
Imagine this situation where you a product that is selling high and customers are praising you for it. Suddenly, the demand kept increasing in such a manner that you can’t cope. It is bad news when you can’t meet the demand of your customer. What if you tell you to order and get it later? When you backorder an item, wait for the product and wait for the delivery date the manufacturer indicates. It’s frustrating to face this situation, especially when the market is competitive. It is hard to get a lead and lose them because of a supply shortage. So, how can you prepare during backorders and manage it effectively? Yes, no matter what store you run, you can avoid any mishap and manage backorders. Train staff in identifying and managing backorders To speed up your backorder fulfillment, you need to train staff to identify and process backorder. If your workers are not adequately trained in managing your inventory, it will lead to errors and miscalculation. For instance, an employee who isn’t taught in using eCommerce inventory software might not understand how to navigate the system to quantify the number of available stocks. Create FAQs for customers Another way to provide a better customer experience is to create a frequently asked question section on your website about backorders. Here, you can provide relevant information about backorders, including how it works, estimated time of arrival, the role of the customers, and how to cancel an order. All of this information can help the customer to trust your brand. Update customer service knowledge base Updating the customer service knowledge base is similar to creating a FAQ for your customers. However, here you can take advantage of a blog to expand on various issues on backorders. For instance, you can write content on preparing and being patient when waiting for a backordered item. Here, you have to be creative in a way that resonates with your audience. You can also leverage social media to improve your customer knowledge base. It is crucial that your staffs know how you are managing backorders and can answer all questions from customers. Update website visuals You need to be creative and use various techniques to enlighten your audience. Options are updating your website visuals, using popup, banners, and CTA to manage your backorders. Ensure that product availability is clear to customers. When they make an order, keep them updated with the order status and your backorder policy. Efficiently managing backorders will help increase customer satisfaction. Our BigCommerce BackOrder app provides a complete solution for this with features to customize CTA, messages, and pack slips. Track data, use predictive analytics Additionally, you can track product data in your warehouse. Today, you can use various predictive analytic tools to determine when your product is running low. Some eCommerce platforms come with unique tools that allow you to trade inventory and notify you when you are running low on your product or a particular item. Evaluate and reorganize the warehouse To prepare for managing backorders, you need to have a modern warehouse system that automatically keeps a record of your inventory. With an updated inventory management system, you won’t find yourself in backorder issues because the software will automatically order products from suppliers when it reaches the benchmark you set. A good management system will improve your inventory data and reconcile your inventory automatically. Further read: Best practices for managing backordered items
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.
Drive sales for your BigCommerce store with BigCommerce merchandising
Running an online store on BigCommerce comes with its own set of challenges, one of which is effectively merchandising your products. Proper merchandising can significantly impact your sales, customer engagement, and overall success. In this post, we’ll explore some of the top merchandising strategies tailored specifically for BigCommerce merchants. These BigCommerce merchandising techniques will help you showcase your products in an appealing and strategic manner. Purposes of BigCommerce Merchandising At its core, eCommerce merchandising or BigCommerce merchandising aims to guide shoppers to the products they need as quickly and seamlessly as possible, encouraging them to add items to their cart and complete a purchase. When executed well, merchandising can boost average order values and conversion rates, leading to increased revenue for your business. But how can you achieve this merchandising flexibility when it involves navigating such a complex landscape? Your customers are individuals with unique personalities and mindsets when it comes to shopping. They engage with various touchpoints throughout their shopping experience on your website. Additionally, you need to juggle numerous SKUs, frequent promotions, pricing adjustments, and constant product updates. BigCommerce merchandising is not a simple matter of selecting a product to highlight, setting an attractive discount, and offering enticing items. To succeed, you must understand what resonates with each shopper. Today’s top retail brands are embracing cutting-edge merchandising techniques to unlock the complexities of merchandising and drive more sales. So, what BigCommerce merchandising strategy is your eCommerce business currently employing? Top BigCommerce Merchandising Strategies for Your Business Let’s explore some strategies you can implement to take your BigCommerce merchandising to the next level. Offer loyalty programs One effective strategy with BigCommerce merchandising is to offer loyalty programs for returning customers and visitors. This group is more likely to make a purchase compared to first-time visitors, so focusing on them can drive sales. There are simple tactics you can use to boost sales from loyal customers: The key is leveraging the information you have about your returning customers’ interests and behaviors to create a more personalized, convenient shopping experience that encourages them to complete purchases. Give the best support to ready buyers There are some customers who visit your store already prepared to make a purchase with BigCommerce merchandising. These “ready buyers” know exactly what they want. The key is convincing them to buy from you instead of your competitors. These ready-to-buy shoppers typically use the site’s search function to quickly find the specific product they’re looking for. Studies show that customers who use the search have a much higher conversion rate, compared to those just browsing. When shoppers use the search, it means they already have a particular product, size, color, and price range in mind. To win over these ready buyers, you need to provide the most relevant and accurate search results possible to keep them on your site. The goal of BigCommerce merchandising is to show them the product they searched for immediately on BigCommerce, without requiring any additional clicks from the main search page. Making them have to click through multiple pages may lead to them abandoning your site and purchasing elsewhere. Transform browsers into buyers Not every visitor to your store is a “ready buyer” – some are just browsing with no immediate intent to purchase. These “window shoppers” may seem uninterested, but proper merchandising techniques can persuade them to make a buying decision. Just like a brick-and-mortar store, where salespeople might showcase certain products to undecided browsers, you can strategically promote and feature specific items to capture the attention of your casual website visitors with BigCommerce merchandising. Modern BigCommerce merchandising tools allow you to curate and prominently display handpicked products on your website’s high-traffic pages. By putting your best or most popular items front and center, you increase the chances of piquing the interest of those “just browsing” and converting them into buyers. The key is using intelligent merchandising to turn window shoppers into customers by offering a well-curated, enticing selection of products tailored to their potential interests. Cooperate with the Right Bigcommerce Automation Software like Atom8 You can elevate your BigCommerce merchandising with powerful eCommerce automation tools like Atom8. With this BigCommerce Automation software from GritGlobal, you can build seamless, hands-free sales campaigns that streamline your entire process. Moreover, Atom8 integrates natively with BigCommerce, allowing you to effortlessly create and manage customer groups and segments based on purchase behavior, demographics, or any other criteria. Your marketing activities can be enriched by triggering personalized product recommendations, abandoned cart reminders, and tailored promotions across channels. With Atom8’s cross-app automation capabilities, you can connect your BigCommerce store to essential third-party tools like Slack, Google Sheets, ShipStation, and more. This centralized automation hub simplifies your workflow softwares, saving time and boosting efficiency. Implement advanced BigCommerce merchandising strategies with ease using Atom8’s intuitive visual builder and pre-built integrations. Continuous Evaluation and Improvement Continuously evaluating and improving your BigCommerce merchandising strategy is key to long-term retail success. A static, unchanging approach risks becoming outdated and missing opportunities as customer needs and market trends evolve. To Conclude A strong BigCommerce merchandising strategy is more than just a part of successful retail—it’s the key driver that propels businesses towards lasting growth and customer loyalty. When you strategically place items, create appealing displays, and understand what your customers prefer, your business goes beyond simple transactions. It enables you to create a shopping environment where customers feel valued and are eager to return. Are you ready to take your BigCommerce merchandising to the next level with GritGlobal? Contact us today!
5 ways to boost customer loyalty
When you own a business, customers come and go easily. If you don’t have a system to keep them loyal, you stand every chance to lose everything. To keep them coming to buy your product, you need to build a solid relationship with them. Therefore, how do you provide your customers the best experience that would make them return to your business? What will you do to strengthen the customer relationship and build a lasting bond? If you find yourself asking these questions, then you need to boost your customer loyalty. What is customer loyalty? Customer loyalty is a highly misinterpreted word. It is usually believed that customer loyalty and customer satisfaction are the same. However, customer satisfaction is a rating, whereas loyalty is a brand, according to Shep Hyken. 5 ways to boost customer loyalty A customer can be satisfied when using your product but might not buy such a product again. However, with customer loyalty, it doesn’t matter if they are satisfied or no; they just keep buying. There is no particular strategy to boost your customer loyalty, but the following are guidelines to follow. Offer loyalty programs You need to put your customer data to use effectively. Such data is valuable in creating a loyalty plan. There are two options to consider – copy your competitors or provide a unique loyalty program for your customers. Here, you can create a unique experience for your loyal customers to access new products, give VIP access to an event or get a special package. Furthermore, make the experience personal to show you appreciate them. You need to be creative when offering loyalty programs to your customers. There are many loyalty examples available online; you can take a cue from these and create something unique. Personalize experience Everyone wants to be treated specially, that includes your customers. Imagine creating a personalized birthday for your customers that can convert that customer to a loyal customer. Personalization is a way of telling them you value and care about them. Offer exclusive deals for returning customers For old customers, you can create a loyalty marketing campaign to attract them to make a purchase. Retaining customers is at least 5 times cheaper than acquiring new customers. While there are many ways to offer exclusive deals, creativity is essential. In line with the previous point, you can personalize the offer for these returning customers. Segmentation and automation tools will help you greatly in retaining customers. Collect feedbacks When a mother offers advice to her teenager, the teen rolls her eyes and gets defensive. At times, the teenager might say something like, “Mom doesn’t know what she is talking about.” At times, businesses react to customer feedback as the teenager did. They aren’t ready to listen to any valuable advice. However, to boost your customer loyalty, you need to make an effort to collect feedback and address the issues. This way, it shows you are not both interested in their feedback and providing a relevant solution to it. Prioritize Customer Service Customer service is a reflection of how much a company values a customer. If you want to boost your customer loyalty, then you must prioritize customer service. Once a customer makes an order, returns a product, complains about a broken product, or asks questions on your chatbot, they keep a tab on how you interact with them. You need to have a helpful and efficient customer service team to easily and quickly solve their issues. Furthermore, make it easier for customers to access customer service. You can take advantage of social media platforms.
Why you need supply chain diversification
With the increasing sharing of information and transparency due to the internet, customers are looking for a better experience. We live in an age where customers expect whatever they buy to reflect their values while using social media to showcase their shopping habits. Businesses are upping their game to meet their expectations of sustainability, diversity, and supply chain diversification. What is supply chain diversification? It is a term that deals with the strategy of manufacturing businesses to enlarge the range of suppliers they work with to increase their product choices when it comes to the supply chain. Working with larger suppliers allows manufacturers to operate in a flexible manner, thereby adapting to the ever-changing customer market. Importance of Supply Chain Diversification A company might decide to use supply chain diversification for various purposes. However, these benefits are broken into four areas, which we will discuss briefly. Encouraging Innovation Communicating with suppliers isn’t a one-way process where the producer places an order, and the supplier fulfills it. When you work with different suppliers, you can think beyond your company while encouraging innovation and more creative approaches. Drives better approaches When you have a diversified supplier base, it means you can easily become the reflection of the customers you serve. Broadening your geographical supplier bases allow you to offer competitive prices within the local level. Small-medium enterprises tend to be flexible and focused on their customer base compared to large global suppliers. Cost savings Another benefit of supply chain diversification is that it allows you to save costs. For instance, recent research shows that when you work with different suppliers, it helps to minimize the cost to a certain level. Interestingly, it is a fact that the biggest suppliers don’t always offer the best cost efficiency compared to small-medium businesses, which have a lot to offer to customers. Stay ahead of competitors It is never a secret that successful businesses look for opportunities to minimize the cost of operation. Strategically sourcing for raw materials, minimizing waste, and efficient processes helps to save more money while providing more scope to charge a competitive price. It means the competitive price is not more about price but about the ethics of growing concern for the environment. How BackOrder Can Solve Your Out-of-Stock Pain Points Out-of-stock situations can severely impact your sales and customer satisfaction, especially when your supply chain is disrupted. Here’s how BackOrder can help you address these critical pain points: Never Miss a Sale: BackOrder ensures that you never lose potential revenue by automatically switching products to backorder status when inventory reaches zero. This automation keeps sales flowing even when stock levels are low. Enhance Customer Experience: By keeping customers informed with customizable backorder notifications, you reduce frustration and build trust. Customers are more likely to wait for their desired products when they know exactly when they will be back in stock. Streamline Inventory Management: Integrating seamlessly with your IMS/ERP, BackOrder maintains your inventory management workflow without manual interventions. This ensures accurate inventory data and synchronization across all platforms. Flexible Application: Apply backorder settings to specific products or variants such as different sizes, colors, or materials. This flexibility allows you to manage inventory more effectively and cater to specific customer needs. Effective Inventory Planning: Set thresholds to control backorder quantities and plan your incoming stock more strategically. This proactive approach helps you manage stock levels and meet customer demand without overburdening your supply chain. Implementing BigCommerce BackOrder can transform how you handle out-of-stock scenarios, keeping your customers happy and your sales steady, even during supply chain disruptions. Risk of Supply Chain Diversification There are several risks associated with supply chain continuity, including politics, electronic attacks, economy, and natural disasters. A lot of things can disrupt your supply chain if you don’t have a robust supply chain. These can disrupt your business and impact your operation, customer delivery, and cost money and time on your business. However, with supply chain diversification, you can mitigate these risks by ensuring you have a solid supplier base to cater to your business. Nevertheless, to optimize risk management, you need to be strategic in choosing your suppliers. For further more please contact us!
