Practices to Improve Payment Reconciliation for eCommerce Business!

Practices to Improve Payment Reconciliation for eCommerce Business!

In the past few years, businesses from various categories have been forced to drastically change their operations and shift themselves to eCommerce platforms. Along with the rise of online shopping, the requirement for several payment methods has also arisen. eCommerce platforms provide their customers the options for online payment, and it has been boosted during the pandemic as customers opted more for the contactless payment method.

It can become troublesome for you to keep track of how much money you should receive from various eCommerce platforms as a seller. You can experience a lot of trouble if your logistic partner and wholesalers don’t follow the same payment cycle as yours. The eCommerce business requires you to have robust payment reconciliation software that can handle all the payments for you. This kind of software automates the payment reconciliation process to help you remain competitive while handling multiple payment vendors and customers. Here in this blog, we have mentioned important factors that can help you enhance the payment reconciliation process for an eCommerce business. Let’s get going and check out how you can improve this for sustainable performance.

Impactful Practices to Enhance the Payment Reconciliation Process


The ever-emerging eCommerce industry has undoubtedly become a profitable platform for you as an online seller. But to run your eCommerce business on multiple platforms, you may have to face the everyday challenges related to the payment reconciliation process. However, following some of the impactful practices related to this process can help you enhance it. To make it genuinely impactful, you can also use some of the payment reconciliation software such as eVanik. It can boost the improvement process. Let’s check out the impactful practices in the payment reconciliation process that you should adopt.

Assess Current Payment Reconciliation

Because of the sheer figure of transactions in the eCommerce business, the payment reconciliation process with an unregulated and traditional approach inevitably leads you to hazardous data entry. It also promotes regulatory and compliance issues. If you are still using the manual reconciling transactions using clumsy spreadsheets, it can result in inefficient workflow, other blockages, and delays. You need to go through your current payment reconciliation process to find out the glitches and keep track of all the transactions. To enhance this process, you need to identify the challenges and then work accordingly. In the Process of Assessing reconciliation, you can take the help of payment reconciliation software to automate this Process, diminish the errors, and save you enough time.

Work on Internal Controls

Operating the eCommerce payment reconciliation process, it is vital to involve an array of internal controls that can quickly identify and catch any possible issues such as accounting errors and fraud associated with payments. Internal controls basically work as software that can get installed in the entire standardized process. Implementing internal controls can help minimize the risks, establish the integrity of your business, and provide errorless financial statements. If you have a team of sales members and accountants, you should surely let them know about it and train them with internal controls. To apply the internal controls perfectly, you can also take the help of any payment reconciliation software.

Implicate Integrated Solutions

Most errors occur in the Process of Payment reconciliation at the stage of data analytics. You can spend your maximum effort to extract, select, and load the data despite identifying the results and assuring error-free financial statements. However, various software providers in the industry can provide you with software related to payment reconciliation. This software basically provides robust solutions to quickly diminish several errors related to this Process. This software includes technical solutions that automatically import and compile the transactional data from your ERP system, or it can directly extract it from several marketplaces you are selling your products on. It can provide you with an auto-generated list of all your transactions in a monthly, quarterly, and annually format. These software clarifies the mode of payment, product cost, and vendors’ commission. It automatically saves your time and makes it a valuable affair for you.

Analyze the Process on a Daily Basis

Miscalculations in payment reconciliation lead you to divergence in bank statements and put your business at extreme financial risk. That is why, as an eCommerce seller, you must focus on making this process as efficient and error-free as possible. You need to understand that, whether the payment reconciliation process is manual or automated, it can work efficiently only if you analyze it daily. It helps you monitor the gaps and other issues related to this Process. This regular practice provides you the opportunity to make improvements instantly. You must observe the time it takes to complete the reconciliation process and the number of discrepancies identified in this particular Process. You need to set a benchmark to reply to the Process in continuity till you get the best results. The analysis step is quite crucial as it provides you the room for improvements.

Embrace the Payment Transformation

Payment methods have changed rapidly in the past few years. Digitization brings various payment options and promotes the transformation in payment sections. Customers prefer cashless payments these days, and to meet their demands, you have to embrace the various payment transformations. Instead of cash payment, Google pay, Paytm, and Phonepay have taken over the market. Now you can experience that you have multiple vendors to reconcile regularly. Customers and vendors are now preferring credit cards as well to make payments. Managing the credit card fees has also added a burden to your shoulder. However, handling it manually can become highly complicated. Thus, being in the eCommerce industry, you must understand that postponing the payment transformation of your online business costs you more than the actual transformation does.

Conclusion

Hence, payment reconciliation is an exhausting yet essential task to perform if you sell products online. These days, it has become more challenging, but the above practices can extraordinarily help you perform the payment reconciliation adequately and skillfully. However, adopting an automated and integrated payment reconciliation process can make it an error-free and less time-consuming Process. It also lessens the risk of fraud and prepares smooth financial statements. It will also help if you keep an eye on the automation and workflow to keep it updated as per the customer demands and market trends.

Multi-Channel Selling Technique for Upscaling the Online Sales!

Multi-Channel Selling Technique for Upscaling the Online Sales!


There are multiple eCommerce websites that sellers use to sell their products online. Some use a single platform for selling, but some sell their products on multiple platforms. Selling your products on multiple eCommerce platforms is the process of Multi-channel selling. It can help you to reach as many potential customers as possible. Apart from this, there are numerous benefits of multi-channel selling. You may find it super easy to perform, but there are several points you need to know before applying this technique.

The online marketplaces have seen escalating sales over the past few years. In fact, last year only eCommerce sales accounted for about 18% of worldwide global sales, and it is not going to stop. Research shows that this upsurging trend will continue and may reach 23% percent by the end of 2023. Being in this industry, you can also generate enough profits. If you are not taking advantage of multi-channel selling, being an online seller, you are missing out on many sales opportunities. To provide you with a broader knowledge of this, we have mentioned a full breakdown of multi-channel selling and how it can upscale your online sales. Without losing a moment, let’s have a clear view of this.

Why You Need to Apply Multi-Channel Selling Technique

You simply need to understand that as much as eCommerce platforms you will get associated with, more customers will get to know you and eventually upscale your sales. For a sustainable online business, you need to apply this technique as soon as possible. A few points below can better make you understand why you need to apply the multi-channel selling technique in your business.

Vast Platform of Search by the Customers


The dynamic eCommerce industry is changing rapidly. Customer behavior and market trends are evolving as well; as a result of all of this, eCommerce businesses are suddenly faced with the challenge of having to use additional sales channels. If you look around, you will find that many renowned brands have marked their presence on almost every main eCommerce website, such as Amazon, Flipkart, Myntra, AJIO, Meesho, etc. According to a consumer survey conducted in 2019, 50% of all products have been searched on main eCommerce websites such as Amazon, Flipkart, etc. instead of Google. That is why you need to utilize the multi-channel selling technique. However, selling your products on multiple channels can increase your workload but make it easier; you can take the help of multi-channel order management software.

Upgrade Conversion Rates & Create Brand Awareness

Selling your product on a single marketplace helps generate limited revenue, but selling your product on multiple channels can upsurge your conversion rate by more than three times. Apart from that, if you want to create your brand, you have to utilize the multi-channel selling technique. Selling your products on various eCommerce platforms can attract more customers and increase brand awareness. More customers will come to know about your specific brand, and if everything goes well, they may stick to you for a longer time. That is why you need to implement this technique if you want to upscale your sales and want to create brand awareness.

Collecting Customer Data

The most straightforward point to understand is that the more platforms you use to sell your product, the more customers will reach you. Connecting to several customers can make you better understand their buying habits and shopping decisions. Several eCommerce platforms provide you detailed reports and customer data to analyze their behavior. For example, a customer can search for a specific product on one Platform and may purchase the same from a different one. Customer data from various channels will help you monitor the customer’s preference and on which term they prefer the other Platform to buy the same product. All this information can help you understand your customer better and serve them well. Eventually, it will help you in upscaling online sales.

How To Make Most of the Multi-Channel Selling Strategy

All the above advantages of a multi-channel selling strategy can excite you to apply it instantly. But wait a minute, there are several points you need to take care of before going any further. Here are the few parameters we have mentioned that you should keep in mind.

Always Choose the Right eCommerce Channels

Nowadays, various eCommerce platforms can be used for multi-channel selling. You may get confused about choosing the right platforms as each one has its advantages and disadvantages that can impact your online business. But there is one thing that can help you with it: your business’s requirements. If you are n’t a big brand and just want to sell your products in PAN India, you can choose Amazon, Flipkart, Myntra, etc., for selling your products. But on the other hand, if you are a renowned brand such as Puma, Armani, or Chanel, then Amazon, Flipkart, and Myntra will not be the right choice for you because no one searches for big brands on these platforms. Take your time and choose the proper channels according to the nature of your business.

Implicate Robust Inventory Management

Managing your inventory properly is an essential part of the eCommerce business. It can become complicated when you decide to sell your product on multiple eCommerce platforms. Becoming a multi-channel seller is a huge challenge because you have to manage every Platform’s inventory. It can increase the chances of mismanagement and can affect the overall health of your online business. However, to reduce the errors in inventory and make it a successful affair, inventory management software such as eVanik can help you with this. This software can easily manage the inventories of various platforms under one single panel. It can reduce half of your headache and never let you rethink your decision to use the multi-channel selling technique.

Centralization of Multi-Channel Data

You must agree that managing all your data in a single panel is way more accessible than managing multiple dashboards. Logging into multiple channels and monitoring them individually is a hectic task. However, with the help of centralized data software, you can monitor multi-channel data in a single dashboard. In this context, you will be able to upload all your products to multiple channels with a single click. You can manage inventory for each channel and may never experience an out-of-stock situation. Centralizing your data can help you make a decision based on real-time data information.

Conclusion

Thus, just like every other selling strategy, implementing the multi-channel selling technique has its perks and flaws. Although, the flaws related to this effective selling technique can get diminished with an eCommerce management software. It will help if you consider that multi-channel selling is not only about listing your products on various eCommerce platforms. But you need to focus on inventory management, accounting, payment processing, shipping, and returns. So, if you are planning to switch to various eCommerce platforms, you need to take a breath and plan out things first.

A Complete Guide on Moving Your B2B Business to D2C!

A Complete Guide on Moving Your B2B Business to D2C!

The eCommerce industry business models are changing expeditiously. Recently the trend that is reforming the eCommerce industry is a switch from traditional business models such as B2B(Business-to-Business) and B2C(Business-to-Consumer) to more customer-centric models such as D2C(Direct-to-Consumer) or B2B2C(Business-to-Business-to-Consumer).
As there are many business models present in the industry, sellers and brands need to enthusiastically decide upon which model will best suit their business in terms of expansion and fulfill the customer demands.

If you want to create your brand image and sell your products directly to customers, you should go for the Direct-to-Consumer (D2C) business model. It can help you to scale up your business in the right direction. The latest research shows that by 2023 approximately 67.5% of B2B businesses may shift their business to the Direct-to-Consumer model. In this blog, let’s find out what D2C and B2B models are and why one should shift their business to Direct-to-Consumer from Business-to-Business models.

Description of Direct-to-Consumer Business Model


The Direct-to-Consumer eCommerce business model is trending all across the globe. In this specific business model, brands manufacture their products and sell them directly to their targeted customers without the involvement of third parties such as wholesalers, retailers, and distributors. D2C brands handle everything on their own in producing products, marketing, order processing, and shipping. According to recent research, more than 47% percent of consumers prefer to shop directly from the manufacturer brands instead of retailers or other sellers. This model works on establishing a direct relationship with your customers. That’s why most businesses are shifting towards the D2C model.

Description of Business-to-Business Model

The Business-to-Business (B2B) model is where manufacturers sell their products to other businesses. The B2B brands or sellers primarily sell their products in bulk to the other businesses. In this business model, the exchange of products occurs between two or more businesses. Amazon, Myntra, Ajio and Flipkart are examples of B2B eCommerce websites that sellers use to sell their products. In this model, consumers get involved at a later stage. This is a complete chain between manufacturers, wholesalers, distributors, and retailers.

Why You Should Shift Your B2B Business to D2C

The main focus area of any business is generating revenue and making more of it. Besides this, being on the top of the list and accelerating the sales opportunities are the second priority. However, the Direct-to-Consumer business model’s selling approach can help your business achieve this goal. Direct-to-consumer brands are taking over the market on a larger scale in India and worldwide. Nowadays, numerous D2C brands in the industry have marked their presence spontaneously. Let’s find out those specific reasons why you should shift your B2B business to D2C.

Escalate Revenue

This business model allows you to deal directly with your customers and offer them fair-priced products. In this model, you can save the costs on shipping, packaging, and the retailer’s commission. As a D2C brand, you can attract more customers based on authenticity and honest pricing. Ultimately it can help you in increasing your revenue and profit margins.

Brand Visibility

As a Direct-to-Consumer brand, you can own a dedicated website or an app to sell your products. Customers can visit your website to buy their preferred products. You can promote your brand individually through several effective mediums. You can run the campaigns to promote your product, and all these factors can help you increase your brand visibility. Customers will know more about your product if you have a D2C business model.

Increased Customer Engagement

In the B2B business model, manufacturers and sellers can’t get enough engagement with customers. However, the Direct-to-Consumer business model provides you that privilege where you can get connected to your customers and keep them hooked with your eCommerce business. Here you can better understand the needs of your consumer and offer them personalized products as well. Even customers can directly contact you for any queries related to the products. In this way, it helps in increasing customer engagement. To run your D2C business smoothly, you can integrate your system with eCommerce seller software such as eVanik. It can help you with payment, shipping, accounting, and more.

Direct Access to Consumers’ Data

In B2B business models, you can not have the leverage of directly accessing the consumer’s data. However, in the D2C business model, you can better understand your consumers’ behavior, their preferences, and how they interact with your products. It allows you to build more customized offerings, optimize the existing products and scale up your marketing strategies. The direct connection with your customers allows you to have real insight or access to the consumer’s data.

Expanding Business Operations

As a brand, you can quickly expand your eCommerce business operations with the help of the Direct-to-consumer business model. You can leverage the latest technologies to gather customer insights and revise marketing strategies. This approach can help you improve the customer experience and invest in the innovation of products. In this way, you can enlarge your online business to the next level.

Fastest Growing D2C Brands of India

Mamaearth

It is a well-known beauty brand in India that received massive customer engagement and loyalty. Apart from its website, it has appeared on all the prominent eCommerce platforms such as Amazon, Flipkart, and Nykaa. The brand is undoubtedly in colossal profit today.

Boat

It is one of India’s most popular and distinguished electronic brands that sell earphones and smart watches at a reasonable price. This D2C brand is selling its products on every top-notch eCommerce platform. According to company stats, it sells more than eight thousand products every day and has approximately 18 million consumers in India.

Sugar Cosmetics

Sugar cosmetics is one of India’s top-selling beauty and makeup brands. Its targeted consumers are women between the age of 20 to 40. Its products are available everywhere in both online and offline markets.

Licious

This D2C brand has changed the way people used to buy meat products. It provides the customers the luxury of ordering raw meat, fish, and chicken online. Believe it or not, Licious has more than 3.5k employees, and its customer base is over one million.

Pepperfry

This is a renowned Indian furniture D2C brand that offers fashionable housing and dining furniture and kitchen and washroom equipment. This brand has over 3.6 million active consumers and more than 4 million visitors monthly. Pepperfry has over 20 studios across India, mostly in metro cities.

Conclusion

Moving from B2B business to a Direct-to-consumer model is not that simple but is a requirement if you wish to survive in the competitive eCommerce market. It allows you to directly interact with your customers, which is a great thing, and you can not have that liberty while dealing in a Business-to-business model. So, to make more revenue and create a brand image, you may think of going with the Direct-to-Consumer business model.

Importance of Social Media Marketing for eCommerce Sellers!

Importance of Social Media Marketing for eCommerce Sellers!

Social Media and eCommerce are a true match made in heaven. Online sellers and marketers have been using top-rated social media platforms to connect with their customers for a while now. In this fast-paced world where customers are internet friendly and addicted to social media platforms, you can take advantage of their addiction as a seller. According to the recent stats, approximately 73.6% of global social media users will have purchased a product online by 2021. Apart from this, numerous customers search for product-related information on social media.

Undoubtedly, social media is ruling the world and has united the people integrally. Some of the prominent social media platforms such as Facebook, Instagram, Linkedin, Pinterest, and so on have attracted a lot of content and captured the customers’ minds to look at it. The eCommerce industry has set the market in a clear direction, and most of the customers are involved in online shopping. The social commerce term is trending these days to grab the customer’s attention significantly. Nowadays, online sellers and brands are more involved in social media marketing to increase their sales and revenue. The fantastic combination of social media platforms and eCommerce business is the latest trend and need of the hour. Here in this blog, we have mentioned the importance of social media marketing for online business. Let’s get in and find out how you can implicate this for the utmost success of your business.


Know Why SMM is Crucial for eComm Business

Along with the eCommerce industry, customers are addicted to social media as well. They spend hours and hours scrolling through various posts and videos on various social media platforms. Facebook, Instagram, Twitter, and Youtube are the prominent ones, and consumers can not survive their single day without visiting these channels. That is why it provides you with the tremendous opportunity to advertise your products on these platforms. It can help you build brand awareness, communicate with your customers, and generate more sales for your online business. The perfect match between social media and eCommerce can add more value to your business.

Customer Engagement

Customer engagement is essential for any eCommerce business. To increase that engagement, you can take the help of social media marketing. These days almost every age group is on social media, and it will be easy for you to attract them to your product. You can create a social media page for your products and attract their attention to your brand. Customers using social media platforms can get to know about the launch of your product, and if they find it attractive, they will definitely go for it. Social media marketing is a communication between the online business and the customers and enhances the overall growth of your eCommerce business. You need to promote your product or brand on various social media platforms, and you will automatically experience the magic.

Upsurge the Business and Customers’ Growth

It is one of the extraordinary benefits of social media marketing. It can upsurge your online business’s growth and add an immense number of customers to your business. It promotes the growth of the business and customers parallelly. While promoting your product on social media, you need to take care of the overall display of your product. It should induce high-resolution pictures and product descriptions, and you can even add a short video about your product. Social media marketing helps you get to connect with your customers directly, and they can even recommend your products to other users in an avid manner. On the other hand, to keep them satisfied in terms of order processing, you can use eCommerce seller software such as eVanik.

Escalate Brand Awareness

If you are launching a new product or brand, you need to build brand awareness before you are ready to go live with sales. You can not make extensive sales if customers don’t know about your product or they do not have any idea what you are selling. In 2022, there will be thousands of brands promoting their products on various platforms, but there is still room for newcomers and latecomers. Unique content and a consistent posting strategy will help you build brand awareness and reach out to your targeted customers. However, building brand awareness is a process that can take some time. But you can accelerate it via paid social media promotions.

Dynamic Customer Support

If you are selling your products on various eCommerce platforms, you may not be able to provide superior customer support to your valuable customers. Although, diving into the deep sea of social media can allow you to get in touch with customers frequently and resolve their issues or queries related to the product. Creating an attractive page on various social media platforms can help your customer attain more information about the product, and they can even quickly contact you for more information. They can even suggest you add on some specific quality with your products, and you should take their feedback positively. It helps you in upgrading your online business and making it sustainable.

Make You Aware of Upcoming Trends

In eCommerce, business trends and demands change overnight, and you may fail to fulfill your customers’ needs if you can not prepare yourself for the upcoming storm. In this manner, social media marketing can help you immensely and lessen the pain in this area. Social media is the emerging point of all the latest trends and demands. Consumers follow the platforms and want to try out all the latest things, whether it is related to fashion, beauty, health & wellness, or any other category. By constantly reviewing these platforms, you will automatically know what is trending and what is not. And in this way, you can represent your products according to the demand and trends of the market.

Conclusion

Social media marketing has driven the sales market and channelized it enormously to attract the customer’s attention. The traditional way of eCommerce activities dealing with retailers was a challenging task for sellers. But when it comes to the modernized way of supervising the sales market, it has become easy and appealing to touch the heart of the customers. As per the reports, approximately 75% of the eCommerce business across Asian countries was done by social media marketing. It keeps an eagle eye on the brands and start-ups for further promotions and the upcoming trends that need to be followed to fulfill the customers’ demands. Social media platforms provide you the immense opportunity to add the shop now or buy now button and the advertisement section. Now you can understand the importance of social media marketing. Besides that, you can use the software for online sellers to make this business much easier for you.

7 Elements That Affect Customer Satisfaction in eComm Business!

Introduction

The growth of the eCommerce industry is unstoppable, and it is rising aggressively on a daily basis. Sellers are moving their businesses on their preferred eCommerce platform. They are now focusing on building their empire on digital platforms more than ever. It is undoubtedly a big revolution that comes along with the new expectations from customers. We can say that the eComm story starts with customer satisfaction and ends with customer satisfaction. That’s why it is essential to work harder towards delighting the customers. It will help if you focus on what you can do to enhance the customer experience. Providing a dynamic customer experience is the one common goal of any organization in any industry.

Customer satisfaction is the metric that measures how happy your customers are with the service and product you are providing to them. It speculates how a customer feels when they interact with your brand or product. Poor customer satisfaction leads to negative reviews, but on the other hand, satisfied customers will help you grow your business and improve your overall business reputation. In fulfilling your customer’s demands and meeting their expectations, you can take the help of powerful eCommerce management software such as eVanik. It can help you run your online business smoothly and ultimately improve customer experience. However, here in this blog, we have mentioned some of the key elements that majorly affect customer experiences.

Significant Elements That Affect the Customer Satisfaction

Customer satisfaction is the evaluation of how satisfied customers are with the products they receive. Every customer has their journey; being a seller, you can not make your customers happy every time, but you can try to give your best. Sometimes, even a minor glitch can affect customer satisfaction, and you may not be able to find that. Let’s look at some significant elements that can affect customer satisfaction in the long run.

  • Product Display

There is an English proverb, “Do not judge a book by its cover”. It doesn’t work in the eCommerce world as customers judge any product by its cover. That is why it is imperative to represent your product in such a manner that can attract customers and convince them to buy that. The presentation of your product should always be top-notch. It is one of the key factors affecting customer satisfaction in the online business. The approach of representing the products on diversified eCommerce channels highly matters and also provides you an opportunity to showcase your business in the right professional way. You must take care of the quality and resolution of the image you are posting of the products. You must apply product labels and names that explain the nature of your product. Besides, you must put on an elaborative product description in bullet points. All these make your customer more aware of your product and provide them the surety that it is the exact product they were looking for.

  • Personalized Experience

It is essential to develop an engagement with your buyers to provide them with a personalized experience. These elements impact customer satisfaction, and your competitors are switching their eyes. To provide them with extraordinarily personalized experiences, you can send them personal emails regarding your products and ask them to come back and buy the products in their cart. You can also provide them with special offers, deliver the product at their preferred location and update them about it. It is human nature that they will like to get pampered, and you can take advantage of this nature to flourish your business. Make sure that you create an intimate journey for your customers so that they will remember you and will get back to you.

  • Speed Matters

Due to the lack of time, everyone wants a speedy business experience. That’s why speed is paramount in this eCommerce race. Customers have less patience, and they can not wait for the page to be loaded or for products to have appeared. If they experience such issues, they will quickly move to other platforms. So if you want to sell your products online and build a robust customer base, you must look for a dynamic eCommerce platform that never fails in providing speedy service to your customers. It doesn’t matter how impressive the eComm website is or what services it provides; if it runs slow, customers will never look back to you.

  • Price of the Products

The product’s price has always been an enduring topic among online business sellers. Selecting the price for your products depends on so many components. You need to keep a dynamic price for your products and keep an eye on the product price of your competitors. Once your customer finds the same product at a lower price than yours, they will undeniably go for that. However, extensive and established brands don’t require much to define the price. This issue affects the small sellers and brands that are new in the market or still trying to establish themselves. You always need to maintain price hygiene before launching your product. There is some software for online sellers available in the market that can keep you updated regarding the dynamic pricing of your product.

  • Product Quality

The quality of the product is the most crucial element that can affect customer satisfaction in the eCommerce world. You must maintain the quality of your products to compete with your competitors and establish a solid customer base in the various marketplaces. You can even sell a poor-quality product for the first time, but it can fire back at you in so many ways. Customers can return the product, and they will never prefer or refer to your products in the future. So, do not ever compromise on the quality of products.

  • Shipping & Delivery

In the eCommerce industry, shipping and delivery are an essential part of the business. To enhance customer satisfaction, you need to look forward to cutting down the shipping charges. The reality is that customers don’t want to spend a single penny besides the product cost; however, they want to get their product delivered as soon as possible. This could be the biggest challenge for you while dealing in the eCommerce industry. You have to tie up with the fastest delivery service provider never to lose a single customer. In this manner, you can take the FBA service of Amazon as they will manage the shipping and delivery part for you and diminish half of your headache.

  • Market Trends and Demands

The evolving eCommerce market is unpredictable. The demands and trends are frequently changing. Being a seller, you have to always keep an eagle eye on the changing trends and demands of the market. The demands and trends change according to the customer’s requirements. To fulfill the customer demand and develop an idea about the upcoming market trends, you need forecasting. Software for online sellers provides you with the monthly and annually compact data of all the sales and based on that, you can easily be able to recognize the upcoming trends and demands. In this way, you can fulfill the demands of your customers and satisfy them.

Conclusion

These are some of the critical elements that can affect customer satisfaction in the eCommerce industry. To run your business successfully and earn expected profits, you should prioritize your business to provide your valued customers with the best shopping experience in the industry. Although, sometimes, you may not be able to fulfill all their demands, and for that scenario, you can subscribe to several eCommerce management software that can help you with providing the best customer satisfaction.

Top Five Challenges & Solutions of eCommerce Order Management System!

Introduction

Initially, the eCommerce business was the new and creative way of doing business, and it was a challenge for sellers to attract more and more customers towards them. However, it has become more crucial with time, and sellers realized that the real challenge is managing the orders across various eCommerce platforms. The rising competition has converted the customer experience into the top priority and parallelly an excellent way to efficiently manage and fulfill orders. That is why an order management system becomes essential for providing service excellence in eCommerce. Advanced management software for eCommerce implements effective inventory management and automatically reduces the obligations of returns and cancellations. 

Believe it or not but a good amount can be saved in operational costs if a seller has a compatible eCommerce order management system. Although, there are several instinctive challenges of order management systems that every online seller can face. Here in this blog, we have mentioned some of the frequent challenges of this system and the solutions to resolve them. 

Uttermost Challenges and Solutions of eCommerce OMS

In the eCommerce industry order management system is the most challenging part of this business. It is crucial to manage it in any condition because the entire process depends on this. A minor error in this system can diminish all your hard work in a fraction of a second. That is why it is necessary for you first to understand the challenges and then look out for ways for better solutions. Let’s go ahead and find out what are the challenges you can face in managing the orders and what are the practical solutions for that. 

  • Consistent Gap in Data:

    The ever-emerging eCommerce industry has provided an immense opportunity for sellers to reach out to millions and billions of customers out there and start their business promptly. But in doing so, there comes many hurdles that need to be resolved effectively. As an eCommerce seller, you may experience a consistent gap in data which can create big trouble for you. This data can be related to a customer’s order, payments, shipping details, and other processes. Acquiring data is imperative for you because you can operate only on that basis. In the process of traditionally storing the data, human errors may occur. A single error can diminish the entire order management process. The consistent gap in data can lead to order cancellations, deficient order fulfillment, and dwindling customer satisfaction. However, there is an available solution for this problem, and that is management software. You can integrate this software with your system, and it can automatically magnetize all the data related to every order and feed in your system. You can even view the data of various eCommerce platforms in a single panel.

  • Inventory Management:

    Managing the inventory is a more significant task for online sellers. A fragile eCommerce inventory management can affect your business drastically. Some may realize its importance soon, but some may realize it after a significant loss. That is why you should have clarity on inventory management. In the process of fulfilling the order, warehousing, supply manager, and on-time shipping, it is essential to know about inventory management. It is the best practice to save your products from wastage. This diversified OMS software can help you manage the inventory and facilitate order processing and fulfillment. There should be consistency in maintaining the correct amount of each product in the stfn help you cut off unnecessary inventory costs according to the supply. Eventually, it can add more profit to your business. The fundamental purpose of this software is to meet customers’ demands without creating an overstock or excessive inventory. Being a seller, you need to understand the importance of inventory and try to resolve its issues as soon as possible. 

  • Manual Operations:

    The manual operations in eCommerce consist of dozens of errors. You can not process an order successfully if you are doing it manually. First of all, it takes a lot of time, energy, and precious money as you have to hire someone to do the operations. Hiring someone doesn’t mean you can skip the errors; human errors will always be there. However, only one way to resolve this problem is to integrate your system with better management software for a successful business. You can integrate it with your eComm business infrastructure. Some software is explicitly designed to integrate your accounting system, warehouse, inventory management, and customer service. It ensures that order management works as seamlessly and efficiently as possible. This hassle-free process can minimize all the risk of poor order management and boost the scalability of your business. 

  • Processing Multiple Channel Orders:

    Nowadays, the eCommerce industry has provided you with a tremendous opportunity to sell your products on various eCommerce channels. In this way, you can build a robust customer base and generate revenue. But the real challenge is managing the orders on various platforms. A single order has diversified steps to perform, and you can not afford a single mistake in this whole process. Suppose you are associated with various eCommerce platforms that sell your products. In that case, you need to take this challenge and operate it successfully with the help of any intelligent software in the market. It is because handling the various orders at different platforms can become complicated, especially when your business snowballs. Since every platform has its processing of orders, the key solution to this challenge is to attain an eCommerce order management software for your help. You can manage all the orders across various platforms via this software in no time. 

  • Provide Dynamic Customer Experience:

    The eCommerce business starts by generating revenue and ends by providing a dynamic customer experience. The competition is also increasing day by day, and that’s why it is the biggest challenge for order management. For a dynamic customer experience, you need to accelerate the shipping and delivery. These days customers are looking for the fastest delivery of their products, and they end up ordering the specific product that takes minimum time to process. At this point, you can experience the necessity of the fastest delivery. An order management software can select the nearest warehouse right after a customer places an order and quickly process it further. It can also use the order details and previous order history to accelerate the process of order fulfillment. You can keep track of every movement of the shipped order and update about the same to your customers. It can upsurge the customer’s satisfaction level and more valuable customers into your list.

Conclusion

There is no such business field in this whole wide world that doesn’t conclude the challenges; important is how you will tackle those challenges. In this fast-paced world, to compete with others, you need to automate your business processes with the help of any advanced software. It can help you process the orders successfully and add a golden feather to your business. The above solutions to these challenges can never let you feel that it is not working or you can not do it anymore.

10 Inventory Management Challenges and Their Solutions in 2022!

10 Inventory Management Challenges and Their Solutions in 2022!

COVID-19 caused a severe interruption in the eCommerce supply chain management. It introduced the sellers to the importance of robust inventory management. A successful eCommerce business requires an efficient inventory management system. The primary element of online business is to get your products delivered to your valuable customers. In this manner, a top-notch inventory management system helps you meet your customers’ demands and understand the market trends.

The rising competition in the eCommerce industry has made it necessary for sellers to adopt and embrace the advanced software to sustain and flourish in the eCommerce industry. At this point, the exact need for inventory management software emerges. Here in this blog, we have mentioned ten challenges of inventory management and their compelling solutions. So, without further ado, let’s know about these challenges and solutions.

Ten Challenges of Inventory Management in 2022

 

Managing the inventory is undoubtedly a daunting task. This entire process and its result impact every aspect of your online business. Being a seller, you must have experienced many challenges related to inventory management. Here are the most common challenges in front of you that can help you to understand this subject better.

Erratic Tracking

The traditional process of manually tracking the inventory through ERP and spreadsheets are time-consuming, superfluous, and consists of errors. However, sellers can add inventory management software to their system and track their inventory in real-time.

Warehouse Performance

The warehousing includes several steps such as receiving the order, picking, packing, and shipping. It controls the inventory management system, and the real challenge is to process these steps as efficiently as possible. Thus, impeccable inventory management depends upon the performance of warehouses also.

Inaccuracy in Data

Those days are gone when sellers counted their inventory once a month or year. In this competitive eCommerce world, you must count how much inventory you have in stock and how many are gone. Inaccuracy in data can make you face the situation of customer dissatisfaction, and later on, it impacts the overall sales.

Uncertain Customers’ Demand

The biggest challenge of inventory management is customers’ constantly changing demands. To tackle this situation, you can overstock the products or keep a tiny amount of inventory. Both of these conditions will not be applicable to match the customers’ demand. However, it would be best to pursue a solid strategy and advanced software. It can help in understanding the changing demands of customers.

Narrow Visibility

If your inventory is hard to find or identify in the warehouse, it automatically leads to inaccurate, incomplete, and delayed shipment. Finding and receiving the right stock at the right time is essential for a dynamic warehouse procedure and decisive customer experiences.

Manually Documented Inventory

The manual inventory management process is exhausting and time-consuming. It is not even secure to go ahead of. It doesn’t even scale up across the multiple warehouses with a humongous amount of stock.

Complex Supply Chain

Daily supply chain is shifting globally, and it puts a burden on your inventory strategy and other operations related to the eCommerce business. It requires unpredictability and flexibility to ship your inventory according to your wholesalers or manufacturers.

Warehouse Space Managing

Managing the warehouse space efficiently is a terrifying task. The proper planning and designing of warehouse spaces and inventory management help you have control over the timing of new stock deliveries.

Inadequate Order Management

The most common challenge of inventory management is prohibiting the overstocking of products and running out of stock. Although, using the historical and seasonal data of market trends can help you meticulously predict the customer orders and save you from inadequate order management.

Raising Competition

The competition in the eCommerce industry is rising rapidly. It has become necessary for sellers to match the speed of the market. Sometimes you may face the challenge of selling high-demand products in the marketplace. It requires you to hold on to a large inventory to generate sales.


So the above are some significant challenges of inventory management that you can experience in the absence of an accurate inventory system. Now, let’s go further to find the solutions to these challenges.

Ten Prominent Solutions for Inventory Management Challenges

Centralized Inventory Tracking

The advanced inventory tracking software facilitates automated features for re-ordering and acquisition. Several advanced software in the market provides centralized and cloud-based data for accurate and automatic inventory updates. It also has the feature of providing real-time data.


Clarity on Performance

Having clarity on the business’s overall performance is important. You must have clarity over inventory turnover, customer satisfaction, and the speed of order processing. These data can help you uplift the performance and speed of your online business. It further helps in managing the inventories as well.


Forecasting the Demands

Some available inventory management software consists of forecasting the future demand of customers. This compelling software integrates with accounting and sales data and helps you predict customers’ demands during a specific time of the year. Especially during the festival season when every eCommerce marketplace runs its sale fair.


Add Images

To restrict the misplaced inventory and enhance accuracy, you must add images with the accurate product description in your inventory database. It also promotes the purchasing and the receiving process.


Precautionary Control

Implementing the stock control system can help in managing the issues of inventory, such as easily spoiled products, fragile items, or outdated materials. As per the requirement, performing regular precautionary control on machinery and products in the storage is essential to monitor the shelf life and prohibit wastage.


Regulate the Service Levels

To tackle inventory management challenges, it is required to track and observe your supplier’s data. It includes errors related to the shipment, defective or damaged products, and missed delivery appointments. You must regulate the performance of suppliers to fix the interruption of the supply chain, streamline logistics and decrease the complications.


Optimize Warehouse Space

You can use the inventory management software with warehouse management features to optimize the flow of inventory and the storage space of the warehouse. You can easily categorize the inventories into several compartments and automate the picking, packing, and shipping process.


Segregate the Inventory

A dynamic inventory management requires the segregation of inventories. You can segregate the inventories based on product type, size, and packaging. It can help you easily find the specific inventory in no time. You can also use this information to control the shipping costs.


Multi-Location Warehousing

To track and regulate the spreading inventories, use any advanced software’s multi-location warehouse management feature. It can also provide automated inventory tracking alerts and scheduling features that can help keep an eye on various warehouse locations and the in-transit inventory.


Diminish Human Errors

The primary challenge of maintaining accuracy in inventory management is human errors. It will appear again and again if you use the traditional form of managing the inventories. To get rid of human errors, you must get along with the inventory management software. It automates all the steps related to inventory and diminishes the errors.

Conclusion

Now you must understand how to deal with the challenges of inventory management. The answer is inventory management software that automates the process and helps in improving inventory practices. Later on, it ultimately enhances the customer experience and adds more value to your business. You cab the eVanik OWS for managing your inventory better than anyone else.

Best Practice for Warehouse Management Systems to Boost Sales!

Best Practice for Warehouse Management Systems to Boost Sales!

In the gigantic world of eCommerce, warehouse management generally refers to the process of conserving products respectively for selling online. On a larger picture, this process involves continuously running the day-to-day activity of a warehouse, such as receiving and organizing the warehouse space, managing inventory, order fulfillment, keeping the products secure, and maintaining a healthy relationship with the shipping partners. All these aspects of warehouse management increase productivity and provide a dynamic customer experience.

A robust warehouse management system helps you avoid the situation of overstocking and being out of stock. This process is not visible to customers, but they do play an essential role behind the scenes in assuring on-time delivery. However, you can not manage this process single-handedly; you need to take the help of warehouse management software for eCommerce. There are so many elements involved in this process that it gets converted into a complex task. That’s why most eCommerce sellers are moving toward using warehouse management system software for hassle-free warehouse management. In this particular blog, we are going to let you know about the various types and benefits of warehousing.

Types of eCommerce Warehousing

Private Warehouses

The wholesalers, distributors, and retailers ordinarily own the private warehouses. Amazon, Flipkart, and Myntra particularly have their warehouses. Sellers who want to sell on these platforms can use these warehouses to store their goods. However, it may cost them a little more but can help them develop a strong presence in the market.

Fulfillment Centers

Fulfillment centers are also counted as distribution centers. These are built according to the specific requirements of storage space. These warehouses could be temporary as the products get rapidly shifted through the supply chain. These centers receive a gigantic inventory list and then distribute it to resellers and retailers within a few days. These days Amazon provides fulfillment centers and operates order processing for sellers.

Smart Warehouse

In the techno-friendly world, smart warehouses are needed for this hour. This warehouse type is AI-based and automatically handles storage, inventory management, and order fulfillment. These warehouses include robots, drones, and software to pick, pack and ship the orders. Robots and drones help in weighing, transporting, and storing items. Some of the big eCommerce websites, such as Amazon and Alibaba, use smart warehouses to boost order fulfillment.

These are the three major types of warehouses; apart from them, there are a few more types: government, cooperative, bonded, and consolidated warehouses. Now let’s find out how to use the eCommerce management system and what are the best practices to perform.

Best Practices for eCommerce Warehouse Management System


It doesn’t matter which type of eCommerce warehouse you choose to store your products, but there are some of the best practices you must keep in mind to operate the whole process flawlessly. Poor warehouse management may waste your money and lead to delayed order processing. However, using warehouse management software for eCommerce can enhance the customer experience and eventually boost your revenue. For an effective warehouse management strategy, you must implement the following tips:

Using the Warehouse Management software

In this modern era, speed matters a lot in every business. The competition is on the next level here if we talk about the eCommerce industry. You need to automate the warehouse management system to smash down your competitors. An automated warehouse management software can help you provide real-time insight into product availability and inventory levels. It helps you in managing the whole supply chain of eCommerce. Apart from that, it can also help forecast the inventory and streamline the order fulfillment.

Integrate your Online Business

These days, sellers have the vantage to integrate their online business with innovative eCommerce software. It allows you to streamline your overall operations. Using this software, you can automate many tasks, such as sending order updates and shipment notifications to your customers. Apart from that, you will be able to get the notification of pick and pack, which automatically helps execute flawless warehouse management.

Use Multiple Warehouse Locations

You need to distribute your products to various warehouse locations across the country for a flawless online business. It can help you enhance delivery speed and improve the customer experience as they get their orders as fast as possible. However, this tactic can also help you cut down the unnecessary shipping charges.

Balance Your Inventory

Balancing your inventory is one of the complex tasks to perform in an eCommerce business, but it is also vital. It is difficult to know how much inventory you will require to fulfill the customer demand if you don’t have any historical data. You will never want to overstock the inventory and later be unable to sell them. It will give you a solid financial jolt because you have to pay for the product cost and have to pay for the storage space. On the other hand, you don’t want to have a small amount of inventory because that may put you out of a stock situation. If it happens too frequently, you lose your customer base. So, to escape this situation, you can use warehouse management software. It will help you balance the inventory and save you from both unwanted situations.

Several Benefits of Warehouse Management Software

You may not realize the importance of warehouse management software in the beginning. Still, once your business comes into full swing, you will automatically experience the need for an automated system. Here are a few benefits of warehouse management software.

Faster Product Delivery

The warehouse management software automates the whole process and thus helps you in faster order delivery. It can help you pick the orders in batches rather one time and ship them from the nearest distribution center. In this way, you can save a lot of money on shipping. It helps you enhance a better customer experience and improves your credibility in the market.

Saves a lot of time

Packing up every order by yourself and shipping them can be time-consuming. The eCommerce warehouse management system can eliminate this situation of sorting the products in your storehouse or garage and also takes care of other steps to take. You need to ship the inventory to warehouses and leave the rest to them.

Keep Track of Every Order

The warehouse management software can help you keep track of your every order. As soon as the order gets shipped, it will notify you, and you can track them till they reach their destination. You and your customers will also get notified that their product has been dispatched. It keeps a record of every order and helps you in increasing your brand value.

 

Conclusion

Apart from that, warehouse management software is designed in such a way that it can rapidly increase your business growth and add more profits to your pocket. The eVanik OWS software works as warehouse management software and helps you minimize the several errors related to warehousing. That is why it is crucial to get along with an advanced warehouse management system.

Fantastic Five Payment Gateways in India for Online Sellers!

Fantastic Five Payment Gateways in India for Online Sellers!

Post pandemic, payment gateways are on a hike in India. People prefer to pay online for any order they have placed, and marketplaces have also limited the option of cash on delivery. After covid-19, non-contact payment modes are on-trend. That is why the Indian payment gateway market is rising. As per research, this market was estimated to grow up to 447.9 million dollars in 2017 and it may take a rise to 1706.2 million dollars in 2025. The scope and competition both are upsurging rigorously side by side in this field. That is why payment gateways companies try to provide a robust payment experience to their users. The government has also promoted digital payments, and it’s on boom in Indian markets. For the eCommerce industry, it is nothing but a blessing that eliminates the issues related to COD orders. Sellers must integrate various payment gateways with their business. The new generation is widely using the online payment mode; they have less concern with cash.

Payment gateways are online payment software that makes the transaction much more accessible. Sellers can integrate these gateways with their order management system to process the online orders placed by the customers. After retrieving the customer’s details, it automatically debits the specific amount from their bank account. These payment gateways have the option of debit cards, credit cards, wallets, net banking, and UPI. Here in this blog, you will learn about the fantastic five online payment gateways in India that you must add to your online business.

Top Five Trending Payment Gateways in India

Paytm

It has become one of the magnificent payment gateways in India, and “Paytm Karo” is the payment anthem. It has been used by all small and big sellers, customers, and vendors in India. Surprisingly there will be someone who won’t be aware of this. It offers a digital payment gateway for eCommerce and financial services. Mr. Vijay Shekhar Sharma founded this tremendous payment gateway in 2010. The head office of Paytm is situated in Noida, Uttar Pradesh. Initially, it provided the service for DTH and mobile recharge. But today, it is available in eleven various Indian languages, and more than 20 million sellers and merchants in India rely on it. Along with a wide range of domestic payment modes, it supports international cards such as Amex, Visa, Master, Maestro, etc. It provides a dedicated key account manager for your 24×7 customer support by the merchant helpdesk. More than 325 million users are using this payment gateway in India.

RazorPay

In the year 2013, this payment gateway was founded by Harshil Mathur and Shashank Kumar. It has been used by numerous eCommerce sellers, merchants, and vendors. It provides the users with an end-to-end payment service. They can integrate it with their order management software, websites, and apps as well. This company is based in Bangalore, and people can use it after they procure a payroll management firm. The set-up, withdrawal, and annual maintenance price for the Razorpay payment gateway is zero. But the sellers and merchants have to pay 1 to 3 % of transaction fees. However, it also depends on the method and type of transaction used internationally or domestically. This efficient payment gateway is integrated with various security compliances. It provides the feature of smooth integration and an easy understanding of this software. It includes more than a hundred domestic payment modes along with international ones. It has the feature of an email alert that lets your customers know about their payment status.

PayU

This ultimate payment gateway was founded in the Netherlands in 2002. Later on, in the year 2014, PayU made its way to India. It was founded by Nitin Gupta, Shailaz Nag, Jose Velez, and Martin Schrimff. This payment gateway provides three mind-blowing plans to sellers: A starter plan, a Business plus plan, and a Business premium plan. Transaction fees for sellers are 2% plus GST at PayU. It accepts various payment modes such as debit cards, credit cards, net banking, wallets, UPI, etc. It also accepts various international cards as well along with multi-currency support. Sellers can easily integrate it with various platforms for hassle-free payment. PayU also allows customization as per the brand.

CC Avenue

With the help of this payment gateway, sellers can easily start their business operations as they can make an easy transaction with CCAvenue. This Indian payment gateway was founded in 2007 by Vishal Mehta, based in Mumbai. More than 80% of Indian sellers have used this for their business. It offers a privileged and a free version of transactions. The free version includes a zero transaction fee, and the privileged version includes 2-5% percent of transaction fees. CC Avenue provides the checkout page in eighteen international and Indian languages. It helps in expanding the customer base globally. It has the tremendous feature of multi-currency transactions in more than 25 major currencies. It allows the sellers to customize their payment page as per their choice and requirements. They can add their logo and preferred colors to the transaction page. It also supports diversified payment modes, including credit, debit, UPI, and wallets.

PayPal

This astounding payment gateway was founded by Palo Alto in December 1998 in the United States. Apart from all over America, it operates in various countries, including India. It operates pan India and has its headquarters in Bangalore, Chennai, and Hyderabad. Sellers and vendors are charged 4.4% transaction fees for using this payment gateway. PayPal also supports the exchange rate of specific currencies. However, it doesn’t support the Indian currencies; that’s why Indian sellers have to choose international currencies. Whenever an international customer pays for your product, the amount will be converted into US dollars with extra charges. After that, Indian sellers can convert that amount into Indian currency from their bank. This payment gateway is best if you are dealing with international customers. PayPal supports more than a hundred currencies on its platform. This twenty-year-old payment gateway has more than four hundred million active users.

Conclusion

So these are the top five payment gateways in India that sellers can use to make the payments a hassle-free process for their customers. All the above gateways can get integrated with their order management system. Online sellers need to integrate their business with these various payment gateways in the emerging eCommerce industry. However, along with managing the payments digitally, managing the multichannel orders is also a part of this digital world. eVanik innovative software makes it easier for you to manage your eCommerce business.