Five Recognized Techniques to Increase Customer Lifetime Value!

Five Recognized Techniques to Increase Customer Lifetime Value!

The expansion of any business majorly depends on the relationship with the customers. If you are dealing in the eCommerce industry, you should focus on building an amicable relationship with your existing customers and try to attract new customers. Focusing more on retaining your existing customers and increasing their lifetime value is essential to the eCommerce business. According to recent research, it has been found that increasing customer lifetime value(CLV) is a far more profitable and effective strategy for producing a hefty revenue stream.

Believe it or not, more than 45% of online sellers spend more time and investment acquiring more customers. It will be best if you keep in mind that the greater the effort to keep a customer with you, the greater it will add value to your eCommerce business. Along with fulfilling an order on time, managing your inventories, and reconciling your payments, you should also take care of the CLV. However, if you are not aware of this crucial aspect, do not worry and read out this blog. We have mentioned several techniques that can help you in increasing your customer’s lifetime value.

What is a Customer Lifetime Value(CLV)?

A customer lifetime value (CLV) is the total amount of money a customer typically pays to buy your online products during their lifetime. As a seller, you must figure out how much a customer has invested in buying your products because it can help you to make essential decisions regarding your investment in attaining potential customers and retaining the existing customers. You can calculate CLV by multiplying the average purchase value of your customers, their average purchase frequency, and average customer lifetime. Receiving a high customer lifetime value means each customer can add more value to your business. So, in this way, each of your customers becomes more valuable to you, and you can definitely afford to spend your money on acquiring new customers and retaining the existing customers.

Five Ways to Increase Your Customer Lifetime Value(CLV)

Get in Touch with Your Customers

Your customers may not remember you after purchase, but it will be unfair to your business if you do not remember them. Getting in touch with your customer base is crucial to keeping your sales high. Now the question is how you will get in touch with them? Well, you can take the help of email marketing and send them creative emails on every occasion; you can remember their date of birth and offer them exciting offers on their birthdays or anniversaries. This attitude can make your customers happy and increase their retention. Ultimately, this technique can help increase your customer’s lifetime value. Regular email communication may irritate your customer base, so it is better to send them emails on special occasions, a lunch of any new product, or before any upcoming sale. This process can help you intensify the relationship between you and your customers and drive more sales.

Offer Personalized Upselling

In the eCommerce industry, it can be easier to sell a product to a customer who already knows you or buy any specific product from you. But it cannot be easy to pitch a new customer and gain their trust to sell your products to them. If you already have a robust customer base, you may not be required to drive new customers but to focus on retaining existing customers through upselling and cross-selling. Upselling is when you try to convince a customer to buy an upgraded product. For example, if a customer is going to buy an Rs100 product and you convince them to buy an upgraded product for just Rs 150 is upselling. It automatically increases the value of customers’ purchases.

On the other hand, cross-selling inspires a customer to buy a related product along with specific products. It can be a great way to make your customers go through your entire product range and discover more products. Along with the CLV, it can increase your average order value as well.

Provide Phenomenal Customer Service

It is the fundamental aspect of an eCommerce business that a happy and satisfied customer can come and repurchase your product. But it is not that easy; you need to be more precise towards serving your customers and providing them satisfactory service. A survey says more than 85% percent of customers come back to you if they had a satisfactory shopping experience in the past. To provide a robust shopping experience to your customers, you have to take care of the quality, inventory, shipping, returns, and payments.

However, if you are experiencing challenges in handling all these aspects, you can take the help of any powerful eCommerce management software such as eVanik OWS. It can help you manage your inventory so that you may escape overstock and out-of-stock situations. Apart from that, this software also provides you with the ultimate payment, shipping, and return reconciliation facility. All these aspects can help you provide a pleasant shopping experience to your customers, and further, it increases the customer lifetime value.

Offer Customer Loyalty Programme

Implementing a customer loyalty program is the most effective and one of the popular ways to retain your existing customers and convince them to buy your products frequently from various marketplaces. Loyalty programs are effective in terms of increasing your customer’s lifetime value. A loyalty program works when you reward your most loyal customers with a discount coupon, exclusive offers, free shipping, etc. You can also offer them some reward points on their next purchase. It can keep them returning and ultimately add value to your eCommerce business. Such a program can encourage your customers to talk about you and recommend your products to others as well.

Always Reply to the Customer’s Feedback

In order to increase the customer lifetime value, you must give importance to each and every customer. You may make them feel important by replying to their feedback or reviews. Most sellers don’t think that not replying to your customers’ feedback can make them think that their words don’t matter to you. However, if you reply to their feedback and reviews, they may realize they matter to you. It can increase the customer engagement rate and, ultimately, customer lifetime value also.

Conclusion

The customer and seller relationship work on a give-and-take approach. If you value your customers, you may successfully achieve your revenue goal. In eCommerce or any other industry, how you treat your customers is all that matters. That is why, you should take care of their demands and always offer them something exciting so that they keep coming back and eventually increase the customer’s lifetime value. Providing top-notch service and a unique personalized experience can help you effectively retain your existing customers. In this regard, an order management software such as eVanik OWS can also help you with this by providing beneficial services such as account management, inventory management and shipping, returns, and payment reconciliation.

A Guide to Accounting Integration & Its Requirement for Your Business!

A Guide to Accounting Integration & Its Requirement for Your Business!

It doesn’t matter whether you are associated with eCommerce or any other business; managing finances efficiently has always been a priority. Managing accounts in an accurate manner facilitates having a clear track of profit and loss. But the challenge is one can not manually keep track of their accounts. Gone are the days when you used to calculate and keep your financial data in a traditional method by using an excel sheet. However, integrated accounting software is the utmost requirement of this modern eCommerce era.

Integrating your accounting software with robust integration provider software can streamline your business’s financial life cycle. Suppose you still tremble at the thought of attaining integrated software for your accounting system, assuming it is an expensive and complicated process.

In that case, you may miss out on the compelling benefits of these software. On the other hand, if you opt for a powerful eCommerce accounting software that utilizes a sturdy API, you may achieve your financial goals effortlessly. Thus this blog can help you to understand the step toward integrating accounting software with your eCommerce journey.

What is an Accounting Integration

An Accounting integration process lets you synchronize your generated financial data from your ERP system to the integrated software. It can integrate with multiple accounting software such as Tally, Quick books, Zoho Books, Align Books, etc. Software that provides integration usually extracts the data from your accounting system and manages it in a single dashboard.

Integrated accounting software empowers you to align your financial data properly with your existing accounting software. As an integrated accounting software, eVanik OWS offers astounding financial management and provides all your financial data in one place. It also eliminates the requirement of separate bookkeeping along with human errors.

Why Do You Require an Integrated Accounting Software

If you still do not understand the urgency for integrated accounting software, you just need to read out the following. These points will let you know why it is the need of the hour and how it can benefit your eCommerce business in a more accessible and smoother way. Let’s dig in and get clarity on accounting integration.

To Salvage Your Time

Time is money, and if you spend most of your time just on managing your finances, how will you make money or generate revenue? However, integrated accounting software can save you time in numerous ways. It automates routine processes such as invoicing and bookkeeping. If you are the one who is spending hours just managing your accounts, there are chances that you may lack in focusing on other aspects of your online business.

Using integrated accounting software could be a life changer for you. Such software saves your time and provides automation to manage your finances accurately. It stimulates the financial close and ensures compliance. In such a way, you can save time and make other strategies to revamp your business.

For Precise Financial Reports

Accurate financial reports enable a clear understanding of cash flows. But you can not get the accuracy while managing your finances manually. Integrated accounting software is essential to clarity over financial outgoing and incoming. It can help in attaining the financial statements based in real-time. Suppose you are not able to retrieve the financial report or analytics that you require to run your business in a better way through your existing accounting software.

In that case, it may be the time to indulge in an integrated financial support system. Better financial data can make you able to make better financial decisions. A lack of data can affect your financial status and push you toward business failure. Accounting integration eliminates the need to consult an accounts advisor and pay them a hefty amount by the end of every month. It can also help you gain information regarding your customers’ spending habits.

To Escape the Human Errors

With the traditional accounting practice, human errors are inescapable. On the other hand, handling financial transactions through sturdy accounting integration software, it becomes hassle-free, and the entire process can get more streamlined. Integrating accounting software eliminates the duplication of financial data if you use your accounting software for invoicing, reporting, and managing other transactional expenses. Integrating it with software like eVanik OWS can make your whole system more adequate; it may also save time and money. Real-time accounting data allows you to track historical account information as well.

For Multichannel Integration

To survive in this competitive world of eCommerce, you may require to sell your products on multiple platforms. Now, if you are a multichannel seller, then you may require integrated accounting software because managing multiple accounts can not be an easy-to-go process. A minor error can lead you to immense financial crunches. An integrated software provides the enormous feature of multichannel integration and manages all the transactional activities under one roof.

A manual process involves several errors and may consume enough time to eradicate those errors. However, software with an integration facility integrates with various channels and provides precise financial data. It is advisable to use such software if you are passionate about your business and want to expand it in the coming time. An integration feature is something that every seller should look for.

For Efficient Bookkeeping

It’s high time when you should consider integrated accounting software to process every individual transaction in an accurate manner. It is essential to manage efficiency in bookkeeping. Separately keeping all the bookkeeping can be a clumsy and time-consuming job. Though an integrated software effectively waives the requirement of separate bookkeeping. In such a manner, it can become easier for you to cross-check the errors to maintain overall cash flow accuracy and provide correct and systematic bills to your customers.

Challenges You May Face While Managing Accounts & Bookkeeping

  • Setting off bulk payments against every individual sales invoice.
  • Settling the customer and courier returns against the original invoice
  • Incorporating the GST number for B2B sellers in the sales voucher to receive the GST tax input credit.
  • Recording the monthly commission invoices to avail, GST returns.
  • Match the sales and returns with the MTR report provided by eCommerce marketplaces.
  • Challenges in filing GSTR accurately and on time.

Benefits of Integrated Accounting Software

  • It eradicates the requirement of downloading or uploading CSV and excel files from any eCommerce platforms seller panels.
  • Through effective API integration, all the data from the eCommerce sites can automatically get synchronized with it.
  • It supports one-time product and ledger mapping through the UI.
  • It minimizes the obligation of installing a third-party module.
  • An integrated software such as eVanik provides the facility to match the MTR report with the integrated data into Tally PRIME.

Conclusion

If you are selling your products on various eCommerce platforms and associating with such accounting software that doesn’t provide integration, you may inevitably end up with overlapping financial data. With the help of integrated accounting software, you may instantaneously cumulate all your transactional data, sales reports, budget analysis, and profit and loss accounts in a centralized way. It can become easier for you to analyze whether your eCommerce business is profitable or not and in which areas you need to imply improvements.

Moreover, it saves time and effort by eliminating the need for individual analysis of each report and transaction. Using integrated software is vital in providing a quick overview of your entire business expenses and profits. It can help you enormously with initiating a business strategy and fixing a budget. It may also help you manage your inventory and implement smart pricing strategies. Most importantly, you will always be 100% GST compliant.

Trivialize Your Stock Losses By Using FIFO & FEFO!

Trivialize Your Stock Losses By Using FIFO & FEFO!

The eCommerce industry cannot always work as per your expectations. You have to work a lot in terms of managing your business on any eComm marketplaces. There are several essential aspects of this industry that you must have to take care of. Inventory management is one of the most vital aspects of the eComm business, and you must take care of your inventories. Damage and non-inventory restock and down stock can impact your business drastically. These constitute a significant threat to your online business and impact customer satisfaction and your revenue. These days this enormous market is witnessing hefty growth in selling fashion apparel, beauty products, health, and personal care products, etc. Thus, as a seller, if you are selling these products, you can not afford the damage of stock losses, and neutralizing that, you need to take advantage of online inventory management software such as eVanik OWS. This software can help you reconcile the inventory process due to its centralized functionality and save you from the Oos situation. Apart from this, today, in this blog, you will learn about FIFO and FEFO, which can help you eliminate the chances of stock losses.

What is FIFO & FEFO?

Some of you have been familiar with these terms, but some may not, especially those who initially started their online business. So without wasting our time, let’s quickly know about these two aspects of inventory management.

FIFO

    • FIFO refers to “first come, first out” in this method, you must first sell those products that arrive in stock. This method allows you to diminish the chances of selling outdated products. You can implement this method in your online business to avoid the loss because of obsolete inventory. If you sell health care, beauty, and edible products, you must go for this method because these kinds of products have an expiry date, and not selling them at the right time can negatively affect your business. The FIFO method can ship your products in neat and clean packaging and help satisfy your customers.

FEFO

    • FEFO refers to the term first expired first out. In this particular method, you must first sell those products near expiration. If you deliver those products to your valuable customers that are nearly to expire, they might return you. However, in this method, you need to evaluate all the products according to their expiry date and then ship those products first that are close to the window of the expiry date. Implementing this method to your eCommerce business can ensure the delivery of high-quality products to your customers and thus increase your market credibility and revenue simultaneously.

Several Consequences of Not Following FIFO & FEFO

Just in case you are not taking care of these two aspects of inventory management, you may have to bear the following charges.

    • Charges of product expiration in your stock.
    • Immature additional charges of inventory.
    • Charges related to damaged order returns. 
    • You may have to pay the charges for the products that have signs of devaluation.

Hence, if you follow FIFO and FEFO stock rotation methods, you may avoid paying these charges. So it is advisable to practice these methods from time to time.

Four Fantastic Advantages of FIFO & FEFO

  • Knock Off the Issue of Obsolete Inventory

Obsolete inventory can affect your overall business in terms of severe product losses. Outdated, expired, and damaged products in stock can not only make you pay additional charges, but if such products get shipped to your customers, it can also ruin your market image. However, executing the FIFO and FEFO methods to your inventory can eliminate such issues and let you sell the products exactly before they expire or get outdated. However, suppose you are not able to follow these methods on time. In that case, you can take the help of inventory management software such as eVanik OWS, which can help you reconcile inventory and save your precious money and time efficiently.

  • Enhance the Customer Satisfaction

It is highly understandable that delivering expired products to your customers can weaken your customer base and mitigate their trust in your business. On the other hand, if you sell outdated products on various marketplaces, there are chances of a minimal sale because customers may not buy those products. In both scenarios, it can highly affect your business in so many ways. But implementation of FIFO and FEFO can minimize the chance of costumes getting damaged, low-quality, expired products. It can help improve their confidence in you and let you achieve your revenue generation goal.

  • Reduces the Impact of Economical Surge

In our Indian economic scenario, it is pervasive for the economic surge rate to hike up and go down any time of the year. So to escape such a situation, stock rotation of the FIFO and FEFO methods can help you immensely in selling those products that were produced first or come in your stock first. It can increase your business revenue effectively. However, if you lack in selling products on time, there is a possibility of increasing and decreasing the actual price. In both situations, your eCommerce business can suffer.

  • Helps in Managing the Warehouse Space

FIFO and FEFO methods are not necessarily required only for the big business; even small businesses that are stocking their products at their own warehouse should also implement this method to manage their warehouse space accurately. It can help segregate the products as per their production date and make it relatively easier to manage warehouse space adequately.   So these were the advantages of stock rotation, but if you are confused about choosing these methods for your business, let me tell you that if you sell edible items, fashion apparel, health products, and beauty products, then FIFO is the best-tested method for you. Similar to FIFO, the FEFO method should be followed if you are selling such products that contain an expiry date.

Conclusion

Now, you must understand exactly what FIFO & FEFO inventory methods are. You can implement these in your business if you want to minimize the rate of stock losses and consolidate your entire supply chain. In this regard, inventory management software can benefit you by effectively executing these two methods. Software like eVanik OWS has the integration feature that integrates with your ERP system and reconciles the entire inventory process. It provides centralized inventory management support, integrates with multiple eCommerce platforms, and automatically diminishes the disadvantages of poor inventory management. So if you are new to this business or even running an established one, you must get along with such software and follow the FIFO and FEFO methods effectively. It can help you ensure that you ship only fresh and desirable products to your customers every time. In such a way, you can increase your business’s value in prominent marketplaces.

A Guide to the AJIO Seller Registration Process!

A Guide to the AJIO Seller Registration Process!

There are so many emerging eCommerce platforms in India, but very few are popular among the border range of customers. Ajio is one of them; it has been established as a lifestyle and fashion brand and is an eCommerce initiative taken by Reliance Digital in 2016. In a short time, this eCommerce platform has become a one-stop online shopping destination for millions of customers. Today along with fashion apparel, it has a long category of products at a reasonable price for its customers. Ajio always offers the best market price, which is the key to its success.

It is the ultimate reason why this eCommerce joint is snowballing and attracting thousands of sellers to come aboard and start their eCommerce journey on a triumphant note. Ajio is constantly looking to introduce fresh, trendy, and quality products to its customers. This platform always wants to educate customers a bit more about styling. So customers are also getting attracted to this platform. It provides immense opportunities to the sellers who want to mark their presence on eCommerce marketplaces. In this specific blog, you will be able to learn about the seller registration process on this platform.

Products that You can Sell on AJIO

Before moving further, it is crucial to know the product categories or product range that AJIO offers you to sell on this platform. It consists of a wide range of product categories on this platform. There are four main product categories of Ajio, such as Men, Women, Kids, Indie, and Home & kitchens. Here we are going to provide an elaborative idea of these categories.

Men: For men, Ajio offers a wide range of products, such as an entire range of ethnic and western wear clothing, footwear, and accessories (including watches, belts, sunglasses, bags, formal and casual shoes, sandals, flip flops, etc.), winter wear, night and loungewear, grooming products and innerwear.

Women: For women, they have an excellent and alluring range of products, such as ethnic, fusion, and western wear clothing, jewelry, footwear, and accessories(including heels, boots, casual and formal shoes, sandals, flip-flops, belts, sunglasses, watches, stoles, etc.), winter wear, night and loungewear, beauty products, lingerie, etc.

Kids: For kids, AJIO offers products ranging from 0-14 years of boys and girls. It offers baby sets, boys’ and girls’ ethnic and western clothing, toys and baby care products, footwear and accessories, innerwear, and sleepwear.

Indie: Indie is a specific product category on AJIO; it offers beautiful handmade artisan products from all over India, such as handmade sarees, kurtas, footwear, jewelry, shawls & stoles, bags, bedsheets, cushion covers, curtains, etc. Customers can buy regional handmade products such as Kutch embroidery, Ajrak, Ikkat, Banarasi, Kalamkari, chanderi, and a lot more variety.

Home & Kitchen: There is a wide range of home and kitchen products available on AJIO. Bed linen, cushions and pillows, rugs, carpets and mats, curtains and mats, all kinds of cookware, dining sets, stationary and organizers, home decor items, festive gifts products, gardening & planters, and bathing essentials.

Thus as a seller on Ajio, you can also select and sell products from these categories on this eCommerce platform. Now, let’s quickly know the first step you need to take to become an AJIO seller.

The Process to Become an AJIO Seller

A single portal is available for seller registration from Reliance’s end that offers the registration for AJIO, Reliance digital, and Jiomart. To register as an AJIO seller, you must complete the registration process carefully. This platform is very particular about who they are onboarding as a seller. For the registration process, you need to follow these steps.

  • First, you need to visit the seller registration portal of AJIO and fill out the registration form by providing all the essential information.
  • You need to provide the details as per their requirements. It includes your registered office address as well.
  • You must provide several documents such as a PAN card, Aadhar card, current bank account details, GST details, etc.

    After providing all the essential information, AJIO offers you to select product categories that you want to sell on this platform.

Further Steps After the Registration Process

  • AJIO will send you an OTP on your registered number regarding your form submission.
  • After the form submission, you will receive a request code number.
  • You may have to wait more than seven days to get clarity on your registration application.
  • You can check the status of your application on the portal and submit your PAN card number and the code you received during this time.
  • After a wait of a few days, you can receive the details of payment terms from AJIO.

Ajio can charge you a commission between 20%-40% based on the product category you have chosen to sell.

Required Documents for AJIO Registration

  • PAN Card
  • Aadhar Card
  • MSME certificate
  • Bank account details along with a canceled cheque.
  • Logo if you have any.
  • GST Details
  • CIN and TIN certificate (If own a private company)
  • Trademark certificate

AJIO supports B2B and Dropshipping both business models, and you can choose any of these two to start your eCommerce journey with this platform.

Essential Steps to Become an AJIO Seller

  • Always try to sell high-demand and trending products.
  • Keep an eye on your inventory to miss out on a chance to increase your sales. In this regard, you can get along with any available inventory management software such as eVanik OWS.
  • Offer high-quality products to your customers to escape the situation of escape.
  • List your products adequately on AJIO by including high-quality images, product descriptions, product titles, etc.
  • Get along with integrated accounting software to manage your finances smartly and effectively.
  • To manage your orders efficiently and please your customers, you must take the help of a powerful eCommerce management software such as eVanik OWS.

Conclusion

Thus, this is all about the AJIO; if you want to sell your products on this emerging eCommerce channel, you can follow the above-mentioned steps to register yourself as an AJIO seller. However, if you think it’s an easy task to be a seller on Ajio, hold on to your horses. It requires more qualities than just filling out the application form. In this regard, some additional steps can help you immensely, such as having an MSME (Ministry of Micro, Small and medium enterprises) certificate and a logo of your own to represent yourself as a distinct brand. Apart from this, a trademark can also help you get onboard with AJIO. Once you get registered as a seller on this platform, you have to make your strong presence to become successful and generate decent revenue. In this regard, you can take the help of eCommerce management software such as eVanik OWS. It can help you manage your back office operations accurately and effectively.

Why is Automated Return Reconciliation a Major Requirement for Online Sellers?

Why is Automated Return Reconciliation a Major Requirement for Online Sellers?

In the eCommerce industry, along with the various benefits, sellers mostly have to face the issues related to returns as well. It is one of the major pain areas for online sellers as it is threatening their overall conversion rate. In the current scenario, almost every seller on multiple marketplaces faces the return issue of their products. At this point, as an online seller, you can feel the need for an automated return reconciliation system.

In this manner, implementing automated reconciliation software can help you efficiently. If we talk about the stats, the returns rate has increased up to 35% in the past few years. In the year 2021, customers have returned products worth 445 billion dollars worldwide. It is bizarre, and you as a seller must be able to handle these issues.

To minimize the return rate, you can take advantage of eCommerce reconciliation software such as eVanik OWS. Their return module is highly efficient to centrally managing Courier Returns and Customer Returns effectively, ensuring smooth and quick turnaround time.

In this blog, we have covered why an automated return reconciliation is required for online sellers. Along with this, you will also get to know other aspects of this essential eCommerce component.

An Elaboration of Returns Reconciliation

Return reconciliation is a significant eCommerce process through which a seller confirms that they have received the returned orders from customers either through courier returns or customer returns. Now the thing is, if you are an average seller and want to avoid miscalculations in this process, you should adopt an automated return reconciliation software. If your monthly eCommerce order quantity is more than a thousand, then miscalculations are more likely to increase.

As an eCommerce seller, you must be able to track down the exact number of all the returned products you have received from eCommerce platforms and those on their way to the warehouse. You can not do this manually as the number is high. By any chance, if you are doing this, it involves sure chances of miscalculations. On the other hand, automated return reconciliation software can help you provide you with all the essential information regarding this. You can easily trace all the returned orders and certify if deductions applied by marketplaces are reasonable or not.

Types of eCommerce Returns

In the eCommerce business, there are three significant types of returns that you must know about being a seller.

Courier Return: When the orders get returned by your courier partner due to the customer’s unavailability is called courier return. It can happen if the customer is not available to receive the order, if the courier partner finds the door locked and if he cannot contact the customer. In this scenario, the order can get returned to the primary source.

Customer Return: When a product fails to satisfy the customers in terms of quality, color, size, style, and design, they simply initiate a return. Return rates are high in selling online clothes, and customers can usually return the product if it doesn’t conquer the level of their expectations.

Canceled Order Return: It mostly happens when a customer cancels a placed order. If they cancel it immediately after placing the order, it can be a relief for you, but if they cancel the order after shipping, it can be a huge pain for you.

What are the Benefits of an Automated Return Reconciliation Software?

Enhance the Customer Relationship

Automated reconciliation provides a deep insight into the entire order fulfillment process. You can get to know the main reason behind the return if it is related to the product’s quality or the marketplace’s service. It can help you rectify all these issues effectively and provide you with an immense chance to resolve the issues related to every return. Once you can rectify the issue and compensate your customers, it can help you develop a good relationship with your customers.

Clarity on Reverse Logistics

Reverse logistics are conducted after a product’s sale to recapture the value and end the product’s entire life cycle. Typically, it involves returning a product to the manufacturer or distributors. Return reconciliation keeps an entire record of the order lifecycle from dispatch to return. Now, if you do this process manually, there is the possibility that you won’t be able to rectify whether the return is because of the manufacturer’s fault or your fault. However, automated software provides you the advantage of saving you from paying the extra money on those products that are unsuitable for resale.

Helps to Relocate your Products

Have you ever thought about what you will do if you don’t receive a returned order? Well, you will get no profit, and it can impact your conversion rate drastically. There is the possibility of an accidental or prudent case of product damage and theft. Without an automated return reconciliation system, you won’t be able to locate your items. Receiving your product’s entire lifecycle can make it easier to relocate a returned product.

Hence, you can get along with return reconciliation software such as eVanik OWS to automate this process. It can help you analyze all types of returns by automating the entire return process. It can also minimize the time taken to process online returns and provide your returns reports as well.

Conclusion

If you are not new to this industry, you may face several challenges in the process of return and must be aware that it is not at all good for your eCommerce business. If you want to upgrade your conversion rate, you must get automated return reconciliation software such as eVanik OWS to minimize returns-related issues. Apart from that, you must implement several ways to help you diminish the return rate.

It will be best if you focus more on product quality and presentation. As a seller, it should be your responsibility never to disappoint your customers at any cost. If your manufacturers are making mistakes, you must be aware and stop buying products from them. Always try to buy products from a reliable manufacturer only.

Time is the money, so as much as time you will save in delivering a product without any mistakes as much as revenue you can generate. If returns are your daily issue, then it is undoubtedly a matter of worry because, in such a way, you won’t be able to expand your business. So it will be best if you get along with automated software and try to delight your customers by meeting their requirements and expectations on time.

Inventory Shrinkage and Tactics to Protect your Stocks Effectively!

Inventory Shrinkage and Tactics to Protect your Stocks Effectively!

In the enormous eCommerce industry, if you want to run your business successfully, you have to escape the situation of inventory shrinkage and apply some of the spectacular strategies or tactics to protect your stocks. As a seller, you must have experienced that you can not fulfill your customers’ demands if there is insufficient inventory. Inventory shrinkage affects your eCommerce business drastically. It will always be a hindrance to your business growth.

So there is no other way apart from handling it efficiently. If you cannot handle your inventory, you won’t be able to secure your stocks either. If you are new in this industry and do not have any idea about inventory shrinkage, this blog is for you. Here you will know exactly what inventory shrinkage is and what strategies you can implement to protect your stocks. However, to escape this situation, you can take the help of some inventory management software such as eVanik OWS. It can help you avoid the situation of Oos (Out-of-stock) by providing a centralized inventory feature.

Definition of Inventory Shrinkage

Before going any further, knowing what inventory shrinkage means is essential, as many of you may not be aware of this term. Well, inventory shrinkage refers to the situation where your actual inventory count is less than your accounting has recorded. It clearly means that something has gone wrong, either a human error or theft. Usually, it happens because of human error, shipping damage, or theft. You can get into this situation because of vendor fraud, mistakes in matching the inventory with your accounts, and several human errors in receiving or sending the stock deliveries. It doesn’t matter how it happens; as a seller, you need to know the root cause of inventory shrinkage to prevent it from happening again in the future.

What Could be the Effect of Inventory Shrinkage on Your Business
Inventory shrinkage can hurt your online business in many ways. Not paying attention to inventory can cause heavy damage in terms of generating revenue and making a solid customer base. Here we will mention some of the crucial effects of inventory shrinkage.

Can Hamper Your Overall Revenue

Suppose you buy thousands of apparel to sell on various marketplaces from a manufacturer, and hundreds of them get damaged or disappear every month. What will happen next? Well, you are right it can hamper your overall monthly revenue. The motive of every business is to generate significant revenue, but if you fail in attaining that somewhere your motive of doing this business will also get hampered automatically.

Effects Customer Satisfaction

Customer satisfaction should be the ultimate goal of any business. It can not be done without fulfilling their orders on time. But how will you fulfill their requirements if the product is not available in your stock? At this time, customers have to face the out-of-stock situation, and they can buy the identical product from your competitors and may not return to you in the future. In the situation of inventory shrinkage, you won’t be able to track how many products are left in your stock. In another way, we can say that you are selling products blindly without knowing the exact number of your inventory.

It can Deteriorate Your Reputation

Here you need to think from a customer’s perspective; suppose if you are looking for a specific product and buying it from an authenticated seller, but it shows that the product is not available in stock, what will you do? You will find other sellers and purchase identical products from them. Similarly, if your customers face similar situations frequently, it can ruin your reputation in the marketplaces. Out of the stock, the situation can somehow get controlled and is understandable for customers to some extent. But suppose, if damaged or broken products get delivered to your customers due to the inventory shrinkage. In that case, it can drastically affect your business and can be the reason for your downfall. Good work always takes time to gain recognition, but one lousy work can spread like fire.

Tremendous Ways to Protect Stocks from Inventory Shrinkage

Every Product Variant must Have an SKU

SKU refers to the stock-keeping unit for every product, consisting of several letters and numbers. It helps provide unique identification to every product and helps keep an accurate stock record. If each of your products has an SKU, it allows all the human hands, from warehouse staff to you, to track inventories more effectively. In this way, it can become easier for you to keep track of each of your products and avoid the situation of inventory shrinkage.

Always Buy Items from a Reliable Source

Being an online seller, it is quite important for you to buy products from a reliable source only. If your vendors or manufacturers are not able to provide you with the stocks on time, then it can again put you in the situation of inventory shortage. If your products are already listed on various eCommerce platforms and are about to get out of stock, you will obviously rely on your suppliers. But if they won’t be able to fulfill your demands on time, then it will cause a considerable loss to you. So it is best to choose reputed and reliable manufacturers or suppliers. Apart from this, you also need to organize your purchase in terms of their real-time position. Suppose it is in transit, late, or gets delivered to you. In case of late or delayed orders, you need to take the follow-up from suppliers.

Take Help of an Inventory Management Software

It can be the best way to prevent the situation of inventory shrinkage. Today there are various inventory management software available in the market. They can help you in managing Inventory in an accurate manner. It can get integrated with your system and help you in managing your inventory across various eCommerce platforms. In this regard, you can take the help of eVanik OWS. It provides you inventory report as well to have clarity on your inventory.

Conclusion

Thus, in this way, you will be able to have control over inventory shrinkage.
No one can deny that the eCommerce industry is evolving every day. To survive in this industry for a more extended period of time, you have to minimize the risk of inventory shrinkage. It is not only harmful to your conversions but your customer relationship as well. An exceptional inventory management software leads to a well-organized warehouse, which also diminishes the chance of theft. The accuracy of data and insights can provide you with a clearer picture of the availability and unavailability of the product. All these facts ultimately lead you to generate revenue from your online eCommerce business.

Prominent Leading Startups Who Overcome the Obstacles of Early Stage Business!

Prominent Leading Startups Who Overcome the Obstacles of Early Stage Business!

Every Business has its own journey; if it is a startup, one can go through several engagements, conversion, and retention challenges. However, various companies have started their businesses as startups and now have become leading startups. If you see their pathway, you may find it much more resilient to accomplish your business goals. Specifically, in the eCommerce industry, every business model whether it is B2C, B2B, C2C, or D2C, faces daily challenges such as winning the trust of customers, stock management, accounting management, etc. These are several aspects of the eCommerce business that can put you in a difficult position.

However, these problems can be resolved with the help of an automated powerful eCommerce management software such as eVanik OWS. It can help you in resolving these fundamental obstacles of your eCommerce business. In this blog, you will learn about several prominent eCommerce ventures that have started their journey as a startup but have beautifully resolved all the obstacles coming their way and made their strong presence in the market. Here you will also get to know the challenges you may face as a startup company.

Major Challenges as an eCommerce Startup

Talking about the stats, there are more than 150 million startups in the world today. If we talk about India, on average, 10 to 15 new startups are emerging every day. However, it is not about the rising numbers, it is about the survival in this industry. So it doesn’t matter how you have started your business and how much you have invested in it; it can only survive when you have the capabilities to overcome the challenges and obstacles efficiently. Let’s quickly check out the challenges that may come your way to success.

Intense Competition

The eCommerce industry is quite fierce and competitive. You are not the only one trying to make your presence here. Some other giants are already there that have a solid customer base and credibility in the market. There are various options for customers already existing in the market; why would they make a purchase from a new business? They will not visit you until or unless you are not offering a promising product to them. So, in such a scenario, along with introducing a new, unique, robust product, you also need to study the strategies of your competitors closely.

The competitive environment of the eCommerce market keeps the startups on their toes, as there is no margin of error available. That is why startups need to play their game strategically. To gain the much-needed recognition, you may have to take the help of the best eCommerce management software such as eVanik OWS. It provides you with backend support that can make your operations effortless and saves your time so that you can focus more on your competitors and mark your own presence in the market.

Financial Management

Financial management is an essential aspect of any business. You must understand the fact that when a business expands, it becomes more critical to manage your finances accurately. If you don’t know the steps of your cash flow, you won’t be able to make enough revenue. Establishing a secure payment system, efficient bookkeeping, and integration with various marketplaces. In order to compete in this industry, you need to be cautious about managing your finances and should take the help of any robust accounting software for eCommerce such as eVanik OWS. It offers seamless accounting integrations with various accounting and financial ERPs such as Tally, Zoho Books, and others

Customer Satisfaction

Whether it is eCommerce or any other business customers mean everything, that is why it is imperative to provide them the best service. Always remember that “customer is the king” winning the trust of your customers is the essential part of any business. Customer satisfaction is the vital challenge that businesses in general and startups, in particular, are facing today.

If you want to make your online business successful, you have to make a robust customer base. Offer them excellent products and a delightful shopping experience. If you compromise on any of these aspects then you must be aware that the customers are smarter than you, and you should be prepared to lose the customer. Ignoring customer satisfaction is definitely a ‘NO’ to mark your recognition.

Some of the Most Astonishing Leading Startups

Myntra

Myntra has become a frequent shopping destination for customers all over India. It’s majorly known as the fashion eCommerce website. It was founded by Mukesh Bansal, Ashutosh Lawania, and Vineet Saxena in 2007. The head office of Myntra is situated in Bengaluru. With a vast customer base, it has become one of the prominent eCommerce websites for sellers to sell their products. Today, who doesn’t know about Myntra, but the success they have achieved doesn’t happen overnight. They have worked hard with an intelligent strategy and with the help of advanced software. Their journey is undoubtedly phenomenal.

But if we talk about their challenges, initially, sellers have faced many challenges in managing their inventory on this platform. Because they were new to this industry, they didn’t know much about stock management. For instance, any new startup can face this situation, but today as a startup, you have the option to use any powerful inventory management software available in the market. It can provide you with all the information regarding your stocks, whether how many products are in your stock and how many you need to refill.

The Body Shop

The compelling Journey of The Body Shop is such an inspiration for every new startup. Today it is one of the leading cosmetic brands in the world. It is a British cosmetics, skincare, and perfume company founded by Anita Roddick in 1976. The Body Shop took time to make its market presence, but it has achieved the customers’ trust and is known for its excellent products.

It is serviceable in approximately three thousand locations all over the world. They have slowly improved their conversion rates by analyzing customers’ behavior on the website. Apart from that, during the establishment period, this company faced significant challenges in creating its market presence among its biggest competitors, such as Loreal, Lush, Weleda, etc. So what they did was start producing chemical-free products and totally different from their competitors.

Chumbak

Chumbak is a prominent home decor and lifestyle brand in India. Vivek Prabhakar and Shubhra Chdda founded it in March 2010 to create fun and colorful Indian souvenirs. It has grown into a lifestyle brand with locations in Bengaluru, Mumbai, and Delhi. It has its flagship store in these locations as well. Customers can place an order from their website as well as from their stores. They always wanted to improve customer engagement as they scaled up their Business. They resolved their product discovery and conversion challenges and successfully increased their conversion by 14%.

But if we talk about their struggle, it has been really tough for them to attract customers towards their products in their initial period. They have launched entirely unique souvenir designs and slowly converted themselves into a lifestyle brand by offering footwear, bags, wallets, and other home decor products. It took time, but slowly they became successful in attracting customers with their designs and the bright colors they use for their products. Today this company sells approximately 38 categories of various products.

Conclusion

So these were some of the prominent leading startups that gradually evolved their Business on digital platforms. You can closely analyze their journey and then find some compelling strategies to apply to your Business. If you want to start your business on a smaller scale, you can mark your presence on several eCommerce websites as a seller and then slowly expand your Business to the next level.

This process requires a lot of focus, solid strategy, hard work, and automated eCommerce software to ease the several initial steps of your Business. If you want to start your journey as a seller, you can take advantage of some powerful eCommerce management tools such as eVanik OWS. It can help you with inventory, accounting, payments, returns, and shipping as well. It easily integrates with your system and automates these processes to minimize the various human errors.

Top Five High Demand Apps In Indian Market!

Top Five High Demand Apps In Indian Market!

The demand for online apps has been increasing post-pandemic due to health reasons and comfort. Because of the WFH (work from home) and the increasing pace of life, consumers have acclimated to a new standard of living. To make customers’ lives more comfortable, many apps in the market act as per customers’ requirements and provide on-demand services. Such apps have gained immense popularity across the globe.

The overall Digital need is growing massively with the internet era, and those providing an extra edge will make their presence in this competitive market. Customers are busy with work life and want everything according to their demands in their comfort zone. Think about it from a customer’s perspective; suppose you come home after a tiring day and want a cup of coffee, but you find no coffee in the house or don’t wish to prepare it. What will you do? Either you will order a cup of coffee from any food app or simply look out for the online delivery of coffee to make it your way. This is what we call demand these days, and there are several apps that are taking advantage of this and generating revenue.

In India, on-demand apps are rapidly growing their business in almost every city in the country. If you want, you can also become a part of this business and sell your products through such apps. In the process of handling your on-demand app business, you can take the help of eVanik OWS. In this blog, you will learn about India’s top five high-demand Apps.

List of Top-Five High-Demand Apps Available in the Indian Market

Ola Cabs

Significantly after the COVID-19, consumers avoid traveling by public transport, and yes, everyone doesn’t own a personal vehicle, so they find this app more convenient for themselves. In India, Ola cab is the most demanding online cab booking app. Ola cabs were established in the year 2010 by Bhavish Aggarwal. This app company’s headquarters is in Bangalore, and the net value of Ola cabs is 2544 crores. Customers can book their cabs through this app anytime and anywhere. It also provides the outstation service as well. These days one can also buy their daily essentials through this app. Customers can book a cab, bike, and auto from this app at a reasonable price. Customers can download this app from the Google play store.

Blinkit

Everyday essentials such as groceries, milk, and vegetables are essential to our lives. Blinkit was formerly known as Grofers and came into existence in the year 2013. Albinder Dhindsa and Saurabh Kumar have founded this hyperlocal instant delivery app. The headquarters of Blinkit is situated in Gurugram, Haryana. Through this app, local sellers sell almost every daily essentials product category that one can think of and generate compelling revenue.

It has products from top-rated brands as well, and customers can place an order from anywhere; customers can simply sit back in their comfort zone and can order almost everything related to daily essentials from this app. This app provides services in all the major cities such as Delhi, NCR, Jaipur, Mumbai, Pune, Bangalore, Chennai, Hyderabad, Kolkata, etc. One of the tremendous features of this app is that it delivers the order in a maximum of 15 mins. It can be their USP and the primary reason behind the popularity of Blinkit. The total annual revenue of this app is approximately 2289 crores.

Urban Company

The urban company was founded in the year 2014 by Abhiraj Bahal and Varun Khaitan. It was formerly known as Urban Clap and provides various services to its customers, such as salon services for men and women, massage services for women, home cleaning services, men’s therapies, appliance repairs, home painting, pest control, and disinfection, and others. These are services one can require anytime, and Urban Company is here to help you.

There are approximately ten thousand professionals registered on this app. Urban company is serviceable in most of the urban cities of India. In the case of the requirements mentioned above, customers can download the app and place an order, and the executive will visit them and fix the problem. It has diminished the need to find a professional for such services.

Dunzo

Dunzo is another high-demand hyperlocal delivery service app. It is most serviceable in urban cities of India. Initially, it was introduced as a bike service provider, but nowadays, customers usually use this app to deliver their daily essential items quickly. This app was founded by Mukund Jha, Ankur Agarwal, and Kabir Vishwas in the year 2014.

Back then, Google funded this company, and now it has totally become an individual venture. This app allows customers to place their orders and connect to a delivery partner. The delivery partner then purchases from retailers or manufactures and delivers the order in a limited time period of 20 mins. One can even use this app as a courier partner as well to send packages from one place to another.

Zomato

If you are a foodie, you must be aware of this app. Zomato is the most popular and high-demand food delivery app in India. Customers from every age group use this app to order their favorite food. This giant food delivery app was founded 14 years ago in 2088 by Deepnder Goyal and Pankaj Chaddah. Today this app is serviceable in 24 countries and more than ten thousand cities worldwide.

The annual revenue of Zomato is around 4192 crores. Gurgaon-based company has now started a new strategic service of 10 min food delivery in Gurgaon, and it is called Zomato instant. It has provided an excellent opportunity for small as well as big restaurants. It has become a trend in the food market, and if you are not on Zomato, you might not survive in this competitive market.

Conclusion

Thus, some of the high-demand apps in India have set a benchmark. Customers are dependent on these apps to fulfill their daily requirements. Under the effect of COVID-19, the on-demand business sector has emerged in India. Most customers now prefer to order daily essential items from an online app. According to a survey, this market is predicted to grow by more than 220 billion dollars by the end of 2025.

The increasing demand for such apps provides an immense opportunity for sellers to sell their products through these apps. You can also join this industry and earn your bread and butter. Managing the back office operations can always be a hassle when you have multiple operational functions in this online business. eVanik OWS can be a support system for you to automate all significant operations related to your business from orders, inventory, accounting, etc.

Digital Mall and its’ Alluring Features: New Era of Shopping is on the Way!

Digital Mall and its’ Alluring Features: New Era of Shopping is on the Way!

How frequently do you visit any physical mall? Maybe once or twice a month or even less, right? Well, this answer could be relevant to many of you because most of us do our shopping on weekends and it is impossible to go shopping every weekend due to any circumstances specially post pandemic. That is why most of us prefer to shop online. Every little thing, whether it is groceries, vegetables, medicines, clothes, beauty products, etc. we are all dependent on online marketplaces from the safety and convenience point.

Regarding the digitalization of the retail sector and the particular changes in customers’ demand, the Indian market is going ahead with expanding its shopping mall into digital omnichannel platforms. Customers can shop online for any significant product from their favorite shopping centers in the coming months. For example, if customers are prone to shop their apparel from a Lifestyle store, a digital mall provides them the liberty to buy their favorite products here by sitting in their comfort zone. Isn’t it amazing? In the coming days, they do not need to physically appear at any mall to do their physical shopping. In this particular blog, you can know more about digital malls and their exciting features.

What is a Digital Mall?

The name has it all, and the digital mall is a virtual version of a brick-and-mortar shopping mall. It will have its app and website with each product category that is available physically inside a mall. Customers can visit those websites and place their orders by making an online payment. The best part of Digital malls is that customers can get orders within a few hours. Online malls are designed in a format of online product search, which can help customers order the products through multiple channels. With the help of an app and the website of the store, customers can analyze whether the product they want is available or not. If the product is available, the consumer can place the order and pick it up from the mall itself in no time.

This entire process has become possible because of a direct data link between the mall and the inventory management of the stores. Through high-speed electronic technology, Digital malls can receive information about the available products in stock and then update their apps and websites accordingly. Sellers can move their business to this model and can generate revenue in the minimum period. While adopting this business model, sellers can take the help of some bulk order processing software such as eVanik OWS. It can help you with order processing in an automatic manner.

Some Alluring Features of a Digital Mall

In the digital industry, if a significant thing doesn’t contain any appealing features to attract customers, it can not survive. So if we are talking about the upcoming shopping era of Digital Mall, it must have some excellent features. Here in the following points, we are going to mention some of the quintessential features of Digital Mall.

Advantages of Video Shopping

We can say that digital malls will be the extended version of eCommerce platforms. Here customers will not only be able to view the images of the products, but they have the liberty of video shopping as well. They can sit back at home and purchase the products via video calling. Consumers can call the sales executives and check out the products on the live video and clarify their doubts if they have any. This feature is not only beneficial for customers but for sellers as well. They can now closely represent their products to their customers and elaborate on every little detail of the significant product.

Hyperlocal Fulfillment Facility

It is one of the best features of a Digital mall; unlike any other eCommerce platform, now customers do not have to wait a long time to deliver their orders. Digital malls offer same-day delivery right after a customer places their order. If a customer is staying within a radius of 10km from the mall, they can get their orders in a few hours only. Digital malls provide the shortest wait time to their valuable customers. As a digital mall seller, you need some trusted courier agents who can successfully pick up the products from you and then deliver them directly to the customers’ addresses.

Click and Collect

The digital mall allows placing an order through the app or website and then collecting it from the mall. Well, some stores like Shopper Stop, Lifestyle, Home Town, Home centers, etc. are already providing this service to their customers. But we can say that it is not popular among most the customers. Once the Digital mall is functional, customers can leverage this service. On the other hand, sellers can save a lot of money because of this service as they do not have to pay the courier partners.

Store Returns

Well, digital malls have specific features for their customers as well as for their sellers also. This may not be a good feature for customers, but it is definitely a tremendous one for sellers. Unlike a traditional eCommerce store, it can save you from investing your money on reverse logistics to pick up a returned item from customers’ doors. If a customer wants to return a product, they have to visit the store. There is no pickup facility for returned items. As a seller, you can instantly grab the returned item and showcase them again for the next sale.

Why it is a Great Business Model for Online Sellers

Analyzing Customers’ Behavior

As a seller, if you want to establish your store at a digital mall, then it is essential to analyze your customers’ shopping behavior. The digital mall provides insights that can be highly beneficial for your business. You can optimize your inventory and generate enough sales based on customers’ past shopping behavior. However, for this, you need to take the help of any inventory management software such eVanik OWS. it can help you in attaining real-time updates. You can ask the digital mall to provide you with the data of your customers.

Offer Loyalty Programs

You can preserve your customers for a longer time as a seller by implementing loyalty programs. You can offer to use the loyalty points to your customers for their next purchase. You can also introduce newsletters to inform the customers about your latest collections and offers. It can help them to get familiar with the latest trends.

Hassle-Free Payment Management

Payments have always been a critical part of any online business. But here at the digital mall business model, you do not need to worry about payments. You can accept payments through every possible method, whether it is debit or credit card, AMEX cards, UPI payments, wallets, and net banking as well. It can also benefit customers, as they have various payment options. If we are talking about the payments, we must also talk about the accounting part. To manage your finances, you can take the help of accounting software such as eVanik OWS.

Conclusion

Thus, digital malls can prove to be a new era of shopping. This business model is expanding rapidly outside India and will soon be on the rise in our country. In the current scenario,few malls and stores are working as digital malls as well. Every mall can offer this facility to their customers in the coming time. If you are planning to be a part of the digital mall, it can add a golden feather to your business. It has every possible facility that customers require these days. Thus, you can undoubtedly generate handsome revenue by adopting this model.

Five Fantastic Ways to Grow the Average Order Value of Your eComm Business!

Five Fantastic Ways to Grow the Average Order Value of Your eComm Business!

In the eCommerce business, what matters the most is the amount customers pay at the time of the final checkout process. It determines your average order value. Suppose you have fixed Rs100 for your product but when the customer is going to buy it, they pay only Rs 95 as they might have some coupon or other offers. In this scenario, your revenue will also get impacted. That is why increasing your average order value is essential if you want to grow your business without any hurdles. It is no secret anymore that increasing your average order value is a crucial metric to track for an eCommerce business.

But sellers usually try to hike their overall conversion rates by improving their product quality, delivery speed, and other aspects of online business. Generally, they don’t even consider AOV (Average order value). If you are one of them and have not realized the importance of AOV, you should understand that AOV is critical in raising your overall revenue. Once you learn the tactics to grow this essential part of your business, you won’t have to invest a heavy amount in marketing and paid advertising. This blog will teach you more about average order values and some impeccable ways to grow them efficiently.

What is the Average Order Value?

It is saddening if you are an eCommerce seller unaware of the term Average order value. However, here we are to help you understand it in a better way. The average order value (AOV) is the average amount the customers spend for each purchase. You can measure AOV by dividing the total revenue you generate by the total number of customers’ orders. In such a manner, you will be able to find out the average order value of each product. You must know that the average order value is the essential KPI for sellers as it provides an insight into the customers’ buying behavior, total spending on advertisements, and even product pricing.
Five Proven Ways to Improve Your Average Order Value

Now you must understand what is Aov(average order value) is, but you may not have the understanding to improve it. Here we present five fundamental ways to help you improve your average order value. So without further ado, let’s dig into the solutions.

Identify the Demand of Your Customers

When there is a demand, everything essentially becomes a necessity. For example, if your grocery is running out of stock and you visit a grocery store, you will find that you are coming out with several other items that were not even on your list. So it is an excellent opportunity to increase your average order value by understanding the demand and needs of your customers. As an online seller, you must consider the necessity of your customers.

Understand the need and then come up with an excellent product idea. Apart from that, you must ensure that your products can make a difference in your customer’s life. It will be best if you focus more on your customers’ needs. Once you can pinpoint their demand and need, you will better understand what product you should sell and what tactic you should apply to attract more customers. In the process of identifying the demand of your customers, you can take the help of inventory management software such as eVanik OWS.

Implement the Cross-Selling and Upselling Method

These two are the most terrific way to grow your average order value. First, let’s know about the cross-selling method; in this particular method, you need to add complementary products with the originally purchased product. Suppose a customer buys a camera, then you must add a mike or tripod with it. If the customer feels the requirement, they will buy all three together. Eventually, it will increase your average order value. However, in the upselling method, whenever a customer views any specific product, they can also view some other products lying beneath. It encourages them to buy an expensive product or more than one product at once.

Try to Sell the Products in Combo

To increase your AOV(Average order value), you should offer combo products to your customers. You can create several combos at the lesser value of their individual price. It is another way that can help hike up your AOV in an outstanding manner. Sell the combos of three to four products that customers find helpful for themselves and cost-effective as well. It will help if you offer a combo of products with an all-in-one solution for your customers. For example, you can make a combo of a gas stove, lighter and essential items related to this specific product. Customers can find it more convenient to get all the products in one place, as it also eliminates the need to do more searches and buy every product individually.

Run Limited Period Offer

Several prominent eCommerce platforms such as Amazon, Flipkart, Ajio, and Myntra are using this brainy technology to increase their average order value. They allow the sellers to run a short advertisement period by labeling their products under “Limited Period Offer.” It is considered a practical approach to increasing AOV. You can use this tactic on those customers who have abandoned your cart just because they find the product much more expensive. As a seller, you can target those customers and send them an email by offering the same product at some specific discount. Apart from that, you can showcase several expensive products under the label of a limited period offer at a high discount rate. Believe it or not, this specific tactic can make your customers buy more products instead of just one.

Apply the Minimum Cart Value “Free Shipping” Tactic

It is another helpful tactic that one can use to maximize their overall AOV. Direct can use this tactic to consumer businesses. They can set a minimum cart value and offer their valuable customers free shipping or other attractive offers. For instance, If they sell the maximum products of 250rs, they can limit the cart value to 500rs. To save money on shipping, customers can buy more products instead of just one, and it can ultimately increase your average order value. Whether it is an online business or an offline business, customers around the world love to have different deals or offers.

Hence, these are a few fabulous ways to grow your average order value for your eCommerce business. Above mentioned ways can help you immensely with AOV and make your customers happier.

Conclusion

Monitoring and measuring the average order value regularly is crucial for any eCommerce seller. It can not only improve your overall revenue. Still, it can stimulate your business and marketing decision-making and offer a maximum return on every penny you spend on several advertisements and marketing campaigns. To upsurge your AOV, you must focus on customers already buying from you. You need to boost their requirements and make them purchase more products than those they have already added to the cart. To implement this process successfully, you need to help them discover new relevant products.

So instead of spending a lot on ads and other tactics, you should simply go for the ways mentioned above to increase your average order value and add a golden feather to your online business. If you cannot calculate your AOV or any other financial reports, you can take the help of eVanik OWS as accounting software. It integrates with your system and provides crucial information regarding your online business. You can also use this software for inventory management, payment, shipping, return reconciliation, and accounting.