New Era of Shopping: Digital Mall & its’ Alluring Features

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.

5 Ways to Grow Average Order Value of Your eComm Business!

5 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.

Latest eCommerce Trends of 2022 That Sellers Must Know!

Latest eCommerce Trends of 2022 That Sellers Must Know!

It is 2022, the era of new technologies, ideology, and efficiency. Along with all these, the eCommerce industry is also evolving, and you must consider the latest trends to help your business grow more quickly. If you are already an established player in the eCommerce industry, you must be aware that there are various disruptions in online business. That is why every seller should adapt to the latest market trends. There are a few new trends that you can see this year. It can prove to be a breakthrough year for eCommerce businesses.

Today technology is considered the backbone of the eCommerce industry. The latest software, AI-based technologies, and Speedy delivery are three major requirements of upcoming eCommerce trends. These are essential to provide a hassle-free shopping experience to the customers. In this blog, you will get to know some of the brand new trends in the eCommerce market in 2022. As a seller, you must look out for these trends and make selling your products on various eCommerce platforms easier. Let’s see what these trends that you should follow this year are.

Watch Out for These Latest eCommerce Business Trends of 2022

Origin of New Marketplaces

The eCommerce industry is currently dominated by several giant marketplaces such as Amazon, Flipkart, eBay, Myntra, etc. We are also experiencing the emergence of social commerce platforms such as Blinkit, Instamart, Big basket, Zepto, etc. Additionally, the number of D2C(Direct-to-consumer) marketplaces can also increase by the end of this year. It is predicted that the major B2B businesses are expected to grow by more than 65% in the coming years. Thus as a seller, you have immense opportunities to make most of these platforms to set up your own online business and generate decent revenue. If you are new to this industry, you might experience difficulties fulfilling your valuable customers’ demands. In this regard, you can take the advantage of any online order management software such as eVanik OWS.

Speedy Order Fulfillment

In the current scenario, customers want their order within the minimum time. As predicted this competitive market will grow more than ever in 2022 as more and more sellers can get aboard. It can develop a quick delivery format among them to please their customers as soon as possible. Specifically, customers who buy their products from prominent eCommerce platforms such as Amazon, Myntra, and Flipkart expected a shorter delivery time. The requirement for hyperlocal fulfillment is also increasing these days. To establish your online business in such a trend, you will require the help of any eCommerce order management software such as eVanik OWS. It can accelerate the entire order fulfillment process by providing automation. Thus, it can become easier for you to deliver the order in the shortest time at the customer’s doorstep.

Requirement for Inventory Management Software

With the expanding growth of the eCommerce industry, customer demands have also been increasing with each passing day. To fulfill their demands on time, as a seller, you need to keep a check on your inventory. Your stock should always be up to date, never to give your valuable customers the experience of Oos(out of stock). In this regard, inventory management software such as eVanik OWS is the essential requirement for this hour. It provides real-time updates of your inventory across channels and protects you from the horrible situation of Out of stock. Accurate inventory information can diminish all the difficulties of the order fulfillment process. You must know how much inventory is available and how much you need to refill. A poor inventory management system can lead you to a failed business.

Multi-Channel Selling System

As you already know, many eCommerce website platforms will emerge this year. Customers are already making their purchases from various eCommerce platforms. So as a seller, it has become the priority to sell your products on multiple channels to reach your targeted customers from various regions of India. If you pick only one eCommerce platform, such as Amazon, to sell your products, you will miss out on those customers who prefer to shop from Flipkart or Myntra. Thus it is better to spread your wings and take advantage of multiple eCommerce platforms. However, it can become challenging for you to manage the orders from multiple channels. But do not worry because you can take the help of multichannel order management software to ease this issue. It can provide you with all the essential information regarding your orders under one single panel and make it a smooth process to fulfill your orders quickly and seamlessly.

Expansion of the D2C Business Model

This year, the world can see an increment towards the D2C(direct to consumer) business model on a larger scale. It is predicted that sellers and brands can switch their businesses to a D2C model and start handling manufacturing and distribution independently. However, in India, various D2C business models already exist and earn a lot. Sugar, Mamaearth, Boat, Beardo, etc., are some of the prominent D2C business companies in India that are quite popular among customers. This model provides straightforward access to serve your customers accurately. It also provides you the liberty to make your brand and mark your presence in this competitive market. It also allows you to connect with more customers.

Conclusion

Hence, the points mentioned above are the latest upcoming eCommerce trends for 2022. Keeping all these factors in mind can help you make more of this industry. Always keep in mind that this particular industry is based on the requirement of customers, and if you want to attain rapid success in your online business, you need to evolve with time. To meet the demands and latest trends, you must be up to date and always keep an eye on the above factors. The eCommerce industry can help boost sales and revenue in 2022 if you follow the above trends. If you find it challenging to follow, you can take the help of order management software to automate the order fulfillment process. It can help you with speedy delivery and provide the ultimate customer experience. You also have to adapt completely to profit from these latest eCommerce trends. So, being an online seller, you should go with the flow to make your eCommerce business a successful affair.

Process and Practices for Payment Reconciliation!

Process and Practices for Payment Reconciliation!

In the past several years, numerous businesses have shifted to eCommerce marketplaces because of the drastic change in customers’ demands and preferences. The internet-savvy consumers prefer to shop for almost everything from an online store. Along with the inflation of online shopping, the necessity for payment reconciliation has also arisen for online sellers. Payment reconciliation is basically a technique of managing your bank transactions and matching them with your accounting system.

However, sellers can find several issues regarding the payment reconciliation, and they need to sort them out within the time. Especially for online businesses, payment reconciliation has become one of the challenging processes to resolve. Sellers must now have a straightforward and hassle-free reconciliation process to handle the flow of payments. Assembling thousands of transactions across multiple eCommerce channels can be stressful work. Moreover, errors regarding such a process can cost you in a negative manner. However, to resolve payments-related issues, you can get along with eVanik OWS; it works as an online payment reconciliation software for sellers.

Apart from that, you require some best practices to implement for this process. In this blog, we have mentioned the beneficial practices that sellers should follow for an astounding payment reconciliation process.

Process of Payment Reconciliation

There are four essential steps of payment reconciliation that we have mentioned below. These steps can help you to learn more about this process. Lets’ see what those major steps are.

Data Extraction

In the process of executing the payment reconciliation process, data extraction is the initial step that you need to apply. In this significant step, first of all, your bank statements and other transactions get extracted to compile them properly. You can get this data in the form of PDF or in a printout manner. Performing this step manually can be highly prone to human errors. That is why you may require to adopt online payment reconciliation software such as eVanik. It can integrate with your system and extract data from various marketplaces. You can view all the transactions in one single panel.

Matching

In this step, all the extracted data should get matched with each other. At this step, you need to match all the financial transactions carefully, and you can match these data by creating a traditional excel sheet if all are compiled relatively in a simple manner. However, matching it through a manual process can be a clumsy affair. So it is advisable to use any automated AI-based software to implement the matching process accurately and effectively.

Reconciliation

Reconciling is the most important step of this whole process that is related to reconciling all the products’ prices you have sold. In this step, you need to reconcile all the internal and external payment records. As an online seller, you must check that these two are matching with each other or not. To make this step successful, you need to implement the above steps adequately and efficiently.

Finalization

As the heading already indicates that it is the final step of this process. At this stage, you need to recheck all your financial flow and make sure there are no errors left. After that, you have to enter all the transactional pieces of information into your system. During this final process, it will be best if you take the help of an automated payment reconciliation software such as eVanik OWS.

Best Practices to Make this Process Efficient and Simple

Follow the Standard Process

Every eCommerce seller and brand does the payment reconciliation process weekly, monthly, and quarterly. If you want to experience enormous growth in your business, you should follow all the reconciliation steps such as data extraction, data matching, reconciliation, and finalization of data. You follow these standards to ensure accuracy and consistency and avoid several mistakes. It is essential to document all the procedures involved in the reconciliation process and develop templates you can readily follow. You should review it daily to eliminate gaps, and you must look forward to automating these procedures. Following these steps can help you streamline this process.

Implement Internal Control

To execute the eCommerce payment reconciliation process, you need to implement internal controls. It is vital to consolidate a series of internal checks that may recognize and disclose any possible errors, such as clerical errors. Internal controls can be implemented in the whole standardization Process depending on your online business type. These internal controls compensate for risk reduction, strong integrity, and the management of error fee transactional statements in a consistent manner.

Grasp the Payment Conversion

Payment methods have changed briskly in the past few years. Digitization brings multiple payment options and promotes the transformation in payment sections. While shopping from an eCommerce platform, customers prefer cashless payments these days, and to meet their demands, you have to grasp the various payment conversions. Rather than cash payment, Google pay, Paytm, and Phonepay have taken over the market. Now you can experience that you have numerous vendors to reconcile regularly.

Implicate eCommerce Reconciliation Software

Generally, errors arise in the Payment reconciliation process when you execute data analytics. You can spend your maximum effort extracting, selecting, and loading the data despite identifying the results and assuring error-free transactional statements. However, various software providers in the eCommerce industry can provide you with software related to payment reconciliation. This software provides sturdy solutions to eliminate errors related to this process quickly. This software involves some of the technological solutions that naturally extract and assemble the financial pieces of information from your ERP system, or it can precisely etch it from multiple eCommerce channels you are associated with and sell your items. Such software provides you with an auto-generated list of all your transactions in a monthly, quarterly, and annually format. Such software clarifies the mode of payment, product cost, and vendors’ commission.

Conclusion

Payment reconciliation is indeed a time taking process. However, the steps mentioned above and the process can efficiently aid the finance and accounting part in successfully implementing the work. A well-established reconciliation process can help you avoid paying reprehensible fees to eCommerce platforms, avoid overdrafts and monitor your financial cash flows.

Doing this process manually involves several errors that can drastically ruin your business. To resolve your payment-related issues, you must take the help of online payment reconciliation software like eVanik. It provides all the necessary transactional information in an automated manner. The automatic process saves time and money, eliminates every single transactional error, and provides a clearer view of your transactions.

A successful eCommerce business can not get established without a robust payment reconciliation system. In the end, you do any business to earn a decent revenue, but if you lack in this process, you can not get expected success. It will be best if you always sort matters related to finances at any cost.

Essential Steps and Benefits of Selling Furniture Online!

Essential Steps and Benefits of Selling Furniture on Online Marketplaces!

Apart from other essential items these days, furniture and home decor items are also getting sold online. Online furniture selling is an enormous rise in the furniture industry. Wooden partitions, flooring, wooden sofa, and acrylic can help make your place more comfortable, personal, and beautiful. New era furniture makes the home a lot more valuable and worthy. The requirement for a cozy and pleasant place to relax has upsurged the credibility of selling online furniture.

It is undoubtedly quite different from other product categories but in demand and will always remain. Furniture with comfort and beauty is essential in terms of implementing the interior design at home. Latest interior design trends suggest that a touch of antiquity can add splendor and attraction to a house that is otherwise full of modern innovations. However, home decor was not in the frame a few years ago, but today, people are more fond of elegant furniture and eye-soothing home decor items. Especially, customers prefer to make their living area more pleasant and luxurious.

Every significant eCommerce marketplace, such as Amazon, Flipkart, and Myntra, has a category of furniture and home decor. If you are interested in selling such items, you can also display them in your online store. You can use the marketplaces to display your products and contact more and more customers to upsurge your sales. In this blog, you will learn the benefits of selling furniture on eCommerce platforms.

Advantages of Selling Furniture on an Online Marketplace

Believe it or not but having an online furniture store can be a profitable affair for you. You can generate more revenue in comparison to selling other product categories on eCommerce platforms. Here we are going to mention a few advantages of selling furniture online.

  • Make your Presence in the Indian Market

The enormous eCommerce industry attracts customers to buy almost everything from an online store. Now, if you have decided to sell furniture on eCommerce platforms, you must know that it can help you attract numerous customers daily. Selling furniture via a physical store requires more space to showcase your products. But on the other hand, in online business, you do not require an ample space; you just need to click high-resolution images and list them on marketplaces. Even though furniture stores appear small because of their incapacity to exhibit and provide their items to a wide range of customers, an online furniture store can scale up your business. It provides your business the exposure you require to make a market presence. Selling furniture items on an online platform can make you more popular than ever.

  • Low Maintenance Cost

Selling online furniture can serve thousands of customers with unlimited resources. Virtual customers require no help from a store manager. It can become more helpful if you use dropshipping. While on eCommerce platforms, you can save money to own ample storage space and manpower. Online platforms keep you away from such requisites; you must implement the product listing appropriately and always keep an eye on your inventory. To manage your inventory properly, you can take the help of some inventory management software such as eVanik OWS. It can provide you with real-time information about your stocks. It won’t let you face the out-of-stock situation.

  • Chance to Serve your Customers 24×7

Selling furniture via an online market provides you an immense chance to serve your valuable customers 24×7. You can resolve their queries seven days a week, and ultimately it can help you attract more customers. If you are a physical store seller, it can not be possible to serve your customers 24×7. However, eCommerce businesses have that liberty, which can also help build a strong market presence.

Vital Steps to Set Up Your Online Store

  • Find a Reliable Supplier

To sell furniture on marketplaces, it is not necessary to produce them. Instead of producing them, you can purchase them from a reliable source. It makes no such effect on your business whether you buy it from a second party or produce them on your own. There have been various ways of selling home furniture and decor items on eCommerce platforms. It will be best if you start exploring reliable wholesalers or suppliers to purchase furniture in bulk. To sell them, you can also use the drop shipping process, but if you are not doing so, then you need to keep the products at a warehouse. Being in the furniture business, you can not keep the products in your home; it requires ample storage space to store them.

  • Set Up Your Online Store

Once you find a reliable supplier, you need to set up your store on online marketplaces. You can sell furniture on Amazon, Flipkart, eBay, etc.; making money from these websites is much easier. On the other hand, you can choose the D2C model as well, in which you have to set up your website and sell your products as per your choice. However, it is advisable to sell furniture on eCommerce channels because it provides tremendous benefits and saves you money and time. Suppose if you sell furniture on Amazon, you can take their FBA service. In such a way, Amazon will handle the shipping, storage, and delivery parts; you just need to buy products and add them on Amazon.

  • Go with the Flow

Mark your presence in this competitive market; you need to go with the market trend. The furniture industry is more competitive than you believe. To attract more customers, you must sell the latest products with the latest designs. To attract customers, you should list in-demand products with higher quality and design. You should sell your products on eCommerce platforms that are available to fetch a large amount of data. Along with it, to delight your customers, you need to always take care of your inventory and logistics.

Conclusion

Hope this article provides relevant information on all you need to know about establishing and running up an online furniture store. In the massive furniture industry, making your presence can be a challenging task to do. But no one can stop you if you are dedicated to opening your online store and selling them on several marketplaces. It requires a sharp mind, reliable sources, and a compelling eCommerce platform. You are ready to sell furniture online if you have all these. However, every online eCommerce business requires a few things, such as inventory management, account management, shipping, and returns. These aspects should always be clear and sorted. If you are lacking here, you might not be able to deliver the products on time, which can affect your business. To resolve such issues, you can take the help of order management software such as eVanik OWS. It can help you with all these factors and provide a backbone to your online business.

Financial Management Tips for eCommerce Business!

Financial Management Tips for eCommerce Business!

The eCommerce industry is absolutely a compelling business that is attracting a lot of new entrepreneurs on a daily basis. This evolving industry has provided immense opportunities to make people self-reliant. But managing your online business is not as easy as you think. If you are the one who is looking for an eCommerce startup, one of the essential aspects of managing your online business is to have a robust financial management system. Establishing your online store requires several strategies and a focus on accurately setting up every aspect of your business.

Along with considering inventory and shipping as crucial aspects, you must know how to handle your finances. After all, you will sell products on any eCommerce platform to generate revenue. To make a smooth flow of revenue generation, you require the best accounting software for your eCommerce business. Dedicated accounting software such as eVanik OWS can help you immensely with managing your finances adequately.

It can become more requisite when you plan to sell your products PAN India. In such a scenario, you have to track the taxes of every state, and it can be time-consuming. In this blog, we have mentioned some financial management tips that will help you as an eCommerce entrepreneur.

  • Register Your Business Legally

The first step you should take before managing your finances is to register yourself as a seller on various eCommerce platforms legally. To become an authorized seller, it is necessary to legalize your business. It is also an essential step because potential customers and manufacturers can check the authenticity of your business. Additionally, most banks in India will not let you open a corporate bank account without accurate business registration documents. Moreover, without proper registration, you won't be able to sell your products on platforms like Amazon, Flipkart, Myntra, etc.

  • Open a Business Bank Account

Once you have established your business, the next step you should take in managing your finances is to open a dedicated business account. You should get one before you start earning income or spending money on other business-related aspects. So it is essential to segregate all your business flows from your personal finances.

It can become much easier for you to accurately handle your finances and taxes. It is also a legal requirement to have a separate business account. However, an individual seller may not legally require a business account. It is still advisable to get one as it can put you on the right path to managing your transactions properly. It is imperative during the tax filing season.

Establish a Secure Payment System

In the process of establishing your online business, it is crucial to set up a secure payment system. It is essential to ensure a great shopping experience for your customers. Before stepping into the eCommerce business, you must set up a streamlined payment process. It can help you in diminishing the cart abandonment rate as well. According to research, most customers abandon the cart after analyzing the insecure payment method.

You need to ensure the customers that their personal details are secure with you. You must consider offering various payment options to your customers, such as credit card, debit card, UPI, cash on delivery, etc. Payment gateways such as CCAvenue, PayUBiz India, and Razorpay keep the payment processing secure.

  • Initiate Efficient Bookkeeping

    It doesn't matter how efficient and fast you are at doing the calculations manually for your eCommerce business. At last, we all are human and prone to making mistakes. To minimize the errors in keeping records of all your financial transactions, payment receipts, and other transactions, you need to maintain efficiency in bookkeeping. Efficient bookkeeping can help save you enough time when it comes to accounting. To execute this process effectively, you must consider integrated payment processing.

To maintain efficiency in bookkeeping, you can take the help of the best accounting software for eCommerce, such as eVanik OWS. It can help you screen several errors from the informational categories to maintain overall efficiency. To manage your finances in a proper manner, you need to maintain the cash flow and provide accurate bills to your customer.

Software like eVanik also helps to automate the invoicing as well. You can also send follow-up reminders, create recurring invoices, and accept digital payments directly from the invoices. It provides transparency that can let you make other decisions related to finances at any time and keeps you 100% GST compliant as with accurate records, filing GST on time becomes a cakewalk. In this way, you will have no requirement for consulting multiple accountants. It can even help you understand your customers' spending habits.

  • Integration with Various eCommerce Platforms

To grow as an eCommerce entrepreneur, you need to sell your products on various eCommerce platforms. It means your financial task will increase, and managing the finances of various marketplaces will not be easy to handle. At this point, you require software for eCommerce that can integrate easily with various platforms and manage your back-office operations.

Manual entry of transactions and other expenses can include significant errors that can be time-consuming as well. On the other hand, accounting software can smoothly integrate multiple channels and provide systematic financial pieces of information. If you enter the eCommerce industry as a seller, you must consider the importance of such software to manage your finances without any hustle.

Conclusion

So these are several tips that you must adopt as an eCommerce entrepreneur. To manage your business's financial flow, you must attain one robust accounting software. It can provide you quick overview of your income and other financial expenses. Eventually, it helps you with financial planning and fixes a budget for your eCommerce business. Accounting software facilitates you to analyze all your monetary data. In such a way, you will be able to streamline every aspect of eCommerce incredibly, such as inventory management and applying pricing strategies.

All these aspects can help you to stay competitive in the market. So, if you are willing to get along with accounting software to minimize the everyday stress, you must consider eVanik OWS. It can not only help you in managing the finances but also with the inventory, shipping, and returns. Apart from that, it has the remarkable features of tally prime integration, which you can use to file your GST smoothly. It also has the feature of Zoho book integration, Aligns books integration, and Quick books integration.

How Does Meesho and Other eCommerce Reselling Apps Work in India!

How Does Meesho and Other eCommerce Reselling Apps Work in India!

During the COVID-19 pandemic, life put us all on lockdown. According to research, more than 65% of customers still do not prefer to visit a brick-mortar store. This was when sellers and brands planned to sell online, and they adapted the eCommerce platforms and apps as their ammunition. During this period, India’s eCommerce business tendency is snowballing. Business minders come up with the idea of reselling the products, and this is easy to start and doesn’t even require a lot of money to invest.

Nowadays, resale has become a full-fledged business that can let you generate more revenue than a paycheck. You must wonder what exactly reselling is and how reselling apps work. In this blog, you will find how this eCommerce business model works, what reselling is, and how Meesho and other reselling apps work. Let’s go in and dig out all the required information about reselling and reselling apps.

Definition of Reseller and Reselling Apps

First of all, let’s focus on the reseller; well, a reseller is someone who purchases products in bulk from a manufacturer, wholesaler, or retailer and then sells those products to their own customers on a high-profit margin. Additionally, you have the opportunity to share the product catalog through Facebook, WhatsApp, Instagram, and social media with your customers. This form of business is also known as social commerce. There is a slight difference between seller and reseller, seller can not resell their products via any other medium other than an eCommerce platform.

This business model is quite popular in India because it doesn’t require a hefty investment. With the thriving popularity of reselling, reselling apps such as Meesho have entered the market to modify this business model. This social commerce platform has grown tremendously over the past few years. Reselling apps allow you to make the payment only after a customer confirms an order, in case you are buying reselling products from the social commerce platform or app only.

How Does Messho Work as a Social Commerce Platform?

Undoubtedly, no such introduction is required for the social commerce platform or reselling app Meesho. This platform has changed the entire picture of reselling. It has to provide unexpected exposure to the resellers and make it easier for them to sell their products and attain decent revenue. Payment transactions with Meesho are safe and speedy. It offers very low-cost refunds and delivery options as well. This reselling app has emerged as a trusted brand by more than 3 million resellers across India. The recent advertisement of Meeshos’ says “Chote Paise Badi Shopping,” which perfectly describes the app’s service to its customers.

It has provided tremendous opportunities for small businesses to come aboard and sell their products promptly. Without the requirement of heavy investment, you can start your own business today with Meesho. The tagline of this reselling app is “Not just a homemaker, but as a Meesho Entrepreneur.” Numerous homemakers have now connected with this app and run their businesses successfully.

What is the Operating Process of Meesho?

As you already know, Meesho is essentially social commerce and operates on a D2C (Direct-to-customer) eCommerce business model. As a reseller, you have the advantage of promoting your available products on your social media platforms, WhatsApp, etc. expanding the scope of selling your products. Products will be offered by a third-party manufacturer who is associated with Meesho. You can say that reselling with Meesho is an uncomplicated and compelling way to work from home and generate revenue.

Meesho charges a cost of commission of between 15%-20% on all items sold by the reseller. However, it charges significant penalties on product returns. This app has more than 700 employees and is focused on a market of over 15 million resellers. This social commerce brand claims to have a presence in over 800 locations.

To sell your products successfully with n on Meesho, you can take the help of eVanik OWS as a marketplace reconciliation software. It can help you analyze your rivals’ pricing strategy and let you grow immensely.

What are the Products you can Sell on Meesho?

Meesho has a diversified range of product categories. All products are inspected to check for quality purposes, and Meesho ensures that they are shipped responsibly. You may find resale items from Meesho as well. It facilitates you to sell a distinctive product range and expand your customer base. Following are Messho’s product categories from which you can select and sell.

  • Kitchenware products
  • Women’s Clothing
  • Men’s Clothing
  • Kids Clothing
  • Household Products
  • Home furnishing products
  • Beauty products

    Customers prefer to shop from this platform because all the products available are budget-friendly. This social commerce app’s future plan is to have approximately 100 million active customers and add more than 50 million products in its categories by the end of 2022.

Challenges you can Face While Selling on Meesho

Well, Resellers, advantages come with challenges. Thus, this app also has several business challenges you may experience while selling products on this platform. Let’s have a quick sneak peek into Meesho’s business challenges.

  • High Distribution Cost

The initial stage of Meesho began with the ethnic fashion category, targeting homemakers and women who were running their boutiques and reselling their products through social media applications. During the pandemic, the distribution costs have significantly impacted the financial aspect of this platform. Because customers prefer to buy face masks, sanitizers, personal care products, and groceries online. They have fewer opportunities to go out and attend any function. Thus the requirement for ethnic clothes and beauty products gets reduced. However, this app has now started to offer personal care products along with other above-mentioned product categories.

  • Poor Product Quality

Most customers reported that the product they purchased from Meesho was of poor quality. It can be the reason that this app has still not made its way to reach out to urban customers. Indeed this app is famous in small cities but has to sell quality-based products to reach urban customers. As a reseller, if you buy products directly from Meesho there are chances you may end up selling poor-quality products to your customers.

  • Delay Delivery/Critical Customer Support

Another business challenge you can face on this app is the delay in delivery and poor customer support. Numerous customers have reported that their order gets delayed frequently. When orders get delayed, customers try to reach out to the support team to seek information about the status of their order. But unfortunately, in so many cases, Meeshos’ customer support team fails the customer. Only can only imagine the level of dissatisfaction experienced by such customers.

Thus, if you want to sell through the Meesho app, you may occasionally have to face such challenges. On the other hand, you can still upsurge your revenue by enhancing the listing quality of your products on Meesho.

Other Reselling Apps in India

  • Shop 101

This reselling app represents itself as the number one reselling app in India. It has diversified product categories from clothing to home decor, kitchen, beauty, electronics, etc. They have approximately 50 lakh four-star rated resellers.

  • OLX

You must be aware of this app; it is pretty old in the social commerce business model. This user-friendly reselling app works exactly as an advertisement does in a newspaper. One can resale and buy furniture, household items, cars, electronic appliances, etc., from OLX. It provides a unique chat box function that helps you connect with customers directly.

  • eBay

eBay is another most popular app in India and worldwide. You can buy and sell products through eBay from any location in the world. You can sell almost everything on this platform, such as clothing, vehicles, cosmetics, jewelry, and electronics. This app has over ten thousand downloads on Google play.

Conclusion

The vast eCommerce market has diversified opportunities for you to start your own business. It can make you self-reliant and increase your confidence to live the life you want. Reselling business model is getting adopted by thousands of people every day. You can also grab this opportunity and start selling through above mentioned social commerce platforms. However, whether it is a small or a big business everyone should have a track of their finances. In this regard, you can take the help of the payment reconciliation service of eVanik OWS. It can help you with hassle-free payment proceedings and keep a record of your every transaction.

Dropshipping Concept of eCommerce, and How Does it Work!

Dropshipping Concept of eCommerce, and How Does it Work!

In the eCommerce industry, there are various aspects of establishing your business robustly. Order fulfillment is one of the most essential aspects of establishing a rewarding eCommerce business. Hence, you need to emphasize more on this factor. In this particular blog, we will talk about dropshipping. It’s a unique way to run an online business that can help you get started with less investment and implement hassle-free order fulfillment.

If we talk about it more precisely, dropshipping can let you skip the heavy inventory requirements of running an online store, and instead, it lets you outsource inventory management and order fulfillment to third-party suppliers or manufacturers.

To fulfill the orders of your valuable customers, you can use drop shipping if you are an individual seller. It is one of the most popular concepts for initiating the shipping process in eCommerce. If you have started your business initially, you can apply this concept in terms of fulfilling the orders of your customers. The following points can help you understand dropshipping and how it works. 

Definition of Dropshipping for Online Sellers!

For the eCommerce industry dropshipping is one of the most trending and popular shipping concepts sellers use to fulfill their customers’ orders. You can say that it is the procedure of the order fulfillment method where eCommerce sellers can outsource procuring, storing, and delivering products that their customers ordered.

Once a customer places an order you need to simply forward that order to the manufacturing unit as an eCommerce seller. Once you place the order, it becomes the responsibility of third parties to manage the product and prepare it for delivery. You can take advantage of drop shipping if you do not want to invest much in your online business. 

While implementing dropshipping into your business, you need to buy products from any third-party vendors and they will directly ship them to the customers’ addresses. Dropshipping doesn’t require inventory management because you do not need to buy products in bulk.

It may be a new concept in India, but foreign countries such as Canada, Australia, and California have been using this for a long time. You can go for this if you are new to this business and do not want to take any risk of failure.

Apart from this, if you want to make it a successful affair, you can take the help of an order management system for eCommerce, such as eVanik OWS. It can help you in many ways to establish your online business effectively by automating your back-office operations.

How Does Dropshipping Concept Work for eCommerce Businesses?

There are three significant aspects of dropshipping concept: order placement, order confirmation, and delivery. Let’s find out the details of this spectacular eCommerce business model.

Order Placement

This process begins when a customer orders through any eCommerce platform. For example, suppose a customer orders a handbag from any eCommerce marketplace such as Amazon, Myntra, Flipkart, etc. First of all, you have to ensure the availability of the product listed on the platform. Once the order gets placed, you need to forward the order request to the manufacturer or supplier who has stored the products.

 

Order Confirmation

In this process, once the order gets finalized and purchased by the customer, you need to send a confirmation email to the customer’s email id. This should include the shipping and tracking details of the order. On the other hand, you also have to inform the manufacturer about the ordered product. However, it seems like a regular order process. Still, the only difference is that sellers work as a bridge between the customer and the manufacturer in the dropshipping concept. 

Order Delivery

The delivery process in dropshipping is relatively easy as well. The entire process of delivery is just like standard shipping. The order gets packed from the warehouse of the manufacturers after the order confirmation is received from the seller’s end and delivered to the customer.

One thing as a seller you need to take care of in this whole process is ensuring the order is delivered to your customers on time. Delay delivery can ruin your image at the marketplaces and disappoint your customers as well. 

Best Ways to Select Products for Dropshipping

If you are going to implicate dropshipping in the online business, you need to make sure that you have chosen a beneficial product to sell. However, with the constant study of market trends and customers’ demand, you can make a strategy or plan to finalize a product category you want to sell on marketplaces.

Here we have mentioned some of the magnificent steps to help you select dropshipping products to sell on multiple eComm platforms. 

  • Make a list of Best Selling Product 

First of all, you need to understand that if you are an individual seller and handle your business individually through the dropshipping concept, you need to select a product to sell that can provide you with a good outcome. For that, you need to analyze several marketplaces, observe the latest trend, and make a list of their top-selling products. It will help you to identify what products you should sell or not. 

  • Get the Product Selling Ideas From Social Media

To get on board and select what product you should sell that can help you generate decent revenue, you can take the help of social media websites as well. You can check out the shopping pages on Facebook and Instagram and analyze their top-selling products. Social media can also help you understand customer behavior toward specific products. Based on that, you can choose a top-selling product and sell it on various eCommerce platforms. 

  • Examine the Local Market

The beauty of the Indian eCommerce market is that you already have immense opportunities to sell various products from diversified traditions and heritage. You can see Indian culture in several products sold in the markets. Local markets of each city and district offer a range of handmade products. These products even get supplied to foreign countries; you can study those products and decide to sell those on marketplaces. 

Pros and Cons of Dropshipping

Pros

  • The most tenacious pros of dropshipping are it doesn’t require a massive investment. This business model is budget-friendly, and anyone can get aboard initially at multiple eCommerce channels. 
  • It is an effortless eCommerce business model that helps in establishing your online store in the first place. It minimizes the risk of failure by providing you with real-time order fulfillment updates.
  • Dropshipping eradicates the requirement of managing inventories. Eventually, it diminishes the chance of money loss and can add more value to your business. 
  • This eCommerce model is location friendly; you don’t require to be present at any specific location. You can simply run your business from anywhere just by keeping in touch with manufacturers and customers. 

Cons

  • Though the dropshipping concept doesn’t require a hefty investment, the return on investment rate is comparatively less. The process of revenue generation can be slower for dropshippers. 
  • You can not be able to customize the products as per the requirement of your customers. It can dissatisfy your customers, and you may lose your grip on your customer base. 
  • In the dropshipping model, you won’t be able to keep a check on inventories that change every day. It can keep you in denial, and sometimes your customers may face a stock-out situation. 
  • You may face the shipping complexities of working with multiple manufacturers and distributors. In this situation, you can get blamed for their faults if the order doesn’t get delivered to your customers on the promised time. 

Conclusion 

Thus, now you get to understand what dropshipping is and how it works. You can become a successful online seller by adopting the drop shipping concept. Once you finalize what product you want to sell, you have to look out for the manufacturers or distributors who can dropship the products on your behalf. It will help if you reach out to the manufacturers to look at those products.

A short supply chain is always a better option to make most of the eCommerce business. It also has its advantages and disadvantages, but the point is who doesn’t have it. Risks are always there, but you must identify them and eliminate them wisely. However, to ease your hustle, you can take advantage of the software of online sellers such as eVanik OWS.

Top Seller Management Practices to Shine in eComm Business

Best Practices of Seller Management to Outshine in eCommerce Business!

The acknowledgment of eCommerce marketplaces such as Amazon, Flipkart, Myntra, eBay, Ajio, Meesho, Shopify, etc. has continued to flourish with every passing year. The popularity of online marketplaces has accelerated after the COVID-19 pandemic. Customers prefer online shopping instead of stepping out of their house to a physical store. It is safe as well as convenient for customers from many aspects. While marketplaces provide the infrastructure for sellers to start their online business, sellers still require robust management and refinement to upgrade pricing, inventories, products, and fulfillment process.

Moreover, most successful sellers operate on multiple eCommerce platforms, selling products across states, which adds layers of complexities around taxes. Nowadays, customers want an effortless shopping experience. However, there is software for online sellers, such as eVanik OWS, that helps deliver a positive shopping experience to your customers by streamlining the back-office operations. In this blog, we have mentioned best practices for eCommerce marketplaces that sellers need to attain and implement successfully. Let’s find out why those practices are essential for an online seller. Apart from that, you will learn why seller management should be considered an essential factor in the eCommerce business.

Major Issues Faced by Sellers

Before jumping into the solutions or practices that can help sellers manage their online business accurately and efficiently, it is essential to know about the frequent issues faced by sellers.

Meager Product Catalogue Management

Numerous eCommerce sellers used to be physical store owners or wholesalers. Those who fall in this category don’t have prior experience in selling their products online. It is the fear of losing their business to eCommerce platforms that are driving them towards online selling. Since they don’t have any experience operating online businesses, they lack in creating and managing product catalogs. It can put them into a difficult position. They usually fail to list their products accurately on multiple platforms. The missing attribute of catalog management affects their rankings and increases the return rates, as customers fail to attain essential information about their products.

Frequent Interference of Brands

In the competition of selling more and more products daily, some desperate sellers are misleading eCommerce platforms to upsurge their rankings by listing fake details on products or using other attributes. In such a scenario, it has become challenging for genuine sellers to survive, as brands also question their loyalty. All these severe problems are affecting sellers extensively, and eCommerce marketplaces need to be vigilant and offer compelling solutions to sellers. However, some channels are already providing such solutions to them. If you are facing such issues, you need to move your business to platforms that help sellers resolve such problems.

Complicated Onboarding Process

Several eCommerce platforms have a complicated onboarding process, which can be the one major reason sellers have a tough time attaining success on an eCommerce platform. This issue can be resolved only when marketplaces take the initiative by making the onboarding process hassle-free. By improving the seller onboarding process, eCommerce ventures can make their sellers more comfortable.

Why Seller Management is Essential for eCommerce Sellers

To sell products on various eCommerce platforms, sellers must manage their business adequately. To provide an outstanding shopping experience to your customers, you need to manage inventories, payments, shipping, and returns in a compelling way. Without managing these aspects of your online business, you won’t be able to run your eCommerce business successfully. Poor seller management can disappoint your customers on various levels and ultimately push you towards a failed business. In this regard, you can take the advantage of any best eCommerce management software such as eVanik OWS. It can also help you manage inventory, payments, shipping, and returns by providing you with essential real-time data.

Best Seller Management Practices to Follow in 2022

Execute Onboarding Process Accurately

As a seller, if you genuinely want to grow your business and provide an efficient customer shopping experience, you must attain enough knowledge about onboarding on a specific eComm channel. To make it a hassle-free process, you need to gather all the essential information from the marketplaces and execute it accordingly. Before onboarding on any eComm platform, you must understand their selling process and sellers’ margins. Apart from that, you also need to know their guidelines for sellers. Onboarding on as many channels can upsurge your chances of making a solid customer base and helps you in generating revenue. Educate yourself enough to know all the tactics of eCommerce platforms.

Educate Yourself to Manage the Returns

Education never goes in vain, and it is essential for every aspect of life. It can become more critical when you are out there to earn your bread and butter. If you are an eCommerce seller, then you need to know each and everything about this business or get experts in your team to handle this. Order returns are one major pain area for eCommerce sellers and platforms. According to research, more than 60% of eCommerce returns are due to the mistakes of sellers and retailers. As soon as you get educated regarding the returns, the chances of returns will diminish automatically. In such a manner, you can also come along with some return reconciliation software like eVanik OWS. It can help you in managing your returns effectively.

Try Hard to Win the Buy Box Button

While operating an online business, your focus should be on winning the buy box button on various marketplaces. However, reaching the buy box button is not that easy when there is vast competition. To win the buy box, you have to follow several guidelines of marketplaces where you are selling your products. These guidelines include accurate listing, adequate shipping, frequent customer communication, and a tremendous shopping experience. All these essential factors can help you to win the buy box section. You can also take the help of the best eCommerce management software such as eVanik being used by many sellers already to automate the back-office operations. It can help you immensely in reaching the buy box button.

Conclusion

Thus these are some of the best practices you can make to sell your products hassle-free on various eCommerce platforms. Apart from these practices, as mentioned earlier, you should also include inventory management in this list. Managing inventories can also enhance your seller management. It can help you to serve your customers better and never disappoint them or let them face the situation of Oos (Out-of-stock). For outstanding inventory management, you can take the help of several inventory management software such as eVanik OWS.

6 Best Inventory Management Techniques to Hike up Online Business!

6 Best Inventory Management Techniques to Hike up Online Business in 2022!

The eCommerce industry has witnessed drastic success in the past few years in India. In the era of the internet and smartphones, this growth will expand ten times more by the end of 2023. It is predicted to reach from 51 billion to 350 billion dollars in the coming years. Customers are more into online shopping these days, so you must deliver tremendous customer service to gain their trust and loyalty as a seller. Out-of-stock situations are the essential components in providing a phenomenal customer experience.

In this regard, applying effective inventory management techniques is imperative for the success of your business. The competition is increasing rapidly, and to stand out in the crowd of millions of sellers, you must apply several inventory techniques to make your individual presence in the marketplaces. Unique and effective inventory management techniques can allow you to build a solid market presence. In the process of implementing several strategies or techniques, you can take advantage of inventory management software such as eVanik OWS. In this blog, you can discover the six best inventory management techniques to hike up your online business.

Why is there a Requirement for Inventory Management Techniques?

Before knowing the techniques, it is essential to know their importance. If you are the one who has started your eCommerce business, then it is more essential for you. Inventory management is the most critical aspect of the eCommerce business. To sell your products on various eComm platforms, you need to keep a check on inventory. Without accurate inventory management, you may not be able to fulfill the demands of your customers. That is when you need to apply several techniques that can help you manage stocks adequately. Let's see what those primary techniques are.

Six Inventory Management Techniques to Upsurge Your Business

As an eCommerce seller, you can apply various inventory management techniques. Here we are mentioning some of the best ones that can help you immensely in managing the inventory.

FSN (Fast, slow & non-moving) Analysis

The fast, slow, and non-moving inventory technique divides products based on their quantity, consumption rate, and the rate at which the inventory has been used. You can segregate the products as fast-moving, slow-moving, and non-moving. Products that have high usage frequency are known as fast-moving products. Products that have slow usage frequency are known as slow-moving products. Non-moving products are products that are only utilized for a short period or a specific duration. This effective technique can help you to make inventory management decisions. You can analyze which products should be placed in the warehouses and which you should not. You can make an essential decision regarding non-moving products should you keep them or discontinue selling them.

Apply JIT (Just in Time) Method

In inventory management, overstocking and the stock-out situation are also harmful to your online business. To avoid overstocking costs, many sellers use JIT or just in time methods. With the help of these peculiar inventory management techniques, you can order only what you require to meet the immediate demand of your customers. With no excess inventory in hand, you can effectively save the cost of storing products in various warehouses and insurance as well. In this way, you can order further inventory when the old inventory stock is close to restocking. However, this is a little risky technique because a slight delay in ordering new products can lead you to an out-of-stock situation. So you need to be a little conscious and implement proper planning so that you can timely stock your products.

Implement Always Better Control (ABC) Analysis

ABC analysis refers to Always Better Control Analysis. Generally, inventory items are classified into three major categories. These categories are divided into A, B, and C. Category A includes high-value products with a low frequency of sales. Category B includes moderate value products with a moderate frequency of sales. Lastly, category C includes lower-value products with a high frequency of sales. ABC analysis classifies the products you should reorder more frequently and which products you do not need to get in stock as frequently. This inventory management technique can enhance the turnover rate of your inventory and minimizes obsolete inventory as well.

Get Along with Dropshipping

Under this technique, you can outsource almost every aspect of managing the inventory. It is basically suitable for an individual seller who does not rely on efficient inventory management as their success factor. Dropshipping is particularly beneficial for sellers who want to get into the eCommerce business but can not afford to pay the cost of a warehouse of inventory management. By applying this technique, you must buy products from any third-party vendors and directly ship them to your customers' addresses. In this process, you don't need to manage your inventory or buy products in bulk. Hence there is no need for bulk products, which diminishes the risk of loss.

Apply Bulk Shipping

This inventory management technique is used by sellers who assume buying bulk products is always cost-effective. It is best for sellers whose products have consistent demand and can experience a sudden increase in demand. If you are one of them who manufactures many in-house products and handles unexpected demand growth, then you can go for this technique.

Practice Demand Forecasting

It is one of the perfect inventory management techniques that can prove much effective for your eCommerce business. The speedy growth of the eCommerce industry has increased the demand of customers. That is why demand forecasting is beneficial in terms of never missing out on fulfilling the demand of your valuable customers. You can use your previous inventory data to predict the upcoming demand of your valuable customers. Historical and season-wise sales data can make forecasting much more effortless and efficient. This way, you can analyze when and at what amount customers require any specific product. To apply this technique successfully, you can take the help of inventory management software such as eVanik OWS.

Conclusion

The above inventory management techniques are essential in managing the eCommerce business model. The stock in and stock out situations should be managed accurately. It will be best if you adopt these techniques in your eCommerce business to make your processes more efficient. With the growing online business, inventory management is expected to become more valuable for the success of your business. Adopting such techniques can smooth the workflow and upsurge the sales channel in broader terms. It can never put you in such a situation where you fail to fulfill the demands of your valued customers. In applying some vital techniques such as demand forecasting, you can take the help of inventory management software such as eVanik OWS which has a centralized inventory feature across all the platforms you are dealing with.