Tremendous Ways to Offer Discounts Without Affecting Your Pocket!

Tremendous Ways to Offer Discounts Without Affecting Your Pocket!

In the eCommerce industry, there is no doubt that discounts and offers always attract customers to visit online marketplaces and make their purchases. For sellers, it is always a great idea to offer attractive discounts on their products to generate maximum sales. Discounting has mostly been used as a tested weapon to encourage customers to break a deal. It’s not new but an effective strategy. But the problem is sometimes, these discounts and offers drastically affect the seller’s pockets.

The ultimate solution to this problem is to maintain a balance between offering discounts while saving your money. Frequent offers and discounts contain the risk of losing money. So it is essential to get along with such tactics that can not only help you attract more customers but also not affect your pocket. This blog is about resolving the dilemma behind eCommerce discount strategies. Most eCommerce sellers offer discounts to boost their sales without knowing that it is affecting their pockets, and they must look into this matter. However, if you also want to know how to offer customers discounts without losing money effectively, this is a must-read blog.


Five Effective Ways to Offer Discount Without Affecting Your Pocket

Before going any further, let’s quickly know why you should offer discounts to your customers. Well, most customers implement this tactic to generate more sales and acquire a solid customer base. Discounts attract their attention and encourage new customers to know more about you and your products. It can help you in attaining your first purchase as well. Discounts can also let your online business survive in this fiercely competitive industry.

Offer Discounts on BOGO Products

To save money and escape the risk of failure, you should offer discounts on combo products. You must have seen that most eCommerce sellers offer discounts on buy 1 get 1 product. This tactic can help your products to entice more customers and scale up your overall business as well. You can even offer special discounts on bulk purchasing as well. The goal should be to motivate your customers to come online and buy your products in the first place. This effective discounts strategy can help your products to sell in an effective way without affecting your budget. You can offer one high price item with one low-price item to attract more potential customers. However, before offering such discounts on several products, you need to double-check whether all the products are available or not. Here you may require inventory management software such as eVanik OWS to manage your inventory automatically.

Apply Bundle Pricing Strategies

Bundle pricing is also one of the remarkable ways to offer discounts without hurting your pocket. It is a strategy by which you can offer various specific products in one bundle and sell them at a specific price instead of implementing individual discounts on each item. Offering discounts on bundle products can also help increase your AOV (Average Order Value) by minimizing the per-unit price of one or more products within the bundle. As you know, the festive season is on the way, and marketplaces are already running various sales to attract customers. In this scenario, it can be an excellent way to implement bundle pricing strategies significantly during the festive season. For instance, if you are selling online beauty products, you can offer a bundle of skincare products, including moisturizers, facewash, and serum altogether. In such a way, you can upscale your sales without losing a penny.

Offer Discounts at the Checkout Process

To ensure each purchase is complete, this strategy can work tremendously. In this process, you need to offer some discount on shipping or on the product itself at the final checkout process. In this discount strategy, you can offer your seller a significant discount on their credit card, debit card, and even on UPI payments. Ideally, sellers offer discounts on the payment modes, not specifically on the products. This tactic can help you to attract your existing customers as well as your potential customers also. Another approach you can apply is to offer discounts on the minimum order amount. For example, you can offer your customer a Flat 20% discount on purchasing products on a specific price. Undoubtedly, this discount strategy can help you achieve multiple business goals by adding an enormous number of potential customers and encouraging them to repurchase.

Offer Flash Sale For a Limited Time

Such a type of discount inspires customers toward impulse buying. Limited period offers have the potential to create a hustle in the customers’ minds to make most of such offers within the time. You launch a new product during the flash sale and offer attractive discounts on them for a limited period. It can be 2 hours, 24 hours, and a maximum of 2 days. During the flash sale, you can consistently offer discounts on products with lower sales and no sales. It can also prove to be a compelling way of clearing out your stocks. If you have ever experienced a stock situation, you need to worry about it because such practice can let you sell unwanted items by generating potential revenue. On the other hand, to manage your inventories effectively, you get along with any available inventory management software. It can send inventory reports from various marketplaces and regulate your inventory effectively.

Offer Discounts to New Customers

Offering discounts to new customers can help you attain new and potential customers. You must have seen several offers for first-time customers on various marketplaces. Most sellers implement such tactics to intensify their customer base. In this process, you can offer the actual price of the product by representing it as a discounted price. On the other hand, you can offer them a welcome gift by making their first purchase. This procedure can save you a lot of money and add more value to your business. Understand the fact that customers always want to get some special offer before trying a new product. It provides them the satisfaction that they are getting a product at the lowest price, so it doesn’t matter whether the product is good or not. If they experience that they have bought a good product at a discounted price, they can become your loyal customer.

Hence, these excellent ways of offering discounts can do wonders for your eCommerce business without hurting your pocket. Such discount offers can let your business thrive and add an enormous number of customers to your business.

Conclusion

Undoubtedly, in such specific ways, you can not only drive maximum sales but also attain more and more customers for your online business. Although, whatever the ways you select to offer discounts to your customers, do analyze what works better for your business. It is not required that what works for your competitors can also work for you as well. By initiating various discounts, offers, and promotions, you can experience which tactic is doing well for your business. There is one more factor that you need to take care of; whatever the discounts tactic you are implementing, you need to execute the order fulfillment process as quickly as possible. In this regard, an eCommerce order management software can help you efficiently. Several software such as eVanik OWS, can automate the entire order fulfillment process and help you make your customer happier than ever.

Top Practices of Seller Management to Outshine in eCommerce 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.

Vital Tips to Increase Your Online Sales Amid Fathers’ Day!

Vital Tips to Increase Your Online Sales Amid Fathers' Day!

Fathers' day is celebrated in many countries of the world on the third Sunday of June every year. This year, it falls on June 19th, and amid this day, eCommerce websites have started a buzz around to make the most of this day. Like any other Indian festival, this day is equivalently essential; after all, it is the day to show your affection towards your Father. The significance of this day is relatively high in Indian paternal society. So why not take advantage of this day to upsurge your online sales. Although, this is such a date that many eCommerce sellers must have prepared for, which has intensified competition. All have their unique strategy to attract more customers and increase their sales.

That's why it is crucial to have considerable competitive ideas to take advantage of this day efficiently. In this regard, you need to update your inventory, accelerate your shipping and delivery system, and be prepared for the returns as well. To get the requisite benefits of this particular day, you can take the help of several eCommerce order management software such as eVanik OWS. It can help you in processing your orders smoothly along with other operational activities in a seamless manner during this occasion. In this blog, we have mentioned some of the vital tips that can help you increase your sales during the Fathers' Day celebration.

Significant Tips to Enhance Sales Amid Fathers' Day Celebrations

We all behold the heroic image of our Fathers, which automatically raises Fathers Day's importance. Fathers are the ones who devote their everything to the betterment of their children. So this day is considered a payback day for Fathers. As an online seller, you can convince the customers to make the best purchase for their birth giver. It is that time of the year when you can sell Father-centric products and increase your sales abruptly.

Create a Buzz of Urgency

It is easy to create a buzz of urgency amid Father's day celebrations. You need to remind your customers that the day is fast approaching. You can start with the promotions early to encourage customers to get into the mindset and prepare their orders as early as possible. You can promote several products on your social media pages under the label best gifts for fathers. Promote your products in such a way that they will be out of stock soon as many customers have their eyes on them. You must have seen these tactics on Myntra during the sales season. They have a unique feature that shows an accurate number of customers viewing the specific product at a time. Use such tactics to create the urgency of placing an order as soon as possible. It can work magically on customers, and they may place their orders. You can also run special offers throughout the weeks leading up to Fathers' Day. This gives customers enough time to make a purchase. It is a unique way to attract customers and increase your sales.

Always Keep a Check on Your Inventory

If you want to make most of this day to upsurge your sales, you must stock up your inventory. As an eCommerce seller, it is essential to be aware of your inventory to accelerate order processing and satisfy your customers. You must understand that you are not the only one who is trying to capitalize on this event. Various other sellers are there in the queue. That is why you need to always keep a check on your inventory to ensure whether you can fulfill the demand of your customers or not. Poor inventory management can minimize the chance of generating ample revenue. It can lead you to the situation of Oos (out-of-stock). Suppose if a customer experiences this situation while placing an order, it can break their trust in you. They can even run to your competitors to buy the same product. However, it is not an easy task to keep an eye on your inventories across channels. To automate this process, you can take the help of some inventory management software such as eVanik. It provides you the automation to view your inventories in a single dashboard and manage them effortlessly. It notifies you every single time a product gets out of stock. Hence, there is no chance you can miss out on this aspect.

Showcase Your Products as the Best Gifts

Be it Father or any other relationship, deciding on a gift for loved ones is always a task. It automatically allows you to offer your products as the best gift. To attract the customer's attention, you can choose several products such as a wallet, personalized pen, coffee mugs, perfumes, personalized diary, personalized bar set, etc., to sell. Now add an attractive description and title mentioning the best gift for Fathers' Day. In the fast-paced world, customers are running out of time, and in the lack of time, there is a probability that they can buy your products in the first place. Offering them customized or personalized gift items are keys to making most of the Fathers' Day celebrations 2022.

Offer Faster Delivery Than Ever

The enormous eCommerce business has become more competitive for sellers, especially during special days. It demands faster and more efficient delivery. That is why being an online seller, you need to find compelling ways to execute the faster delivery. The promise of a speedy delivery can convince your customers to buy your products without a doubt. Now the real challenge for you is to fulfill the orders by the promised time. To minimize this hustle, you can take the help of order management software. It can select the warehouse or some other destination right after placing an order. It also has the feature of extracting the order details and previous history to mandate the process of order fulfillment. You can keep an eye on every movement of orders after shipment and update your customers at their locations. In such a way, you can deliver the orders at the promised time and add more happy customers to your list.

Conclusion

Thus, these tips can help you increase your sales during the Father's day celebrations. To apply these tips accurately, you can take the help of order management software such as eVanik. It automates the entire process and diminishes the chance of failure. Apart from this, you must select some unique products to sell on Fathers' Day. Customers always are in favor of buying something different, and offering them as per their demand can undoubtedly help you increase your sales. This particular day is about to fall, so gear up and make a compelling strategy.

Why You Should Opt For Omnichannel Retailing?

Why You Should Opt For Omnichannel Retailing?

Omnichannel Retailing

The word Omnichannel retail is no way less than a buzzword!

It is a mere multichannel approach to sales that offers a flawless customer experience. It includes several social channels, marketplaces, and many more.

Omnichannel is the first and foremost step taken to approach or interact with the customers.

As per Shopify,

Omnichannel retail doesn’t require you to be everywhere, just everywhere your customers are.

Knowing the status of your customer requires extensive research and data. In today’s time, brands have the capability of getting into direct communication with customers using the sales cycle.

Here at eVanik, offers you the best experience for the customers.

No matter what industry is your business from, utilizing the strategies of omnichannel marketing can benefit and make it easier.  

Benefits of Omnichannel Retailing

An Omnichannel Retailing strategy not only helps in realigning the business operations but also implements infrastructure changes. Therefore, this strategy generates higher customer retention and drives sales.

Customer Experience

Today’s era is smartphone-friendly. People consider them to be personal assistants when shopping is considered. Companies using omnichannel strategies can expect an experience from the brand.

Moreover, it is necessary to provide shoppers with ways of engaging information about your products and services.

Improvement in Turnover

The omnichannel retailing allows access to the customers’ favored channel and thus can view the stock availability. Also, it helps in providing various opportunities to increase sales.

Build Brand Image

An extremely tough job is to build a brand from scratch. Whereas if a retailer is having a brick and mortar store and offering products online, also it becomes quite feasible to control and regulate the pricing as well as the sales volume.

Boosts Productivity

The omnichannel strategy offers a complete review of all the purchases made by the customers. This leads to serving the customers better. Following this strategy also allows the store associates to divide themselves with various tools.

Reach New Customers

One of the most essential benefits of omnichannel shopping strategies is to reach out to new potential customers. This is equally important for both leading retailers as well as reaching out to new customers. Reaching out to new customers is extremely important as it is the key to growth.  

Tips to Create A Successful Omnichannel Strategy
  • Increase customized services
  • Create memorable in-store experiences
  • Focus on updating the skills of staffs
  • Engage on consumer insights
  • Personalize and digitalize the offline store
  • Draw a map of the entire customer journey
  • Boost your presence on social media
  • Provide better customer service by using AI/Chatbots
  • Keep your data safe and sound to find brand advocates

Henceforth, you can grab these tips and tricks and crack successful omnichannel management.

Omnichannel Versus Multichannel : In depth Strategic Analysis

Omnichannel Versus Multichannel : In depth Strategic Analysis

Omnichannel Versus Multichannel

Everything existing in this universe has a meaning and when we deep dive to find it, we explore a wider spectrum. Similarly, with an objective to learn more about e-commerce, we landed on its integrated approaches, bringing up the idea of omnichannel and multichannel marketing.

Splitting the words we understood it better.

So, when we talk individually as Omni and channel, Omni is a Latin word that refers to “everywhere or everything” and the channel is “media”. Therefore, omnichannel marketing refers to the marketing process done in every channel holding the same background which means “the channels are integrated”.

On the other hand, comes the multichannel marketing process which is more concerned about the product and promotes a particular product on different channels with any link of one another.

Let’s make it more clear and interesting with infographics. Everything you are looking for about “omnichannel versus multichannel marketing” is now just a glimpse away.

Omnichannel Versus Multichannel : In depth Strategic Analysis

Omnichannel Versus Multichannel2

Still confused, here’s a story to take you to the journey of omnichannel and multichannel marketing with a shopping exorbitant girl “Sneha”.

Let’s go shopping!

Major difference 

Omnichannel Versus Multichannel3

Omnichannel Versus Multichannel4

Since the terms are now comprehensible, let’s take a look at what are do’s and don’t of both these marketing practices.

Challenges you may encounter in Omnichannel and Multichannel

Omnichannel Versus Multichannel5

No matter what we do, we certainly have to face some challenges. But knowing about upcoming challenges can help you reduce the risk and plan for the future.

Do’s And Don’t of both the strategies

Omnichannel Versus Multichannel6

Both these channels are equitable in one or the other way. Now it’s your turn to choose.

Which model to choose?

Omnichannel Versus Multichannel7