What your ecommerce strategy should include in order to grow? Mid- and long-term vision resources for the online store manager.
Brands that sell their own products often find it challenging to produce and stock the right amount of inventory.
Proper inventory management and forecasting has many benefits and is essential for your bottom line.
Retailers in the US are sitting on an average of $1.43 of inventory for every $1 of product sold, but 46% of small business owners still don’t track their inventory or only use a manual method.
By improving your inventory management process, you will ensure that you have a steady cash flow because you won’t be spending money on unnecessary stock. The freed up capital can be invested in growth instead.
On the other hand, having items in stock means your customers will be satisfied with timely fulfillment, resulting in more repeat purchases.
Here are 10 effective inventory management and shipping tips for DTC brands.
If you’re building your own consumer product brand, you will need sufficient funds. Research and development, manufacturing, and branding are not for free. As opposed to other ecommerce models, you usually have to pay for inventory before you sell it and that means cash flow is even tighter. And let’s not forget marketing is also paid.
All this leads most product entrepreneurs – or founders of DTC brands – to seeking outside funding to be able to scale. While banks may provide operating capital (for meeting ongoing daily expenses in the business), bigger injections allow brands to create an innovative product and grow customer base.
In this article, we list investor funds focused on direct-to-consumer brands with their basic requirements to help you find one that suits your business.
The holiday season has started and you’re probably already on fire. It’s crazy but very rewarding, I know. And not to waste any of your precious time, I have a bare-bones action plan ready for you to just plug in and cash on this holiday season.
As a founder of an online brand, you set out to create your own thing and make an impact with it.
Now, how is it going? Do you feel stuck? Overwhelmed? Like your brand’s growth is not what you expected?
We all want a trend line going up and to the right, but it’s not always the case. If you’ve reached a plateau in your growth, let’s see what might be the cause.
Ecommerce is not just buying online. It’s a new way of doing things, of interacting with products and brands.
People don’t buy things now, they buy experiences. Convenience, information, helpful support and post-purchase assistance, the ability to give direct feedback, non-intrusive and value-rich communication, ease of multichannel shopping, meaningful offers are all parts of this experience.
The customer journey is the path, the sequence of experiences your customers get. You can leave things to chances and let the customer journey go its natural course. This doesn’t guarantee significant results.
You can also design the customer journey in such a way to go through all the experiences you want people to have with your brand (while avoiding the unwanted ones) and leading them to desired outcomes like multiple purchases and loyalty.
Designing this customer journey is the most comprehensive optimization you can do to increase conversions, revenue and profit from your online store.
The ecommerce field is not the same as it was yesterday.
To be successful in today’s market, you need to establish a personalized connection with every customer.
The need for unique attitude towards a group of customers derives from the very nature of e-commerce.
In addition to the traditional stores, printed ads, and emails we have websites, social media, mobile applications, SMS communication, and, of course, word-of-mouth.
With that many variables, you cannot rely on a single channel to grow your business.
Consumers these days use more than a single platform to purchase your products.
Multichannel marketing is essential for your business, as it enables full control over every single platform you are using.
Put simply, multichannel marketing is the ability to implement a single, solid strategy across more than one platform. This is done to maximize your interaction with potential customers.
Channels may vary, but your goal is to give your consumers a choice of action. Given that choice, they can pick a when and where to buy from you.