What your ecommerce strategy should include in order to grow? Mid- and long-term vision resources for the online store manager.
Over the past couple of years, the direct-to-consumer (DTC) model has gained a lot of popularity. Not only has it disrupted the retail industry, but has also revolutionized the way that brands operate.
An increasing number of companies have started embracing this business model. Although these brands mostly include small-scale businesses (most of them making under $1 billion in annual sales), their potential is far-reaching.
If your brand is digitally native, the way it is presented either helps it getting more customers or puts it behind the competitors.
It doesn’t matter how small or big your company is. If it exists mainly online, you have to make sure it can be easily found and that it is positively associated with certain characteristics when potential buyers look for information.
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.
The importance of proper inventory management
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.