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Stock replenishment is one of the most important considerations when it comes to inventory management, as it helps ensure the right stock is on the shelves at the right time, while keeping inventory holding costs low and customers happy.
It is so tempting to do what’s hot and trendy, but to stand out in saturated markets you have to do something different. What we mean is to avoid riding trends, which tend to fade away, and instead go niche.
There’s no better example of going niche than Etsy, an eCommerce site focused on handmade goods, vintage items and supplies, as well as unique factory-manufactured items.
No matter the size of your operations, all businesses that deal with selling products has to grapple with selling price and cost price.
Although calculating these numbers can range in complexity, the underlying principle is the same - you must price your product in a way to ensure that your costs are covered, and that everyone involved in the process gets a cut of the profits.
There’s no better time to start or grow an eCommerce business, and WordPress makes it easy. Whether you’re an eCommerce pro or a newbie, you can turn any WordPress site into an online storefront thanks to the power of plugins.
The food and beverage (F&B) industry can pose unique challenges for inventory management. Factors such as spoilage, seasonality and changing consumer demand all need to be considered before putting into place an F&B inventory management strategy that helps keep inventory holding costs low, while having enough stock on hand to meet demand.
With that in mind, we’ve put together some of the key food and beverage inventory management techniques you should consider if you’re in the F&B industry.
With the likes of Amazon and Alibaba dominating the market and the eCommerce industry expanding at a rapid pace, growing an eCommerce business is no easy feat. Here, we’ve outlined some of the key challenges you can expect to face when establishing your eCommerce brand, and what you can do to overcome them.
If you’re launching a new product, a pre-order strategy is a highly beneficial component to incorporate into your plan. Pre-orders can help you generate buzz and build momentum before your launch, gage the market demand for your product and, most importantly, lock down early sales to fund production or future marketing campaigns.
Despite this, pre-orders are one of the most overlooked strategy for SMBs, which means lost marketing opportunities, and lost revenue. Pre-orders aren’t only effective for multinational businesses with billion dollar marketing budgets - having a pre-order strategy can also be highly beneficial for SMBs, with companies like Kickstarter proving that pre-orders can significantly help new businesses, especially in their product infancy stage.
From media buzz to creating limited edition seasonal offers, there are plenty of ways to utilise a pre-order strategy to maximise sales for your product. Here, we share six tips to effectively launch and get the most out of your pre-order campaign.
In 2017 and 2018, more than half of all retail sale growth was in eCommerce sales. As online sales continue to form an increasingly large share of the overall retail industry, major online retailers like Amazon and Walmart are becoming more dominant as the default one-stop-shop for customers - making it difficult for SMBs to compete.
Last year, 80% of market gains came from Amazon, and 64.7% of online sales in the U.S. came from five companies. These companies are continuing to expand their offerings with competitive prices, lightning-fast shipping, and a flexible returns policy, and customers have become accustomed to free shipping with short turnarounds (often one to two days).
Historically, many SMBs have been able to remain competitive with larger brands through offering similar shipping rates and a high level of customer service. However, as customers become more demanding and automation becomes more prevalent, it’s important for businesses to keep innovating their eCommerce shipping strategies to stay on equal footing with the big guys.