Ecommerce | Online Business
Ecommerce | Online Business
eCommerce, Online Business Sector:
Ecommerce Industry is diverse & distinct. The way of doing business has been changing constantly and this industry helps us in experiencing the same. The time has come to change the way we managed our brick & mortar business & realign ourselves to the click business as well. Though each ecommerce brand is selling varied products & services, there are some common pitfalls that must be avoided to run it successfully.
Challenges faced by E-Commerce Sector:
- Warehouse Layout:
Distribution Centre Layout must be designed thoughtfully to accommodate the products efficiently and manage the entire work flow efficiency and flow of goods. Absence of a structured layout increases the operating cost and increases the product distribution time.
- Deriving at the right pricing:
The biggest USP of a several ecommerce brands is “price point”. The biggest price war is ongoing amongst the online peers where the products are exactly similar, but the prices are different. Profits have become secondary for a lot of these online brands and they are focussing towards market share primarily. In this scenario, how to position your product appropriately in terms of the brand positioning, the pricing, the product, the packaging & the entire customer experience?
- Designing the right policies:
As the price war is stringent, so are the service standards. The paradigm of “Customer is the king” has shifted to “Customer is god”. The service has far surpassed delight. Considering such customer-oriented market, the policies have to be lenient but must be well defined. Even after being lenient, the policies must safeguard the interest of the company. Defining the right policies in terms of sale, exchange, buy-back, offers, discounts, returns etc. is a must to sustain.
- Customer Relationship Management:
Creating CRM strategies to retain the existing customers & attract the new ones. These strategies must be best-fit as per our business model. The offers, the add-on services or give-aways, every new idea must be validated as our our budgets, our targets, our sales & our operating costs.
- Inventory Management:
Inventory is the heart of any organization & managing it right would be inevitable for growth. Usually with e-commerce companies, the purchases are random considering the response, which is quite unpredictable. We must ensure that the fast-moving products are never out of stock & the slow-moving ones are never re-ordered. Inventory Management & purchase planning are few of the core solutions provided by YRC.
At YRC, we can help you develop the entire SOPs i.e. Standard Operating Procedures for the E-Commerce business, right from purchase planning to inventory management, from operations to finance, from logistics to accounts. We can help you plan your inventories, organize your delivery channel, strategize your supply-chain & logistics & ensure customer satisfaction. Our SOPs are practical & implementable whereby they help in solving the real-life problems of the ecommerce community.
While we knew change is constant, the present human lineage also experienced that change also need not be voluntary. COVID-19 pushed the world on its back foot. It presented unprecedented challenges for business and economy. Businesses remained on and off from the...
According to a report published on Statista, the global apparel market size is projected to grow to 1.5 trillion U.S. dollars by 2020. With robust consumer sentiment in developing economies and increased brand consciousness among consumers of these nations, the...
“Getting more organic traffic to your online retail store is tough. However, that doesn't mean it's impossible. From product descriptions, external links to blog posts and infographics, you have lots of opportunities to put your business on the map," – Neil Patel,...