How To Expand Your eCommerce Business
Expanding an eCommerce business locally is achievable for most brands. But making a brand successful on the international stage often requires radical thinking and a brand new approach. Frequently, small and medium-sized businesses require a template for success, plus partners who can make their ambitions an operational reality.
In this post, we look at how to expand your eCommerce business on the global stage.
Thoroughly Research Your New Target Markets
One of the reasons eCommerce brands struggle to make headway abroad is that they fail to thoroughly research their target markets. Unfortunately, the world is not homogeneous. Different markets have different requirements. And that means that it is essential to tailor your approach depending on the area in which you want to expand.
How you do this very much depends on the specifics of your business. However, you’ll need to consider the following:
- The legal requirements in your target market and how they relate to your business
- The level of infrastructure available and whether it meets your needs
- The type of culture and openness to foreign brands
- The characteristics of the local economy and whether it can support a business like yours
Sort Out Your Finances
The overseas expansion also requires building sufficient finances to acquire the necessary level of capital to make it happen. Fortunately, there are a variety of funding sources that you can explore to do this.
If you’re making good profits from your domestic business, you may be able to ask investors if you can channel these away from dividends and into growing the company for the future. Most boards will agree with a plan like this, so long as the returns are positive.
If your cash flow isn’t so good, then you can look at alternative options. These include things like peer-to-peer lending, private loans, and loans from banks and financial institutions.
Whenever you consider taking out a loan, factor in the cost of paying it back and whether it makes business sense. Sometimes, the returns from expanding your enterprise are quite low, so even if you have a larger company, you may not be making as much profit as before.
Do Some Planning
Before you expand your eCommerce business, it pays to do a little planning. Find out if you are ready to grow and what benefits it will bring to your organization.
Start by jotting down the organizational resources that you’ll need to expand your enterprise overseas. Then create an international business plan that will set out how long your expansion efforts will take and how you’ll know when you’ve achieved your goals.
Finally, you should carry out a SWOT analysis, asking questions such as:
- What makes you unique?
- Who is the biggest rival in your target market?
Sweat The Details
Lastly, you’ll need to think through all of the details to ensure that your approach is suitable for the target market. This includes:
- Ensuring that you’re charging a price that local consumers find acceptable
- Fulfilling all your tax obligations and permit requirements
Following various logistics, customs, and import laws and tariffs
Cut Down On Packaging Costs
Many businesses will be looking to lower their expenses. This may be due to COVID-19 and the harsh blow that it has dealt to companies all over the globe, or it could just be that some cuts need to be made. Business owners know that it’s crunch time and that if they want their companies to keep running, some serious cuts are going to need to be made when it comes to finances. If you are one of the business owners that has found themselves in this position, then down below you are going to find some information that will be beneficial to you. We’re going to be discussing some of the ways that you can cut down on packaging costs, so keep reading if you would like to find out more.
Reducing Material And Packaging Costs
The grade of the packaging box that you are using is going to be an important consideration. There are many different options available to businesses when it comes to packaging, with a range of materials for you to choose from. As such, you should be looking at the selections that you have currently made, giving you the opportunity to decide whether or not there is a way to lower your cost. Of course, when you are trying to cut down on packaging costs, you don’t want to harm the level of quality, meaning that you need to be careful with your selections.
The provider that you choose can have a massive impact on the amount that you pay in packaging costs. There are many companies that can offer you fantastic prices, competitive with the others in the business. A lot of these companies will have offers running for new customers, so offers like this are important to take advantage of while they are there.
You should assess the situation and make a decision as to whether or not it will be possible to use multi-functional packaging to cut down on packaging costs. Instead of ordering a range of different types of packaging, you will then only need to order one, allowing you to order in bulk. Being able to order in bulk will mean that you can reap the benefits of doing this which are fantastic savings, and you don’t need to concern yourself with having a range of different packaging in stock at all times.
If you can use multi-functional packaging, we highly recommend that you do. If you have a range of packaging types, and two of them go unused, that’s a lot of money wasted that you’re never going to see again.
As you can see then, there is a range of ways that you can cut down on packaging costs, but switching your provider to Ship Joy is one of the best. You will be making fantastic savings all year round when you choose Ship Joy above all other companies. We are able to offer you unbeatable prices, and the highest quality customer service from our knowledgeable staff.
If you want to start saving now, get in touch with us today!
Shipping for Your Shopify Store
A Shopify store is one of the best ways to do eCommerce online. However, you need to have a strong system in place to get your products to your customers. This is not always easy especially if you are new to Shopify.
Fortunately, there are solutions that will make Shopify shipping easier for you. When you find the right shipping method your business will begin to flow smoothly. You can begin to focus on expanding your product line and on getting more conversions to your products. Here is a look at how you can streamline the shipping process for your Shopify store.
Shopify Shipping Offers Flexibility
One of the best things about Shopify is that it affords you a lot of flexibility, this means that you have several different ways in which you can accomplish a task on the platform. There are several ways to submit addresses to the fulfillment provider of your choice. You will also have a lot of options for generating shipping labels for your products.
Since you have so much flexibility and options it can become overwhelming to choose the right methods. However, by using a few simple guidelines you can choose the best method for your store.
Choosing the Right Shipping Method
Choosing a shipping method with care and precision is extremely important. One of the most frequent problems with online shipping is that your customers may enter the wrong shipping information. This happens a lot and it can lead to delivery problems. When a package is sent to the wrong address it can have serious consequences.
Sometimes, your customer’s browsers autocomplete the address details for them.
The best way to prevent errors is to turn off the auto-completion option as soon as your online store is up and running.
This will prevent your customer’s browsers from automatically filling out this information when they check out on your website. Doing this will prevent you from having a lot of problems with shipping.
Transporting Your Products
One of the things that is important to any Shopify store is your carrier. You need to partner with a carrier who understands how Shopify shipping works. This will help to streamline the process by which your customers receive what they have ordered.
Choosing a company like ShipJoy is one of the best options available to you for shipping products from your Shopify store. When you use ShipJoy you are guaranteed that your orders will be delivered safely and on time to your customers.
Ship with Confidence
Shopify shipping should be hassle-free for both you and your customer. Having to deal with hiccups in the shipping process can frustrate you and your customers.
Customer frustration is something that you want to avoid at all costs. Frustrated customers often do not become repeat customers. In fact, customers can become so disgruntled that they contribute to bad word-of-mouth advertising for your brand. The best way to ensure that this doesn’t happen is the partner with a reliable Shipping Company. If you are looking for a fast and reliable shipping service for your Shopify store then do not hesitate to contact ShipJoy.
Guide To Consumer Electronics Fulfillment
The consumer electronics world is changing fast. Many more people than ever before now have the means to access handheld and portable devices for connecting to the internet, listening to music, streaming, and so on. With adoption rates so high, companies are having to adapt their supply chains. Offering reliable electronics fulfillment is essential for keeping customers happy and the bottom lines healthy. However, relatively few firms are taking advantage of the consumer fulfillment options available to them. And that is potentially a drag on their quality of service and bottom line.
In this post, we run through some of the key benefits and advantages of working with a third-party partner to meet your electronics fulfillment operational needs.
Improved Inventory Management
Trying to figure out how much inventory you require in-house is a challenge. Often, systems that you are able to develop within your company are insufficient for predicting fluctuations in demand in the future. And this can increase the risk of inventory issues, shortages, and excess supply.
However, working with professional electronics fulfillment partners helps to reduce this risk. That’s because they offer systems that increase the feasibility of forecasting demand and communicating requirements to supply chain partners. Ultimately, working with a partner increases the chances of being able to meet consumer demand, no matter how much it gyrates throughout the season or the year.
Higher Returns On Invested Capital
Sometimes – though rarely – consumer electronics do not meet the high standards that customers expect and need to be returned. Facilitating this process in-house, however, is again challenging, often requiring the expertise and resources of an entire department. Thus, optimizing logistical processes can help.
Using third-party’s facilities to allow customers to return goods helps to reduce your administrative overhead and reduce time spent dealing with issues on the ground. Having a good returns policy and reverse logistics process in operation lowers your running costs. It also improves the overall quality of experience customers get when working with your firm.
Better Product Inventory Management
Keeping track of hundreds of SKUs is challenging enough. But when there are thousands or tens of thousands in your inventory, you soon require much more than simple spreadsheets.
But robust SKU management is often challenging to achieve, especially in the electronics sector where there are so many thousands of different components. However, with a management system in place, you no longer have to rely on human inputs. Instead, you can automate much of the process, including your warehouse plan, ordering, and analytics. The benefits of these systems for electronics fulfillment are, therefore, tremendous.
The electronics supply chain is growing in complexity all the time. Trying to organize all the necessary inputs that you require while also reacting to shifting consumer demand is a complex process requiring specialist expertise to conduct effectively. For instance, ShipJoy can help your organization by providing the necessary fulfillment and inventory tools that you require to react adaptively to changes in circumstances. The result is better product fulfillment, happier customers, and fewer inventory-related issues.