Key Features You Should Consider While Picking Inventory Management Software for Your Company

Any error in tracking and managing inventory can generate major issues in your operations. This can result in additional expenses, wasteful purchases, depreciation, and understocking. Worse, it can also cause delays in deliveries, leaving customers dissatisfied with your business. Avoid these scenarios by investing in the best inventory management software for your business.

Why invest in inventory management software

Businesses are earnestly digitizing their supply chain operations to remain competitive and relevant in the market. This allows them to streamline inventory management, warehouse management, manufacturing, and order fulfillment process. One of the most in-demand software is inventory management software. In fact, GMI Insights predicts its demand will have an annual growth rate of 5% from 2020 to 2026.

Inventory management has a positive and significant relationship with your company’s profitability. It ensures you have enough stock of your products to meet customers’ demands. This makes it one of the most crucial aspects of your business operations. Hence, you need an efficient and transparent system to make sure that you aren’t missing sales due to understocking or losing money due to overstocking. An inventory management software can simplify this process and make it even more effective.

So if you want to keep up with your competitors, it’s time you recognize the importance of inventory management software for your business.

Key features to look for

You will find countless inventory software available for businesses. Each one offers unique arrays of tools and functions to help you manage your inventory efficiently and effectively. So before you invest in one, make sure you end up with the right software for your business. With that, here are some of the key features to consider during your search.

  1. Inventory tracking

One of the challenges in inventory management is keeping track of your stock. The lack of transparency makes it harder to determine when to purchase or manufacture more of your products. Poor inventory tracking can result in overstocking or understocking. Either means a loss of profit for your company.

Hence, it is important that your software can track and monitor your inventory. This lets you know the right time to restock your products to prevent understocking or overstocking. In effect, your inventory management software serves as an extra pair of eyes to monitor your stock levels. 

Likewise, choose software that can allow you to purchase more supplies for your inventory. This makes it easier and more convenient to manage your stock since you don’t have to switch tabs or apps to do so. You will find inventory management software solutions that automate restocking. In fact, 58% of businesses have implemented smart automation in their supply chain, specifically in their inventory management.

  1. Scalability

As your company grows, you need to make sure that your inventory management can keep up. It means adjusting to new customers’ demands and anticipating the changes in dealing with your stock. This is also something to consider when choosing the right inventory management software for your business. Invest in software that can help you scale up (or down) as needed. 

Cloud-based inventory management software is a great example of scalable software. Unlike their on-premise counterparts, you don’t need to invest in your own hardware to scale your inventory management software. Your cloud service providers would have the necessary resources to scale up your processes and make sure your software can adapt to your business growth.

  1. Analytics and reporting

Data is driving businesses to make smarter decisions and better plans for their operations. One of the benefits of inventory management software is its data analytics and reporting feature. It doesn’t just monitor your stock levels, but it also extracts data from your inventory and analyzes it. From there, it can generate forecasts of how much stock you need for a certain product in the future. Some inventory management software can also predict potential sales and profits based on your inventory data.

Aside from data analytics, another feature to look out for is report generation. Pick a software that transforms raw data and analysis into a summarized format. This includes graphs, charts, or figures. This way, you can gain insights into your inventory management with just a glance.

  1. Multi-platform capability

The past years saw a boost in remote work. As a result, companies prioritize flexibility when investing in software. Flexibility refers to the software’s accessibility. You need to make sure that important stakeholders can access the data, tools, and functions that your inventory management software offers. 

What you need is software that can be accessed on any device. This includes mobile devices like smartphones and tablets. This allows you to track and manage your inventory on the go. You don’t even have to go back to the office or go to the warehouse to resolve any issues with your inventory management. You access all the processes and data involved at the push of a button. 

Allowing room for flexibility within your operations is also a  proven ecommerce strategy for sales growth. This allows you to expand your operations and meet your customers’ demands wherever they are.

  1. Integration with other systems

Your inventory management is a part of a bigger system, which is your supply chain. If you want to embrace full digital transformation for your supply chain, it’s a good idea to check your software’s integration capabilities. 

Integration makes it easier to sync data across all your digital systems. For example, you can integrate your inventory management software with your warehouse management software to have more comprehensive information about your stock’s overall condition. 

You can also integrate your inventory management software with your ecommerce platform to boost your sales. Doing so allows your inventory management software to update your stock level in real-time and avoid the possibility of selling out-of-stock items in your store.

  1. Customization

There is no such thing as a one-size-fits-all inventory management solution. Software designed for small businesses won’t be able to cope with the complex processes of a corporation. Fortunately, there are different types of inventory management system that you can choose from depending on your business’ needs and demands.

Another alternative is to pick a software that allows customization. You can find out by contacting the vendor to ask if they can add or remove certain features in the software. This is a great feature to have if your company has very complex specifications for your inventory management. 

  1. Usability and support

The whole point of investing in software is to make inventory management simpler and more convenient. Investing in a software that is too complicated to use will defeat the entire purpose. All it would do in the end is waste hours of your time just to learn the ins and outs of the software. The same is true if the software keeps having issues to the point where it disrupts your workflows. 

Hence, it is important that you consider usability and support when picking the right inventory management software for your business. Choose a software that is intuitive and beginner-friendly so that anyone in your organization can easily use it without further training. Likewise, choose a vendor with great and reliable customer support and can immediately help you resolve any issues in your software.

Choosing the right software

You might find yourself overwhelmed with the sheer number of inventory management software to choose from. It is tempting to just pick one that is the most popular just to save yourself time making the decision. But in doing so, you can end up with a software that does not suit your current workflows.

Learning what key features to consider in your inventory management software helps narrow down your list. This ensures that you will get your money’s worth by investing in the right software for your business. Aside from these key features, you should also identify your business’ own needs to have an idea of what other features to look out for. 

10 Effective eCommerce Strategies to Help You Reach More Customers

What are ecommerce marketing strategies worth your time and investment? Whether you’re just starting a business or already have a well-established customer base, you need to stay updated with your business’s latest e-commerce marketing trends and strategies.

Launching a site is already a significant milestone for your brand. That’s why it’s essential to invest in a practical site website structure and marketing strategy.

In this post, we’ll walk you through the nine effective strategies to help you gain more customers in the long run:

1. Conduct a competitive analysis

It would be best never to leave out competitive analysis, no matter how effective your efforts are. Knowing who your competitors are is as vital as learning about your customers.

Why? Because by doing so, you can quickly assess their strengths and weaknesses and look for ways how you can gain a competitive advantage over them. For instance, you can study your competitors by looking at what content they produce, what keywords they’re ranking for in their SEO campaigns, what type of products they have for sale, etc.

You can look for market gaps that you can use to eventually outsmart them, even if they’re better funded than your store. For example, you can try using long-tail keywords. The more specific these keywords are, the more customers you’ll be able to attract in the long run.

2. Improve your social media strategy

A robust social media marketing campaign for your e-commerce business has many benefits. Primarily, this is to boost user engagement and drive sales. User engagement usually involves shares, likes, comments, and general interactions on your post. 

It will help you leverage your brand in people’s minds. Word-of-mouth marketing is also crucial because it’s easy for you to share information between and within platforms. 

Using various social media platforms makes it easy for your e-commerce business to create and maintain its online presence. For example, Instagram has a swipe-up link feature on stories and product stickers that, when clicked on, directs users to a product or catalog.

In the same way, Facebook has dynamic ads where owners can upload whole catalogs and then promote relevant content to its users. Since most of these platforms are visual-focused, you need to ensure that your posts and promotions have visually stimulating formats. 

3. Optimize your shopping cart functionality

To prevent customers from abandoning their shopping carts, you need to ensure that your shopping cart functions well. To spot issues, you need to analyze the performance frequently. 

Study your analytics data to see what stages customers tend to abandon your site. Then, think of ways you can improve on them. Similarly, you can also utilize A/B testing to know which solution has the highest potential to decrease shopping cart abandonment. 

4. Add eye-catching photos and quality product descriptions

To help your customers decide, provide them with the information they need. Since they cannot see or touch the product, they rely on product images and descriptions before deciding. 

Make sure that you include high-quality product images to generate attention. Then, give them a list of features and benefits to know what they’ll be getting. 

5. Use product video transcriptions and captions

Video captioning improves your SEO rankings, lets you reach more customers, and provides information in a simplified form that engages your audience, eventually leading to higher sales. 

In the same way, transcription can significantly enhance webinars and market research interviews, making sure that you get the most out of this marketing strategy. So, make sure that you get the best transcription software in the market. 

6. Increase ecommerce search usability

Do you record and analyze what your customers are looking for? If you can track this, you can effectively enhance your navigation and search capability.

To optimize the UX of your e-commerce site, you need to organize it to fit two primary groups of prospective customers:

  • Site visitors who only want to browse.
  • Visitors who know what they want to purchase.

Now, people who know exactly what they’re looking for want to find the correct information quickly. Creating a high-performing search experience is vital here. If users can’t find what they’re looking for, they’ll look someplace else.

The second category is those who wanted to browse and compare items. They’ll be using navigation menus and browsing through product categories and pages. To make the entire experience smooth, organize the menu bar and categories in highly intuitive and easy-to-use sections.

Your site’s search and navigation function also need to be well-designed and user-oriented to be effective and enhance your customers’ overall experience.

7. Focus on eCommerce SEO

One of the best ways to attract more customers is to improve the SEO of your eCommerce website. You will have to do keyword research, take care of your site structure, optimize the site on-page and build backlinks. 

Besides regular SEO techniques, you should consider integrating your site with Progressive Web App (PWA) to enhance its rankings. It’s proved that PWA benefits SEO since it helps to improve the site’s load speed, mobile-friendliness, and user experience.

8. Offer a wide selection of products

The more products you’re offering, the more likely customers will find something that will interest them. Ensure that you provide several styles, brands, and price points to appeal to as many shoppers as possible. 

See to it that your product descriptions are thorough. That way, customers can make a more informed decision on their purchasing product. You can also offer free shopping once they reach a certain threshold or offer it for a limited time. 

9. Offer discounts and promotions

Another way that you can generate attention is by offering discounts and promotions. 

Provide discount codes, seasonal sales, and free shipping offers to entice customers. Make sure that they’re attractive and competitive enough.

10. Host a contest or giveaway on social media

Finally, one of the best ways to attract prospective customers is by hosting contests and giveaways on social media. 

Contests are a great way to boost online engagement and inspire more people to reach out and engage with your brand.

Over to You

So, there you have it. Hopefully, you will apply these strategies to optimize your e-commerce site. Hopefully, these tips will help you get ahead of your competitors and provide actionable insights to boost your sales in the long run. 

The key here is developing the right strategies which will work best for your e-commerce store and your customers. Good luck!

Top 7 Proven Ecommerce Marketing Strategies for Sales Growth

Source: Freepik

So you have recently developed a shiny, new eCommerce website and are looking to promote and sell your excellent range of products, but where to start? Despite what a lot of blogs and e-books might tell you, building a successful eCommerce website takes plenty of time and effort, including a fair share of trial and error.

In this article, we will look at 7 proven eCommerce marketing strategies to boost sales growth, helping to make your online store a success.

An Overview of Ecommerce Marketing

Ecommerce marketing is a range of practices and techniques that can typically be broken down into three stages:

  • The first step is to promote your products via numerous channels to help drive potential customers to your online store. 

  • Once a new user is directed to your store, the next stage is to encourage them to purchase with the help of a strong user experience

  • When a first-time purchase has been completed, the last step is to keep the customer as a long-term patron, resulting in repeat business.

Developing an eCommerce website is not covered by this guide, but there are many website builders out there that can simplify the process and create effective and functional online stores

If you prefer WordPress as your chosen content management system, Elementor, Divi and other powerful WordPress page builders might be of great interest.

7 Proven Ecommerce Marketing Strategies To Boost Sales Growth

  1. Establish Your Target Audience

Knowing exactly who your target audience is and optimizing your content around their wants and needs are vital to growing a successful online business. However, identifying your key target audience requires thorough research.

Source: Freepik

Here are some useful tips to define your primary target audience:

  • It is always a good start if you can be ‌part of your intended target audience, allowing you to apply your preferences to your strategy. If you have no interest in the products you are selling, then the task becomes much more difficult.

  • Envisage your ideal customers, determine individual profiles for each and think about how to meet their requirements. This will help you build a targeted marketing strategy. 

  • Using the profiles you have created, you can then segment your audience to create personalized campaigns. Think locations, behaviors, interests, and professions.

  • Once you are up and running, it is important to understand what you are doing successfully and where you could improve. Think of ways to gather feedback and opinions from your customer base, such as a survey that offers incentives.

  • Encourage referrals by offering incentives to your customers for promoting your store this can be achieved through social media shares in return for a discount or a prize.

  • Conduct regular competitor analysis to stay on top of new trends and products. This can help you identify new niches that may have passed you by. If your competitor’s product is good, then it is up to you to show why yours is better.

  • Finally, always be willing to change and adapt. If a campaign hasn’t produced significant results, then analyze how to improve it, or if it needs to be scrapped altogether.

  1. Use Keywords To Drive Your Marketing Strategy

When building a search engine marketing strategy, you need to know what the search intent of the user is. In our case, this is likely to be for purchasing ‌or product research. 

Product research-related search terms often contain words like “cheapest”, “best” or “newest”, while customers looking to buy a product are likely to use words such as “shop”, “discount”, and “sale”, for example.

Establishing the intent of your target audience will help you identify the correct keywords to use in your content. An old-school brainstorming session is a great way to build an excellent library of potential keywords before using a keyword research tool such as Ahrefs or Uber Suggest.

  1. Ensure Your Product Pages Are Optimized

Your product pages need to be optimized for both text and visual searches. This means high-quality, unique text, images, and video. You will also need a strong call-to-action (CTA) to encourage the user to place an order. 

Product reviews and ‘Social Proof’ are also fundamental to a successful eCommerce website, as a customer is more likely to purchase a product if there is a convincing testimonial from a fellow shopper.

Remember, you can create amazing product pages, but if your website does not function the way it should and impairs the user’s experience, then it might all count for nothing. Applying effective business process automation can turn a potential exit into a sale - assist the customer as much as possible without being invasive.

  1. Create Sensible Re-targeting Campaigns

Annoyingly, there will be times when a customer places an item in their cart, ready to buy. Then they suddenly exit the store without making a transaction. There can be many reasons for this, and it is a common occurrence, but not all is lost.

Re-targeting should be one priority of your eCommerce marketing strategy.

Using automated processes, you can send gentle reminders to these ‘nearly customers’  trying to entice them back to your store, perhaps offering a discount or an alternative product.

  1. Build a Strong Mailing List

Many unsuccessful online stores have neglected to build up their mailing list and instead have narrowed their marketing plans focusing on search engine optimization and social media. We should not underestimate the role of email marketing.

Build up your mailing list using the following methods:

  • Pop-ups asking users to sign up for your newsletter

  • Offer discounts for users that have opted-in to your mailing list

  • Product giveaways on social media

  • An opt-in option at the checkout

  • Strategically placed calls-to-action across your website

Keep in mind that when asking people to sign up for your email list, you need to offer something of value.  While coupons and discounts can work, for some brands this can be educational content as well.  

For instance, if you had a golf ecommerce brand it may make sense to create an online course that explains how to get the perfect golf swing.  

The nice thing here is that your offer isn’t selling anything, it’s just educating your audience.  So, they’re much more likely to get a free resource like this and then look at you as a thought leader, which will lead to more sales in the future. 

You can build a list of subscribers with the help of this video:

  1. Stay Ahead of the Game With Automated Emails

For any form of marketing, it pays not to be reactive, eCommerce is certainly no exception. 

Automated email campaigns can help you inform your mailing list of a sale or special offer during key periods of the year, as well as entice back customers that have abandoned their shopping cart. This is a powerful tool and a great time saver.

  1. Focus on Effective Social Media Campaigns

Source: Freepik

Establishing a brand is vital if you want to launch an online store that generates sales, and the best place to promote your brand online is via social media. 

Platforms such as Instagram allow you to develop ad campaigns that can target specific audiences, while there are also helpful tools to help you schedule Instagram posts so your page remains active - using a range of software is key to managing each aspect of your campaign without being overwhelmed.

To achieve great social media success and high conversions, we refer you back to our first point, knowing your target audience!

Final Words

We hope our insights have been both digestible and useful, and we wish you and your online store luck with your chosen strategy. 

Remember, successful eCommerce websites are not achieved overnight, and mistakes will be made along the way, the important thing is how you adapt.

5 Ways to Naturally Grow Your Business

Success in business is not always linear. There are times when you would hit a few bumps and roads ahead.

But, one thing is for sure, you need to keep going and keep growing.

As we progress, purchase new assets, increase employees, and acquire more customers, it is important that our strategy scales and improves as well. So in order to help you, we have listed a few tips on how you can naturally and sustainably grow your business.

Explore Different Types of Growth 

An article published on the Missouri State University website suggested different alternative growth scenarios. Rather than look at growth from a general perspective, they proposed seven different ways to grow and develop a business.

Oftentimes when we think of growth, we usually think in terms of the market and income growth of our business. But according to the mentioned article, growth can also be network growth, quality growth, product growth, volume growth, and financial growth.

Market and income growth generally refers to new market entry and an increase in profitability, respectively. Whilst network growth means additional partnerships, quality growth is for research and development, product growth means innovation, volume growth is an increase in production, and financial growth means an injection of more capital.

Once you look at growth this way, you would be able to unlock more potential and opportunities for your business.

Setup an eCommerce Store

Many startups found success by setting up their own e-commerce store. Since building customer relationships from the ground up can be difficult, most e-commerce platforms simply take away this burden from you. They already have a repository or access to customer data that you never had before. Because of this, it is much easier to target customers and generate leads for your brand. 

Remember that there are tons of ways to set up an e-commerce store. You can either create your own online store or just simply set up an account on an e-commerce platform. Most startups often opt for the latter because it is much more convenient and less costly. Given that startups are still new in the industry, it is more practical to set up an account in an eCommerce platform rather than splurge their entire budget on creating their own online store. 

Startups are able to greatly benefit from their e-commerce store because they are able to generate more leads and explore new markets without having to burn a hole in their pocket. With that said, you should consider this as one of your options to grow your business. 

Find a Niche

Look for your target market and start building from there.

Think of a niche as your starting point. Since you are still new to the industry, it is much better to build credibility and reputation in a niche market first. Quickly jumping and marketing to a more general market might just lead to unfavorable results. Keep in mind that consumers are still unfamiliar with your product and they have not fully trusted you yet.  So pandering to the general audience might just be ineffective and a waste of resources.

To maximize your growth potential, you should instead gain the trust of your niche market first. Thereafter, you can then think in terms of growth and how your brand can serve other related markets. Potential customers outside your niche would be more trusting of you if they know there are other sets of people who trust you as well.

Pander to the Community

Aside from your niche market, you should also consider your local community as a target market as well. There are different ways to pander to your local community and one of which is hosting events.

If you are planning to have an actual store, then the best way to start is to host an in-store demo. Even though e-commerce is growing increasingly popular these days, in-store demos are still an effective way to bring in more loyal customers. The great thing about this type of event is that you can also do it along with your other marketing strategies as well.

For instance, in-store demos are a great source of content for your social media campaign. You can even hire an influencer from a promotional modeling agency as well. Doing so would help generate buzz around your brand.

Besides, no matter which marketing campaign you decide on, it would certainly enhance your reputation and image within the community.

Embrace Changes

As cliché as it is, the best way to achieve sustainable growth is to adapt to changes. Keep in mind that consumers’ attitudes and behavior are ever so changing. With that, your business needs to catch up as well.

For instance, most businesses today are now switching their marketing campaign from print to digital. They have noticed that consumers are spending and dedicating more of their time online. These businesses now see digital media as a crucial element in their marketing campaign.  

And this does not only apply to the marketing aspect of the business, many companies today are now starting to embrace innovative changes in tech like AI for their day-to-day work,  FinTech for their business transactions, and e-commerce for their marketplace.

Because at the end of the day, your business needs to be agile to progress and innovation. If you fail to catch up and welcome these changes, both you and your business would not be able to overcome stagnant growth.