Selling on Facebook gives retailers opportunity to leverage benefits of interacting with customers online, discussing directly goods, their features with the consumers and spreading information about retailer ad, it's good with word of a mouth!
This concept isn't new, but do you use this channel? And why would you want to if you already have a website. Confused? To avoid confusions, let me discuss few pros and cons of Facebook store that will help you know what you can and can't do.
Pros of Facebook store
Explore your products globally: With millions of active users on Facebook, a store supported by the platform enables businesses an opportunity to reach out a large mass of audience globally, inaccessible by almost any other online platform for business owners.
Insights: Facebook’s API allows access to their data and can be used for different types of analytics integration, including Google Analytics Social Engagement measurement. This way you have an ability to easily track how many likes you get a day. What posts are the most engaging? Has your engagement dropped from last month? Did a campaign increase engagement? By how much? This way you can make better informed decisions.
Facebook "ads" system: Facebook "ads" system is a robust system because of its precision targeting. With this you can have an access to the most targeted market - members of your page. Who else would want to purchase your product more than those who deliberately joined your page because they were interested in you?
Tabs: Facebook store enables users to add and customize tabs that can be used for certain promotion or offers that you would want your fans to know. For example, you can have forms, links to your recent products, videos, banners, etc. This is one of the most useful feature which comes in handy when you want to provide information that doesn’t necessarily fit within the default Facebook functions/media.
Cons of Facebook store
Limited to inbound fans: By default, the members of your page are only the quality leads. Therefore, businesses have to come up with new content and promotions consistently to make it of value to "Like" their page. While this has its benefits, it does not make life any easier for increasing your membership.
"Updates" page does not trigger a "red" notification
There is no way to send notification type-messages called "updates " via you Facebook store page. Therefore the updates shared from users end will not trigger a "red" notification like regular Facebook "inbox message" do. This way those update may not be read by fans right away. This is more detrimental to consumers. They willingly wanted to get updates from these pages, and because of this drawback, they may miss things they were interested in.
Unable to invite members for events
When you create an event, you are unable to send invites to the members of the store, though you can send invites to friends of your profile. That means it will not show up in your members’ profiles under events. Thus, if your members aren’t engaged with your page, very few may notice the event.
With the above mentioned pros and cons and a bit of research, users can easily tap into this huge market and make the most of all the doors that Facebook opens for business owners by setting up a useful, attractive and interesting Facebook e-shop(store).
You might also like: Must-have strategies for ecommerce marketing
Study consumer behavior for better digital marketing
With an increasing demand of online shopping, every retailers adopts multi-channel selling strategy in order to stand the growing competition. With numerous channels to market through, thanks to digital marketing, it becomes difficult to know what works best for your business. In order to undertake an efficient digital marketing strategy, consumers data and analytic has a key role to play.
An integral aspect of better digital marketing campaigns is a clear understanding of customers behavior. Studying your consumer behaviors, you can develop and implement strategic plans that address their consumers wants and needs in turn increasing the effectiveness of the campaign.
Marketing experts can study more about consumer behavior with these strategies:
Look through consumer's perspective: Looking at the business through consumer's perspective allows marketers to gain insights on customers needs of a business. Consumers are influenced about brands on ideas communicated by marketers, hence they expect business to deliver the same. Therefore, marketing experts should make sure their campaigns are concisely representing brand values.
Leverage data insights: Marketing experts can obtain better insights about their customers from business database or through a customer relationship management system. With a clear visibility of demographics and past purchase history, marketer can also learn cross channel behavior. These insights will provide marketers understand consumer behavior, which enhances your digital marketing strategy.
Encourage customer feedbacks: The most highly effective way to understand consumer needs is to directly ask them what they think. This way through customer satisfaction surveys marketers can have a better insights. Proactively consulting consumers helps marketers develop detailed customer profile that aid the development and planning of research-based digital marketing campaigns.
Marketing strategy today requires 21st century thinking. Therefore, it becomes easy implementing tools that can help you measure consumer behavior. Big Data, Google analytics, RJMetrics, just to name a few, are much renowned, trusted and preferred tool to measure consumer behavior in the world of eComm.
Key benefits that they offer:
Know your bounce rate
Exit page ratio
Conversion rate and revenue
Social media information
Revenue per key word
Revenue per landing page
And much more..
With precise data and analytics of consumers behavior in place, marketers can have better insights into their customer profile, including their media preference and social networking habits. Knowing customers insights and leveraging it into a complete customer profile will help marketers plan better digital marketing campaigns in turn lead to excellent ROI.
How to sell smartly on ebay to increase profits?
With the increasing demand of online shoppers there is an increasing demand of online sellers too. But let me tell you, selling online is not easy an option as it seems to be. Regardless, it gives the liberty to sell globally right from the comfort of your home, this selling method can be taxing and complicated for many retailers. But with the help of some easy to-do-list, you can be a successful eBay seller.
eBay selling tips to increase profits:
1. Create professional listing
When you list your products on eBay, make sure you:
Use Right keywords - Ensure that you keep your product title concise with more effective keywords so that they show up in more searches over the web. For example, instead of using keywords as "HP Officejet 7500A" use "HP Officejet 7500A all-in-printer". This way you products will show up in more search results.
Use proper photograph - Ensure that the photograph represents your products well from all views and angles. Use proper lighting and avoid blurry photographs. Photographs are a great tool to drive-in traffic, but always suggested to limit it to only three photographs per product.
Use professional description - The more professional you represent yourself, the more people will trust you. Always ensure that your description is informative and concise. Avoid long description, as you can attract attention with short, informative lines.
2. Re-target your customers
Provide links to other eBay products within your eBay auction list to attract your customers make additional purchases. Consider sending an eBay store newsletter to promote new products to your existing customers. Add links to all your eBay store pages and listings to entice your customers browse and shop more from your eBay store.
3. Use social networking sites
The more you let your name out on social networking sites the more you drive traffic to your eBay store. Prepare your informative eBay business profile on social networking sites like Facebook, LinkedIn, Twitter and promote your products or services on those sites. This way you are promoting your eBay products amongst million of users which in turn increase sales opportunities.
4. Sell internationally
If you offer your eBay products in India as well as internationally can help you increase audience of potential buyers. This way you can sell more and demand higher prices which in turn increases your profit margin.
5. Offer multiple payment modes
Offering payment choice brings more flexibility for consumers to shop from your eBay store. However, not all payment methods provide the same value to inspire buyer confidence. Therefore, it is important for you to consider consumers perspective when selecting typical payment options. You should offer multiple payment modes in your listing which will attract all those customers who left your site due to insufficient payment options.
6. End your listing at the best possible time
EBay marketplace integration helps establishing and small retailers reach out to more audience which in turn improves the chances of sales. But, many potential buyers check eBay irregularly, often during the weekend when they have spare time. So, in order to make your listings sell the most, it is always suggested to end your listing at the best possible time.
Posting your listing for 10 days will allow customers plenty of time to look up your listing and keep a track on it until they want to bid for it. The best time to offer your listing is on Thursday evening for 10 days. This will allow customers get two weekends as your auction will end on Sunday noon.
It takes time and patience to be a real successful eBay seller. But with the above tips and research from your end can help you sell smartly on eBay and increase profits.
Managing inventory is not an exciting part of becoming an eComm retailer, but it can make or break your store.
Without an effective management, web-stores can land up blocking capital in excess inventory, loss on sales in stock-out scenarios, create fulfilment problems in warehouse, and in the end let down their customers.
But, let me tell you, integrating your store and others channels together with a correct inventory management system can help you build a loyal clientele, optimize cash flow, and improve their bottom line.
What to look in an inventory management software?
An inventory management system optimizes complex distribution networks by enabling a central management of inventory, labor and process across multiple warehouse facilities.
Your inventory management system should enable you to:
1. Manage and allocate inventory across all your warehouse locations.
2. Co-ordinate multi-channel order management process.
3. Manage inbound receiving process.
4. Respond quickly to customer-specific, value-added services requests.
In order to have a smooth inventory flow in your store and across all your sales channels it is very important for you to select an inventory management system that allows multi-warehousing features.
How multi-warehousing feature can facilitate inventory control?
Efficiently manage multiple location/warehouses
This feature will allow you efficiently manage inventory across multiple locations. It allows you to create multiple locations, transfer stock between them and specify what warehouse stock is going into and out from.
Transfer stock between warehouses
When your store receives an order, this feature will help you transfer stock between warehouses and ship the order from the nearest warehouse to expedite the order fulfillment process.
Dispatch stock from a specific warehouse
With a multi-warehouse inventory management software in place you can specify the warehouse you wish to send good from. So, when you receive an order, the stock from that warehouse will decrease when the order is fulfilled.
Receive stock at a specific location
For any purchase order you can specify the warehouse you wish to receive the stock . So, when the purchase order is received it will push that stock in that specific warehouse.
Warehouse management software will give you a proper insight of all your inventories and warehouses in real-time. This way you have a complete insight of your inventory levels in store and across your warehouses.
With real-time analytics you can measure each location’s sales to see which warehouse are more profitable than others and which have a higher demand for certain products. Then you can adjust your inventories to meet demand and avoid shortages or production delays.
Benefits of warehouse management software
1. Increased inventory accuracy.
2. Improved order fulfillment accuracy.
3. Reduce order pick up times.
4. Improved order fulfillment speed.
5. Reduce order fulfillment cost.
6. Ability to meet customer specific needs.
7. Ability to sell more.
Of course, the need of multiple warehouses depends on the size and scale of your operation, as well as the cost to expand. That's why it is always recommended to indulge with a fulfillment service provider who already has warehouses in multiple locations. This way you can extend a wider footprint without added time, money, and expertise needed to build or purchase and staff warehouse space.
Simple, yet powerful