There are a multitude of factors that affect profitability and a merchant’s bottom line. Setting the right price for your products is an important step toward achieving that profit. Out of the profit margin comes the cash to cover expenses and the income for you, the owner. In a competitive industry like ecommerce, however, pricing can be a surprisingly troublesome beast.
Being your own boss, working from wherever you want, and having access to a global market: these are all perks of having your own ecommerce store. Honestly, I can write an entire ebook on how the internet has transformed the way we work and live, with new success stories emerging all the time. However, starting an online store isn’t a walk in the park…
… it’s hard work.
Generally, it requires a good understanding of things like marketing, logistics and fulfillment, to name a few, but focusing on these areas before you even get started can be stressful. Then, you have to chalk out a plan for inventory storage, which can pose an even bigger challenge if you plan to operate from home.
That’s where dropshipping becomes your savior.
This is Part 2 of our series on Holiday Tips. To start from the beginning, read our first article here.
Christmas is fast approaching, and many retailers are already on the countdown to final product assortment. As a well-organized ecommerce merchant, you’re also looking to jump on the assortment planning bandwagon. However, the challenge for most retailers lies in determining what products to select for their holiday ecommerce assortments.
This is Part 1 in our new series on ways to prepare your business for the Holidays.
It’s practically tradition for the holiday season to mean great deals, starting with Black Friday through to the classic after-Christmas and New Year’s clearance sales. According to Deloitte’s 2017 holiday survey, these sales have become so reliable that 44% of participants said that they wait for holiday sales to make big-ticket purchases, and 42% said that they only purchase sale items when holiday shopping because they know that their desired items will eventually go on sale.
As an ecommerce company, your product mix is arguably the most important part of developing your brand. While it may seem logical to offer as many products as possible to appeal to as many customers as possible, this is rarely the case. On the flip side, having too small of a selection can cause you to fall short of meeting your customers’ needs, which can ultimately limit your profit potential.
The most successful ecommerce businesses devote research, testing, and analysis to make sure their product mix hits the sweet spot.
In today’s age of growing ecommerce, free shipping has become a competitive necessity for online retailers. While there are certainly several costs associated with offering free shipping, these may be outweighed by the numerous benefits.
When big companies like Amazon first offered their free shipping model a few years ago, it was difficult for every online merchant, especially smaller ones, to follow suit. However, with growing sales and customer expectations, free shipping has become more common and more beneficial for businesses than ever before.