The thumb rules
It is imperative for business owners to follow the basic principles of commerce while simultaneously keeping abreast of all advances in the vast commercial arenas.
Investing money is the easiest part, next is setting up the enterprise while the most difficult is organizing, sustaining and coming up trumps. Initially, the first focus should be on getting your act together and reaching a point where you are able to make both ends meet.
In other words, the initial foray into a startup or a freshly taken over enterprise is to break even which is not always possible or feasible given the harsh realities which we have to actually face according to the ground conditions surrounding or inherent to your situation.
The following are some aspects which will aid in growing your eCommerce business:
- Technology should be reviewed periodically to introduce innovative new technologies in your business,
- To speed up processes to save time, effort and money to enhance productivity,
- To speed up communications with customers, distributors, suppliers, potential clients, etc
- To ensure faster transactions and processes leading to higher efficiency in all processes.
Remain updated but prudent
If you step cautiously and use latest technical gadgets, you can ensure the growth and expansion you desire.
As far as practicable, your setup should be technologically up-to-date whether it is your::
- Manpower management,
- Products and their “Use Before” dates,
- Delivery / distribution systems,
- Procurement policies / replenishment,
- Accounting methods,
- Equipment and assets.
eCommerce does dictate so many steps BUT prudence is the golden key that was instrumental in producing retail and other giants.
But, it is not enough if you know your customers, THEY should know you.
is a major chunk of the eCommerce revolution since it has given access for the biggest markets to directly reach a million homes and multi-million customers through advancements.
The following are some steps which might come in handy:
A customer first-last-and-always focus
Through higher rate of interaction; you need to collect a database of existing clients and potential ones; find topics of common concern which will help you in interacting to form a relationship, a systematic and sustained KYC campaign can be a big help.
This aspect is your whole bread and butter hence, you should be prepared to go beyond the call of customer care to satisfy your individual and collective customers even if it comes at a cost.
It is the most common, most handy and most frequently used tool of eCommerce and M-commerce both; doing it the smart-phone way is overtaking all other eCommerce tools
Discounts and their deployment
The public knows it all so whenever a discount or buy-one-get-one free scheme is launched it has an immediate communication with the customer implying that the company is unable to sell according to its targets, or is unable to clear the warehouses and is desperate,
This is one activity which might be considered a necessary evil by most of the business fraternity since it may provide an impetus to their diminishing sales but this is one area where you need to tread very carefully because it is an activity where the responses are not guaranteed; moreover, some companies just take you for a ride while charging exorbitant amounts.
So, prudence dictates that you tread carefully before taking a plunge.
This is one aspect which you may learn the hard way, you will have to have a workable (read practical and applicable) to avoid unnecessary wastage due to unplanned stocking; it locks up your money.
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