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Inventory Management Options for E-Commerce Businesses

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StrategyDriven Managing Your Business Article |Inventory Management|Inventory Management Options for E-Commerce BusinessesInventory management is central to business success; you need to get the balance right to future-proof the business and ensure that you stay profitable. If you are new to inventory management or you need a refresh, read about the fundamentals of inventory management.

Safety Stock

E-commerce businesses across the board need safety stock to cover any unexpected occurrences, In recent times, panic buying has led to issues with stock and revenue streams, so it’s important to understand the threats to your business and improve overall resilience.

There are various ways to manage your safety stock. If you work with wholesale products, you can negotiate terms with your manufacturer to ensure you have enough products to cover over or under-buying. Learn more about How to Inspect Your Inventory for your future success.

Balanced Inventory

So much of business success comes down to balance, and a balanced inventory is central to any success. A balanced inventory is simply having enough stock in reserves to serve customers but not having so much of it that you will have to liquidate the company short term.

Again, having a balanced inventory is all about knowing your target audience inside out; you have to understand the dynamics of the business to make smart choices about your inventory management. The more data you have, the easier it is to cover demands and future proof.

Kitting Technique

The kitting technique is a common way to manage stock online and offline. If you have too much stock in reserve, you can put two items together and offer them as a deal. These are typically buy-one-get-one-free offers that allow you to trim back your inventory and offer deals.


The kitting technique is a win-win situation that can be used to boost your brand and trim your stock; it is often used after busing seasons, such as Christmas when businesses need to offload a lot of unsold stock. That said, the kitting technique can be used at any time for a sales surge.

Future Stock

Stock management is a key component of e-commerce businesses, especially ones that manage their own stock. Get this process wrong, and it can cost the business substantially, get it right, and you strike the right balance that grows the business in a controlled kind of way.

In order to predict future stock, you need to understand what you are selling and when. Tracking sales is the best way to gather this data and make future predictions about what you need in your inventory. As you can imagine, it is better to overstock and sell items in a kitting sale.

Smart Storage

Smart storage solutions also need to be considered for the business inventory. The stock needs to be located in a place that is easy to reach and safe to keep valuable items. Make sure your storage space is clean and dry to protect your stock; many small businesses use self-storage facilities for their stock because they are secure, dry, accessible, and can be reasonably priced.

5 Steps To Modernize Your Company’s Online Presence

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StrategyDriven Online Marketing and Website Development Article |Company Online Presence|5 Steps To Modernize Your Company's Online PresenceNo matter who you are, you need to find ways to increase your brand’s online reach, and you can choose things like promotions and content. But, if you haven’t focused on the impact of your online image for a while, you might find that it is outdated. This could mean that many competing companies have passed you by, making it difficult to gain a foothold in your industry. If your online presence feels outdated, now is the best time to make crucial changes, so consider these five steps to modernize your company’s online presence.

Work With Design Agencies

You may have plenty of knowledge about your industry. But if this doesn’t revolve around web design, you are better off working with external design agencies who can visit office locations to get an idea of the type of vibe you want to present. From here, these agencies will be able to discuss your needs for your website and other platforms so they can create an easily recognizable image for your brand, clean up your website and social media pages, and make sure your company looks like one that belongs in the modern world.

Check Your Information Is Accurate

All companies must ensure their contact information is up-to-date on their website and search engines. However, these changes are often a low priority, especially when considering other essentials. This can mean that office hours and other details are ignored. But, customers will lose faith in your brand if they cannot locate you, so quickly checking that all your information is accurate (and changing it if it isn’t) is an easy step to help modernize your brand.


Keep Styles Consistent

Consistent styles across all platforms will make your company immediately noticeable. This means using the same font and color scheme. You can also use the right tone with your written content. If you prefer to engage customers through excitement, big and bold words and images are vital. If you prefer a more sophisticated approach, look for understated yet classy images and fonts that will garner interest from your desired customer base.

Maximize Online Resources

There are plenty of online spaces you can occupy, and ignoring the potential of these means your company could fall behind. Social media is the most obvious resource, and you need to make sure you spread your influence across as many areas as possible. This means regular posts on all popular platforms to maximize your chance to reach the right people.

Match Your Audience’s Needs

Creating relevant content that meets your audience’s needs is a fantastic way to drive engagement and prove that you have successfully modernized your approach. You need to understand current content trends, as this makes it easier for you to adapt and stay in the conversation because if you aren’t saying something, you could be forgotten about quickly.

Modernized

A modern business will always be more appealing to the latest generation of consumers. By ensuring your online presence is clean and contemporary, you can make your company stand out as one worth looking at and frequenting. In doing so, you’ll boost your profits and your reputation to make your company one of the leaders in your industry.

6 Issues That Can Negatively Impact The Perception Of Your Business

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StrategyDriven Customer Relationship Management Article |Negative Impact on Business|6 Issues That Can Negatively Impact The Perception Of Your BusinessThe perception of your business is going to be everything on the market. If you don’t create and manage the right perception then your company is always going to be in a far weaker position overall. You will struggle to maintain the right level of sales and you could ultimately find that your company collapses on the market. To keep the perception of your business positive, you need to be aware of the issues that can cause a negative impact. Here are some of the common concerns that you must keep in mind.

Connection Problems

First, you need to consider issues with connectivity in your business. It’s important to make sure that you do keep connection levels high. If customers struggle to reach you or they can’t address a problem with your service, then this is always going to make them think twice about committing to a second purchase. That’s critical because second purchases are what determines whether your company is the success you need it to be. There are many ways to keep connectivity levels high. For instance, one of the key advantages of IoT SIM cards is that they limit the chances of dropped calls which infuriat customers.

High Prices

You might also want to consider the issue of pricing in your business model. Pricing isn’t the only important aspect of a sale to a customer. It’s just one piece of a puzzle, but they don’t want to feel as though they are being overcharged. If this happens, then it is always going to lead to negative word of mouth. Existing customers may also avoid your business in favor of a far more cost friendly competitor.

Poor Customer Service

If your customers experience issues while trying to shop around or place an order they need to know that they can approach you. If your customer service team is poor and lacks valuable people skills then your customers and clients aren’t going to be getting the responses they want or need. You might like to think of offering training for your customer service team so they can help whenever needed.

You might also like to think about using a service such as a web chat on your website. This is something that customers can get instant answers from, making it more likely to end in a sale.

Limited Or No Value

You might also want to think about whether or not you are providing your business customers with the right level of value. This might sound the same as selling your products and services at the right price, but it’s actually quite different. Instead, this refers to value through options like information and engagement. Customers want to feel as though they are connected to your business. This will only happen if you do keep on providing value in a variety of different ways. Essentially, you need to make your customers feel as though they are gaining access to an exclusive club when they connect with your company.

Lack Of Personality

Next, you should think about the level of personality your business brand has. If your business has the right amount of personality, then it will stand out from the rest of the companies online and on the market. Ultimately, customers want to see the people and the individuals behind the brand. They want to feel connected to you and your business team. Social media is one of the key ways that you can generate this type of impact. For instance, through social media you can provide a window to the inner workings of your business so people can attach names and faces to the company they are buying from.

Bad Reviews

It’s a well known fact that a high percentage of people check reviews of businesses and companies before they use them or order from them. If you are inundated with negative reviews then this will put people off. It’s always a good idea to reply to any review that you receive, this shows you care about your customers as well as your reputation.

If the reviews state problems with products then you could refund your customers or replace the items. Doing something is much better than ignoring the issue and watching the negative reviews mount up.

We hope this helps you understand some of the key issues that can negatively impact the perception of your business that you might have to deal with at some point in the future. By taking the right steps, you will be able to ensure that your company is in a far stronger position overall.

How to Use Video Content to Grow Your Business

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StrategyDriven Online Marketing and Website Development Article |Video Content|How to Use Video Content to Grow Your BusinessVideo has taken over the online marketing space. It is one of the easiest ways to connect with an audience and to grow your business. If you are not currently maximizing video usage then you are not using a valuable marketing strategy that can help to grow your business quickly and efficiently.

Using video is one of the best ways to make an emotional connection with your audience that will lead them to purchase your products and services. Here are some of the key benefits your business can derive from using video as part of your marketing strategy.

Increase Brand Awareness

With so many of the major online platforms emphasizing short-form video content you no longer have to produce long overly optimized videos to make an impact. YouTube has introduced shorts, Instagram has reels, Pinterest has introduced idea pins, and TikTok is also a great place to post short-form content.

This is not to say that you should not use long-form videos as well to get your message across, you can create these yourself or use a video production company to help.

Whether you produce long form or short form content it is now easier than ever for you to create videos quickly and easily.

Introduce Yourself

People like to buy from people they know and trust. If you are running a business you need to start using video to connect with your audience.

You can use video content to share the story of your brand. Talk about why you started it and what you hope to achieve.

Show people behind the scenes footage of how things work in your office space to get your products and service out of them. Share with them the hardships or struggles that you are experiencing as a business.

Talk to them about your triumphs, future hopes, and expectations for your business. Sharing in such a personal way will help you to make an emotional connection with your audience. When people start feeling as if they know you, they are more likely to purchase your products and services.

Show How Your Products Work

Often people are hesitant to purchase a product because they’re not exactly sure how it will work for them. You can use video to show your products being used.

You can have customers make videos showing others how they are using a product that they have bought from you. Seeing people just like themselves using your products to make their life better is a great way to push those who are hesitant about purchasing to do so.

Start Filming

There is little doubt that video is an extremely effective way of getting your message out to potential customers and even your present ones. If you have been hesitant to use videos in the past, now is the time to conquer your fears and get on board.

You will not regret it, because you will see exponential growth in your business as you embrace video to get your message across to your target audience.

4 Biggest Challenges Small Businesses Face

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StrategyDriven Entrepreneurship Article |Small Businesses|4 Biggest Challenges Small Businesses FaceMany entrepreneurs are often excited to get their business idea off the ground. Yet, many can feel overwhelmed by the many obstacles they will face.

Unfortunately, the issues they encounter might impact a company’s survival. The Bureau of Labor statistics reported 20% of small businesses close within their first year.

If you’re an aspiring entrepreneur or have recently launched a new venture, learn about the four biggest challenges small businesses face and the solutions to fix them.

1. Growing Brand Awareness

Brand awareness is crucial for developing a strong industry reputation, establishing trust, and generating substantial revenue.

Yet, building awareness is a major challenge for small companies, as they may need to compete with established rivals with huge marketing power.

For your company to follow in the footsteps of the biggest household names, it must introduce strategies for growing word of mouth referrals and boosting its reputation.

Hiring a PR specialist will increase a brand’s media coverage, which can lead to a bigger social media following and customer base.

Also, you could reach many more potential customers by co-partnering with local brands that sell complementary products or services. This will allow you to tap into their social media following and customer database.

2. Hiring Talented Employees

Labor quality is an issue for many small businesses. Attracting the right candidate for a role might be a challenge, as there might be a particular skills shortage in a town or city.

Also, a brand might not have access to a large database of hardworking professionals with extensive skills and experience.
If so, find an experienced staffing solutions company to help you discover and hire talented, experienced professionals on a permanent or temporary basis. If this sounds ideal, search for staffing agencies near me.

3. Ensuring Customer Satisfaction

Customer satisfaction is essential for building loyalty, growing revenue, and encouraging word of mouth.

Yet, keeping customers happy might feel difficult for new business owners, as they may not have a large customer service team to resolve issues.

Also, a lack of capital might make it hard to create loyalty programs to encourage repeat custom.

Improve customer satisfaction by meeting consumer expectations to avoid complaints or refunds, go above and beyond when possible to make customers happy, and measure satisfaction to find ways to improve the customer service experience.

4. Workflow Management

Workflow management is one of the biggest obstacles small business owners must overcome.

It is your responsibility to introduce processes to support efficiency and enhance standards.

As you can’t be everywhere at one time, you might struggle to feel in control of your operations and processes each day.
Unfortunately, managing workflows will become a significant challenge as your business scales.

Take greater control of your company and identify roadblocks by:

  • Introducing anonymous employee satisfaction surveys
  • Asking direct reports to host one-to-one meetings with their team
  • Hosting one-to-one meetings with your direct reports
  • Asking employees about the issues they face in their roles

Every business owner will face challenges when running a small or large company. However, the solutions introduced will determine whether a brand stands the test of time or closes its doors.