How to Use E-commerce Retail Store to Attain Business Goals

E-commerce stores can be broken down into three parts: customer acquisition, conversion as well as measurement.

Customer acquisition is what most of the online marketers are concerned. It is with all the different promoting efforts that you employ to make clients know your product.

Conversion involves convincing a buyer to buy your product. To a larger extent, it is ensuring that you are stocking what the customer needs and that the pricing is affordable to all. Conversion is, therefore, more related to your inventory management and pricing.

Retention and management have to do with the value that each new client brings to the firm. How much more of similar purchases are they likely to make in future? As such, you have to integrate your Enterprise Resource Planning EPR and the Customer Relationship management CRM systems to ensure you are getting quality out of your marketing spend.

If you are running a venture, do not downplay the importance of these three pieces of a tripod stand. Each of the tripod stand collects relevant data that should guide you in making the right decision. However, the primary challenge is that the facts gathered are never used to make any sound decision. As a result, the increased spending on marketing becomes a loss if no value can be obtained.

To achieve a truly optimized, marketers must be ready to integrate their products advertising efforts with price competitiveness and inventory management. Have a look?

Price Management and Product Advertising.

Remember if you fail at product pricing, you cannot make it at product advertising. The logic is simple; Google includes the price competitiveness as an algorithmic signal. As a result, products that have a lower price are likely to attract a higher conversion rate than the ones that are expensively priced.

If you price your product above average, it will almost be impossible to attain the conversion rate you need. As such, placing bids on products that are not appropriately priced is a complete waste of time.

Inventory Management and Product Advertising

As a businessperson, you have to understand the sales pattern of your products. Allocate enough funds to each product depending on its level of selling model. For instance, allocate more funds for products that have an extremely high turnover. Ensure that at least 40 percent of your total budget is spent on items that will be out of stock in less than 21days. Only allocate 21 percent of the budget to your slow moving stock.

CRM/ERP and Product Advertising.

The main reason why people are investing so many resources advertising their first moving products is to increase the returns per every ad spend. However, the model doesn’t work. Therefore, when developing your advertising ad, focus on the most efficient way to grow your venture. Think of how you will be able to capture a new client and increase the sales and profitability margins.

As a business, checkout Marketing tips for small business and  focus on the specific ways in which you can achieve your long term goals. You can consult internet marketing experts such as Ameri Sales. Develop your ads in a manner that allows you to meet your goal, mission, and objectives. Ensure that your advertising plan is not just about the short term, it should also have an impact on the future of the firm. The ERP systems will help you determine the specific profit levels of your product mix.

 

How to Mitigate the Risk of Natural Disasters before Buying Property

If you are thinking of investing in a property, have you thought about all risk factors, particularly, natural disasters that could jeopardize your investment? If yes, the following post will help to make you aware of all the possible caveats attached with the property that could be affected by natural disasters, especially if you want to secure your capital in form of the property in a coastal area or near a beach.

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Although most of the real estate agents don’t tell you about the risk factors while one is investing, however, it is important to be cognizant of all the possible natural calamities that could threaten your financial assets in form of hurricanes, earthquakes, and floods. And the problem is the economic cost of the natural disasters is often underestimated. Admittedly, these natural risk factors cannot be stopped; however, if you know what possible threats could damage your property, it would become easy for you to make preparations and to do the damage control rather than being hit by the risks all of a sudden.

Securing the Property

If you are known for the post-disaster damage control and have set the good precedent in that regard, it would immediately set you apart from your competitors. Therefore, if you invest your energy and money on installing safeguards to protect the property, it could make a huge difference. For instance, never invest your capital on one big project; rather invest in multiple small projects, so that if one gets hit by a natural calamity, all your capital won’t be lost. Getting your property insured is another effective way of decreasing the chances of your financial loss.

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Safety of the Residents

If you have property in the area that is prone to natural disasters, it is necessary to take into account the risks for individuals residing in your apartment or building. For instance, if you have tiles on the floors of your apartment, it could help to minimize the effect of floods. Similarly, the electrical connections of the building can be secured to avoid short-circuiting. Spending money on these little things may sound exhausting; however, if they are done properly, these small precautions could save your property and the tenants from a huge loss in the future.

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Maintaining the Property

Despite the danger of the natural calamities in areas where you own property, the maintenance of your house could contribute to making it disaster proof to a large extent. For instance, if the roof and drains of the apartment and building are properly functioning, it could play a role in minimizing the negative impact of floods on your house. Moreover, if the shutters are installed to secure the windows of the house and glass doors, it could lessen the impact of cyclones or hurricanes.

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Multifamily Leasing Technology

The technology of multifamily leasing could also be utilized to not only make it easier for the tenants to pay the rent and collaborate with each other in times of crisis or natural disaster, however, it would also save your time from monthly rounds to the property. Furthermore, it is a convenient option for the tenants as well. There are various types of leasing contracts that one could opt for. For example, the use of property by the tenants for a certain period of time and rent is one option, and the buying of the property could also be included in the contract for a suitable value and the last type could extend the period of leasing if the tenant and the owner manage to reach an understanding.

Evacuation kit

In order to prepare the tenants for the natural disasters, an evacuation kit could also be prepared to provide first aid supplies and medicine, food and clothing to the residents. This would build a sense of positive relations between you and the tenants in terms of responding to the risks and it would eventually safeguard the security of your property as well. Because if the tenants are able to respond to the risks in an efficient way and they secure themselves, the structure of your building may also be preserved and it would set good name in the property market.

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Keep the Record of Documents

If you are one of those property owners who is not very good at organizing and maintaining the documents, it is time for you to work on your organization skills. Because it is pertinent to maintain the record of the correspondence with the tenants in case of the damage or any natural disaster, as you will probably have to provide the evidence and details of your building or apartment before and after the disaster.  For example, keeping the pictures and media evidence would also help you to reclaim your losses to the insurance company.

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Structural Failures

This stage is of particular significance when it comes to the protection of your property in the long term. Although you may have to spend money on installing the safety mechanism, however, if these measures are not taken, these could contribute to the structural failures of the building, which would cost you more if it gets affected by a natural calamity. For example, floods could worsen the structural problems if the floors of the building are not covered with material that prevents the water from getting into the building.

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Disaster Recovery Plan

If you are an owner of the multiple buildings and you possess the funds to formulate a disaster recovery team, it would provide great help to the tenants of your building in addition to building the trust factor for your property among the tenants.  The main team could be divided into small teams responsible for the planning, prevention and evacuation phases. As teams require strong leaders, you could hire an expert in the field or lead it yourself in terms of making sure that everything gets done properly. Furthermore, a separate team for maintaining the record of the all the requirements for the insurance of the building could also be achieved in an organized manner.