By: Aaron Rubin, Founder & CEO of ShipHero
The changes to the world economy have been many and varied since the start of the COVID-19 pandemic in March 2020. However, perhaps the largest change has been seen in eCommerce, where 2020 projections were blown away by a population of shoppers trapped in their homes, with little else to do except shop online.
While this surge in eCommerce has been a good thing for most businesses, perhaps the largest concern moving through the 4th quarter of 2021 is how to maintain the increase in eCommerce sales without overreacting – growth is wonderful, but with the resurgence of the Delta variant, things are a bit more uncertain than they were two months ago, and it appears that eCommerce may be due for another uptick in revenue. Which means a downturn could be on the horizon.
Meet the Ebbs and Flows on Even Footing
But how can you meet the challenge of ongoing revenue growth without expanding your business to the point that you cannot sustain it when the eventual lull comes? While this has always been a concern for retailers, virtual or not, maybe there’s a better way to manage these ebbs and flows. Let’s examine five ways you can grow your online business and revenue through efficiency and optimization, instead of expansion that often hits your bottom line.
5 Ways to Grow Your Online Business
- Optimize, optimize, optimize. According to a recent report by EuroMonitor, eCommerce businesses have managed to handle the influx of orders by optimizing their current tools or investing in new ones.
With a warehouse management system like ShipHero, these online businesses were able to more accurately track their inventory, nullify pick and pack errors, and more quickly move product out the door and into customer’s hands.
By using already installed systems, these companies have discovered that they can do more with the same, and by not increasing overhead, they will be able to better sustain any ebbs or flows brought about by another round of COVID-related lockdowns.
- Keep your focus. While it is easy to get wrapped up in the allure of attracting brand-new customers to your virtual storefront, it can also lead to additional spending and time away from your core customer. In the midst of uncertainty, it might be better to focus more squarely on your base, using channels and media you know will work. You always want to strive for growth, but take the time to really dive into your current outreach channels and see what else you can mine from them. You may find it easier and more profitable to secure sales from your core customer base, as opposed to a brand-new customer demographic.
- Leverage current partners. Whether it’s the company that supplies your shipping materials, or the one that runs your software, chances are these companies have additional tools and insights they can provide. Leverage these already established relationships to get more value. While this will more than likely require an additional spend, you will save time and headache by having integrations in place that will make implementation much easier.
- Rely on your retailer network. This is the time to really emphasize the partnerships you have with other retailers. Whether it’s Amazon, Walmart or Shopify, the wide reach of these brands will help your business grow further and faster. Take advantage of any programs or promotions they may offer, especially as 4th quarter approaches and the holiday season ramps up.
Also, make sure that all of your store integrations are working with your inventory and warehouse management systems. You don’t want to sell products you don’t have, or not sell products you do have, and the only way to keep it straight is to ensure those connections are in line. Also, investigate the ability to add a return management process to your existing system, so that you can more easily track and resell returned products.
- Remarketing wins retail. You have probably heard the old adage that someone needs to see or hear something three times before they act. This is still true, and that means, you need to reach your customers or potential customers three times before you can even hope to convert the sale. Fortunately, remarketing has become one of the easiest and most effective ways to bring those “window shoppers” back into the fold.
More than likely, your current advertising platforms allow you to remarket without too much additional effort. Google and Facebook make it surprisingly easy to use these features and it can greatly impact your revenue stream. Also, never underestimate the allure of an abandoned cart. Remarketing to folks who have taken the extra step to “add to cart” is an easy way to make some sales.
Planning for the Future
By implementing some or all of the steps above, you’ll have a better chance of maintaining balance throughout this unprecedented time. And you’ll be poised for future success. It is predicted that eCommerce sales will account for 1 out of every 4 retails sales by 2025. At the height of the pandemic, it was estimated that 3 out of every 10 sales were transacted online.
While experts are not predicting that we will return to such a high number in the next year or so, it is important to realize that higher eCommerce volumes are here to stay and learning how to manage the highs and lows now will better prepare you for success in the future.
How ShipHero Helps you Grow
ShipHero’s Warehouse Management Software is a complete system that allows you to manage inventory, connect directly to all of your third-party selling channels and provides you with better pick and pack capabilities to reduce errors. ShipHero also has:
- Order tracking
- Label printing
- Automation rules (AR)
- Automation rules and Smart warehouse routing
- Cycle counting
- Logs and reports
- Guided pick routes
- Automatic batch creation
- And so much more!
Stay in Front with Backend Support
If you’re looking for the easiest and most efficient way to grow your eCommerce business, even in uncertain times, we invite you to take advantage of all ShipHero has to offer. You can find a way to stay steady even as the business landscape changes, and often the easiest way to do that is to lean on your partners with superpowers.
Schedule a meeting today with our experts to learn more about our WMS software built for ecommerce brands & 3PLs looking to run their best warehouse and how ShipHero works to ensure that organizations invest in the solutions that match their needs, to improve productivity, revenue, and success.
Click HERE to Schedule a Meeting Today
Aaron Rubin, Founder & CEO
About the author: Aaron Rubin is the Founder & CEO of ShipHero. He is responsible for planning and executing the overall vision and strategy of the organization. Rubin’s greatest strengths are leadership, change management, strategic planning and a passion for progression. He is known for having his finger on the pulse of ShipHero’s major initiatives, his entrepreneurial spirit, and keen business acumen. His leadership of ShipHero is grounded in providing excellent customer service that drives improved business operations. His passion for ShipHero comes from the culture and his ability to have an impact on the lives of employees, customers, partners, and investors.