Future of Commerce Blog

How to take your ecommerce brand to the next level

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You’re making sales and churning out products at a rapid pace, but your total revenue seems to be stagnant.

What’s worse is that your team’s efforts across multiple channels are still time-consuming despite aiming for efficiency and saving on costs. Over time, you get to a point where the “small business” mentality becomes too complacent and scaling your e-commerce business is a necessary step in order to see long-term growth.

Whether you run a fashion brand or a home accessory line, you can take your e-commerce brand to the next level with some key strategies that prioritize success in several areas.

Here’s how you can get started:

Streamline Your Inventory Management

Knowing how much inventory you have on hand and what to do with it are major problems that every e-commerce business faces.

One small shipping error or too many marketing campaigns targeted at one site can lead to an inventory nightmare. Not to mention, your customers may post bad reviews as a result that deter others from buying your products.

Thankfully, tons of inventory management platforms allow you to streamline your operations by leveraging real-time data in your favor. For example, the right software can help you… 

  • Track your inventory quantities and overall demand for a certain product

  • Receive alerts once an inventory level gets too low

  • Analyze sales patterns from previous months to anticipate future trends

  • Use social media insights to track product searches and interactions

  • Maintain minimum stock levels (MSLs) to satisfy budgets and upkeep demand

By focusing your inventory management into one platform, you eliminate the need to bounce around from one channel to the next with a list of growing concerns. Of course, if your only marketplace is through a single site, the job gets much easier. However, e-commerce brands with multiple revenue streams from a variety of sites need a system that pings all the right parties once a sale is made.

Altogether, this streamlined approach gives you the flexibility and assurance to grow in the right direction.

Use the Right Integration Tools

Having all of your operations under one roof is important when it comes to inventory, but you can also take advantage of other integration tools to scale your e-commerce brand and eliminate unnecessary costs.  

From accounting resources to Point-of-sale (POS) software, you can optimize your daily tasks to free up your teams for projects that scale your brand, rather than bog them down. Here are some useful integration tools to consider for several areas:

E-commerce Platform: Shopify

Your initial thought may be that switching your main platform is too costly, but your current e-commerce strategy may be the very reason why you’re not seeing consistent growth.

With Shopify, you can take advantage of multiple technology stacks to include a variety of solutions that your previous platform may not offer. For example, if you’ve always wanted to host a blog for your product and develop content, you can easily create a campaign and start posting on a consistent basis. Have you been haphazardly sending out newsletters to a subscription base populated on another site? Connect with all of them on Shopify and generate a schedule with ongoing sales and promotions.  

The interface is user-friendly and comes with tons of integrations already built-in to help you expand. Here some additional features that you can enjoy:

  • Third-party payment options like PayPal and Stripe

  • Inventory management from integration with StitchLabs

  • Customer data and insights in shareable docs with your team

  • SEO optimization for product pages, content, web searches, and website copy

  • Easy to use HTML and CSS editing features

  • POS capabilities with in-house tools or a variety of providers like Square

  • Online helpdesk support with ZenDesk

  • Access data from shipping carriers

  • Integrations with a variety of email providers and email subscriber platforms

  • Mobile optimization for consumers on-the-go with various devices

Accounting & Bookkeeping: Quickbooks and Xero Accounting

Digital transformation is a huge priority for businesses everywhere.

Luckily, you’re already operating online with most of your information floating in the cloud. However, one area of concern may be that your accounting and bookkeeping habits are holding back your core processes. 

By transferring all of your accounting efforts to the cloud, you can keep better track of your daily expenses, vendor invoices, customer sales, and overall spending instantly. Plus, these two services make the process even easier with intuitive workflows and data insights that prioritize shareability and organization:

Quickbooks

As the number one accounting software for businesses around the world, QuickBooks offers transparent data entry that connects to multiple accounts and updates sales across all platforms at once. Some other key features include 

  • Online and desktop software tools

  • Automatic sales synchronization

  • Easy expense tracking through document uploads or data entry

  • Order and sales tracking across numerous marketplaces

Xero

What’s unique about Xero is that you have a virtual accountant available to you 24/7. The software lives entirely in the cloud, which means you can avoid upload and download times and expedite your accounting needs as you go through your operations. With Xero, your benefits include 

  • Cloud-based invoicing for vendors and clients

  • Complete financial overview of your business with real-time data reports

  • Personalized accountant relationship with Xero’s Single Ledger Approach

  • Paperless file-keeping for sales, receipts, invoices, and contracts

With seamless accounting strategies at your fingertips, you can spend less time worrying about tedious numbers and start thinking in terms of widespread growth. After all, your main goal is to ramp up conversions and reach more consumers through various campaigns, so let other professionals handle the monotonous tasks so you can ideate new possibilities.

Your Next Move to Success

Once you make the transition to resources that free up your schedule, your next move to success is to expand on these changes with doubling down on new strategies.

With your inventory and order management firing on all cylinders, reinforce your marketing strategy to attract new customers. From an e-commerce platform that provides you with tools to leverage data, figure out what areas of your site that are lacking and revamp them with thought leadership style content. Have some extra funds each quarter from your budget to infuse an update on a product line? Work with your accounting team and start applying it to new ideas.

Scaling your business requires the freedom to execute opportunities, so give your teams a chance to flourish by switching to resources that promote ascension.   

 

 

Michelle Laham

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