In this era, ecommerce plays a vital role in our daily lives. It is redefining commercial activities around the world, especially in India. In fact, a study by Morgan Stanley suggests that ecommerce will continue to gain traction, even in countries where online shopping is already popular.
Over recent years, India’s ecommerce sector has transformed the way business is done in the country. Gradually, digital modes have opened up various segments of commerce ranging from business-to-consumer (B2C), to business-to-business (B2B) and direct-to-consumer (D2C). This clearly shows that businesses have embraced the lucrative business model with open hands—now they want sustainable ecommerce growth.
Unfortunately, it’s also fraught with questions: Where to invest? Which sales strategy to follow? How to improve efficiency? How to ensure seamless fulfilment? How to save costs?
Well, there are multiple strategies, tricks and tips that can help business owners but there are various complexities that can be hard to manage by a business alone. Let’s find out a definitive path to ecommerce growth.
In this blog, you will learn how online brands can increase online sales and attain ecommerce growth, what are the problems faced by ecommerce brands while growing their business on various sales channels, and the ultimate platform that accelerates ecommerce growth.
You can leverage 10 proven ways to drive ecommerce growth for your business. Let’s have a look at them:
1. Managing multiple sales channels
The best way to increase ecommerce sales is by selling on multiple sales channels. However, managing various sales channels can be error-prone and time-consuming. For instance, you have manually create product listings for each channel, ensure fast and accurate order fulfilment, and manage returns for all sales channels. Such duplication of work and effort for each platform gets challenging and creates scope for error and mismanagement.
2. Ensuring accurate inventory management
In the pursuit of attaining growth, tracking and managing inventory becomes extremely difficult with the increasing order volume. It can be hard to forecast demand and estimate how much inventory you need for each sales channel. The consequences of not predicting it correctly can result in two things. First, less stock can lead to a quick stock-out, unhappy customers, and loss of potential sales. Second, having excess stock can take up valuable warehouse space and increase holding costs. Moreover, the risk of overselling also increases as you have to update inventory levels on each channel in real time. Additionally, you have to prevent Out-of-Stock (OOS) by ensuring timely replenishment to restock inventory.
3. Improving shipping and order delivery
Fast order delivery is the new norm of the ecommerce world that includes same-day delivery, next-day delivery and express delivery. For such shipping speed, brands need to split inventory across a network of fulfilment centres to reach their customers quickly while reducing shipping costs. However, ecommerce brands cannot make such huge investments in a nationwide fulfilment network and often have to compromise on one thing—high shipping speed or shipping cost.
4. Enhancing customer experience
Nowadays, customer experience matters the most to online shoppers. Unfortunately, this is where online businesses often lag behind. From providing order tracking and creating a great unboxing experience to offering an easy and seamless returns experience, brands tend to focus on one or two things instead of all.
5. Getting insights from reporting tools
Reporting is crucial to attaining ecommerce success. You need data-driven reports, insights and KPIs to steer your ecommerce business in the right direction and help you plan for future growth. But consolidating data from each sales channel is time-consuming and complicated. Moreover, it is possible to miss out on the holistic view of your business performance.
6. Reconciling payments from sales channels
Tracking your payments and fees across sales channels is essential to gain visibility into the financial situation of your business. That’s why efficient reconciliation is crucial to analyse and identify the following:
However, reconciliation becomes a herculean task when you have to reconcile your sales, fees, refunds, and reimbursements for multiple marketplaces and online store.
Eshopbox Plus is an ecommerce acceleration platform that enables brands to grow on marketplaces, D2C, and other digital channels. On this platform, brands get access to everything they need to succeed online with a dedicated team of experts. By working on 5 core competencies, Eshopbox Plus helps brands to sell more while maintaining profitability. Let’s have a look at them all.
Eshopbox Plus helps you connect with multiple sales channels and manage them with ease. Here’s how:
Eshopbox Plus enables you to make superior distribution your competitive advantage with robust OMS and WMS technology, coupled with an established nationwide distribution network. Let’s have a deeper look at an efficient distribution strategy that helps you get the following benefits:
With Eshopbox Plus, your fulfilment process is not limited to delivering orders at high speed. You can enhance the customer experience by delivering an exceptional post-purchase experience in the following ways with Eshopbox:
Eshopbox Plus enables you to leverage enterprise-grade automated reconciliation across sales channels without manual effort. Eshopbox’s actionable dashboard automatically fetches your sales transactions and separates and itemises your sales, fees, refunds, and reimbursements—bidding goodbye to monthly spreadsheets and manual errors from your finance workflows. Here’s how:
Eshopbox Plus gives a one-of-a-kind solution, i.e. Seller of Record, to ecommerce brands who don’t want to create a legal entity to sell on marketplaces or manage everything on their own. Eshopbox’s best-in-class seller services help you take advantage of our established seller accounts across marketplaces to handle everything from cataloguing to invoicing to payments. Let’s see how it works:
Eshopbox Plus’ unified analytics consolidates omnichannel data and insights into one place so that you can discover essential business insights in seconds and gain a holistic view of your business. Eshopbox provides you with data-driven reports, insights and KPIs to steer your business in the right direction and plan for future growth. Here are some of the features that can enable you to steer your business in the right direction:
With Eshopbox Plus, your skilled business team can concentrate on strategic initiatives while Eshopbox takes care of the day-to-day execution and puts your ecommerce business on hypergrowth.
Figuring out a strategy to unlock ecommerce growth may seem overwhelming in the beginning. But with an ecommerce acceleration platform like Eshopbox Plus, attaining sustainable growth in the Indian ecommerce landscape can be easy and progressive.