The Risk Management Guide


Tackling the Complications of Startup Business Success: Knowledge is Power

Providing Your Business with a Successful Edge in 2019

Be careful what you wish for, as it might very well come to pass. This age-old statement is certainly true when referring to the world of successful online retail sales. Many startup entrepreneurs have enjoyed a great deal of success within a short period of time. While there is no doubt that this is an enviable position, it is not without its frustrations. It can be difficult to track sales. Workloads can quickly become overwhelming. Some owners could soon realise that their legacy software package is no longer able to meet the needs of a growing business. Are there any ways to avoid such situations? How can you keep abreast of the latest movements while not losing track of important KPIs? Let's look at what the experts have to say as well as why the use of a professional drop shipping service could make all of the difference in the world.

Start Up

The Issue of Agility

There are literally hundreds of different e-commerce platforms currently on the market. Some are intended for smaller organisations while others are meant for large businesses that require a global edge. Unfortunately, agility is often a concern. In other words, these platforms might not be able to adapt to changing e-commerce environments. If they are associated with such flexibility, it will often come with a high price tag.

It is best to procure an e-commerce platform that is capable of changing with your company as opposed to potentially stifling its growth. Modularity is a sure-fire sign of this quality. You need to be able to upgrade or downgrade the architecture as may be required in the future. Some of the latest systems are already equipped with this inherent sense of flexibility. In the same respect, be sure to choose a framework that can be easily integrated into your current in-house systems. This will help to ease any potential transitions while ensuring that employees will adopt the new methodology in a seamless fashion.

Moulding Future Sales Concepts Around the Capabilities of Your Firm

One of the most common situations which can quickly cause the operations of a budding firm to grind to a halt involves the products or services being marketed to the public. For example, a one-man content writing business will have difficulty meeting the needs of a massive client base. In the same respect, even larger firms which do not perform the proper amount of research could soon find that they are having to liquidate employees due to a lack of sales. Try to marry the product around what your business is able to handle.

This will always involve what is referred to as analytics. From a general point of view, analytics encompass several variables:

  • What is the size of your audience base?
  • What products have proven to be the most popular in the past?
  • How long would it take to re-tool a system to market a new item?
  • What is the average purchase size per customer?
  • Are some web pages or products more popular than others?

Some of these metrics could be difficult to track and even more challenging to interpret. This is why it is important that your existing e-commerce software is able to provide superior levels of insight from the very beginning. Interactive sales reports, real-time pipeline management and a centralised means to distribute this information are all essential if you hope to keep abreast of the latest movements.

Drop Shipping?

One of the newest (and most effective) concepts on the market is known as drop shipping. It is no surprise that this method is particularly relevant to startup businesses. Many smaller firms lack the ability to tackle complicated logistical issues. Examples include inventory tracking, storage, conversion rates and international transport. Drop shipping has been designed to address these issues. As opposed to physically storing your inventory on site, you will instead utilise the services of a third-party provider. This entity will store the product and in the event that a sale is made, it will immediately be shipped to the end user. Not only will this method free up a great deal of time, but you may also have access to wholesale prices. Thousands of different products are available and working in synergy with major firms such as Oberlo will ensure that your operations are enhanced through the use of targeted shipping solutions.

Never allow yourself to become the victim of your own success. Some of the largest online retailers in the world were forced to modify their in-house operations in order to address a larger target audience. This is simply an evolutionary change and it should be embraced with open arms. Still, there are many ways in which you can avoid troubling downtime while leveraging the power of the online retail community. Please keep the suggestions mentioned above in mind.

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