Ecommerce resolutions 2017 – What should your list include?
It’s the beginning of a new year and many consider it to be an opportunity to turn over a new leaf. Resolutions are on everyone’s minds whether personal or professional. Online sellers also have New Year’s goals and targets in place. Boosting sales and pushing profits will be the common ecommerce resolutions they’ve pinned down.
These are great goals to work towards, but adding a couple more to your list of resolutions could help you manage these major ones. The ecommerce experts at Browntape reviewed the average seller’s habits and put together the following ecommerce resolutions sellers like you should introduce to your own lists for a successful year ahead.
Ecommerce Resolutions for 2017
Resolution #1 – Try something you haven’t before
To grow, it is important for you to try new things. Step out of your routine and do something that is completely different. Don’t worry, you don’t have to directly jump into something new. You can plan and prepare.
The ecommerce experts at Browntape say sellers can try simple things like:
- Marketplace ad services
- Marketplace fulfillment services
- New suppliers
- New marketplaces (like niche marketplaces)
Make sure to try out marketplace features you haven’t already. If you have and it didn’t work out for you the first time round, try it once more. Maybe the kinks in the feature have been ironed out since the last time you tried it out.
You also have the option of setting up an online retail store if you don’t already have one. Check out if it is a feasible approach for you and look at your different options available. You can use the store facilities provided by online marketplaces or even Facebook. Check out other social mediums too.
In addition to this, try out geo-tagging it helps marketplaces identify which seller is closest to the online buyer ensuring faster delivery. So irrespective of your pricing, if you are closest to the buyer, your products are shown to him on priority.
Resolution #2 – Make sure you are really good with the basics
Make it a point to work on your basics. If you don’t know how to work a marketplace to your benefit, you will have no idea where your money has gone, how it has benefited you or hampered your progress. You can hire professionals like Browntape to assist you with this ecommerce New Year’s resolution. Or, you can begin practising them on your own.
Listing is a prime basic you need to get right.
Packaging and processing come next.
Another basic you need to get straight is who your competition is and how you can move ahead of them. Identify who’s selling the same or similar goods as you. Look at their pricing, reviews and other aspects of their product pages. Work on bringing your performance up to their level and higher.
Resolution #3 – Quality only after experience
Make sure you are continuously learning and gaining experience and value for your brand. That’s because only once the consumer knows about your brand you can start charging for the quality of your product. You can charge high prices only when you are at the top of your game but this will take time. So, a bit of patience is required here and loads of efforts towards increasing visibility. Check out some of our tips for the same here.
Resolution #4 – Perfect the 80-20 rule for inventory
According to the Browntape experts, you will have 20% of stocks that move the fastest and 80% that moves slower in comparison. (The percentage may vary depending on the kind of goods you sell.)
Pay attention to the 20%. That’s the portion making you money. The moment stocks of this 20% are about to run out make sure you have stocked up again. If not, make sure you an effective replacement to substitute the product. This way you meet demand and don’t direct it towards your competitors.
Resolution #5 – Keep your eyes and ears open
There are a couple of things to look forward to this year. Most of us are still not aware of the implications of GST on online retail. It is essential to stay aware of the latest developments in this regard say the experts at Browntape.
In addition to this, you can expect more competition coming your way. Industry experts predict that the online retail market will continue to grow phenomenally. Online marketplaces are looking for more online sellers to build their presence and diversity. That’s not all, more international brands are eyeing the Indian online retail market through online marketplaces. This is going to make things tough on the average online seller.
Other things to pay attention to include, COD mode of payment and how demonetisation affects it, trends among online consumers and marketplace policy changes.
Bear in mind, change is continuous. Your success will depend on how you deal with the curve ball thrown your way. The best thing to do is, take care of all the essentials from your end so you have less to deal with when change arises.
And there you have it. That’s our list of ecommerce resolutions for 2017. We do hope you have a wonderful and prosperous year ahead. We wish you a very happy New Year and an entirety of positivity from the Browntape team. To get in touch with us for help with your online retail needs click right here! We are India’s leading ecommerce experts and we are always happy to help.