Tag: eCommerce Solution

5 HOT TIPS FOR YOU TO BOOST E-COMMERCE CONVERSION RATE USING CHATBOTS

Posted on by Pritesh Modi

Ecommerce chatbots are changing the world in the most easiest and efficient way. Whether you know it or not, unknowingly, you probably would’ve exchanged texts with the bot.

Well, we all have.

We are living in an era where you’ll find chatbots everywhere. Chatbots have become the most common feature in eCommerce, Healthcare, Media & Entertainment, SaaS Websites, Lead Generation, etc.

“Chatbots Represent A New Trend In How People Access Information, Make Decisions, And Communicate.- Christie Pits”

Customer service, payments, promotions, technical support, logistics, and market research are all part of the intricate network of operations that take place behind the scenes of every popular online shopping site.

Now, for generating sales and enhancing customer service, chatbots will almost probably be an element of every successful e-commerce business. According to Insider Intelligence, by 2024, consumer retail usage of chatbots will reach $142 from just $2.8 million in 2019. 

Chatbots are automated bots communicating with clients via a chat interface and providing a comparable experience to conversing with an actual customer service representative. Now that every website has a chatbot, make sure that you make proper use of it because chatbot conversation is important and somehow it will affect your chatbot customer service. A chatbot is used for a variety of applications, but customer service is the most popular. But it’s important to note that not all online chatbots are the same. In general, there are two different types: rule-based bots and machine learning bots. Also, there are many benefits of chatbots in eCommerce that will astonish your very core.

But, first things first! You should understand the conversion rate and how you’ll calculate it.

 

  1. How do you calculate the conversion rate for an eCommerce website?
  2. Chatbot solutions to improve eCommerce conversion rate.

2.1 Collect leads with a friendly talk 

2.2 Place FAQ in a quick and effective way 

2.3 Add a welcome message to greet everyone 

2.4 Pop some special offer to returning customers 

2.5 Save abandoned carts and engaging customers 

  1. Why is it necessary to use a chatbot? 
  2. A creative Chatbot for better understanding 
  3. Wrapping Up!

Let’s Get Start

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Improve Conversion Rate

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How do you calculate the conversion rate for an eCommerce website?

You can either send a short customer satisfaction metric survey or compute the conversion rate in the following way to see if a firm is doing well:

The formula for Conversion Rates

You’re successfully recruiting and converting leads into paying clients if your conversion rate is high.

On the other hand, a poor conversion rate means many individuals visit the website but do not complete the desired actions. What happens after that?

After that, you must seek a remedy.

Where are customers getting stuck, and how are they interacting with your website?

Once you find your benchmarks, use this formula to compare or mean measure success.

The Formula for conversion rate

However, it is essential to know your current conversion issues and understand the basics before knowing what you should test.

5 Chatbot solutions to improve eCommerce conversion rate.

If you’re struggling with inadequate lead generation and care about numbers, you need to try and engage customers more. 

You should roll onto the 5 Chatbot solutions we prepared for you.

#1 Collect leads with a friendly talk 

The mere act of visiting a landing page does not imply a high conversion rate. A potential buyer can call a company’s website multiple times per day and leave no trace as if they never existed. As a result, while website traffic implies a significant number of entries, it does not mean further benefits.

Even if you employ lead-generating forms to keep visitors from leaving, there’s a slim likelihood they’ll use them.

Promotional codes may be appealing to some, but they are utterly useless for others. What is the reason for this?

Because opt-in forms are filthily led with multiple options and a long sign-up procedure, let’s not kid ourselves; people have neither time nor inclination to wade through them.

The eCommerce Chatbot example uses a conversation-like filled form to collect leads in a significantly more natural and engaging way than typical static forms.

Visitors are not bombarded with lengthy requests but relatively brief messages, including only the bare minimum of material. Because chatbots are available 24 hours a day, they can collect leads at any time of day or night. As a result, your customer care department will be able to contact them the next day and follow up on their inquiry.

 

#2 Place FAQ in a quick and effective way

Did you know that a typical page visit takes between 10 and 20 seconds?

Why are you doing this so quickly?

It’s frequently due to a website’s poor design, which isn’t changed to assist users in finding what they came for. Because the functionality of a landing page is such an essential part of the process to increase brand awareness, it’s necessary to think about how easy it is to get information.

Answering the same old dull inquiries about prices, shipment, and return policy may bore any customer care professional to death, but deploying conversational bots to a website and letting them perform the work is more cost-effective and user-friendly.

Chatbots will either wait patiently for visitors to ask their questions or reach out to customers first and answer the most frequently requested questions. The visitors’ only task will be to click on one of the buttons providing a theme that interests them.

#3 Add a welcome message to greet visitors 

When people visit the websites of streetwear businesses such as H&M or Zara, they may receive the unavoidable impression that both websites are identical — the appearance, price, and products are all so similar! So, how can they set themselves apart from the competition?

As the name implies, a welcome message is given to new visitors to a website to greet them. It frequently contains sentences like:

 

 

 

Hello there! It’s great to see you.

Hey there, pal!

[Company Name] would like to extend a warm welcome to you.

Hello there, [name].

Hi [name], it’s nice to see you back.

 

Welcome notes are a terrific way to start a conversation, make a positive first impression, and advance a relationship. You bring a human touch to the interaction by presenting the company to the visitor and instant assistance.

Additionally, chatbot platforms allow you to customize the welcome message, which means you may hand-pick the text, establish a time delay, and modify the language to the target audience’s place of residence.

#4 Pop some special offers to returning customers 

Visitors to your website for the first time are unlikely to purchase your product or use your service. Most likely, they’ll just look around 45%, compare prices with competitors 25%, or browse for store data 10%, and then return to the store of their choosing once they’ve made up their minds.

So here’s the question: Will they come back to your store? And if they do, how far are you willing to go to keep them?

Consider the following scenario. This is where you take the total benefit of chatbot in eCommerce.

A visitor comes to your Shopify site, for example, to purchase an H&M Black Leather Jacket. However, after comparing costs with competitors, she abandons the transaction and exits the page. Then she hears a kind voice…

Ding, Dong!

It’s a Shopify chatbot asking if she needs any assistance. If she does, it’s a terrific chance to give her something unique and entice her to repurchase it at a discount.

You can use the “manage returning visitors” option to provide customized recommendations when you’ve established a relationship with clients. For that, a person should have Best Shopify Website Development to make the site efficient so that it does not lose returning customers.

So, this is how we improve our chatbot customer service and earn genuine chatbot conversations.

#5 Save abandoned carts and engaging customers 

Cart abandonment is one of the main reasons why so many E-commerce stores have a low conversion rate. Thus, the cart abandonment rate is as high as 75% on average, and the most common causes for consumers not checking out are (according to Statista). 

Products put in shopping baskets are an incredible incentive for customers to return to the E-commerce store’s website. Thus items “saved for later” appear to be harmless. On the other hand, people rapidly forget about the things purchased on the spur of the moment, resulting in an annual company loss of 2 to 4 trillion dollars.

So, what would happen if customers were reminded of a missed transaction by chatbots?

First, they’ll be more willing to review the things they’ve chosen, reconsider their choices, and finally decide whether they’re still interested in the goods.

Even if you don’t persuade people to buy, at the very least, you’ll get some feedback, which will assist you to lower the cart abandonment rate.

Why is it necessary to use a chatbot?

For organizations that wish to pay clients and make more sales, the conversion rate is critical. However, there are always things to think about before doing so. Thus, chatbots on a website could be beneficial.

They’ll assist businesses in generating qualified leads, keeping a consistent flow of new customers, and moving them through the sales funnel. Conversational bots include all of the desired qualities, so you don’t have to play hide and seek to figure out which way is best for your brand.

There are a lot of options with only one chatbot.

And, make sure that you use the best eCommerce chatbots because the quality matters.

A creative Chatbot for better understanding

Expert Magento developer at LogicRays Technologies crafted an astonishing Magento based Facebook chatbot where the bot works on your Facebook page. Moreover, this is the best eCommerce chatbot example to understand this in a better way. 

This chatbot connects with Google Dialogflow with ngrok server. Thus, the data dynamically comes from the Magento database, where its setup is divided into parts like Webhook setup, Dialogflow Agent creation, Set fulfillments URL, and running the bot. Here are some of the screenshots of the bot that Expert Magento developers of LogicRays technologies crafted. 

Here, have a look at some of the screenshots of the eCommerce chatbot example: 

 

eCommerce Chatbots

 

 

eCommerce Chatbots

 

 

 

 

eCommerce Chatbots

 

 

eCommerce Chatbots

Wrapping Up!

When creativity is combined with simplicity in chatbots, your website will lead to conversion rates. Conversion rate is critical for any company that wants to acquire paying customers and increase sales consistently. It’s crucial to organize chatbots on websites. After that, Chatbot marketing can assist your company in generating real chatbot conversations for better chatbot customer service, Moving customers through the sales pipeline, and maintaining a steady supply of potential customers.

There’s no need to play hide and seek to figure out which strategy is best for your business. Because conversational chatbots will always combine all of these features, this is the case.

After this, you may see the benefit of chatbot in eCommerce and how it can help you boost your conversation rate with speed.

Your company may just have one chatbot, but it has a lot of options.

Also, if you have a Magento website and you’re looking forward to boosting your new business, you should check our article on “how to boost conversions in your business with the help of Magento?”. It will be beneficial for you. 

Conversions are everything in business and the only thing that matters. Make your chatbot powerful by keeping these steps in mind and see the numbers increasing gradually.

 

Why your eCommerce website fails in conversion? Top ways to get success.

Posted on by Mitesh Prajapati

What influences buyers to make a purchase?

At first, it’s their needs. But what makes their purchasing decision concrete, repetitively strong towards a certain store and brand?

Since the buying journey is a two-way process, a purchaser is directly influenced by the seller. It could be a brick and mortar store, an online eCommerce store or even a business to business partnership for certain services.

Here the seller is an eCommerce business in the case of eCommerce stores/websites.

And it hits hard when your brand new eCommerce website fails to convert visitors into buyers. It becomes essential to understand pain points behind this.

This blog post intends to get you through the eCommerce websites journey. To make you aware of the possible reasons for failure behind this failure to reach to customers’ understanding and fail to convince them for a purchasing decision.

Check out the quick reasons why your eCommerce website is failing to deliver more conversions? And what stops visitors from becoming loyal customers and how to convert these pain points into success.

Adding More Clarity

Having a clear indication of what your website has to offer has better conversions. The same goes for putting clear calls to actions. Your customers/visitors always have a sense of urgency to locate products and fulfil an action. For example, consider a brick and mortar store selling clothes of various brands. The customers visiting the store are more likely to locate their choices first rather than looking into what store’s interested to sell more.

The same thing happens with online stores. Have clarity in displaying items, directing proper calls to actions helps customers strengthen their purchasing decisions and make stronger choices towards certain brands and stores.

Additionally, proper placement of CTAs increases the visibility of expression. Selling a product is always connected to understand the customer journey. You need to plan the path that the visitors navigate through your online store.

Using certain design elements, colour contrasts and readable texts can form the proper call to action buttons. Also, sometimes hitting the regional aspects to the text could also help influence the buyers.

Here’s the process, how you’d influence your website visitors in the first step:

  • Put more clarity in what you sell (Proper navigation of products and pages, ease of language, identification through design elements)
  • Proper placement of CTAs (more readable call to action buttons makes more sense to visitors, they shouldn’t find it troublesome to buy the product. Keep it short, quick and readable)
  • Use appropriate colour, texture and expressing genuineness

Loading Speed

Here’s what you need to do to make your visitors feel greeted.

Visitors coming to your website are either redirected from the search engine results or they directly typed your eCommerce domain name into the search engine. They would want to be served quickly and well with the content, information on products or list of available products.

This is where your website’s loading speed matters.

You have to be technically correct in this aspect. It includes the selection of eCommerce platforms, optimization of design elements, dead code elimination are necessary factors to look into when it comes to optimizing website speed.

Users are most concerned about what they are looking for and the intention for what they visit online stores. It has to be quick and seamless user experience.

There are plenty of optimization plugins and coding best practices that help you give the best user experience.

Products Grouping & Website Identity

Creating a website’s identity is important for eCommerce merchants. It depicts in the minds of the users and reflects in their buying decisions. It’s like how you see different brands’ images when you recall them. To create a website’s identity, the colour contrast, website components, certain photography and layout are the basic building blocks.

But before you decide on these design elements, decide the business identity you want to reflect through the layout or website look. For example, online grocery stores should express trustworthiness in the quality of food products, and online stores for certain services should express authenticity through their business testimonials.

Products grouping refers to human psychology. People want to scroll down the products fast until they find the ones they are looking to buy. You can categorize the products by specific brands, categories, product colours, or similar features should be grouped in a manner that users find it easy to check out more products.

eCommerce websites with better filtering options and product proximity are more likely to attract the customers to leverage their desire for viewing the products. These are the fundamentals of any eCommerce website. Better products grouping means better engagement rates, and so does the conversions.

One-Click Checkout

Make your customers shopping experience as simple as possible. Complex checkout processes often make the buying experience annoying and stressful. Simple and one-click checkouts make the buying process simple and optimized. Traditional eCommerce websites consider putting an add to cart process before the final buying option. However, with the modern eCommerce Services, you can directly put the single checkout and shorten the process.

Design eCommerce web design layouts with simple and one click away check out options.

Offer flexibility in payment gateways to reduce more cart abandonment ratio.

eCommerce trends in 2021- The future is here!

Posted on by Mitesh Prajapati

If you are planning to jump-start your brand new eCommerce business, you must make sure to go through upcoming trends of 2021. In most cases, where Magento is the preferred eCommerce platform to expand their business and scale website’s functionalities. Whether you are planning to hire expert Magento developers or are expanding your tech team, the latest advancement in the Magento features and overall eCommerce trends is must to know. These eCommerce trends should involve how currently the customers want your services to serve them, what is the best way to attract new customers? And what are the best ways where customers feel easier to interact with online shopping? This should include the website’s functionalities, new features, plugins and advanced integrations to design ideas. And since we are already in the fall season, let’s not forget to end this year with some amazing eCommerce trends that make your website worth visiting and bringing thousands of conversions every day!

1. More Personalization

Personalization leads to more customer-centric digital products. Be it an eCommerce mobile application, web apps or social media feeds. Customers love to be greeted with a personal and more customized touch. And since eCommerce platforms like Magento have a lot more to offer in this regard, several eCommerce stores have used its high-responsive functionalities for their web and mobile apps. It includes displaying personalized content to customers, sending push notifications, custom emails based on the shopping history and more. In future, Magento might consider adding up features that lead to personalized product pages.

2. Artificial Intelligence

Artificial Intelligence is influencing most verticals of businesses. As 2021 approaches, online businesses have become smart when it comes to knowing the customer insights, priorities and expectations. With the help of AI, eCommerce merchants have started to understand customers in advance and made the necessary changes to the delivery process. We can see online portals like Amazon have already started delivering the next day. Artificial intelligence is in implementation through various business analytics tools, advanced eCommerce frameworks and data analytics platforms. Online portals have already started to use automated chatbots whose communication with customers plays a vital role in customer engagement.

3. Material Design with Magento

Material design, one of the essential designing languages released by Google to enhance user experience. It uses specific animations and layout based patterns that makes website design look brilliantly elegant. While we see most online businesses, especially the fashion industry are using elegant website templates and gain better customer engagement. Main features of Material design includes:

  • Layouts based grid design pattern
  • Design effects
  • Reactive transitions
  • Padding & Animations

Ask your Magento development company to design a sleek and clean look with Magento’s material design feature. It enhances the visual appealing of your store, increases the product visibility and significantly decreased bounce rate definitely helps in rank your website organically up.

4. Frequent Online Shopping

Just after the pandemic hit, surveys for online shopping have been conducted. According to Global web index, nearly 49 percent of people would buy online after the outbreak is over. And this hints that retail businesses need to focus more on faster deliveries, easy checkouts, automate promotions and take help of augmented reality to create real-time experiences. Websites with faster checkout and easy accessibility are more likely to get customer responses and engagement. They also get mouth to mouth publicity due to quick response times. Since retail shopping is everyday’s business, merchants need to optimize and upgrade website performance on a daily basis. They can integrate augmented reality based solutions in the web or mobile apps to bring shopping experiences to life. With the use of AR, customers can see products laid on a surface, experience how the product will look once purchased, they can also feel the product texture and shape using the 3D models used. Retail merchants, with the help of artificial intelligence can predict the future purchases based on customer interest and buying history. It helps in automating the promotions and personalizing marketing campaigns. It also helps in precalcuting the shipping costs, using the local vendors and scheduling the deliveries.

5. Voice Commerce

According to voicebot, nearly 75 percent of US households will have smart speakers by 2025. eCommerce merchants will need to optimize their websites for the voice search. People are increasingly relying on voice assistants like Amazon Echo with Alexa, Apple’s Siri and Google home. Online shopping websites are indeed a relief for people and this voice search is adding a plus to it. Also, these voice assistants are optimized for regional languages. So users are preferably becoming used to it. Voice search is used to search products, ask questions about estimated delivery, product brand names and more related to customer’s basic queries. Get your eCommerce website ready for voice search. You can do it by optimizing your top level content funnel. Including the basic and direct answers that your customers are mostly looking for. It increases your content visibility in Google’s SERPs and so do the website traffic.

  • Optimize your content for voice searches
  • Analyze the keywords for voice search
  • Integrate skills on Alexa and Google voice assistant devices
  • Optimize product descriptions for voice commands

Conclusion

Hope 2021 brings more innovative trends to the table and we all get ready for that. Technology’s doing its work of upgrading and preparing itself for tough situations, making our lives easier. What do you think is the new trend for 2021? Are we going to switch to online shopping forever? Is eCommerce websites going to transform themselves to a new level? Share your thoughts in the comment section. Also, drop in your doubts about your eCommerce project, we’d love to connect with you over Twitter or you can also drop in a line on enquiry@logicrays.com.

5 Proven Ways to Optimize Cart Abandonment in eCommerce Website

Posted on by Mitesh Prajapati

Shopping cart abandonment is the common scenario you would always want to fix as an eCommerce merchant. Something that your marketing team always wants to address in the campaigns. But you aren’t sure where to start?

 

Is it something that relates to website design, flow or navigation?

 

Or all you have to do is some marketing tactics?

 

Every year there’s a certain percentage of cart abandonment that disappoint online store owners and indicate something that’s not working for the customers or prospects.

However, for any business operations, certain optimization has to be in progress to get successful results and 100 percent customer satisfaction. 

 

Let’s check out the best practices of cart abandonment optimisation in online stores. 

What is Shopping Cart Abandonment?

Shopping cart abandonment is when customers add the items in the cart and refuse to make final checkout. It could be because of some problems with the website, the product,  discounts or pricing or maybe personal reasons. 

However, you as an eCommerce merchant can not fix if it’s their personal problems. But certainly have to fix them if it’s because of your website and you are losing a lot of money. 

The best thing is, you can always fix the problem at your end. 

Let’s find out what could be the problem that’s stopping the prospects from becoming a customer and customers to shop their purchase?

Reengaging the Customers 

You can re engage the customers in a matter of seconds using some smart ways. In today’s busy schedule of customers, they aren’t only engaging with the shopping websites but often have too many notifications and alerts at hand. It could be meeting popups on the desktop screen or mobile notifications. 

It is normal to miss out on the completion of shopping checkout in such cases. In this case, putting specific pop ups that re engage the customers on their completion of shopping decreases the abandonment rate. 

It works as a quick reminder for the customers who are missing out on the items they’ve added in the cart but forgot to complete the checkout process.

 

Personalized Messaging

Personalized messaging is addressing the customers with the personalized content. You might experience that even after putting popups and important push notifications, there’s less engagement of customers and they continue to abandon the carts.

But using popups correctly makes sure to decrease the rate of abandonment of cart ratio. There you need to personalize them as how you talk with the customers. 

For example, 

Hey Joe,

You haven’t been here for so long? 

Or 

Hey Danish,

Continue your shopping and get an extra 30% discount this time.

Something like this can surely attract the customers. It also includes keeping the track record of historical views of customers. Based on the customer interaction using certain plugins, extensions, and APIs, one can manage addressing the customers in a more personalised pattern. 

 

Organized Checkout Pages

 

It’s a human psychology that when you know how many days are remaining to a particular work or how many people are in line to get your turn, you will feel a certain relaxation about the task completion. But  if you don’t know the steps after which you will get the final checkout, it might be a frustrating situation.

On the same note, considering to put a progress indicator in checkout pages makes customers half relaxed when they are into the process. Keep it precise and engaging. For example, optimize the shipping address step for the customers who have already purchased items from the store previously. You could combine two individual steps into a single step. 

Also, show the indication of steps remaining at the progress indicator bar. 

It should include minimal steps like Shipping, confirmation of order and final step as payment and checkout. 

You can also organize your checkout pages in stores using the proper alignment of graphics, symbols and user friendly design that continually indicates that the process is clear, authentic and the users can feel free to make any edits. 

In short, making the process and the website look reliable. For example, using product  thumbnail images with product name and edit options makes the checkout page look user accessible and well informed. 

 

Winning Trust

This is when your website is new and the users are unable to trust when it comes to the final checkout process. It happens when you have got the attractive products, your website is getting enough engagement from the users but when they see that the site is not popular or aren’t reliable, it kind of hesitates them to make the final purchase. 

In this stage of your online store, you should refer to social proof. As in website reviews, product reviews by the customers, social sharing of products and social trust badges that add value to the website. These trust badges enhance the possibility of users getting checked out without making purchase to making complete purchase and checkout. 

You should also ensure your website seems proactive to the users in terms of facilitating the ease. That is to not make compulsive registration and login to allow guest purchasing.

Best eCommerce Platforms 2021 – Which is suitable for your Business?

Posted on by Mitesh Prajapati

When you decide to launch an eCommerce store, you’ll have to decide on the eCommerce platforms first. Among the multiple options available, you are most likely to select the one that satisfies your business requirements. It boils down to the key features of eCommerce platforms. eCommerce merchants are most concerned about the selection of technology before starting an online store. It includes validating key features of a particular technology, balancing with the business needs, costs, eCommerce Developers and more.

You might be looking to develop an online store for the first time, or may want to convert your current physical store into an online display or leverage your existing online store into a popular online shopping website. When you look at the technology front, it could be confusing when not knowing exact use cases.

Explore insights about eCommerce platforms starting with an understanding of available resources, their characteristics, frequent updates, support and maintenance criteria and other critical factors. This list of the best eCommerce platforms 2020 presents popular and useful eCommerce platforms suitable for your business needs.

Magento

Magento is an open-source platform to build customized online stores. It comes with free as well as a paid version for enterprise-level solutions. Its a huge tool to build your online business with a lot of functionalities, customization, bigger community support and everything eCommerce. If you want to build the fastest, scalable and enterprise-level eCommerce store, Magento is for you.

It works well with cloud storage, search engine optimization, products marketing and moe. Magento will never disappoint you in terms of providing best in class features, easy to develop functionalities, code reusability and website speed optimization. Also, it boasts the unlimited benefits of customer satisfaction features such as content management, unlimited products listing and more.

If you’re considering building a small business website and prefer not to invest time in developing an eCommerce site from scratch, you can explore readily available options like Shopify or BigCommerce. However, for those looking for tailored solutions, it’s advisable to hire Magento developers and leverage Magento development services to maximize your online store’s potential.

BigCommerce

BigCommerce is the direct competitor of Shopify and offers BigCommerce Development services to build affordable eCommerce websites. From startups to enterprise-level companies, businesses choose to build online stores with BigCommerce. Though it is not considered a full-featured eCommerce solution like Magento, it is undoubtedly one of the fastest tools to set up an online store.

BigCommerce has a particularly strong set of native features, while also maintaining a sizable app marketplace for optional add-ons (ballpark 600 in total). BigCommerce’s built-in features include:

The native features of BigCommerce include multiple facilitations for customers and give them a welcoming experience to the online store. It facilitates real-time shipping calculations, easy payment integrations, a checkout, support multiple product variants, single-page checkout and more.

Shopify

Shopify came up as the most handy tool when it comes to building super-fast online stores. It has the best marketplace, strong features and supports multiple categories of online stores. However, you may find limited functionalities when compared to bigger platforms like Magento.

eCommerce merchants find Shopify as their handy tool where they can easily add addons, extensions and integrate multiple payment gateways. Shopify is best known for its easy to use,

user friendly nature. The platform has got the Best Shopify Experts, awesome templates and quite interesting templates to use for unique online stores.

It is suitable to build a variety of stores including clothing, retail store, photography, kids store and more. Shopify does encourage the large-scale development in online websites and support multiple languages, currencies and payment gateways.

WooCommerce

WooCommerce is an eCommerce plugin for WordPress users. It is referred to as an eCommerce plugin but still giving competition to eCommerce platforms that are fully interactive. It has more than 80 million downloads and is among the world’s most popular eCommerce platforms. If you have a WordPress website and are looking to convert it into  an eCommerce store, WooCommerce is the best bet.

Though it’s a completely free plugin, you can manage to purchase a few themes and templates for the user interface.

WooCommerce is developer friendly. Lets you build features out of ease and does not require programming skills. Business owners can easily take control of their website, manage the products catalogue and be free to use it. If you think of a seamless design and user friendly online store,  WooCommerce is for you. It has got the best mobile friendly design, access to tracking the stock level, speed optimization, geolocation support and a lot more features that you would primarily want in your online store. All you need to have  is a WordPress account and add WooCommerce plugin, activate the plugin and get started with the online portal.

Conclusion

Let us know in comments which do you think is a suitable eCommerce platform to your business requirement? Share what are your thoughts on the latest frameworks and their offerings? Also, check out the latest design trends, essential technology aspects in eCommerce websites and conferences. Checking out on what’s latest helps you outperform the competition of online businesses. Connect with us on Twitter for a detailed consultation on eCommerce technologies.

Inventory Managment & Analysis- How you do it in your eCommerce store?

Posted on by Mitesh Prajapati

Inventory management is a critical task for eCommerce merchants. It’s a good practice to track and control the inventory orders, analyze the process, and keep up with the usage and storage of the readily available stocks. For eCommerce websites such as Amazon, Flipkart, there is huge management of stocks in the backend. Without proper solutions to the inventory, no eCommerce technology is sufficient. Magento, Shopify and BigCommerce are some popular eCommerce technologies and content management systems that have excellent solutions, plugins and integrations that aid in managing the complicated problems of inventory. It is, indeed, a task to manage proper data of in-stock and out-stock. For any eCommerce websites, there has to be multiple product lines or various product categories of different brands.

To consistently show the real data, the analysis of stocks coming in and going out saves a lot of bucks, helps you in strategizing the marketing strategies, improve customers services and other improvements.This blog post covers some of the best inventory analysis techniques and best practices  for your online store. 

Before we start the analysis of inventory management, let us first understand the entire concept of inventory management. 

What is Inventory Management?

Inventory management is a process of tracking down the supply chain, tracking of all in and out stock quantities. It involves knowing exactly where you need certain stocks to fulfil customer demands. If you’re already in the business, it’s not new for us. But for individuals, the first time experiencing an eCommerce business has a sure need to understand this mechanism to avoid the last-minute rush. 

Necessary Analysis for Better Inventory Management in Your eCommerce Store. 

ABC Analysis 

It is a data analysis technique to check the performance of inventories. There are two types of inventory performances. 

  1. Best performing inventories 
  2. Worst performing inventories 

The aim of this technique is to have more control over inventory and identify the particular products performing good and not performing at all. eCommerce stores development platforms like Shopify have the functionality that shows you a month long report of your best and worst performing products. 

It basically classifies the inventory into three parts. 

A grade. 

It includes the best performing products. This is the one where you get your most and fastest profit from. It covers your approximately 80% of your total revenue. This helps you prioritize the products. In online stores, the landing pages for these products should be optimized on a priority basis. The optimization of high-priority landing pages makes the customer experience better and pushes the products selling doubling the profits.

B grade. 

B grade represents the medium category of selling. It accounts for nearly 10-15% of the revenue. This slab of seeling falls under the A and C category of products selling. 

C grade. 

C grade category is the last priority of products. This product section is the lastly desired by the customers. Merchants might consider it as dead stock. The demand for this product line is not fixed. The possibility of emerging demands in this section is rare and business should not look up to put more effort into this, since the revenue is sometimes less than or equal to 5 per cent. 

FSN Analysis

FSN analysis means fast, slow, moving and non-moving inventory management analysis. This technique is used for controlling purposes. The products are being segregated based on consumption, quantities and other factors such as selling ratio. As the name of the technique suggests, it is fast, moving and non-moving products technique so it will consider products that are selling fast to not moving at all. Based on the selling rates, bifurcation and optimization will take place. 

It is useful for eCommerce merchants to make some critical decisions on occasions such as festival offers and other discount days. The technique not only focuses on good or worst scenarios but also on the products that are slowly moving towards the supply chain. eCommerce merchants can filter out the product options in well-versed eCommerce platforms like Magento or Shopify for the fast-moving as well as slow-moving products on certain personalized content for users. 

Minimum Safety Stocks

This inventory management technique involves keeping minimum safety stocks. This is used to avoid the out of the stock situation. Mostly for the giant eCommerce platforms like Amazon, Etsy uses this analysis technique to not come up as out of stock or sold out labels for their customers. The impression of these popular eCommerce stores among customers is valuable and do not affect the customers’ buying decision. The eCommerce store managers keep a minimum margin of a certain number, when the stock limit reaches that level, they consider reordering it from the seller/distributor. This technique comes to use when you have some idea about good performing products. It means you can use this optimization technique over the results of the above two mentioned techniques.

Economic Order Quantity

Economic order quantity is formula based technique. This is calculated based on certain entities such as total costs of production, demands and supply rates and other factors using business intelligence tools. This technique promotes higher order of purchase to minimize the multiple attempts of buying. It reduces the overall costs of the purchasing department for online stores. 

How Magento B2B E-commerce/Marketplace Solution can help to boost your profit?

Posted on by Mitesh Prajapati

B2B business model has always been the most preferred mode of business for the manufacturers, wholesalers, stockist etc. as the total B2B Sales is expected to reach $9.4 T by the end of 2020 in US. There are possible reasons behind, why the B2B business has such a high growth rate compared to B2C? The answer could be that retailers are getting the products with better margins so their profit increases by selling to an end customer, as a manufacturer/wholesaler or stockist they can buy and sell in high volume so profit is big.

B2B Marketplace Eco-system:

If we talk about the B2B Eco-system it is divided into three stages Production, Distribution and Consumption having a specific channel sales network i.e. Manufacturer >Distributor (Online/Offline) >Wholesaler/Stockist >Retailer > End Consumer. In this arrangement everyone at every stage is putting their mark-ups so
retailers’ profit is shrunken as he’s the one who’s facing the end consumer and it becomes difficult for them to sustain against online e-commerce players.

To enhance competitiveness, businesses should consider leveraging technology and expertise. Hiring Magento developers can provide the necessary support to optimize online platforms, streamline operations, and improve the overall customer experience, allowing retailers to better position themselves in the market.

Nowadays after B2B eCommerce been introduced the middle distribution channel is been modified. There are multiple business possibilities in this arrangement i.e. 1. manufactures can have an online portal in place with call to price option or pre-defined prices for distributor, wholesaler or retailers 2. Manufacturer can directly sale to retailer by removing any middle sales channel network by offering the better prices. (In this arrangement manufacturer will be aware of end customer’s behaviour and requirements which in traditional way was very difficult).

What sort of products are being or could possibly be sold on B2B e-commerce store? Mostly the B2B business is for industrial products i.e. machineries, electronic capacitor etc. for which one needs to hire an efficient and large in number team of Sales reps whose job is to meet the B2B Customer explain them about everything related to the product and convince them to buy. This requires to put a lot much efforts and money so overall a very costly option. Now let’s put another option of having an online B2B eCommerce portal in place which in first place connects you to the whole world by allowing you to expect business from anywhere without investing a hell lot of money. In this arrangement B2B buyers are going to explore and experience each and every detail related to the heavy machinery or similar product as they don’t need to touch and feel the product what we generally do with consumer goods. Here I didn’t mean to say that the sales reps should or could be replaced but definitely their roles and responsibilities will be changed and enhanced.

What’s the need of B2B Marketplace?

Now other side of the business which is consumer related products such as stationary, clothing, fashion etc. Based on a research made in USA more than 90% B2B buyers said that they used online portals to buy things related to their work. So, as a result the offline companies who used to run the direct business are now struggling to compete with the larger companies so as the result either they merge with the large enterprise or shutdown their business. So, for the large companies its mercy killing and for the small companies its easiest way to get out. What do you think what possible might have
gone wrong that the small player had to undergo such situation?? The answer is non-acceptance of technology as they were happy doing the business with traditional way, wherein the other company came with an idea, gave the customer ease of use and took the business. So, having a B2B e-commerce or Marketplace is going to help you not only to survive but sustain within the cut-throat business situation.

Take another example of Auto-parts business which was once a purely B2B Driven business but as large players noticed that the manufactures are not updating themselves with latest technology, they got the benefit of the situation and as a result the total B2B Sales of the auto-parts business community got drastically dropped. So, now most of the companies understood the need of the time and started expanding and acquiring the latest technology by creating their own B2B e-commerce or B2B Marketplace to be in the race or possibly to win it.

For more details about Magento B2B eCommerce portal you can follow this video placed on Magento website – https://magento.com/resources/making-b2b-ecommerce-work-you or else do ask me and shall try sharing more information on this subject by writing on biz@logicrays.com

How Magento can help to boost your new or existing business?

Posted on by Mitesh Prajapati

Nowadays, as technology spreads its wings, people are becoming increasingly digital. Regardless of the industry, having an online presence is essential for businesses and services. To achieve this, multiple companies offer e-commerce solutions, including B2C/B2B web portals, mobile applications, PWA, marketplace solutions, and more.

The question arises: does one really need to take their existing or startup business online? With many companies already offering their services and products online, can you compete? Overcoming the fear of loss is crucial because it doesn’t matter where you stand in the race to become an exceptional business brand; what matters is that you try. All the big players started from somewhere.

To help you gain confidence in getting your business online, consider these interesting facts: from early 2013 to 2019, global e-commerce annual sales grew from $1.3 trillion to $3.5 trillion. Year-on-year growth was 11.3% in 2016, 13.3% in 2017, and 15.2% in 2018, demonstrating steady and continuous growth.

As a business owner, it can be challenging to choose the right platform to build an online portal that maximizes your reach to the target audience. Multiple factors come into play, such as cost, ease of use, customer acceptance, user experience, stability, security, and whether the e-commerce portal can expand as you grow. To ensure you make the best choice, consider working with professionals. By hiring Magento developers and utilizing Magento development services, you can create a robust online presence tailored to your business needs.

So, the answer is to see the richness of the world’s leading e-commerce portal “Magento” which is used and praised by the e-commerce business leaders and pioneers, but why Magento over others?

Magento has crossed millions of downloads and is one of the most popular e-commerce platforms in the digital marketplace and the best part is that Magento is opensource, so you don’t need to pay any upfront fees or recurring subscriptions.
There are hundreds of extensions available if you further want to upgrade your platform but not mandatory.

Magento is search engine friendly and also it allows a user to manage the content, looks, and functionalities of their e-commerce store. Magento’s marketing module is very good for cross-sale and up-sale that entice users to buy more products. The website built over Magento updates automatically which is usually not available with any other e-commerce portal. You can offer flexible prices of your products to your customers based on the customer class i.e. You can have multiple websites with multiple languages and currency on Magento which helps you to promote your products and services across domains. Magento is mobile responsive and mobile-friendly. You can manage your products efficiently by displaying specific prices for specific groups of customers, add multiple images of your products, and whatnot.

Magento is an ultimate eCommerce Solution which offers a high scale of security and a great business environment. If you are looking to build your website in Magento CMS and looking for the best and reasonable Magento Development company, LogicRays is the best option to contact for. Our experienced and skilled developers
can surely help you to build your Magento website with attractive features and proper functionalities and also to develop any new extension. We can also help you to build marketplace solutions such as booking marketplace, hyper-local marketplace, B2C/B2B Marketplace etc.