E-commerce & Supply Chain Management

by BusinessE-commerce

The supply chain is the backbone of e-commerce, from product sourcing to delivery to customers. Fast, dependable, and efficient supply chain management is essential for the success of e-commerce businesses in the world of online shopping.

In this blog, we’ll look at how e-commerce business owners can improve their supply chain management to boost revenue and customer satisfaction.

 

Sourcing / Buying

Sourcing is the first step in the supply chain management process, and it entails locating suppliers and negotiating contracts or agreements for the purchase of goods or services.

Businesses can access a large pool of suppliers through e-commerce platforms, which helps to drive competition and reduce costs of the products or services.

Inventory management

Inventory management is the foundation of any business. It works to support both the front end and back end of your operations. On the back end, it’s an essential component of the supply chain, frequently serving as a go-between for your suppliers and customers.

For example, it keeps your front-end quantities accurate, so you don’t lose customers due to incorrect information.

The act of tracking the location, amount, pricing, and mix of inventory available from your business is referred to as e-commerce inventory management. The e-commerce component takes into account the requirements of an online retailer who may need to track inventory for multiple online sales channels.

Order processing

Following the acquisition of the products, the next step is order processing, which is the process of collecting and receiving customer orders. 

To reduce errors and expedite order delivery, this process should be automated and streamlined. To manage and automate this process, e-commerce businesses can use technology such as Order Management Systems (OMS) or Enterprise Resource Planning (ERP) software.

Warehousing and distribution

The supply chain management process tends to revolve around warehousing and distribution. E-commerce companies require a well-managed warehouse to store their products, as well as a dependable transportation system for outbound and inbound deliveries. 

Collaboration with reputable logistics companies can assist e-commerce businesses in delivering products to customers in a timely and cost-effective manner.

Shipping and delivery

Customers in e-commerce place a premium on quick and efficient shipping and delivery times. E-commerce businesses must have a well-defined shipping policy that meets customer expectations. 

Having multiple shipping options, such as standard, express, and same-day shipping, can help you stand out from the crowd.

Returns management

A system for processing returns, managing refunds, and handling product exchanges should be in place at the e-commerce company because a favorable return policy can help with the growth of customer loyalty and trust.

 

Challenges

  1. Uncertainty of demand: Customers now have higher expectations due to the growth of e-commerce and are looking for quicker delivery times and easy product tracking. The COVID-19 pandemic has also increased demand for online shopping.
  2. Inventory management: It can be difficult to manage inventory for different e-commerce channels because it requires coordinating with numerous distributors and suppliers, each of whom may have different delivery windows and schedules.
  3. Last-mile delivery: The final stretch of the delivery from the distribution center to the customer can be challenging, as it is often the most expensive, time-consuming, and prone to delays.

Benefits

An efficient, transparent e-commerce supply chain can help to determine whether your business is functioning at its optimum potential. It can lead to significant benefits such as,

  • Cost savings
  • Reduced delays
  • Greater transparency and visibility across the board
  • Effective multi-channel selling
  • Improved customer relations
  • Insight into stock availability and inventory visibility

Future

As e-commerce expands, the supply chain will become increasingly important in the success of online businesses. The following are some trends that will most likely shape the future of the e-commerce supply chain:

  1. Automation: Robotics and artificial intelligence (AI) are being used to automate tasks and improve speed and efficiency.
  2. Data analytics: Companies can use data analytics to gain insights into customer behavior, product demand, and trends. This data can be used to improve inventory management, optimize processes, and improve the customer experience.
  3. Sustainability: Companies will need to source products responsibly, reduce waste, and implement sustainable packaging solutions as consumers become more environmentally conscious.
  4. Same-day and last-mile delivery: Customers are demanding faster and more convenient delivery options. E-commerce companies will need to invest in same-day and last-mile delivery solutions, such as drones or delivery robots, to meet these expectations.
  5. Supply chain transparency: Increasingly, consumers want to know where their products are coming from and how they are being produced. E-commerce companies will need to implement supply chain transparency measures to build trust with their customers.
  6. Integration with physical stores: Many e-commerce companies are now expanding into the physical retail space. These companies will need to integrate their online and offline supply chains to ensure a seamless customer experience across all channels.

Finally, the e-commerce supply chain of the future will be defined by automation, data analytics, sustainability, same-day, and last-mile delivery, supply chain transparency, and integration with physical stores. Companies that optimize their supply chain processes to meet these trends will be the most successful in the ever-expanding world of e-commerce.

If you are also willing to start your ecommerce but confused, then contact us and we will take care of your complete project. From Ecommerce platform development to look after back office work, upload the products, doing SEO & PPC marketing, sales, supply chain management, bookkeeping, collections and until tax finalization.

We have group of team with different variety of experience that can help you grow your business 365 degree.

What are you waiting for then? Contact us now for a first free consultation.

T: +919925249994

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W: www.aardenco.co.in

How Does Personalization Impact Your ECommerce Business In 2022

by BusinessE-commerce

As e Commerce grows in popularity around the world, the demand for personalization grows. When e Commerce webpages are not customized, a staggering 74 percent of customers are irritated.

But what are the implications of these eCommerce customization trends? What is it about e Commerce personalization that has caused so much consternation among company owners? Could individualized recommendations help modern-day technologies unleash greater consumer value? Or is it just another fad on its way out? Let’s go over all of these important issues again.

So, What is Personalization in e Commerce?

Personalization in e Commerce refers to tailoring a customer’s experience by recommending items, displaying content, and cutting prices depending on their behaviors, location, behaviors, past purchases, and other trends.

This can take many different shapes. Sites may use e Commerce customization tactics to show multiple accounts unique homepages, or the contents may alter based on the visitor’s geographical area.

Likewise, e Commerce customization best practices might include personal components in call-to-actions on landing sites and customizing notifications. Some establishments may even have personalized shopping companions who can provide helpful buyer recommendations for specific product categories.

The goal of eCommerce customization, irrespective of the kind, is to give interactive content based on user histories and interests.

Benefits of Personalization in eCommerce – Things to Keep in Mind

Buyers are over 80% more inclined to purchase from an e Commerce store that offers customization. Consumers crave, or rather expect, customization, according to these e Commerce customization statistics. So, what does this mean for companies?

Personalization of eCommerce can increase sales.

Increased sales quantities is one of the most visible and very far effects of customization in e Commerce. According to Gartner, e Commerce organizations who adopt customization best practices will see a 15% increase in earnings by 2020.

And e Commerce personalization has not only accomplished this but has gone above and beyond. Apart from increased overall sales, firms that offer customization at scale enjoy a 10-20% decrease in marketing costs, a 10-15% rise in sales currency exchange rates, and a 20% boost in customer satisfaction! And if you use a customization tool for other services at other interfaces, such as advertising, product suggestions, on-site searches, price, pre-and post-sales assistance, payment, customer service, and so on, those figures are likely to rise.

Unlocks Additional Revenue Streams

Cross-selling and upselling methods account for approximately a third of all e Commerce income. As a result, they might be a great place to start when it comes to diversifying your income streams. Luckily, a sophisticated recommendation engine can assist you in making more informed selections about how to make the product recommendation.

Aside from offering the option to buy bundled or suggested products, e Commerce companies can also use dynamic and customized pricing to cater to the price sensitivity of their customers. Although if you offer a discount to entice a high-value consumer, their long-term worth will much outweigh it.

Enhances Customer Experience with eCommerce personalization

Personalizing your site or material to meet the needs of your customers will make your business more pertinent to their purchasing intention, preferences, and choices. As a consequence, e Commerce personalization contributes to a client ecosystem that provides a superior consumer experience.

Consumer experience can have a big impact on the buyer’s journey, especially when it comes to attracting new consumers. First-time consumers are more likely to stay and become regular customers if they have a great customer experience. As a result, e Commerce businesses can use this to acquire a competitive advantage over their competitors.

Fosters Customer Loyalty

Companies must compete to separate themselves from one another and earn repeat customers as the e Commerce market becomes oversaturated. This is where e Commerce website personalisation comes into play. Consumers are more inclined to remain with e Commerce stores that provide appropriate product suggestions, according to 91 percent of respondents. Similarly, according to a Forrester study, 77 percent of buyers have suggested a brand to new consumers because of its e Commerce personalization.

Customization is the key to developing trust in an e Commerce firm, whether you’re working with first-time clients or repeat customers. It gives the client power over their wants and aspirations, increasing the likelihood that they will buy from you (that too in greater frequency).

It Helps Retain Attention

When it comes to e Commerce personalisation, the idea of attentional control shows to be vital. This tendency emphasises immediate satisfaction via individualised information and quick value offerings. Furthermore, if your website is cluttered or overburdened with content, the buyer may become overwhelmed and abandon all attempts to make a deal.

As a result, while selective attention appeals to persons with limited attention span, e Commerce recommendation system can use personalisation to their benefit. It lets you to create a website with a list of relevant specific products, targeted advertisements, and other features carefully placed across the site. As a result, the important triggers that encourage action will be highlighted on the site, assisting in the delivery of desired outcomes.

Concluding Thoughts

It goes without saying that e Commerce personalization is impossible to achieve without the correct tools. Fortunately, tailored recommendation engines powered by artificial intelligence are paving the way for the future of e Commerce recommendation system. These algorithms handle all of the grunt work involved in analyzing a profile and determining the best level and degree of customization.

About Aardenco’s Advertising and marketing services

Our creative team of art-minded people are constantly ready to approach digital platforms and reach a targeted audience on webs, portals, and social media. This will be as reflective as your Brand, Products and Vision, so the authenticity you have in YOU, is the Mirage your audience will see.

According to the nature of your business and the type of its usability, we would launch an organized course of operations to speed up the process of reaching beyond expectations. That includes actual product display on social media with business-to-customer marketing in the respective industries.

The market hence becomes a community. Our approach is to do storytelling through media would solve many problems of a consumer and will help them make their thought process easier by providing step-wise visual content.

Our global game-plan for analysis, upload timings, and reachability to the targeted people, helps industries reach customers directly.

WHAT IS AN ACCOUNTING SYSTEM?

by accounting servicesBusiness

Accounting system is the system which manages the financial position of a business. An accounting system allows business to manage all types of financial transactions like income, expenditure, purchase, sales and other financial activities. With the help of this accounting system, management prepared a comprehensive statistical report for which result in good decision making.

In 20th century, development in computer technology, company generally used computerized and automated software for accounting which makes accounting easy.

OBJECTIVES OF AN ACCONTING SYSTEM-

  1. TO KEEP SYSREMATIC RECORDS- Under this system, all the financial transaction is systematically recorded which helps to control misuse of fund. It also provides financial information whenever needed.
  2. TO SUPPLY FINANCIAL DATA AND INFORMATION- Accounting system provides various financial information data and information for the preparation of financial statements.
  3. TO PROVIDE INFORMATION ABOUT FUNDS- For proper utilization of fund, authorities know about the status of various funds. It provides information about position of fund.
  4. TO SAFEGUARD PHYSICAL PROPERTY- Accounting system helps to maintain the proper recording of public properties.
  5. TO MAINTAIN EFFECTIVE CONTROL OVER BUDGET- The government prepares budget for making expenditure in different sector. According to new accounting system every government office makes budget according to budgetary limit.
  6. TO MAKE AUDIT EASIER- Data and information provided in this system, helps to make an audit more simple and easy.
  7. TO PROVIDE REILABLE INFORMATION FOR PLANNING AND DECISION MAKING- Government has to make important financial policies and decision making. Accounting system provides financial information for policies and decision making.

BENEFITS OF USING ACCOUNTING SOFTWARE-

  1. Accounting system helps in managing cash flow effectively.
  2. Helps in predict the correct cash flow of business.
  3. Control the business activities with the help of accounting software.
  4. Simplifies the banking experience comfortably.
  5. Helpful in financial decision making.

TYPES OF ACCONTING SOFTWARE-

Accounting system helps to collect the financial information of business. Before deciding which software is suitable, it is important to understand the different types of software and for which purposes this software is to be used. The list of different software is below-

  1. SPREADSHEETS-

Quite small businesses use this electronic software called spreadsheet for accounting software. This software is inexpensive and prone to error, since information entered may be in wrong place. Usually spreadsheet software is used by the small organization which has low transaction volume. Each cell in this software contain either numeric or text data, or results of formulas automatically calculate and displayed on the cells. Modern spreadsheet software can have multiple sheets, which displays data either in numeric or in graphical form.

  • COMMERCIALLY OFF-THE-SHELF SOFTWARE-

COTS or Commercial off the shell software is accounting software used in all over the world. It is customized to the needs of business, contains many layers of error detection which reject the entries of incorrect information and produces standard reports for the needs of user. There are certain COTS packages that are similar to certain industries, with more features to address the target market. COTS software requires consultant services to install, and have lengthy installation process as well as staff to maintain the software. The use of COTS has been commanded across many business and government events.

  • ENTERPRISE RESOURCE PLANNING SOFTWARE [ERP]-

ERP [ENTERPRISE RESOURCE PLANNING] is integrated management software of main business processes, and medicated by software and technology. ERP is management software for business or a set of integrated applications, that an organization use to manage, collect, store and interpret data from different business activities. Enterprise resource planning software provides latest updated views of business using database, maintained by database management system. This software shares data among various departments such as purchase, sales, manufacturing, accounting etc. and maintain connection with stakeholders by flow of information. Enterprise system supports variety of business functions, though it focuses on big enterprises, small enterprises started using this software.

  • CUSTOM ACCOUNTING SOFTWARE-

Custom software is specially designed for specific organizational task or other use. It is also known as bespoke or tailor-made software. Large companies use this software for functions like content management, inventory management, customer management, human resource management. This software may consider expensive as compared to off-the-shelf. Custom software generally proves to be most efficient system as it provides support for specific needs of the business, which is not available in off-the-shelf software.

Custom software used in major fields-

. In construction work

. In hospitals

. Places of education

. In retail

Modern custom accounting software tool tracks your business financial activities and makes business runs smoothly.

Accounting software makes easy to perform and manage financial activities of business, helps in performing task correctly. It does not replace the role of accounting managers, but instead of this it helps in increase their productivity. In absence of accounting software, accounting managers or business owners have to spend too much time to maintain financial records. This software helps in clear vision of company financial position.

Top Advantages of Outsourcing Your Work

by Business

Outsourcing is the most popular word nowadays for the businesses to lower the costs, innovate and grow by handling important functions only.  From small business to large organizations can use outsourcing to help their business grow and expand while keeping costs as low.

This article takes you at the advantages of outsourcing and value offered by an offshore partner or virtual assistant.

Here are top benefits from the outsourcing:

  1. Concentration on Core Business
  2. Cost Reduction
  3. Increased Productivity
  4. Saving on Infrastructure and Technology
  5. Experts and Experience
  6. Time-Zone Advantage
  7. Faster and Better Services
  8. Competition Advantage
  9. Knowledge Sharing

Concentration on Core Business

Outsourcing will free up your time to focus on business strengths, allowing internal employees to focus on key tasks and future strategy to improve performance.

Cost Reduction

With outsourcing you can get your job done at a lower cost and at better quality from the experienced people. There is a cost savings of around 60% by outsourcing your work to countries like India.

Increased Productivity

When you outsource your work to an experience service provider, they will deliver complex outsourcing projects with expertise. This helps to an increase in productivity and efficiency of the business.

Saving on Infrastructure and Technology

Outsourcing removes the requirement for investment in infrastructure and technology as the outsourcing partner accepts the accountability of the business processes and hence develops infrastructure for the same.

Experts and Experience

You no longer need to spend in recruiting and training resources to get the work done when you appoint an outsourcing service provider. Outsourcing agencies will handle highly skilled resources and train them to get your work done on timely manner.

Time-Zone Advantage

This interesting benefit gives you the advantage of nonstop business tasks. When you are outsourcing with different time-zoned service provider then you can get your job done while you are closed for the day and work being delivered the next morning.

Faster and Better Services

Improve your service offerings with quality deliverables and decrease the lead time it takes for your item to arrive at the market. In this way you would be quicker in getting your thoughts changed over into items and better at delivering.

Competitive Advantage

If you are a small or medium sized business, then simply you do not have same range of resources as larger organizations. By outsourcing, you can keep yourself in competition with bigger companies in terms of services to the customers.

Knowledge Sharing

Outsourcing allows the business to share knowledge and best practices with each other.

Summary

Businesses often consider about outsourcing entirely in terms of cost savings, but outsourcing can do more than just lower expenses. As your business grows, outsourcing can be a way to promote, innovate, and access new skill sets that reposition your company in the market.

Aardenco can help grow your business, save your money and keep up with the latest technology. It is important to choose the right outsourcing service provider.

Virtual Bookkeeping For Your Business

by Business

What is Virtual Bookkeeping?

Virtual bookkeeping is a process to remotely handle the daily financial tasks of the business by an accounting expert. These tasks include reporting transactions, accounts payable and receivable, reconciliation of bank and credit card accounts, invoices and receipts management, handling payroll, etc.

Why you need a Virtual Assistant for Bookkeeping?

If you consider hiring a VA for your bookkeeping tasks, the person must provide accurate, reliable, comprehensive, and timely work.

The main difference is that an in-house bookkeeper needs to be present in your office to perform the tasks, while a virtual bookkeeper manages everything remotely using cloud-based software. As VA will use cloud-based software to manage your bookkeeping task, you can access your records and reports anytime being safe and secure.

You can hire a virtual bookkeeper as a full-time or part-time or outsource your work to a bookkeeping service provider. If you outsource a bookkeeping service with an agency, you will get the advantages of working with specialists and the ability to cover extra accounting and bookkeeping tasks depending on the situation.

Virtual bookkeeping is a good match for the organizations that are willing to go paperless and use cloud software to replace the requirement for physical paper invoices and receipts.

Bookkeeping is not an easy task, and it takes a lot of time and effort to manage it accurately. Thus, businesses find these tasks are difficult and time-consuming. A virtual bookkeeper is a best-fit option here to manage these tasks cost-effectively.

The main reason for outsourcing bookkeeping work is getting the time for yourself or the staff to focus on other core activities. And most important money saver too. 

Who should use Virtual Bookkeeping Services?

Because of a huge pool of professionals available in the market, any business owner or entrepreneur will find virtual bookkeeping a suitable alternative to in-house services.

  • Small businesses –

A small business does not need a full-time employee to handle bookkeeping tasks as it is not advisable for them to afford employees with the required skills at affordable costs. Instead, hire a virtual assistant and pay them only for the work you required.

  • Businesses growing rapidly –

Increases in numbers of customers and financial transactions create the complexity and support hours to handle bookkeeping. When you work with the bookkeeping service agency, their team probably has the bandwidth to take on additional work as and when you need it.

  • Businesses with uncommon business models –

It can be difficult to find somebody with the right bookkeeping experience who lives nearby to your working environment, especially if your business has an unconventional business model or is part of a specialized industry. In this case, you work with a virtual bookkeeping provider who has experience with your specific bookkeeping needs.

  • Businesses operating in multiple locations –

When the business has multiple workspaces, in-house bookkeeping professionals are not an efficient solution. Having a single bookkeeper who works for each workplace means time wasted traveling and hiring a bookkeeper for each location is also a major expense. On the other hand, a virtual assistant handle work for all the locations remotely and you can see a complete picture of how your business is performing.

Conclusion:

Accounting and bookkeeping are an important part of any business but also complex and require time and specific skills. Without having proper knowledge for bookkeeping there might occur many errors and it leads to a decrease the business performance.

Aardenco is a reliable bookkeeping service provider for small to high-sized businesses. Check our outsourcing services and connect with us for more information.