Export-Import business is the most flourishing business if it is well established and maintained properly. With attorney companies who provide securities for workers, wills, assets, etc. export business can be run pretty smoothly without any worries or complexities. If you are dealing with debt issues have a look at debt relief reviews. This might help you to reduce some business stress. However, there are some sure shot strategies for budding businessmen that will boost up their businesses in no time, as jotted down below:
Ensure your shipping offers are sensible and earns you better profits
This one is a tough strategy to pull off, and a bit confusing too. Obviously, offering a true free shipping service will attract customers, but you are sure to lose a whole lot of bucks in the process. There are mainly three factors to consider ensuring that you shipping offer is sensible enough for both of you and your customer:
- The product
Weight, cost, you profit margin etc. are the areas to concentrate here. If it is a light weight product with a low profit margin and less costly, a flat rate of shipping charge is ideally sensible.
- The Customer
The location of the customer (i.e. Urban, rural, remote areas etc.), the customer’s lifetime value must be taken into account while you finalize your shipping charges. For a client who has a history of repeat purchases from you, it is only sensible to offer low charges for him/her.
- Market Competition
This needs thorough research and lots of economics in finding out the right charges for a particular product. The ideal solution would be to fix a charge which is lower than what all others are offering, and yet is not incurring a loss for you.
Knowing your target for particular location
It is of vital importance that you have a detailed knowledge of your customer’s needs and requirements based on their location. Knowledge of the culture, attitude and other financial aspects of people residing in a particular area can be very beneficial for you. That way you can formulate the perfect business strategy to reap maximum profit and expand your business at that particular location.
Shipping rate not to be variant for same category of product
Multiple shipping charges are clumsy and confusing for customers as well as your business. Yes, business giants do incorporate such multiple shipping charges because they deal with a number of shipping facilities. But for small and medium level organizations it is best to have a flat shipping rate for each category of products. Of course, charges are bound to vary with different categories; for example, you need to put extra handling charges for food items, groceries etc. as they require to be delivered fresh.
Free shipping for your products, work on product selling price or, increase price to cover it
“Free Shipping” is definitely the best tactic to be at the top in the market in terms of sales, but it is bound to blow a hole in your own pocket. However, it can be avoided by working on the selling price of the products and increasing the price by a justified amount which will cover the shipping prize and not be too high for the customer as well.
Increasing sales orders for your eCommerce store is important
Sales Order in e-Commerce will soar with lower selling price, attractive deals and minimum shipping and other extra charges. But only an increase in the sales statistics is of no importance particularly if your profit margin is not increasing as well. Thus, it is advisable to maintain a minimum profit margin and ensure that your deals and offers on each product are meeting that minimum margin and your e-Commerce business too is growing on the other hand.
Offering your customers dealing with long-term valuable shipping option
This is a very effective strategy that is used by big companies to boost sales and retain customers over an extended period of time. Encouraging the customers to pay a one time amount in exchange of “one/two year free shipping service” will help you keep your valuable customers glued to your store. Other shipping adjustments such as shipping upgrade options (extra charges for faster delivery) are also sure shot business-growing strategies.
Focused on market where it can offer a higher standard of service to its specialized clients
It is like concentrating on your specialty rather being diverse. For example, you are well established in a particular location, it is advisable to grow your business in terms of standard of service and your specialization on that particular location itself before you focus on expanding the business over other areas. That way you earn a reputation for yourself which will help you later on if you plan to establish business in neighboring areas.
Offering a free consultation regarding overall cost, service, and delivery
Lastly, but not the least important, is customer satisfaction. Any customer would love to get a bit of consultation and guides before making a purchase. And what else can be better than to provide these services free of cost? It definitely will boost up relationships and trust with customers, and you will be one of their prime choices for their future purchases.
- How to Improve Import Export Business Strategies? - March 19, 2021