The online shopping trend changed drastically in the year 2020. In the one hand, where overall retail sales failed, eCommerce sales grew by 28%. Those who still have little or no online presence must consider having one. ERP Software for eCommerce can help you with it. Retail Management Software like LS Retail provides a set of tools and functionalities you will need to run a successful eCommerce business. In addition, online retailers have to keep a few things in mind when they plan or structure their online stores.
It is not enough to just have an online presence. The retailer must be aware of the trends restructuring the industry. Other factors will make or break your eCommerce business. Online stores indeed enjoyed a boost in sales but there are struggles nobody talks about:
- Inability to identify trends.
- Irrelevant product suggestions to customers.
- Failure in upselling and cross-selling.
- Lack of visibility on inventory.
- Delivery issues.
- Purchase and return disturbances.
- Irrelevant offers
- Lack of customer interaction tracking.
- Disparate systems add to complexities.
Before commencing an online business, retailers must get technology that complements their needs. LS Retail ERP Software for eCommerce helps manage every eCommerce-oriented activity on the same platform and delivers benefits attached to it. Additionally, we have gathered a few things that retailers must keep in mind before commencing an online business.
A Hassle-Free Customer Experience with ERP Software for eCommerce
Customer expectations from these online platforms are structured by the smooth and customized experiences that leading eCommerce markets provide. Asos, JD.com, and Farfetch are among the top digital stores. They have already set high standards but the one that is worth reaching is that more than 80% of customers state that they will pay more for excellent customer service. Several studies have found that customers impulsively purchase another item when they have a more personalized experience.
However, failing to do so will have some serious repercussions. Online stores may start losing customers if they fail to compete with other eCommerce businesses in terms of customer services. Therefore, robust CRM in Retail is imperative.
Allow seamless shopping experience across all the channels
Research by Google states that more than 95% of Americans switch their mobiles with their computers in one day. Hence, buyers may commence shopping from their desktops and end up paying from their cell phones. Some shoppers may start searching for products online and purchase them from the shop. To keep up with the dynamic customer demands, eCommerce retailers need ERP Software for eCommerce. LS Retail Software Solution encourages omnichannel services. HBR reports that during the pandemic about three out of four customers who tried BOPIS, curbside pickup, or delivery state that they want to continue to experience these services even after the pandemic ends. Thus, it is imperative for retailers to connect their online and offline platforms in terms of prices, items, customer profiles, offers, and carts.
Respond to Market Shifts by Using Flexible Pricing and Promotions
In the past few months, we have witnessed how market conditions and customer preferences can shift overnight.
According to a study by McKinsey, shoppers have become more promotion conscious and always have an eye on the best deals available. Therefore, the retailers must frequently re-evaluate their assortment and category vision, and test the latest product spanning, also the fresh mechanics of promotions.
A CRM for eCommerce will provide the necessary insights to react fast to a suddenly changing market environment. Retailers can track consumer demand change and reprioritize their portfolios accordingly.
Reward Customer Loyalty
There are good reasons to reward customer loyalty. According to a study from Invesp, it is harder to attract new customers than to retain existing buyers. Hence, it makes sense to treat VIP customers as kings. As said by StiboSystems, 75% of the customers are willing to purchase twice from the same brand after receiving an incentive.
Encouraging frequent purchases is one of the reasons but not the sole reason. ERP Software for eCommerce supports loyalty schemes that help you to extract customer data and understand their spending habits and preferences.
Personalized Experience for Each Customer
Apart from calculating your success, you can use data to deliver precision marketing. For instance, you can identify the customers who were once your regular buyers but now have not bought anything in the past six months. You can send them coupons and discount vouchers to entice them to return.
You can also use ERP Software for eCommerce to create campaigns to increase cross-selling. You can see how many buyers are purchasing suits but not shoes. Group them and create a campaign encouraging them to try different product lines.
If you are looking forward to implementing LS Retail ERP Software for eCommerce, you can Contact Trident Information Systems, a Gold Microsoft Dynamics 365 and Diamond LS Retail implementation partner.