For the last few years, reports have been released stating that e-commerce sales will overtake that of brick and mortar stores by 2021, and while this remains to be seen, we can all agree that the online retail sector will continue to grow.
From the standpoint of convenience, with the pandemic now with us, millions will choose to buy their goods online as they will save both time and money. For instance, if you were to buy a TV from Amazon, then you wouldn’t have to travel for miles. You wouldn’t need to leave your home, search for the right deal in a crowded store, or ask several salespeople for assistance. Online stores like Amazon provide all this information on their sites and more.
With the stage set for a presumable boom in the online sales sector in 2021, it’s more than appropriate to talk about the four strategies that every online retailer must keep in mind:
The wow factor
An online store can take advantage of the curiosity factor to make a lasting impression. While individuals shopping at physical stores know what to expect from the product or package, online stores have the advantage of including a wow factor. This might be as small as a ‘Thank You’ note or custom packaging with the buyer’s name on it. Any gesture, based on your theme, can work wonders for your sales volume.
Round the clock coverage
Online stores need to leverage the advantage of a remote workforce. As they are in a position to delegate professionals across the globe, it becomes easier for them to offer 24×7 customer support. To maximize sales, an online store must take every possible step toward initiating frictionless communication with the buyer.
Cash flow monitoring
Monitoring and managing the cash flow for online sales can be trickier as you need to take every point of contact and overhead expense into account. Therefore, it’s necessary to have an expense spreadsheet handy for tracking shipping costs, advertisement fees, and COGS, specifically for determining the gross profit.
This approach also helps with the taxes by helping e-commerce stores calculate the bracket and existing liabilities based on the profits. However, if you don’t want to delegate the in-house workforce for tax calculations, https://taxfyle.com/tax-bracket-calculator is just a click away as your go-to offshore calculator. Taxfyle helps e-commerce businesses comply with taxes by offering a fast and reliable tax calculator for fixed rate and tiered calculation. Following the latest IRS updates, Taxfyle now allows you to calculate adjustments for pass-through entities as well. Taxfyle’s tax calculator is reliable and easy to use, making it perfect for small business owners who handle their own bookkeeping.
An online store has the most potential to scale with time, considering the diversified arena for sellers, suppliers, and shippers. However, it’s necessary to deploy a dedicated market and accounting team to read into the analytics, possibilities, and financial constraints of scalability.
Besides these four actionable strategies, online stores proactively account for sales issues like lost shipments, thefts, payment frauds, and more before kickstarting full-time operations.