Month: May 2023

Economists and business experts around the world have mentioned the inevitable impending global recession in 2023. As more countries enter a recession, global growth will likely slow even further, which means an increase in prices and a decline in people’s buying power. Whether a global recession will hit hard or mild, businesses need to adjust and prepare strategies relevant to the economic landscape. Here are 3 tips for e-commerce to survive and thrive during economic uncertainty. 

Inventory Management

Business blindspots are spots where your business burns because it is running inefficiently and ineffectively which affects total profit, and one of the common blindspots is inventory. It is safe to say that during hard times, there is no room for a blindspot. 

In inventory management, the goal is to ensure there are enough goods or materials to meet the demand without overstocking. Inventory management refers to the process of ordering, storing, using, and selling a company’s inventory. It is also necessary to recognize how long it takes for inventory to be sold or used, and How long is the re-ordering cycle. 

Exposure Management

If the world enters a global recession, where unemployment rates increase, and prices rise, naturally customers are going to be more cautious with their spending, consequently making e-commerce more competitive than it already is. In that situation, it is high time to ensure your business is well-exposed to your target customer. This is because people tend to develop a preference for things merely because they are familiar with them. The phenomenon is called the mere-exposure effect. 

Outsource

Utilise an outside provider for goods or services that can be outsourced to reduce operational costs over time. With this strategy, you will have more time, space, and resources to explore more opportunities and innovate. 

Talk to us for more ideas and strategies here. 

Tiara NurhalidaA former marketing professional based in Indonesia. Currently an enthusiast business, sales and marketing trend observer, and writer.

What is an Omnichannel?

Every day, we are surrounded by more and more technological innovations. As a result, it has become increasingly difficult to separate between what we do online and what we do in real life. In order to remain relevant and sustainable, businesses must adapt to the market’s evolving needs. 

Your customers look for a particular product on different platforms, whether independently or simultaneously, yet expect the same high quality experience regardless where they do the transaction. Therefore, being present in multi-channel platforms, online and offline, is more and more unavoidable in today’s business world, yet not all multi-channel marketing and sales approach is omnichannel.  

In short, omnichannel is a business approach and strategy that focuses on uniformed, seamless and high-quality customer experience in multi-channel marketing and sales. 

Omnichannel to Meet Customer’s Needs Efficiently

A lean and efficient business operating system is when planning, executing, learning and reviewing feedback loops smoothly, accurately and swiftly. It helps you determine fast what, where, when, and how your customers want and are willing to pay. Also, it should provide an easy way to learn what, when, and where an effort should end, what should be improved, and what should continue, based on the ever-evolving behaviour of dynamic market data.

Furthermore, some customer trends are increasing steadily, such as buy-online-pick-up-in-store (BOPIS), chatbot and seamless and personalised experience between sales channels. As businesses compete to excel in serving the customer, the social commerce trend increases rapidly as another sales channel. Thus, to stay relevant, adopting an omnichannel strategy is inevitable if a business wants to provide high-quality experience in multi-channel. 

Get Started with ECCS from e-Agency

Enterprise Commerce Cloud Service (ECCS) is an agile and established omnichannel system from e-Agency. The system ensures cost-effectiveness and cost-efficiency of both fixed and variable costs such as human resources, physical store as well as inventory and delivery management and execution. 

Adopting cloud server technology, ECCS is centralised and accessible by authorised multiple users and automatically collects product sales trend reports for each channel and each region. Additionally, an inventory control system could track online & offline channels and distribute inventory according to sales in real-time.

Tiara Nurhalida

A former marketing professional based in Indonesia. Currently an enthusiast business, sales and marketing trend observer, and writer.