When you are planning to start a business, there are many things that you need to consider before you can actually start it. The very first step is to come up with an idea and then make set up a solid profit earning plan. After you have these two, you would surely want money to flow 24*7 but for this, you don’t have to work day and night. This method is known as scaling. Below we have listed 5 different ways to scale your ecommerce business. To know more, keep reading!

Spread your existence

If your existence is not known to people how will they purchase your product? Spreading the awareness of your presence in the market is a must when you are trying to increase your sales. In order to let people know about your existence, you need to come up with a strategic marketing strategy. We will share some tips on that as well soon.

Invest in automation

This particular tip includes not fulfilling the products that you sell not by yourself but rather using a repricer software for this purpose. If you want to scale your business you need to stop doing the tasks that you were doing earlier by yourself. The manpower that you save by using a software can be used in other productive tasks that need to be done to increase your business. Additionally, when you use an automatic software task are done accurately. Increase the focus on customer support

Making an amendment to the previous point we would like to state that even if everything can be done automatically, there must be direct contact with the customers and must not be done automatically. Often when a business is growing, the owner tends to lose personal contact with the customers. When there are enormous options available to customers, having low or no customer support will hamper the business in the long run. The trick here is to use automation with little personal touch.

Use something else for fulfilling your orders

Though this comes under automation, it requires special attention. While you are scaling your ecommerce, you must use automatic tools for fulfilling process. When you do fulfilling yourself it consumes a lot of time. Let’s have a look at the steps that you have to consider while doing the process on your own.

Choose any appropriate box or a padded envelope.
Pay for the box.
Work on the price of the product cost.
Prepare a shipping label and attach it with the order.
Find out the product from the store.
After wrapping the item, place it in a box or a container.
Factor in-cross border with the product price.
Carry the item to a shipping office, stand in a queue and tell the agent about the item. Additionally, spend more time going back to your office.
Apart from these, the fulfilment process includes other miscellaneous stuffs that needs to be taken care of by yourself.

Though you may think that giving someone else the task of fulfilling is costly, it is totally worth it. The time you will save can be put to other use. Never forget about your website.

Doesn’t matter if you are an Amazon seller or a website owner, you must never forget about your website. Your website is where you get to contact the customer thus it is the first impression that you put in your customer’s mind. On a website, you the reaction of the customer can be measured by the number of daily visits. For attracting more visitors make your website high-end, include infographics and high-quality images.

Brick and mortar retailers should take a cue from this huge growth from the ecommerce boom and start planning their online stores. Here is a list of few points that can be helpful for store owners who wish to create an online presence.

Pick a platform that suits you the best

The market is flooded with several platforms with amazing features. You can always have two choices for starting your online store with the help of any online store.

1. Select a marketplace for listing your products

2. Build your own ecommerce store.

Both these options have their own significance. Choosing a marketplace gives you a platform with thousands of customers and you hardly need to invest in marketing. On the other hand, if you choose to build your own ecommerce store, you can take it up right from scratch with the help of a tech team. Alternatively, you can also try several ecommerce platform providers available in the market that have a quick turnaround time.

Having an approach focusing on effective results in a specific time limit is a better option. Engaging a team of resources and creating an online store can be really time consuming.

A smarter way to build an online store would be opting for an ecommerce platform and getting your business started instantly.

How to choose a suitable platform provider for my business? Is the first question that strikes the mind of every business owner.

Choosing the best fit for you depends totally on your requirements. Here is a simple way to start which may take some time but will surely give you a crystal clear picture.

Analyse the platform depending on the listed key points.

An ecommerce platform needs to be fully fledged so as to attract the customers in every possible way for shopping.

Is the platform easy to use?

A user-friendly platform is a basic necessity which must be fulfilled in order to make the business profitable. If the platform allows the customers to search their products easily, make faster checkout and does not redirect them to multiple pages while completing their purchase then it can always be a good choice. On the other hand, the ecommerce platforms offer a DIY(Do it yourself) functionality. Creating your store as per your imagination is a fun process and it becomes thrilling if the platform allows you to do so easily. So considering the ease of platform builders as well as customers is the first point to focus.

Does it provide end-to-end ecommerce solutions?

What does an end-to-end solution refer to? An ecommerce platform is expected to have multiple payment gateways and logistics partners that provides timely delivery of products without any damages caused. A platform provider that allows to integrate with all the leading logistics providers and help you to takes your business to new markets within and out of the country can always be a cherry on the cake. Try searching for a platform that allows the users to shop beyond borders without worrying about logistics or payment issues.

Do you need to make extra efforts for digital marketing?

Any ecommerce platform that provides marketing features to attract customers is a necessity because of the neck to neck competition in the online market. If the platform provider that you choose comes along with SEO and social media friendly functionalities then it can be highly beneficial for you. Customers are always looking for fresh products and styles, a notification on the social media sites can easily grab their attention.

All these tips are more than enough to choose the platform which can be beneficial for your business. Make sure you make a wise decision now.

Even more startling: 10% of advice was found to leave investors in an even worse financial position.

Through a “vertically integrated business model”, Commonwealth Bank, National Australia Bank, Westpac, ANZ and AMP offer ‘in house’ financial advice, and collectively, control more than half of Australia’s financial planners.

It’s no surprise ASIC’s review found advisers at these banks favoured financial products that connected to their parent company, with 68% of client’s funds invested in ‘in house’ products as oppose to external products that may have been on the firms list.

Why the banks integrated financial advice model is flawed

It’s hard to believe the banks can keep a straight face and say they can abide by the duty for advisers to act absolutely in the best interests of a client.

Under the integrated financial advice model, there are layers of different fees including adviser fees, platform fees and investment management fees adding up to 2.5-3.5%

The typical breakdown of fees is usually as follows: an adviser charge of 0.8% to 1.1%, a platform fee of between 0.4% and 0.8%, and a managed fund fee of between 0.7% and 2.1%. These fees are not only opaque, but are sufficiently high to limit the ability of the client to quickly earn real rates of return.

Layers of fees placed into the business model used by the banks means there is not necessarily an incentive for the financial advice arm to make a profit, because the profits can be made in the upstream parts of the supply chain through the banks promoting their own products.

This business model, however, is flawed, and cannot survive in a world where people are demanding greater accountability for their investments, increased transparency in relation to fees and increased control over their investments.

It is noteworthy that the truly independent financial advisory firms in Australia that offer separately managed accounts have done everything in their power to avoid using managed funds and keep fee’s competitive.

The banks have refused to admit their integrated approach to advice is fatally flawed. When the Australian Financial Review approached the Financial Services Council (FSC), a peak body that represents the ‘for-profit’ wealth managers, for a defence if the layered fee arrangements, a spokesman said no generalisations could be made.

There are fundamental flaws in the advice model, and it will be interesting to see what the upcoming royal commission into banking will do to change some of the contentious issues surround integrated financial advice.

Many financial commentators are calling for a separation of financial advice attached to banks, with obvious bias and failure to meet the best interests of clients becoming more apparent.

Chris Brycki, CEO of Stockspot, says “investors should receive fair and unbiased financial advice from experts who will act in the best interests of their client. What Australians currently get is product pushing from salespeople who are paid by the banks.”

Brycki is calling for structural reform to fix the problems caused by the dominant market power of the banks to ensure that consumers are protected, advisers are better educated and incentives are aligned.

1. Cost of Living: Some factors, determining, the Cost of Living, include: wages (and wage growth); prices, etc, and how wages, are, or, aren’t able, to keep – up, with the increase in costs, etc! Most realize, we have, in the past – few months, experienced, a huge, jump, in pricing, most – apparent, in the food stores, restaurants, and, nearly, everything, related – to, day – to – day, existence, etc!

2. Federal Reserve: In recent times, the near – historic – low, extended period, of interest rates, has, in addition, to the intended measures (helping businesses, and the economy, in trying – times), has caused a Real Estate, Sellers Market, and, a huge rise, in home prices, in most parts of this country! In addition, it created a surge, in consumer use of credit, because, borrowing, appeared, cheaper! However, most economists forecast, many of these supports, and maintaining, such low rates, will, gradually, be reduced (or minimized), probably, beginning, next year. What impact will that have, and will we see, the historic reaction, which has been, when rates rise, it helps reduce inflation, etc?

3. National economy/ conditions: Largely, because of a world – wide, supply – chain, set of obstacles/ challenged, many industries, have experienced, challenges, in terms of, getting sufficient amounts of needed materials, etc! Go into, nearly, any store, and you will see, more – sparse, shelves, than we have seen, in recent memory! In addition, building supplies, products, food, toys, cars and car parts, etc, are under – stress, because of this!

4. Worldwide economies/ economic conditions: Nearly, every nation, is experiencing, economic issues and challenges! The United Kingdom, because of worldwide, as well as specific national trends/ causes/ conditions, has been largely, impacted! Since, we live, largely, in a global economy, when there is any disruption, in the supply – chain, it affects, everyone!

5. Stock and Bond Markets: Because of several reasons/ factors, the United States Stock Market, has benefited, significantly, and experienced, significant increases, in the price of stocks. In addition to the obvious ones, because, interest rates, have been, so low, many investors, believed, stocks, were, nearly, the only game – in – town! When, if, interest rates, rise, bond rates, will rise, and existing, bond prices, will adjust, and drop!

6. Immediate, intermediate, longer – term ramifications/ impacts: The immediate impact of inflation, is, usually, rising prices, and, wages, which, usually, rise, at a far – lower rate! In the intermediate – period, we begin to see, weakening economic trends, and in the longer – term, depending on how long, it ensues, there are often, several, undesirable ramifications, and impacts!

Don’t take inflation, and its risks, for – granted! The more you know, and understand, the better prepared, you will be!

1. Bond prices and interest rates: The price of a bond, generally, is inversely – related to interest rates! When these rates go down, prices, rise, and when they go up, the inverse occurs! Bonds have, what is known, as, a par – value, which is the price, paid, at the end of the term. Markets usually set these at 100, which represents $1,000 per bond, at maturity. However, during the period, the pricing can rise or fall, which impacts, liquidity – related issues!

2. Mortgage rates: For the last few years, we have been witnessing and experiencing, record – low, mortgage interest rates, which have helped the overall, real estate/ housing market, especially, in terms of, pricing increases! In most areas of this country, we are seeing, home prices, at their highest levels, ever, by a significant, dramatic amount! When this rate, is low, a home buyer is able to buy, more – house – for – his – bucks, because, his monthly payments, are so low! Consider, however, what might be the potential ramifications, and impacts, when these rates, will, inevitably, rise?

3. Consumer credit: Low costs of borrowing, help the automobile industry, in terms of consumer financing, etc! Although, not as much as other vehicles, rates on credit card debt, are lower, and there are often, shorter – term, promotions, offering deals! However, since, most of these are variable, and based, on some index, etc, what happens, when there is an increase, in this?

4. Business borrowing: Another area affected, is business cost of borrowing! Presently, they have had access, to relatively, cheap – money, which helps in reducing the costs of borrowing, overall operations, purchasing inventory, etc. But, what happens, when this, ticks – up?

5. Impacts on stock market prices: For some time, because bonds have paid so little, in terms of dividends, etc, many have considered, the stock market, the only game, in – town! In addition, many corporations, have seemed, better – off, than they probably are, and we have witnessed, a higher, ratio of prices to profits, than in the past! How long will this last? How high can it go?

Many factors impact these issues, especially: actual and/ or, perceived inflation; consumer confidence; politics/ government actions/ the Federal Reserve, etc. The more you know, and understand, hopefully, the better – prepared, you will be!