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Whether you have a small craft shop online, or run a successful online wholesaler business, the cost of administration and payroll is likely to threaten your profitability ever day. If you would like to remain competitive in the online marketplace, you should not compromise on customer relations and support, but can cut back on costs that are associated with storage, shipping, and bookkeeping.
Time to find some ways of making your online retail business more profitable in the new year.
Get a Virtual Assistant
In case you are trying to do everything, you will find yourself being overwhelmed. On the other hand, if you have a full time personal assistant or business manager, you might be wasting money. To get all the necessary paperwork and tax documents completed, you could employ a virtual assistant on the “on demand” basis. There are several freelancers who are happy to get your books in order and even analyze customer behavior for you, so you can focus on improving your business.
Take Advantage of Modern Technology and Cloud Accounting
You no longer need to manually add every item on your accounts and generate invoices. Cloud accounting software is a great invention used by millions of online entrepreneurs. You will not only save money on accountant fees, but also be able to see clearer about your order volumes and financial situation.
Get a Clever Shopping Cart Software
If you have an Ecommerce website, you might want to invest in a shopping cart software that links to your accounting platform and sends out emails, notifications, even prints labels. You can get a simple solution for less than a week’s wages of an admin assistant, and enjoy being in control of your time and your orders. Your customers will be happy with the service received, and you can make sure all aspects of fulfilling orders are taken care of.
Outsource Delivery and Other Business Functions
When business is busy, you don’t want to be printing labels and doing the packing yourself. You need a company that will complete these tasks professionally at a flat rate. Get in touch with RedStagFulfillment.com to compare the different packages offered by companies. You can offer shorter delivery times and better rates to your customers if you outsource these important business functions.
Use Online Chat Instead of Having an Office with Admin Staff
Having a full time administrative assistant who answers the phone and checks company emails can be expensive. You can replace them with virtual assistants or remote workers who cover the online chat and answer customers instantly. This way, you will be improving your customer service while saving money. An online chat module on your website will also increase your conversion rates, as well as your reputation in the competitive marketplace.
Whenever you need to cut costs in your online retail business, try to think outside of the box. Instead of using traditional methods of fulfilling orders and talking to customers, take advantage of the developments of modern information technology to improve your reputation and save money.