EFFICIENT AND SUSTAINABLE GROWTH IN ECOMMERCE BUSINESSES – YOU’VE GOT WHAT YOU NEED! YOUR DATA.

These are 7 Ways to Improve the Efficiency of Your Online Business

                                                                                                      

No matter what size your online shop is – the competition is strong and you only have one single target: keep growing! The problem: The day only has got 24 hours and your employees already operate at full capacity. Clearly, you might be confronted with other important things than the analysis of your data now, but actually, this is your key to success. Fast and more efficient growth only is possible, if you display your business processes in a holistic reporting and – on this basis – adjust those key levers that actually inherit optimization potential. Anything else is pure luck. And who, seriously, wants to rely on his luck in times of highly competitive online markets?

  • Collecting Data: You can’t manage what you can’t measure!

Only the one who measures and reports can draw conclusions from previous decisions. A few examples gained in practice:  Where purchases increased due to marketing activities, the costumer approach was a successful one. Where no repurchasing customers were gained through expensive marketing channels, the budget allocation probably was inefficient. Where inventories are continually bursting at the seams while richly available product groups are only ordered two months a year, the buying department needs to take better decisions and the marketing team should set up special promotion campaigns to end the chaos.

You can only improve what you are aware of. Thus, the first step to success is: data collection!

  • Evaluation: Where do investments lead to the best results?

You have to know when and where your activities work out well, badly or even not at all. To gain those insights, the collected data has to be evaluated – and this happens to be the trickiest step on the way to data-driven success: all generated data (web analytics, shop, ERP) needs to be processed to a holistic database that has to be easy to handle without any manual efforts even for very detailed analyses.

Even for the big players with own IT departments; this project is barely manageable – small online shops mostly do not even have any internal IT resources. minubo offers the solution: fast and uncomplicated data analyses that are easy to handle even for non-IT-guys display all of your company’s business processes holistically and make data the basis for better decision making for every employee.

  • Take better decisions!

The evaluated data is the basis for a data-driven optimization of your business processes. Where do I need to shorten marketing budgets? Where do I have to place them instead to achieve the highest sales and to acquire the biggest number of repurchasing customers with my campaign portfolio? When and how do I have to address my existing customers to reactivate them? How and when do I have to adjust my assortments and my inventory to achieve maximum profits? How do I avoid returns to increase my contribution margins? Using minubo, you will find answers to all these question and are enabled to take better decisions.

  • Thorough data analysis = efficient resource allocation = higher margins

Keep track of your decisions’ results directly in your profits! The experience with our customers shows increasing margins by up to 19% through the identification of profitable clients and products as well as 32% reduction of costs, if unprofitable marketing campaigns are identified in time.

  • And now?

You already own the key for fast and efficient growth! It is hidden within the data storages of your IT systems. Using minubo, value creation potentials become usable in an uncomplicated, fast and affordable way –comprehensive Business Intelligence as a product solution in the cloud. This way, you are well prepared for ecommerce’s highly competitive markets

Running an online business presents a whole new set of challenges. There are so many ways in which you can market your business that it is difficult to know where to start. Often business owners get so bogged down in trying to figure out what to do that next that it starts to affect the efficiency of the business. It's important to keep reminding yourself of the key purpose of your business. When you do everything with your main strategy in the forefront of your mind, you will ensure that your business operates with maximum efficiency. Here are some tips to help you improve the efficiency of your online business.

These are 7 Ways to Improve the Efficiency of Your Online Business

1. Have a Clear Strategy for Your Online Business

Many companies simply start a website because everyone else is but they don't think clearly through the purpose behind the website and how they want it to influence their business. The result is usually a great-looking website that really doesn't add much value to the business. When taking your company online, have a clear vision of what you want to achieve with your website. Do you want to use it to showcase your products or services, reach out to more potential customers, sell your services or interact with your customers? Having a specific objective in mind for your website helps prevent you from getting involved in a whole bunch of extra activities that don't really make an impact on your business. This will help you to be more efficient in your online business.

2. Keep Things Simple

It is tempting to sometimes try to compete with the companies that rank high on the search engines. You look at their sites and see that they have various articles, blogs, FAQs, extensive product lines, chat forums and client service centers. These are all good elements of a website but they require a lot of time to keep current and effective. If you are a small or medium-sized business, you may not have the capacity to maintain all of these tools. Instead, select just two that you think will be most effective and focus on those. This will make sure that what you do is most efficient.

3. Look for Ways to Trim Expenses

Efficiency is not only about improving ways of doing things. It also includes effective ways for cutting back on unnecessary costs. Take a careful look at your office operations and consider if there are ways in which you could reduce your overhead. One cost-effective office solution is to switch from a traditional fax to an online faxing system. This can help you reduce the costs of office equipment and consumables and cut down on your telecommunications costs.

4. How Can You Speed up Processes?

Thanks to advances in technology, there are ways in which you can speed up your processes without compromising on service delivery or quality. Using online payment mechanisms, online faxing, online data capture and virtual services can help you to speed up your processes. Saving time in business effectively translates to saving money.

5. Keep Your Administration Current

Administration is a part of the business that no one likes to do yet it is essential. When you let your admin fall behind, you affect the efficiency of your operations. It's much more efficient to pull up a file on your computer than to dig through piles of papers to find it. Create folders on your computer where you can file emails and faxes for easy reference. Make sure that your anti-virus software is regularly updated and that you run scans to keep your systems secure. Back up your system onto external hard drives. This will ensure that if computers are stolen or data is corrupted, you have a backup of your files and can continue to do business with minimal interruptions.

6. Put Yourself in Your Customers' Shoes

Always think of what your customers want. Think of how your products and services will be relevant to them. Think of ways to deliver your product that is easy and convenient for your customers. When you are focused on delivering a quality service to your customers, you will be more conscious of finding the most efficient way to do things.

7. Keep Current with Online Trends

The online industry is constantly evolving. New products are introduced almost on a daily basis that can help you to make your business more efficient. Easier ways of keeping in touch with customers and systems to help you manage your business can help you make your online business more efficient.