How to grow your business at LAAM?
Introduction
In this comprehensive guide, we will explore essential strategies for growing your E-commerce business. You’ll discover key practices to adopt and pitfalls to avoid, ensuring your business thrives in a competitive market. This guide will address common concerns, offer actionable insights, and provide practical steps to enhance your business's performance. By following these tips, you will be equipped to boost your sales, improve customer satisfaction, and build a strong, sustainable brand. Whether you're just starting out or looking to refine your approach, this guide will serve as a valuable resource to help you navigate the complexities of the e-commerce landscape and achieve long-term success.
Frequent queries:
We received some common queries from our partners about their growth. Let's discuss what are the concerns and what action needs to be taken and what should be avoided.
a. Why am I not getting sales?
b. What strategies can increase my sales?
c. I've restocked my best sellers, but sales are still slow.
Growth 101:
Here are some basic 101 which should be followed by each business to increase their sales, following are the tips.
a. Inventory Management:
Ensure you always have stock for your best-selling products and avoid variant-wise stock outs. As the stock out drop the S/V (views vs Sales) for your store.
b. Engaging content:
Always opt for engaging content, be creative at the time of collection shoot. All the content should be catching and engaging. Secondly, update content for your top-selling items, do PR's and transition videos to engage more consumers.
c. Offer competitive prices:
Make sure your prices are fair and competitive and value for money since the price point attracts the most customers.
d. Launch new products:
Introduce new designs often to keep your product line appealing. Recommendations are 10 new products as a drop (collection) in 30 days.
Recommendations:
Here are some recommendations which can also improve your brand sales.
Actions | Details |
Cut piece inventory | Cut pieces inventory didn’t recommend discontinued variants to prevent inventory issues and keep your system clean. |
Ignoring Bestsellers Restocking | Brands sometimes forget to restock their best-selling products on time. These stock-outs leave a major impact on any business revenue as they are the most revenue contributor for their business. |
Rising Star | The ones that aren’t the best sellers are called Rising stars or Potential best sellers, they should also be treated as the Best sellers because they do have potential to convert into Best sellers and can generate the most revenue for any business. |
Store Cleanup | Some brands don't clean up their online stores, leaving old or out-of-stock items visible. It's important to keep your store sorted for customers. |
Lack of Innovation | Brands should always think of new designs and ideas. Waiting too long to launch new collections is a mistake. Focus on the products that sell well and design new collections according to prev best sellers market trends and price point. |
NPS | Low NPS or customer rating also leave a negative impact on your sales, if you are getting a low NPS score it means the customer is not satisfied with the product and they will never return or not recommend it to other customers. Also Vendor can go on NPS block due to low quality delivering. |
Website Synchronization | To ensure timely updates of their new collections, brands should synchronize their websites with e-commerce platforms like LAAM. Failing to do so could result in missed sales opportunities since LAAM serves as a discovery platform with a dedicated audience that actively seeks out and purchases new collections through our platform. |
Shipping Matters | Delivering orders on time and with good quality is crucial. Otherwise, your brand could get suspended, and sales will stop. |
Alternative reasons for decreased sales
Even if you follow all the tips, your sales might still be slow due to:
1 | Prices aren’t competitive with designs, which lose the customer's interest. |
2 | Content must be outdated or not engaging at all |
3 | Delivery takes too long. |
Aimed Impact:
By following these tips, You can enhance your sales, build a strong brand reputation, and ensure long-term success in the competitive online marketplace.
Improvements | Description |
Boost Sales and Revenue | Effective inventory management and restocking bestsellers can increase your sales. |
Improve Customer Satisfaction | Satisfied customers are more likely to become repeat buyers and advocates for your brand. |
Gain a Competitive Advantage | Stand out by maintaining high standards and keeping your customers happy. |
Build a Strong Brand Reputation | Consistently delivering quality products and excellent service builds trust and attracts more customers. |
Adapt to Market Trends | Stay relevant by continuously innovating and launching new products. |
Maximize Profits | Prioritize bestsellers and manage inventory effectively to reduce costs and increase sales. |
Utilize Customer Feedback | Monitor and respond to customer feedback to improve your offerings and customer experience. |
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