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The global business market has transitioned from a traditional market setup to an online virtual medium. This has allowed business owners to connect with global and local market audiences.
E-commerce refers to using an electronic medium (i.e., the internet) to connect, share and maintain business relationships and transactions. In 2020, e-commerce was responsible for over 14% of all US retail sales, and by 2025, it’s estimated to rise to 22%.
Tools Needed To Manage Your Business
E-commerce is different from traditional marketing and requires tools through which you can perform business activities. These tools provide functionality and increase the performance of your business over the web.
They also help with the different processes related to business and can also predict and portray any weakness in the business model. If you’re considering taking your business online, consider integrating these handy tools to help you manage your business:
The first and foremost tool to consider that is crucial for a sustainable online business is an e-commerce platform. The tool is a hub through which you can connect with your target audience. It allows not only to connect but also trade with the customers.
E-commerce platforms can provide product or service solutions available to the customer through the web medium. It can also be considered the virtual store that allows you to capture, retain and engage with customers.
Some of the best e-commerce platforms around the web include Shopify, Woo Commerce, Big Commerce, etc. E-commerce platforms handling depends on the service providers, as different platforms would have different interfaces.
Inventory Management Tool
Inventory refers to the tangible end products and materials any business has. Keeping tabs on your current inventory is important as it helps formulate business decisions. To efficiently manage your inventory, you can implement inventory tracking tools.
These tools make the trivial task of inventory management convenient and make it more accurate. Cloud based inventory management system or using barcode technology allows streamlining the process of inventory management.
Customer Relationship Management Tool
Another significant aspect of the business process is customers. Traditional brick-and-mortar stores let you connect with customers face-to-face. This helps in taking feedback and retaining customers, but with an online business, the process of customer relationship management is different.
Online businesses require CRM tools to handle relationship management with the customers. These tools have different features which allow them to connect with customers. CRM tools help in data collection on customers and with the different features help in predicting the next steps to take for customer retention.
Businesses work on the principle of exchange. They offer products and services in exchange for monetary funds. For customers to buy from e-commerce businesses, they need a transaction system. This is done through sales tools, another significant component of an e-commerce business.
The sales tools allow the business to create listings, offer different payment methods and create invoices for sales that occurred. It also helps keep track of sales and offers discounts and promotions to the customers. Sales tools can have numerous features depending on the cost and provider. Choose a sales tool according to what you need for your e-commerce business.
Delivery Management Tool
Another aspect different between an online business and an e-commerce one is the delivery process. Traditional stores often don’t rely on delivery systems, as stores such as retail provide with physical location from which the customers can buy products of interest.
E-commerce businesses are different as online businesses have no physical location that allows the customer to collect their products. A shipment or delivery management tool is needed. The delivery tools allow you and the consumer to keep track of the product in-between the delivery process. If you don’t want third parties handling your package, this tool can enable you to form a system to better manage the deliveries.
Get All Tools From One Innovative Solution Offered By AltheaSuite
Now that you’re aware of the different tools needed to help you in your e-commerce business, why not get all these tools from a single point. AltheaSuite, gives innovative solutions according to your business needs, like inventory management, order management, POS, etc.
We have a plethora of services and offer our services to clients in manufacturing, textile, home decor, furnishing, and e-commerce. Our innovative solutions can integrate e-commerce platforms such as Shopify and Woo Commerce. Get in touch with us and take a free trial to know our services better.
About The Author: The author of this post is an expert in the field of IT and has experience in the e-commerce world. She has a great passion for e-commerce and wants to educate readers on how it is transforming the world.