Profit Analytics Blog
Read expert articles with insights about e-commerce profitability from analyzing thousands of e-commerce businesses' data.
From Financial Fog to Profitability: Plastic Bag Partners See 5% Rise in Net Profit
Frank Schiebler is a dedicated entrepreneur leading two thriving eCommerce businesses. With Well Care Botanicals, he has spent the last three years providing consumers with high-quality hemp extract products, crafted under a doctor's expertise. Simultaneously, with over a decade in the game, his venture Plastic Bag Partners distributes top-notch poly products to businesses nationwide. Between managing these businesses, Frank struggled to gain financial insights to improve his overall business health. "Since 2011, I’ve been trying to find a reporting software that allows me to bring in all my costs," Frank, Schiebler Founder. From 7% in Net Profit Margin to 12% Using BeProfit, Frank's managed to increase Plastic Bag Partners' net profit margin by 71%. How did he do it? While sales and cost of goods are straightforward to calculate, the real task lay in accounting for everything - from marketing, Frank’s biggest expense, to daily operations. This limited visibility of their net true profit, after deducting all their expenses, led him to overshoot on advertising expenses, mistakingly thinking they were securing a good return. As a result, they ended one year in the negative. Determined to avoid a repeat of this setback, Frank searched for a solution that would provide full clarity on profits. BeProfit Dashboard Screen is just an example We tried dozens of solutions over 12 years. Dozens. There are plenty of apps on Shopify to bring in and test out, and we tried many, but they all had some kind of shortcoming; none of them did it all the way BeProfit does.” Frank Schiebler, CEO, Well Care Botanicals and Plastic Bag Partners Implementing Integrated, Comprehensive Financial Reporting BeProfit became the solution Frank visits on a daily basis, offering him critical insights into profits and ensuring every move he makes brings him closer to healthier business management. Getting started with Well Care Botanicals was a breeze for Frank: "I was up and running in just 20 minutes." However, integrating Plastic Bag Partners, which had 11 years of data, was more complex. But with support from BeProfit’s team, Frank was able to access insights from the very first day in business. All-in-One Financial Reporting Solution Frank was constantly shifting between platforms – Google Ads, Shopify, and Google Analytics. This not only was time-consuming but also posed challenges in retaining data across platforms. BeProfit streamlined this, to a unified dashboard for all crucial metrics. BeProfit definitely saves time, but to me just to have it all right there makes it so much easier for a human to digest the information and make good decisions”. Frank Schiebler, CEO, Well Care Botanicals and Plastic Bag Partners For the first time, Frank was able to look at one platform and have all the information he needed. Being able to see the entire financial picture, especially marketing costs, became a game-changer. That’s the cool thing about BeProfit - it’s focused on profit, which is the single most important thing at the end of the day”. Frank Schiebler, CEO, Well Care Botanicals and Plastic Bag Partners Reducing Expenses and Eliminating Money Waste With a clearer, consolidated view, Frank identified the most profitable strategies in Google advertising, ensuring he gained the most from every advertising dollar. "BeProfit tells me if I’m spending too much, and basically if my marketing is working or not." Last year, we had a total net profit margin of about 7%. Now we’ve been averaging around 12%, so we almost doubled our profit with BeProfit.“ Frank Schiebler, CEO, Well Care Botanicals and Plastic Bag Partners Marketing Analytics Screen is just an example When I launched BeProfit, I immediately knew this is exactly what I was looking for, for over a decade. It was an Ah-ha moment’.” Frank Schiebler, CEO, Well Care Botanicals and Plastic Bag Partners BeProfit is where you need to be - you need to have BeProfit to really understand profitability, because we run a business to be profitable, and BeProfit is the only app out there that is hyper-focused on profitability.“ Frank Schiebler, CEO, Well Care Botanicals and Plastic Bag Partners
BusinessRansom Spares Optimizes Business Efficiency and Profitability with BeProfitRansom Spares is more than just a spare parts wholesaler and retailer for home and garden appliances. It’s a family company based in Somerset, UK, that believes in a ‘make & mend’ culture instead of a ‘throwaway society’. By selling the parts and showing customers how to fix their appliances themselves, Ransom Spares helps them save money, and not less importantly, the environment. But running a business like this is not easy. With three different channels - their website, eBay, and Amazon - Ransom Spares had to deal with a huge amount of data from various sources. Managing Director Charlie Gilbert wanted to “talk facts” and not rely on his ‘gut feel’. He needed a clear picture of his unit economics across multiple platforms, suppliers, and thousands of products. Product Analytics to Improve Service, Cut Returns, and Reduce Losses Ransom Spares had a lot of data to handle. Selling across different channels with different pricing and multiple suppliers, the company needed to know the gross profit of every item they sold. But figuring out the profitability of each product was a huge challenge. Ransom Spares wanted a solution that could not only crunch the numbers and give them real-time reports but also help them increase gross profit. By knowing their most returned items for each channel, they aimed to cut losses and improve customer satisfaction by selling only durable items. Screen is just an example “It was almost impossible for me to say ‘this is our most returned product for this particular channel’ - it would take a long time to get that data.” - Charlie Gilbert, Managing Director The Cost of Ignoring the Data Problem Ransom Spares didn’t want to fall into the trap of being busy without being profitable. The lack of needed data availability risked sending out products that were unprofitable or defective, resulting in wasted time, money, and damage to their reputation. They wanted to avoid becoming what Charlie called “busy idiots”: “This would basically be somebody who’s running around the warehouse very busy shipping out goods, but at the end of the month they’re going to find they haven’t made any money.” The Unbelievable Results The Ransom Spares team was amazed by how BeProfit helped them understand and improve their profit. In just two months, Ransom Spares managed to: Increase their gross profit by 10%, saving hundreds of thousands of dollars.Eliminate hours of managing their reports each day.Improve customer service by reducing return rates. Build trust and brand perception by selling more reliable products. Let’s Uncover the Secret to How They Did It Identify and address product return issues With BeProfit’s Returns Analytics, they instantly saw their most returned products by return rate. They removed a number of listings from all 3 channels. And put the prices up to keep being profitable. “Some items we don’t sell at all anymore which is actually a good thing because we were losing money every time we sold one.” Optimize supplier relationships and advertising strategies Using BeProfit’s product analytics, Ransom Spares found its most cost-effective suppliers. They optimized their procurement strategy by prioritizing the most profitable suppliers.And set optimal selling prices for each product. Screen is just an example They measured the profitability of their advertising across different platforms and optimized their campaigns. “As we advertise on Google, eBay, and Amazon, we have to figure out our advertising across each product, as well as the profitability of our advertising, and this is also a huge benefit with BeProfit.” Screen is just an example A Partnership Based on Flexibility, Support, and Communication Ransom Spares had a clear vision of what they wanted from a software solution: flexibility to handle data from any source, support to make them feel looked after, and communication to keep them updated and involved. They had tried other solutions, but none of them could match their vision. Charlie felt like he was in a partnership rather than a transaction. He also liked that he could challenge BeProfit to do new and exciting things that would help his business and other customers as well. “I actually came up with a few things or spoke about different scenarios we would need, and BeProfit literally rolled it out to everybody.” The Bottom Line Ransom Spares’ partnership with BeProfit has made a huge impact on its profitability, product portfolio, operations, and overall conduct. From being put off by their huge mass and non-organized financial data, Ransom Spares turned into profit metrics enthusiasts, basing a lot of their business decisions on the insights that BeProfit’s reports provide. “BeProfit opened our eyes to what is possible with our business and how much more we can improve and become more efficient, and ultimately become more profitable, without even knowing that we could." He also gave BeProfit the ultimate compliment: “I wouldn’t recommend you to any of my competitors, and that’s a very good thing.”
BusinessWix vs. Shopify for Dropshipping: Which Is Better?The dropshipping business model is a popular strategy for small businesses. It eliminates the need to care for inventory and completely neutralizes the expenses of a brick-and-mortar store. Maintaining a physical store is expensive and time-consuming. Dropshipping eases these burdens by facilitating a competitive advantage over physical stores, primarily by minimizing upfront and ongoing costs. For instance, a third-party fulfillment company handles the ordering, shipping, and the rest—eliminating inventory and warehousing costs. The question then becomes which website builder offers the best dropshipping features. Both platforms allow e-commerce entrepreneurs to operate their online store, but when it comes to dropshipping, the two have some key differences that you'll want to consider before making your final decision. » Is dropshipping profitable? Discover dropshipping challenges and best practices Pros and Cons of Wix ProsRecently added dropshipping options. Wix has recently added a ton of dropshipping functionalities to its platform. Most notably, merchants can now connect their stores to the Modalyst marketplace, where they'll access vetted suppliers and an infinite range of products.2 business plans with built-in dropshipping. Wix now offers 2 business plans that boast dropshipping integrations.Inbuilt SEO. Wix's pre-configured search engine optimization capabilities are a significant advantage when it comes to SEO.Easy to use. Wix is an easy-to-use platform with intuitive features and a user-friendly interface.Lots of customization. Wix's website builder works from a drag-and-drop interface, offering lots of templates, themes, and visual templates to choose from.ConsExpensive to list lots of products. Wix's compatible dropshipping plans can get quite expensive for larger lists of products.Modalyst fees. Although Modalyst is a great dropshipping marketplace, it charges merchants a 5% transaction fee for each purchase. » Wix vs. Shopify: Discover which is better for e-commerce Pros and Cons of Shopify ProsExtensive range of e-commerce features. Shopify offers a variety of features that allow you to upload your products and sell them directly to your customers.Limitless growth, flexibility, and scalability. You can easily scale your operation and increase your business by adding more products, growing your customer base, and even hiring Shopify experts to help along the way.Complete control over your inventory. There are no restrictions over how many products you can sell using the platform.Social media integrations. You can easily reach a large customer base and increase sales by adding your products to social media like Facebook, Twitter, and Instagram.Great shipping options. Shopify offers international shipping, allowing you to ship products to your customers in over 190 countries.ConsEthically questionable. Shopify has been criticized for not being as transparent as they should be on their terms and conditions.Less affordable. Shopify starts at $29/month; however, the costs rise quickly after that.Limited flexibility. Shopify isn't as customizable as other e-commerce CMS platforms with limited themes. » Looking for a Shopify dropshipping app? Compare the best Shopify dropshipping apps Cost of Dropshipping Depending on which dropshipping marketplace merchants connect to their Wix or Shopify store, prices will vary. For instance, Wix and Shopify are both compatible with Modalyst, Spocket, Salehoo, AliExpress, and many more. Both platforms charge additional fees for dropshipping suppliers and targeted ad expenses, which is an average monthly cost of $79. There are 2 main pricing considerations for selling products on Wix: Platform plan: $17-35/monthWebsite domain hosting: $5-20/year Dropshipping with Shopify is the same in this regard: Platform plan: $29-299/monthWebsite domain hosting: starting at $14/year The Final Verdict: Which Platform Should You Use? Dropshipping through Shopify offers merchants more options, but Wix is also a great option to use. With the choice, you should consider how complex your business is and what sort of features you need. Shopify is very flexible when it comes to dropshipping as it has a wide variety of e-commerce dropshipping-based features. While, year after year, Wix's platform is becoming more and more dropshipping friendly, adding functionalities that are sure to benefit most dropshipping entrepreneurs who would like more customization options. » Want to try dropshipping on other platforms? Here's all you need to know about dropshipping on Amazon
BusinessWhat Are Ad Trackers & How Can You Use Them in E-Commerce?Imagine you're out fishing, and another fisherman walks past with a bucket full of fish—your bucket is empty. You ask him where he was standing, and he tells you on the other side of the dam, between the bushes and knee-deep in water. That is essentially how an ad tracker works—by giving you practical insights into your e-commerce ad campaigns so that you can tweak them and get more reach (or fish). What Is Tracked With an Ad Tracker? Depending on the ad tracker you choose, different metrics and marketing channels are tracked. The data collected is then used to increase customer engagement and, in turn, optimize your return on investments and provide good ROAS for e-commerce. Do note that an ad tracker shouldn't be confused with an ad spend tracker. These are some of the metrics that are tracked: The number of views on your ad campaign—how many people saw your adThe average amount of time the users spent viewing your adThe user's interaction with the ad—views, impressions, clicks The number of clicks on your call to action, taking users to your website Types of Ad Trackers There are many different ad trackers, but these are the main types you'll find on the market today: Conversion tracker This tracker measures the media performance according to your ad's key performance indicators. If you have conversion trackers on your page, you'll also be able to track the bottom of the funnel.Cookies Cookies are used to retarget audiences that have started and abandoned sales before completing the process. They track the user's behavior at all points in the conversion process.Impression tracker While your page is loading, pixels inform the analytics platform about any user activity taking place. The loading "traffic" tells you how well your ads are performing.Tracking URL This is one of the most effective (impression) tracking methods. It is best suited for PPC, website ads, and email marketing. The UTM or Urchin Tracking Module tag is added to the URL of your website, webpage, or landing page, and then helps track your ad campaign's performance over all your online platforms.Viewability tracker A tracker gets inserted into your ad during rendering. The tag is then used to give you metrics that tell you how often your ad's impressions were viewable.Click and engagement tracker The click tracking metrics will tell you how interested your audience was in your ads and how they reacted. Using these can help you get to know how Tiktok ads work, as well as Snapchat ads to further boost sales. » Discover the top 7 Amazon marketing metrics you should track Benefits of Ad Tracking Let's go back to your fishing expedition. You could stand at the same pond the whole day and not catch a single fish. Or, you could listen to the other fisherman's insights about positioning and go home with supper for the family. Ad tracking gives you that kind of insider information, making it crucial to your business and bottom line. Here are some more ways that ad tracking can ensure your e-commerce ads are effective: Streamlining You get to know your audience better. This, in turn, helps you streamline your ad campaigns instead of using the "spray and pray" methodology.Engagement You increase engagement with your targeted users because you know what they want and how they react to your different e-commerce platforms. In other words, you give them a relevant ad experience, promoting more engagement.Return on investment When your ad campaigns are streamlined, and your target audience is engaged, you'll get more conversions and an improved return on investment. Why You Should Use an Ad Tracker An ad tracker is, quite frankly, a must-have for every e-commerce business, full stop. Not using an ad tracker can be compared to buying one of the most sophisticated computers on the market and then simply putting it in a display cabinet for everyone to see. That computer can do so much more for you once you've plugged it in and switched it on, and the same applies to ad trackers. The functionality of an ad tracker gives you valuable insights into your target market that you can use to shape and mold your e-commerce advertising campaigns. This will make future advertising campaigns sharper and more targeted, which will, in turn, boost your sales and conversions and play a significant role in the future success of your business.
BusinessDropshipping on Amazon for Beginners—All You Need to KnowAmazon dropshipping is a business model which involves e-commerce entrepreneurs selling products without having to carry any inventory, but instead using the services of Amazon for fulfillment. Let’s disclaim the above statement by stating that “Amazon dropshipping” isn’t, by definition, technically dropshipping. Yes, some Amazon merchants use the platform’s fulfillment services to fulfill customer orders. However, unlike the traditional dropshipping model where suppliers do not charge a fee for fulfillment (the cost is added to the price of the wholesale product), Amazon merchants that use the platform to deliver have to pay Amazon for customer order fulfillment. How Does Amazon Dropshipping Work? Just like the traditional dropshipping model, when a store owner receives an order from a customer, they simply contact the supplier (Amazon), who then ships the products directly to the customer’s door. The difference between Amazon and traditional dropshipping? Amazon dropshipping involves signing up for Fulfillment by Amazon (FBA) program and using these services to fulfill customer orders. FBA is a service offered by Amazon that allows sellers to store their products in Amazon's fulfillment centers, and Amazon will pick, pack, ship, and provide customer service for these products. Sellers who use FBA can set their own shipping rates, track their inventory, and access Amazon's customer service. You can think of FBA as a just-in-time (JIT) supply model. A JIT supply model is a system in which suppliers produce just enough inventory to meet current customer demand. This system relies on frequent and accurate forecasts of customer demand in order to ensure that the correct amount of inventory is produced. It also relies on quick and efficient distribution channels so that the right products are delivered to the right customers at the right time. Cost of Dropshipping on Amazon The cost of dropshipping on Amazon varies depending on the scale and breadth of your business operations. Essentially, there are two payment plans that Amazon charges merchants for their FBA services. The first is a flat fee of $0.99/item sold + additional shipping fees. This is used for merchants that are selling 40 items or fewer per month. The second costs $39.99/month + additional shipping fees. The additional shipping fees vary depending on the weight, size, and destination of a package. For a full breakdown of these fees, see Amazon’s FBA fulfillment fee guide. So is using FBA affordable? Again, that depends on the circumstance. For instance, if an online business is renting a third-party warehouse in an expensive area, shipping costs are high, and inventory management fees are added on top; thus, the cost (and hassle-free services) of FBA starts to look rather attractive. Although, if an online business is relatively small, localized, or a merchant is happy to take on fulfillment with flat-rate shipping to save costs, FBA services can start to seem a little less attractive. To really hone in on the costs of operations compared to profit margins, see our guide on the best profit calculators for Amazon. Additionally, this is only one way of selling products on Amazon. Read our guide on Amazon FBA vs FBM to learn more. Pros and Cons of Dropshipping on Amazon We’ve touched on the downside of fees and the upside of convenience, but there are other pros and cons that online merchants should take into consideration when choosing whether to use Amazon as a dropshipping option. Pros Increased sales and visibility One of the biggest benefits of using FBA is the increase in sales and visibility you'll enjoy. When customers search for products on Amazon, they are more likely to find your items if they are sold through FBA than if they are sold through a third-party seller.Prime members love FBA Prime members love buying products that are sold through FBA because it means that they can get free two-day shipping on those items.Increased customer satisfaction Since Amazon is known for its excellent customer service, using its fulfillment services can help increase customer satisfaction rates for your products. Cons Some products are competitive One downside of using FBA is that your products may be less visible to shoppers on Amazon since they are competing with larger brands that are well established in the marketplace.Business operations are dictated by Amazon Another downside is that Amazon has a lot of rules and regulations that sellers must follow. If you don’t comply, your account could be shut down. To bypass the competition, learn how to promote your Amazon products on the marketplace successfully. Something else that might interest you: our guide on Shopify vs Amazon to help you decide whether this is the right platform for you. » Learn how to use a formula to calculate your Amazon ROAS
BusinessBest 12 Product Return Management Software For EcommerceDo you know, 80% of ecommerce customers believe that a lousy return experience can break their loyalty? That’s the reason why you should integrate with good return management software and streamline your return process. If you are looking for return management solutions, then you are at the right place. Here we have curated a list of the top 12 software that will assist you in managing your returns. So, let’s dive in and check out all the software: Helplama HelpdeskHappy Returns Loop Returns Return Logic Returnly AfterShip Orderhive Ordoro Return Rabbit Narvar Ship HafbackReturnGo Helplama Helpdesk Helplama Helpdesk provides 24X7 return management in your store which ensures that no malpractice occurs while returning the product. It even assists you with the entire order and return history of customers which helps you in reducing return abuse in your store. Features Empower your customers to create returns/exchanges with an automated self-service portal.Allows you to download return labels in just a click. Helplama provides proactive support by automatically identifying delays related to your customers’ orders which you can solve beforehand and scale up the customer experience. Pricing Free- 15 DaysStandard- $99/Month/3 usersPro- $199/Month/3 usersEnterprise- $399/Month/3 users Start 15-day Free Trial Happy Returns Happy Returns is one of the few software that provides three types of returns solutions - return to the store, return bars, and product exchange. It provides an automated custom process by automatically submitting an electronic commercial invoice on your behalf. Features You can write custom return reasons, which will help you analyze the reason for product return. Provides multilingual support in 6 different languages like Dutch, French, Spanish, and more. Pricing Plus- $500/MonthEnterprise- Custom pricing Visit Website Loop Returns Loop Returns can automatically enforce your return policies and approve, reject, or flag a product return, saving you time and manual labor. The software has inbuilt metrics that can bifurcate the number of returns, exchanges, shopping, and more. Features Allows you to solve the reason for the return by collecting customer reviews and converting them into a report. Comes with a logistic feature that allows you to decide where the product should be returned. Pricing They have not listed the pricing. Visit Website Return Logics This software allows your warehouse team to get a birds-eye view of all the returned inventory, shipments, and more that have taken place in your supply chain. It even allows your customer support team to automate manual tasks and cut down on email queries. Features Return Logic provides warranty return and ensures that the returned item reaches your location safely. Gives you a report on the most profitable shoppers. Pricing Essential- $299/MonthBusiness- $599/MonthEnterprise- Custom pricing Visit Website Also Read: Learn eCommerce With Digital Experts Returnly If you are a company working for a cause then Returnly’s green return can be beneficial for you. The green return allows your customers to keep the product with them if it can not be reused, for example, cosmetic products, skin care products, low-value products, and more. Features Has a tracking page that assists your customers to track returns and order delivery. Allows international and in-store product returns. Pricing You need to book a demo to get their pricing. Visit Website AfterShip AfterShip allows you to custom-build a tracking page and provide branded experience to your customers. Additionally, it can send notifications to your customers via Email, SMS, and Facebook and make them aware of the return process. Features It can drive sales with email marketing campaigns. You can capture leads with AfterShips’s pop-up form. Pricing Essential- $11/MonthPro- $119/MonthPremium- $179/MonthEnterprise- Custom pricing Visit Website Orderhive Orderhive is a B2B and D2C order and return management software. It provides accurate stock counts with integrated warehouse management that saves your time and reduces the chances of human error. Features You can categorize, improve, and prioritize fulfillment categories. Comes with advanced reporting. Pricing Essential- $125/MonthPro- $225/MonthPro Plus- $325/MonthEnterprise- $500/Month Visit Website Ordoro Through Ordoro you can create and track RMA (return merchandise authorization) directly from their original order. The software can automatically send a return label to customers via email and ensure that your customers don’t send the article to the wrong address. Features Ordoro can receive and restock your returned orders.Can integrate with many shopping carts like Shopify, BigCommerce, Magento, WooCommerce, and many more. Pricing Free- 1000 Orders/MonthExpress- $59/MonthPro- $499/MonthEnterprise- $999/Month Visit Website Return Rabbit Return Rabbit’s workflow automation can automatically accept or reject a return request which saves your agents’ time. Moreover, it can automatically send emails to your customers and keep them informed of every return process step. Features Has dashboard analytic feature. Return Rabbit has an order tracking page that can be customized as per your store. Pricing Startup Plan- $200/MonthGrowth Plan- $400/MonthMarket Leader Plan- $515/MonthEnterprise Plan- Custom pricing Visit Website Narvar Ship Narvar Ship has more than 200,000 drop-off locations that allow your customers to easily return the product. You can even set VIP rules and prioritize your important customers. Features Can send notifications via email, SMS, Whatsapp, or Line. Promotes the exchange of products which reduces the return rate in your store. The software can predict the delay in delivery according to the courier service providers. Pricing They have not listed their pricing, you need to contact their sales team or book a demo to get a better idea of the plans. Visit Website Hafback Through Hafback you can build a branded return page and it can even integrate with your Shopify store in minutes. Additionally, Hafback works towards a green environment by planting 1 tree in exchange for 1 return. Features Hafback allows you to eliminate reverse logistics costs. It allows you to create a separate selling page for returned products. Pricing Basic- $199/Month Visit Website Also Read: 6 Best Plugins To Enhance Your WooCommerce Store ReturnGo With the help of ReturnGo you can easily convert returns into store credit and ensure you sell a product in the coming future. It allows your customers to drop the product at your nearby store reducing the chances of a product being lost. Features Can notify your customers of every return process reducing customer support queries. Provides actionable insights. Pricing They have not listed their pricing plans. Visit Website » Discover how return rate calculation works Conclusion Now, in the end, we hope that this article will help you decide on the best return management software. Although, most of the above-listed return management systems provide a free trial which you can use and then choose the best from the lot. However, if you are looking for software that allows you to discover your true ecommerce profit, then you should try BeProfit. It provides a cutting-edge cohort analysis for deep-level insights into customer lifetime value and marketing performance. Moreover, you can use the app anywhere and anytime to get your data. So, what are you waiting for? Start your free trial now!
Business5 Top E-Commerce Strategies to Recover Abandoned CartsAbandoned carts are a major drawback for e-commerce websites. According to studies, just under 70% of online carts are abandoned. Abandoned carts refer to when a customer adds an item to their online shopping cart but doesn’t complete the purchase. This can lead to critical losses in sales and revenue, low customer retention, and increased customer acquisition costs. There can be various reasons behind abandoned carts, such as unexpected extra costs, high shipping fees, technical issues, security concerns, slow websites, lengthy checkout processes, or a loss of interest. So, let's look at some ways to help recover abandoned carts. 1. Sending Cart Abandonment Recovery Emails Cart abandonment recovery emails are automated reminders that are triggered when a user abandons their cart. This email encourages them to complete their purchase with a call-to-action (CTA) button that reverts them to the product's website. These emails are most effective when two or three follow-up recovery emails are sent and can lead to a 20% conversion rate, on average. Even if the user does not complete the original purchase, these emails can help increase customer retention and revenue by providing a way for them to sign up for a newsletter or suggest product options they might prefer. » Learn about rates, recovery, and plugins for abandoned carts on WooCommerce 2. Using Remarketing Ads Remarketing ads use personalized advertising to target users who have already interacted with a business's website. These ads aim to remind the users about the business's brand and revert them to the site. This method is highly effective and has a 70% chance of a conversion. The user is more likely to complete their purchase because of the familiarity and personalization this marketing strategy adds. The click-through rate is also higher than regular ads because they are often more appealing to users, offering incentives or personalized product suggestions. 3. Using Personal Outreach Personal outreach involves contacting a user who has abandoned their cart, often via a personalized email or a phone call. This is usually a one-to-one approach where a sales representative offers various incentives that encourage the consumer to complete the purchase. This approach can result in increased loyalty, repeat business, and a chance of recovering a potential customer. This strategy also helps understand why the user left their purchase incomplete, which can help you improve your business's checkout process going forward. For example, let's say a user added some products to their cart but left because of a technical issue or payment authorization problem. When one of your sales representatives reaches out and detects the user's interest in the product, they can provide expertise and guide the user through the checkout process. 4. Using Web Push Notifications A web push notification is a message that pops up on a user's device when they've left an e-commerce site and acts as a reminder of the products in their cart. This strategy can be highly effective in terms of reach, personalization, and cost-effectiveness. For example, you could offer an incentive, like free shipping, as a way to entice the user back to their cart, as well as directly address them by name for added personalization. These notifications rely on timing and using urgency in push notifications could help recover abandoned carts. For example, a timed incentive like 20% off on the item in the user's cart for the next two hours. By securing more recovered carts, as well as targeting users on your site in a timely manner, you can help increase sales. » Looking to improve profits? Find out how web personalization can help 5. Cart Abandonment Recovery SMS A cart abandonment recovery SMS involves sending a friendly text message to users with abandoned carts. Immediate message delivery can improve conversion because most people read 90% of their SMS messages within 3 minutes of receiving them. There are several other benefits, such as personalization, low costs, and real-time capabilities, like offering a reply option or live chat for any questions the user may have. You can also add value, like free shipping or coupons, which can encourage the user to complete their purchase. This tactic is highly effective because the information is sent through mobile, and mobile e-commerce sales account for about 41.6% of all e-commerce sales. By combining this method with others, like recovery emails, you can maximize the chances of users recovering their abandoned carts. BeProfit Can Help Recover Abandoned Carts Abandoned carts are missed revenue opportunities. When a user adds an item to their cart and doesn't complete their purchase, it shows their interest but also their hesitation. By personally reaching out to users, businesses have a high chance of recovering lost revenue, increasing sales, and understanding which site attributes are turning potential customers away. Personal outreach can also result in improved customer loyalty and future sales. But implementing these strategies is just a start. And that's where BeProfit comes in. BeProfit is an all-in-one platform to help you track your business metrics, from expenses to profits. With the metrics managed, you can then focus on refining your strategies to increase your business's growth and provide your customers with the best user experiences to reduce future abandoned carts. » Book a demo to find out how BeProfit can help
Business4 Easy-to-Use Dropshipping Apps for E-Commerce BeginnersGetting into e-commerce can be daunting, especially if you don't know where to start. E-commerce is a vast business landscape, and every ambitious entrepreneur needs to know their way around it. That’s why dropshipping apps have become an essential tool for new e-commerce businesses. Dropshipping allows you to integrate your online store and sell products without having to store or manage them yourself, which makes it a useful solution for startups with limited budgets or resources. In this article, we'll explore four dropshipping apps for e-commerce beginners to kickstart their businesses. » Find out if Wix or Shopify is better for dropshipping Benefits of Dropshipping Dropshipping has significant advantages for e-commerce businesses. The most notable of these include: Lower startup costs - You don't need to invest in large amounts of inventory upfront. This is especially helpful for entrepreneurs with limited capital and those who want to test the viability of an e-commerce idea before going all-in.Scalability opportunities - Dropshipping allows you to scale up your business easily by increasing the number of products you offer without having to order and store large amounts of inventory.Lower inventory management - You don't need to worry about managing inventory or stocking shelves, as most orders are sent directly from the supplier. This leaves you more time and resources to focus on other aspects of running your business.Broad product offerings - Dropshipping gives you access to an almost limitless range of products. You can fulfill customer orders from anywhere in the world without having to worry about shipping or stocking inventory.Flexibility - Dropshipping allows you to make changes and adjustments quickly. From testing out different product ideas to choosing a different supplier, you can make changes with ease. Wondering how to utilize dropshipping? Let's look at some easy-to-use dropshipping apps available. 1. DSers DSers is dedicated to helping dropshippers grow their AliExpress dropshipping businesses, as well as integrate with online stores such as Shopify, WooCommerce, Wix, and more. It helps e-commerce owners manage inventory, track orders, and automate product updates. Additionally, DSers streamlines the entire dropshipping process. It allows you to locate top-tier suppliers with its Supplier Optimizer feature, find and assign multiple vendors for a product with Variants Mapping, and place hundreds of AliExpress orders simultaneously with the Bulk Order feature. It also helps manage multiple stores on one dashboard and automates processes like order placement and syncing tracking information. A free plan is available with extensive useful features. For all features and more product listings, for Shopify specifically, you can upgrade to an advanced plan for $19.9 a month. » Do you use Wix? Find out more about Wix's inventory management 2. Trendsi Trendsi combines technology and fashion in a one-stop shop for all your dropshipping needs, from finding the latest trends to sourcing and managing suppliers. With Trendsi, you can quickly find hot-selling items that are trending in the market and source them from reliable suppliers without buying inventory. Trendsi selects quality U.S. brands and trusted overseas products with higher margins, packs and ships directly to customers with branded invoices, and even handles returns. You can also manage your suppliers, track orders, and optimize your product listings to attract more customers. If you're looking to save time on research and product writing, Trendsi offers support with product photos, descriptions, and measurements. There is no monthly fee, which makes it a great all-in-one easy solution for e-commerce beginners looking to set up a dropshipping store that specializes in fashion. 3. DSM / DSM Tool Having launched in 2016, DSM Tool is certainly a well-established option for dropshipping and allows automated integration with two of the world's most famous e-commerce platforms: eBay and Shopify. Some features include an innovative product search tool, listing help, and an hourly repricer, as well as bulk listing and auto restocking services. DSM Tool also offers automated fulfillment in as short as 7 to 15 days. This tool is also compatible with over 50 top dropshipping suppliers and features millions of trending products in every major category. DSM Tool also has a learning portal, DSM Tool Academy, which offers dropshipping information and guidance for those who are just starting with eBay. It also has other learning resources on various e-commerce platforms. This makes it a favorite among dropshippers. You can use it free of charge forever, and all your standard dropshipping needs are included, like integration and 25 product listings. Its basic plan, allowing up to 600 listings, starts at $24.97 a month. 4. CJ Dropshipping Established in 2000 in China, CJ Dropshipping has quickly become one of the leading global dropshipping suppliers and boasts great customer review scores, ranging from 4.8 to 5 stars across platforms like Shopify and Facebook. CJ Dropshipping can take care of your product listings, sourcing, stocking, fulfillment, quality control, and shipping. This hassle-free management service makes it an inclusive option for new e-commerce owners. With over 100,000 factories and international warehouses, no set-up or monthly fees, competitive shipping prices, and a free dedicated personal agent, CJ Dropshipping offers extensive support and reach which set it apart for new dropshippers. Dropshipping Can Handle Your Fulfillment Needs Dropshipping can be a helpful and easy-to-use way for new e-commerce businesses to manage their store. To save on costs and time as you start your e-commerce journey, these apps can help take care of all the heavy lifting—listing, sourcing, fulfillment, and even shipping. And with some options offering personalized support and learning resources, you can run your business smoothly and with confidence. So, once your dropshipping business is up and running, you may be overwhelmed by sales data. BeProfit can help with that by tracking and analyzing your data. This can help you grow your profits by implementing any necessary strategy changes. » Looking to find out more? Book a demo today
BusinessCash Flow Forecasting: Pros & Cons You Should Be Aware OfCash flow forecasting allows your business to plan for future cash needs by anticipating future cash inflows and outflows within a specific timeframe. Although this can enable you to be prepared and adjust to changing circumstances, cash flow forecasting still has drawbacks. Below, we dive into the pros and potential pitfalls of cash flow forecasting to help you optimize your use of the process. 6 Key Pros of Cash Flow Forecasting 1. Equips Businesses With Predictability & Foresight As you create cash flow forecasting calculations, we recommend that you look at individual streams of revenue as well as liabilities from expenses. This information allows you to anticipate when there will be a cash surplus and when funding will be tight. You can then allocate that surplus when needed. You can also accurately predict other things, including market conditions or political influences, that might impact your cash flow and overall business growth. 2. Mitigates Cash Shortages & Enables Anticipation of Bottlenecks Cash flow forecasts can reveal potential cash flow shortages, helping you avoid insolvency or at least lessen its impact. For example, management could postpone investments, liquidate assets, lower cash withdrawals, or pay suppliers with credit to minimize cash flow shortages. 3. Enables More Informed Future Planning Cash flow prediction helps you decide if a significant purchase can be made without jeopardizing the company's financial health. It’s a way to see if your organization can handle introducing new products or when is the best time to retire executives. This shows top management when and how the company can achieve stability. » Discover the benefits and difficulties of conducting a revenue analysis when planning for the future 4. Helps Determine Whether or Not Spending is on Target No matter how big or small, we know that every business has monetary targets it aims to hit. By analyzing your company's cash flow prediction, you'll learn if and when your goals are within reach. Moreover, you get to look closely at your budgeting and individual line items, analyze any patterns, and create more accurate budgets in the future. » Follow these tips to keep track of your business expenses 5. Simplifies Keeping Track of Overdue Payments Small businesses often extend credit to customers, which we think can be a risky move. A cash flow forecast helps you keep tabs on outstanding payments and better prepare yourself for any expenses or liabilities that might come up. It's also a way to manage any credit you offer customers who frequently miss payment deadlines. 6. Streamlines Management of Surplus Cash It’s essential to know when a surplus will occur so that you can make sure the money is used in the most effective way possible. For example, use it for debt reduction or reinvestment into your business. A few months of surplus implies you can afford to make long-term investments such as new products or services or implement new processes. » Follow this beginner's guide to profit and loss statements to help manage cash flow 5 Fundamental Cons of Cash Flow Forecasting 1. Complicated to Account For Unforeseen Factors We want to stress that cash flow forecasting is not an exact science. Many uncontrollable factors can affect the forecasted numbers: environmental changes, changes in political leaders, inflation, and emergency repairs. 2. Always Involves Some Degree of Probability While doing calculations, you might assume that nothing unexpected will happen in the future—no promotions, no price increases or decreases, and so on. This is unrealistic and could spell bad news for your company if you use it as a basis for business decisions. 3. Provides a False Sense of Security When you’re laying out your plan, you tend to create it with a positive outlook. But in reality, there’s a wide range of variables that impact the cash flow of your company. If you don’t have money set aside for unexpected occurrences, you're forced to make budget concessions elsewhere. 4. Manual Errors & Miscalculation May Result in Debt There are several potential issues you can face if you manually compile your cash flow forecast in a program like Excel. Inaccurate computations result from a number of human errors, including sloppy data entry, imprecise formulas, and duplication. All of these can be very expensive mistakes. 5. Can Result in Ineffective & Uninformed Decision-Making If your cash flow forecast is poorly crafted, you'll make ineffective and ill-informed decisions. For example, your company makes a large investment in cutting-edge production machinery in anticipation of future growth, only you're caught off guard later by an unanticipated change. If your revenue projections are too optimistic, you're in danger of overspending. The wrong forecasts put your business at risk of bankruptcy or other financial crises. » Analyze your net, gross and operating profit margins to make sure you stay on track What's the Verdict on Cash Flow Forecasting? While a cash flow forecast is an excellent way to predict the future financial health of your business, you should be aware that it’s not always accurate. Since cash flow forecasts don't consider many external factors, it's up to you to monitor and adequately respond to what's happening. We recommend that you incorporate accountability in all areas and include periodic reviews of your projection to control your finances better.
BusinessWooCommerce & BeProfit Success Story - 28% Growth in Just 4 MonthsRunning multiple eCommerce businesses is not an easy gig, especially given the stiff competition in the marketplace. Online sellers must oversee many things, from lead generation to order management to reduce unnecessary costs. Seam Lim -CEO of Lens007 and LensGoGo – could entirely relate to this challenge. But not anymore! Seam Lim has launched 4 successful online stores since 2016, offering glasses, contact lenses, and Japanese goods. This year, Seam Lim partnered with BeProfit to capture all profit opportunities, track all expenses, and grow his business. After joining BeProfit in March, BeProfit established an ongoing relationship with Lim and customized unique features to meet his business needs. The Goal Overall business growth, from the number of orders to profit margins. The Challenge Lim needed a simplified and all-in-one solution to track and manage his profits and expenses. In the ever-evolving eCommerce industry and in his business niches, Lim had to make data-driven decisions to stay competitive and profitable. So, he started looking for tools that could help him achieve better control of key metrics of his business. That's when he stumbled upon the BeProfit profit tracker app. The Solution BeProfit - Profit & Expense Tracking App The Results 21,000 monthly orders $12 Million annual GMV $1.4 Million annual gross profits 28% Growth from April to July Lim’s Favorite BeProfit features: Real-time tracking With this app, Lim can track his business data anywhere, anytime, on any desktop or mobile device. He can even collaborate with his staff in a shared workspace in real time. Perfect Automation No manual work! So, it saves Lim and his team a lot of time. Now, they can set their profit calculation preferences, create custom data reports, and build shipping profits, all in one place. Calculation of all shipping costs As he runs a number of stores, Lim can have his shipping, fees and other expenses pulled automatically from his online platforms. It allows Lim to get detailed, up-to-date reports on all shipping costs. Here’s what Lim has to say about BeProfit: “BeProfit has changed the way I calculate my COGS, shipping, and other expenses as it allows for perfect automation. Not losing money is as important as making money, and thanks to BeProfit, I am now able to track my net profit accurately. Additionally, they’ve been super helpful and customized features to suit my needs.”