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5 Reasons Why Small Businesses seek for a Loan

Published on 02/04/201902/04/2019 by wp_blogLeave a comment

Many small business owners are against debts because they don’t think they have enough CIBIL score, or unsure if they can afford repayments. But one cannot deny the fact that investment is important to grow any business. Businesses would need finance for various reasons like upgrading equipment, buying inventories and working capital, these’re the most common reasons.

Read on for a look at five unheard reasons for which an entrepreneur might take a business loan.

To Pay Taxes:

Business owners must set aside enough amount throughout the year before the Tax officials knock on the door. But business doesn’t always work according to the plan, which is why entrepreneurs often take a loan to pay off taxes. After all, paying it off on time using a loan is better than getting in trouble with the Tax officials.

To Buy Insurance:

Insurance is one of the major business expenses and some business owners take a loan to invest in multiple insurances. There’s a benefit in getting your business insured; It is one of the eligibility criteria when you apply for a long-term loan which includes huge loan amount.

For Advertising:

Business owners could need a loan if they’re hiring an advertising agency to market their products. Marketing is often a huge expense and costs a lot of investment, though it eventually pays off in the long run.

To Refinance Another Loan:

Taking loans to pay off another loan may seem strange. But business owners do it when they get another loan for better rates and benefits. In fact, it is a popular and sometimes necessary reason to take a business loan.

To Cover Unpaid Invoices:

Another reason why entrepreneurs need funds is when there are outstanding invoices. When there are daily expenses and inventory costs which you need to pay off, you certainly cannot put it on hold until your clients settle the due amount. This situation can demand a loan to settle the obligations.

Here’re the most common types of business loans. You can find one that suits your requirements:

Crowdfunding – Raising a small amount from a large number of people.

Small Business Grant – Free funds granted to micro and small businesses by the government.

Working Capital Loan – Funds to cover daily operating expenses in a business.

Business Line of Credit – A credit facility in which you borrow a certain limit and pay interest only for the amount you use.

Short-Term Loan – An instant loan for your temporary working capital needs. This loan needs to be paid within a year.

Business Credit Card – Credit facility based on the transaction record of the Credit card.

Equipment Financing – Some banks provide loans to help you upgrade your equipment.

Business Expansion Loan – A large fund for business growth which is usually repaid over 5 or more years. Interest rate for long-term loan is quite low compared to other loans.

Credit Score is no doubt one of the most critical parameters for getting a loan. Also, the banks ask for a minimum of three years of business proof or other factors such as educational background, age, residence stability etc. So, save yourself from all these hassles of getting a loan by choosing an innovative way to get instant funds. POS or Credit Card based loans are the best option for any business when it falls short of working capital or when there’s a financial emergency. NeoGrowth provides simple lending solutions that address your urgencies with more efficiency.

Every obstacle presents an opportunity to improve your business!

Published on 05/10/2016 by wp_blogLeave a comment

neogrowth-business-loans-obstacle1 In ancient times, a king had a big rock placed on a roadway. Then he hid himself and watched to see if anyone would remove the huge rock. Some of the king’s wealthiest merchants and courtiers came by and simply walked around it. Many loudly blamed the king for not keeping the roads clear, but none did anything about getting the big stone out of the way. Then a peasant came along carrying a load of vegetables. On approaching the rock, the peasant laid down his burden and tried to move the stone to the side of the road. After much pushing and straining, he finally succeeded. As the peasant picked up his load of vegetables, he noticed a purse lying in the road where the rock had been. The purse contained many gold coins and a note from the king indicating that the gold was for the person who removed the rock from the roadway. The peasant learned what many others never understand. Every obstacle presents an opportunity to improve one’s condition.

Similarly, your business might face many challenges but every obstacle is an opportunity to grow your business.

Get the strength and support for your business through NeoGrowth loans!

Published on 09/09/2016 by wp_blogLeave a comment

A boy along with his father were in a sports shop. The boy saw some dumbbells in the shop which some buyers were lifting and checking it. His curious mind asked his father-

“Can i lift this dumbbells, like this people do?”

His father responded –

“ If you use all your strength, then you can”.

The boy pumped himself, took a deep breather, closed his eyes and with all his strength he tried to lift a dumbbell placed on the lowest shelf. He tried desperately and finally he gave up. Filled with sadness, he asked his father –

“You told me i could lift it!”.

His dad gently smiled and said,

“I told you to use all your strength. You never asked for my help.”

The boy understood, and giving a slight smile, both lifted the dumbbell!

Get the strength and support for your business through NeoGrowth loans!

Use NeoGrowth Business loans to choose the best Commercial Pizza Oven for your Restaurant business

Published on 18/07/2016 by wp_blog3 Comments

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Want to place your pizzeria on the success map? Well, the most important thing you need to consider, apart from getting a hassle free business loan, is the pizza oven. It is the “make or break” trick for your venture and if you get it right, you will have a smooth sailing and your pizzas will sell like hot cakes. But if you fumble selecting this important success trick, your venture might be riddled with problems and act as obstacle in the path of a successful pizzeria.

So, it is very important to understand the different aspects of a commercial pizza oven as it will help you pick a suitable piece, in accordance with your requirements.

Speaking of hassle free business loan, the best place for getting a business loan is NeoGrowth Credit Pvt. Ltd. NeoGrowth believes in simplicity and while giving business loans, they give more importance to the business stability and performance rather than on the figures on the financial statements. Moreover, it allows flexi EMI, wherein you can pay more or less depending on your sales figure. And, the convenience of doorstep documentation, absence of penal charges for pre-or post-payment and modern technology makes it the best place for getting business loans.

Commercial ovens come in four different styles and each type of oven has its own relevance, advantages and disadvantages. And before you buy, you must get a good idea about all of them.

Types of Commercial Ovens

The commercial pizza ovens are broadly classified into four different categories- conveyor pizza ovens, convection pizza ovens, deck ovens and brick ovens. All of them are known to have some unique qualities. Still, the general consensus is that the traditional brick ovens provide the best quality pizzas with crispier crusts.

But this does not mean that other ovens offer inferior quality pizzas, they too produce delicious pizzas. The only thing is that the other ovens need more skill to be handled perfectly so as to bake best pizzas. They are, comparatively, more sophisticated and thus, have to be handled with more precision. So, here is taking a detailed look at the different commercial pizza ovens.

Brick ovens

These traditional ovens are highly prized for offering finely baked pizzas. They are made up of bricks and other binding material. Skilled labor is needed to construct them and they also require a fair amount of space, depending on their size.

Advantages

Produce best quality pizzas
Bake pizzas fast
Lose very little time in heat recovery
Serve aesthetic value and add to the goodwill of the pizzeria

Disadvantages

Expensive and high installation cost
Require more space to be erected

Best suited for high-end pizzerias and those with moderate production requirement

Deck Ovens

Deck Ovens - NeoGrowth business loans

Deck ovens are sturdy commercial pizza ovens that have racks inside. These ovens offer good quality pizzas and are quite versatile which means they can fit in with diverse requirements of pizzerias.

Advantages

Low-maintenance as you only need to clean the burn marks on the decks and clean the outside surface
Cost-effective as they last longer and make for sound investment.
Sturdy as they do not contain moving parts and thus, there is very negligible chance of breakage.
Comes in a wide range of prices

Disadvantages

Takes up a good deal of vertical space due to the decks involved
Cook time is more and the pizzas also need to be monitored and moved around at small intervals
Lose a fair amount of time in heat recovery

Best suited for medium-size pizzerias and those with moderate production requirement

Convection ovens

Convection ovens - NeoGrowth business loans

Modern style commercial ovens, the convection ovens are quite space-savvy and go well with ventures with low production output. They are made up of fine material and are quite sophisticated to look at. The handling is also easy.

Advantages

Take less space
Low-maintenance as regular cleaning is sufficient for a long life
Low-priced and comes in a wide range of style

Disadvantages

Production capacity is less
Need active monitoring during baking

Best suited for small pizzerias that need less output

Conveyor ovens

Conveyor ovens - NeoGrowth business loans

Most sophisticated and feature-rich, the conveyor ovens come with a continuous cooking platform and churn out pizzas at a fast rate. They need large space to operate and are quite fuel-efficient.

Advantages

Capable of very high production
Bake pizzas quickly and can easily accommodate large-size pizzas
No time lost in heat recovery

Disadvantages

Require large space to be fitted
Maintenance and handling require skill and sophistication

Best suited for high-end pizzerias that need high output

Conclusion

Every commercial oven is special in its own way and all have some plus and minus points. What is right for you depend on your production’s needs, size of your pizzeria, kind of pizzas you want to deal in and your budget. And if you want to make the most of the available options, you must do a thorough research on the different brands that fit your requirement.

All commercial ovens are available with gas and electric plugins. And thus, it is your choice, which one to pick. What is more, the countertop models are also available in each category and if you are looking to save space, they are your best bet.

NeoGrowth Credit Pvt Ltd can help you get business loans. For more information refer here : https://www.neogrowth.in/applyNow/

You can also download NeoGrowth-business-loans PDF file for your reference.

Tips for Buying Commercial Kitchen Equipment

Published on 09/06/2016 by wp_blogLeave a comment

commercial kitchen equipment

In the process of setting up a commercial kitchen, buying kitchen equipment is the most important part that promises a lot of excitement. It makes for an enjoyable experience but it can also leave you flustered. This is because there is a huge variety out there to explore from. Also, one is confused between the prospects of buying second-hand and brand new. So, how does one solve the conundrum?

Well, it is not easy for sure. Choices add to the confusion and given the constraints put by the budget, it becomes quite challenging to select the best. And the truth is no one wants to settle for anything less than the best and should not either. Your kitchen deserves the best equipment within your budget and you should always strive to pick the most efficient equipment as they will play a major role in the success of your venture. So, here are some tips for you that will help you make an informed decision.

New Vs Second-hand

The debate about “New Vs Second-hand” is very relevant when it comes to buying kitchen equipment because there are lots of equipments to be purchased. You have to look for oven, refrigerator, prep tables, microwave, grills, dishwasher, freezer, coffeemaker and more. Now, buying so many appliances means spending a good deal of money. And in most of the cases, businesses that are starting out are hard-pressed for finance. So, it seems a wise thing to buy second-hand equipments.

But you should not go the whole hog and purchase every equipment from the second-hand category. The truth is most second-hand equipments have a short shelf life and the repairs costs make them a poor investment decision in the long run. So, you should buy only those used equipments that are in good shape. Also, it is advisable to buy only one or two used appliances. And when you buy, you should always take a test drive before saying “yes”.

Lease-to-own commercial kitchen equipment

As said above, second-hand equipment does not make for a very wise option but given the scarcity of finances, one tends to gravitate towards them. The option is not entirely unwise but there is one better option that lets you work with new equipments and you do not have to pay much either. Lease-to-own commercial kitchen equipment is a viable option as you can use new equipments by entering into a lease agreement.

The cost is not high and you have to pay a monthly rent which is a small fraction of the total cost. What is more, at times, the lease agreement involves repair costs as well and hence, you do not need to worry in case of any breakage or fault. And the best thing is that you can own the appliance at the end of the agreement period. This is a flexible, fair and fulfilling option and if your budget allows it, you should definitely go for it.

Discounted equipments

Another very fabulous option is to buy brand new equipments that come with special discounts. You can find the discount offers on dented and scratched appliances. Dents, bruises are common fallouts of shipping and they diminish the aesthetic value of the appliance. To fend off losses, sellers offer special discounts on these appliances which bring down the prices a good deal. And you can capitalize on these discounts. It saves you a fine amount of money and also ensures efficient equipment for your kitchen.

Important tips

Besides the above mentioned points, there are some other important tips as well which would do you well, if you keep them in mind. They are:

Always put quality above other things – Quality is foremost whether you are buying new or second-hand or lease-to-own equipment. You must see to it that the appliance works well, covers guarantee and belongs to a reputed brand. In some case, it might turn out to be a little higher in the cost part, but it is worth the money.
Look for utility – The market is abuzz with fancy equipments that come at equally fancy prices. But if you do not need them, do not purchase them. You must go for the feature-rich, efficient and fair-priced appliances that will prove to be wise investments in the long run.
Do your homework/research – Whether it is comparing the prices or talking to industry experts or analyzing the working of the different appliances, you must do your homework well. It will not just help you buy the best piece but will also save you lots of money. You will also get hands-on knowledge about the equipments, which will help you in future.

So, if you are ready to shop and set up your kitchen, just keep these points in mind and go ahead. You will easily find the most fitting equipments within your budget that will definitely prove to be worthwhile investments.

Business loans for restaurants — NeoGrowth provides business loans if you are in the food/restaurant business!

If you are looking for a business loan to buy commercial kitchen equipments, opt for NeoGrowth Credit Pvt. Ltd. The hassle free procedure involves doorstep documentation and the use of modern technology. So, you need not worry about the flow of funds. NeoGrowth offers business loan not on the basis of the financial statements, but on the stability and performance of your business and the cash flow estimation. And, for repayment, you can choose to pay more when your business is flourishing or less when the sales have dipped. This ensures that you pay more attention to your business.

For more info refer: https://www.neogrowth.in/applyNow/

You can also download NeoGrowth Business loans PDF file for your reference.

Simple Tricks for Getting More Conversions for your Online Business

Published on 30/05/2016 by wp_blogLeave a comment

Talking about conversion rates, the primary goal of all business is to convert a lead (obtained from various online or other promotional campaigns) into a buyer (who finally purchases the product). Now, this conversion statistic is in turn based on many other dependent conversions. A few of these are mentioned below:

Conversion of views to form submissions – This is one of the most common sources of online leads
Conversion of form submissions to subscribers (be it to newsletter or any other offers etc.)
Conversion of subscribers to repeat website visitors
Conversion of repeat visitors to first time buyers
Conversion of first time buyers to repeat buyers

Therefore, optimizing each of the steps in the customer life cycle would in turn cause an increase in percentage or probability of converted deals from online leads which are captured in the system.

Now, the question arises – how to optimize the content so as to ensure that the maximum customer progresses in the customer life cycle stages of ecommerce websites?

Majority of sales (especially B2C) do not involve a rational decision

This may sound erratic but it is not! There have been instances in the recent past wherein online stores with inferior products have recorded higher sales than online stores with better content and better pricing. This is because of the persuasion skills of these ecommerce sites. Most customers have been found to make purchases out of an emotional connect rather than judging on the rational utility of the product. Therefore, ecommerce’s who are able to present and position their products in a better way often get away with higher sales than otherwise.

All the glitters, at times, is gold

“All the glitters is not gold” may not be always true for online sales. This is because statistics (i.e., overall ecommerce statistics for 2016) show that 93% of the online consumers base their sale patterns and decisions on the visual appearance of the web portal or the ecommerce portal. And, approximately 52% of them decline to visit a particular web portal more than once in case they are not amused by the aesthetics of the website. The overall content involves the inclusion of videos, illustrating the utility of the product, chat widgets in the website, the ease of use and transition from one page to another and more importantly, the mobile responsiveness and the performance of the page – i.e. the time taken to load the web portal or the app.

Statistics and customer reviews have stated that more than 96% of visitors find videos to be more useful than static content, and the overall conversion may increase by more than 12% with the replacement of images with videos on the landing pages.

Apart from that, the loading speed is of extreme importance especially in economies wherein the internet bandwidth is less as compared to the number of users using it. Statistics say that about 73% of users accessing the landing pages from their mobile are not satisfied with the speed with which the website loads, and more than 65% of the online users are not willing to wait for more than 3 seconds for a website to get loaded. Therefore, it is important that the weight of the website is also light.

Live chat widgets do play a crucial part in customer engagement on the website. This, however, is more critical for B2B sales, which show a great improvement in conversion rates on having the live chat option on the website.

(Statistics are based on Brainfox’s infographic: 65 Proven Statistics About E-Commerce Consumer Psychology.)

A/B testing could be one of the options to ensure website optimization

Now, given the customer behavior and the trends, the question arises as to how designers should offer a landing page catering to the terrain which is being targeted by the business because the customer value perception may differ from one geographical region to another. A/B testing could be one of the solutions to this dilemma. It captures the customer behavior to each of the webpage variants that has been launched by the designer. Now, each of the variants can have different positioning of components – one with video vs. one with the image, one with the chat option vs. one without the chat option and so on. Therefore, analyzing customer behavior on these variants may help designers to get a better and a more customized insight on the customer preferences in that particular geography.

Payment Security – a major reason behind shopping cart abandonment

Trust seal is a non-negotiable factor which needs to be considered by online players before launching it to customers. Most online shoppers have declined transactions due to risks in the payment process. In addition to that, the pricing of the product should be realistic and competitive. The cart abandonment rate has been the maximum in the payment gateway stage of the transaction, where the customer has declined payment due to such reasons.

Retail 2020: Trends In India

Published on 07/04/2016 by wp_blogLeave a comment

Retail is absolutely booming in India right now. And experts are of the opinion that it will only get better. In fact, statistics indicate that the retail sector in India is growing by a whopping approximate value of 12% per annum, meaning that, by 2020, retail could very well value at about 1 trillion dollars in India.

But before we get to the trends in question, here’s a look at the major factors currently influencing this speedy growth:

Current Factors Aiding the Growth of Retail in India

Advancements in online technology:

There is no doubt that the rapid advancements of technology – especially in the online realm of business – have had a huge influence on the retail sector in India. This is also probably why the Indian retail sector is working at its peak in the current era.

Modernization:

Urbanization and attitudinal shifts in people and businesses in India have greatly affected the growth of the retail sector.

Extensive numbers of offline and online retail stores:

In addition to traditional retail channels (such as small grocery stores and the like), the retail sector in India also includes supermarkets, hypermarkets, all other kinds of organized retail outlets, and even online retail markets. In fact, a large chunk of this retail growth is both dependent on and consequent of the largest ecommerce market that has been steadily growing in India during the last couple of years.

So, now that that’s out of the way, check out the assumptions for retail in India by 2020:

Definite Trends to Watch for Regarding the Indian Retail Sector for the Next Five Years

Expect the considerable growth of the retail sector as a certainty:

Now, there are plenty of statistics that often predict the growth of a sector, but often (in the end) falls flat. However, why we are pretty certain that won’t be the case here is because of certain facts and trends: For one, modern trade (on a global level) in itself is expected to double in growth in 2020. And with Indian ecommerce stores firmly established in the online sphere, India automatically shares in that prediction for retail growth too.

Availability of goods and services will no longer be limited based on location or area:

Right now, everything from goods to various kinds of services has already entered the retail sector of India – which makes these goods and services much more easily available as well. For instance, think of how it was to book a train ticket before with only a single outlet or two available in a single location. While now, there are umpteen travel agencies as well as a number of online platforms available to you.

Add-on services in addition to the primary function will become the norm:

Consider again the above example of travel agencies: You don’t just book one-way and two-way tickets anymore. You can book for anything from the type of meals you take, to whether you want a car or a mini-van to pick you up at your destination – as well as many other things. Consequently, the availability of such services and options will only continue to grow.

Ecommerce establishments will continue to grow exponentially:

From a time when online shopping and the like were still new and rare, we’ve shifted to an age where we’re literally spoilt for choice when we shop online. And, such instances are only growing in India thanks to the obviously booming success of ecommerce.

As such, digital retail stores are bound to grow. And here’s why:

One, the relatively lower cost of running an online store when compared to a brick and mortar store.

Two, customers generally get a lower price for their goods and services online due to the fact that online store owners have fewer overhead costs. And when you pair that with the many discounts and offers that flit around online almost daily, it’s no wonder more and more customers move to shop online.
Three, the mobile platform is growing exponentially and e-stores have already started building mobile apps for their stores, thus making it even more accessible.
Four, Internet costs are lower than ever and are predicted to reduce even further, thereby making online shopping even more of an enticing prospect for Indian customers.

Mobile platforms will be the reigning platform for online retail:

As the era of the smartphone shows, adapting to the mobile platform is already a must for e-stores. And expert opinion and research only support that the mobile platform will continue to gain power in the coming years. There are a few hitches as well to watch out for though – which is the only reason why Indian retail growth is not progressing as smoothly as it could. Shaky economics is one of the hitches. Also, changes are needed regarding the way goods are priced and the effectiveness of Indian retail workflows (both online and offline).

Marketing and Analytics: The Cornerstones of Success in E-commerce

Published on 26/03/2016 by wp_blogLeave a comment

The mother of all internet businesses, e-commerce is a constantly evolving segment. The galloping pace of evolution is certainly exciting and if you are looking to match steps, you must get a handle on marketing and analytics. These two are the cornerstones of success in the field of e-commerce. Unfortunately, many businesses do not give them due importance, realizing little that it will give their competitors a huge edge and the latter can easily become the go-to destination for customers.

Why are marketing and analytics important?

Probably, the reason behind the lack of interest is the inability of entrepreneurs to understand the significance of marketing and analytics in the success of their business. Well, the fact is that e-commerce is a highly competitive niche and the customers are spread far and wide, who can be only engaged through intensive marketing and quality service. The second reason is that multiple variables operate in the e-commerce sphere at the same time and to tap into their potential, businesses need correct analysis and reports. Last but not the least, the decision-making process of this segment demand quick thinking and detailed analysis.

So, which are the areas where marketing and analytics come into play?

Below is a detailed explanation.

Product/service offering

Your key offering i.e. products/services gives you great insights regarding consumer behavior and needs. Your product page is a source of huge data and you can dig into it to perform better. It will help you find out the satisfaction rate, identify the customer queries/interests, demographic specific demands, engagement density and many more things. You can also make a sales forecast on this basis, and modify your marketing and sales accordingly.

User experience

User experience plays a very important role in the success of your business and thus, it is important to understand what is engaging and annoying the user. The user related data, such as how much time they spend, how do they search, which is the best landing page, what holds their attention, reviews, etc. form a part of the analytics. It is studied to improve the user experience so that there are more conversions and your position is solidified as a brand.

Supply chain management

Supply chain management is an integral part of e-commerce, especially in retail, and it revolves around logistics. Logistics involves heaps of data related to pricing, transportation cost, human power, etc. In fact, this is one of the pillars on which e-commerce industry stands. It plays a key role in customer satisfaction and can make or break your operations. Therefore, only those businesses which manage this aspect skillfully can hope to flourish and make profits. And to manage logistics, nothing is more suitable than analytics.

Merchant management

Merchants are the lifeblood of e-commerce business. They need to be managed and engaged so that they can help you grow as a successful enterprise. With their numbers quite high, you need to employ analytics to track the dealings, their relative performance, ability to cater to a growing customer base and other variables. With insights gained from customers’ data, you can easily engage the merchants by offering them more contracts and rewards.

Fraud detection

E-commerce is not devoid of frauds and cheating. Since it involves online transactions, the chances of getting duped are quite high. It may come from the merchant’s side or in some cases even customers. Such cases need to be handled with tact and must also be tracked carefully. With analytics, it becomes a cakewalk to detect frauds and handle them.

Marketing

E-commerce marketing is a lot about analytics. Be it SEO or AdWords spend or social media marketing, every business gets huge unstructured data on these fronts and needs to study them properly so as to get optimum return on investment. Even in terms of content marketing, one needs to analyze customer data to understand what is trending, what is being searched, which keywords are performing, what kind of content is impactful and other related things.

Bottom line

A strong data analysis framework is must for every e-commerce business as it helps you at every step in your business. And thankfully, there are many tools out there to help you in this regard. Available for free as well as at a price, these analytics tools help you a great deal in forging correct strategies for sales and customer engagement. Names like Google Analytics, KissMetrics, CrazyEgg are well-known for their efficiency and ease of use.

If you want, you can also develop personalized tools. You may need to hire an analytics expert to perform this task or you may choose to do it yourself. But if you do it yourself, you must possess great analytical skills. Whatever you invest in this area is bound to bear fruits and therefore, you must choose the right option, even if it seems costly.

Boost Your Sales with the Changes in Shopping Trends!

Published on 23/03/2016 by wp_blogLeave a comment

In the world of e-commerce, the orientation is always changing its position. Hence, as an owner of the business or being a marketing specialist, one will always need to be on his toes to make the trade stand firm in its position. In order to carry on with the uprising sales structure, the professionals need to be able to evolve, and look for changing the technology which will definitely sway the customers while sustaining the profit margins. It is also being predicted that the customers will be spending over 427 billion on online retail shopping. Thus, in order to increase the profit margins, maintaining such dynamic trends, then one needs to jump on these latest styles, patterns, and appearance for the upcoming conventions.

What changes can be seen?

With the continual connectedness, circumstantial pertinence and a multiple screen world, shopping trends are actually bringing about advancement in both the online and offline shopping methods. With this, it can be said that some appealing potentials are paving its way for traders who are willing to make the changing trends as their medium for moving ahead. Experts are stating how linking classic retail truths with digital acute can really encourage the retailers to do what matters the most to them that serve their customers in a better way.

These are few schemes, working on, which will really boost the sales higher up. Read on:

An Enhanced Mobile Shopping Acquaintance

Now, smartphones can rightfully be categorized under the essentials category. The consumers are utilizing them not only for texting or for browsing the internet but also for shopping purposes. Recent studies also emphasise that the mobile shopping trend is a trend that will be around for long. And to keep up with this ever increasing advancement, different brands will have to upgrade their mobile shopping mediums to provide a great experience to their consumers.

Personifying the shopping knowledge

According to research, it has been identified that personification provides a great opportunity to boost the sales figure. Using data that deciphers the consumer behaviour and thereby presenting the consumers with related products will give a great push to the sales figure and thus attract high profits. However, this is just one process to personify the online shopping methods and these days many stores are adopting such features to upgrade their sales methods. Like they are personalizing various marketing emails and discount coupons for their customers. This is yet again one huge opportunity for online traders as big retailers are not yet subsidizing on it.

Elevated Consumers Impacts In Online Shopping

Shopping through online methods has become a quite abstract experience for the users. Customers mainly browse through their required products online, make decisions on any specific item, and clearly make a deal with the retailer silently, without even making anybody aware of its prospects and whereabouts. This is totally different with the experience that they have while buying an item from offline retail stores, where they would get sales representatives is they have any query about anything as such. In fact, the shopper can get through real interactions only when their encounters a problem right after the sale. Hence, the online markets are looking forward to providing real-time business interactions with their customers. Therefore, live chat features are being installed in the website or app itself to improve the shopping experience.

Aiming At Contents

Marketing mix doesn’t really limit itself to blog posts only. Many e-commerce stores strive with identifying their product topics they can display and write about on their specific blogs. However, they end up thinking that they might give up on content marketing rather than doing a scruffy job. Content marketing is a great way to attract the consumers by exhibiting the full details of the product and thus improving the shopping experience which does lead to better sales.

Providing Videos For Products

The important characteristics of most of the products which attract the customer’s attention are clear photography, subjective descriptions, perceptible specifications and product options. Product videos, despite such aspects, also turn out to be quite appealing for many of the customers. With this, the consumer tries to find more information about the product, thus increasing the sales margin of the company.

Other such methods include-

Rapid and timely delivery
Focusing on proper social media marketing
Enforcing e-commerce constructive sales forces

Conclusion- The online shopping trend is ultimately replacing the decrepit way of shopping. Not just one, now there are hundreds of thousands of online retail stores providing such aspects and guiding through a method of how to improve and enhance sales structure in such mediums of trade.

4 Steps to Building a Successful Online Store

Published on 17/03/2016 by wp_blogLeave a comment

So, you have decided to give your shop an online identity but still find it difficult to set the ball rolling. Don’t worry. You are not the only one going through the launching travails. Every entrepreneur goes through this situation. Even the premium players have experienced the grind and pondered over countless ifs and buts before making it to the top ranks. Hence, all you need to do is set aside the worries and get going with the task at hand.

To help you out, we will tell you about 4 simple and effective steps to get going. Following them, you can easily begin operations. These steps are tailor-made to suit an exclusive online store as well as a physical store looking to expand with an online avatar.

Research and regard your customers

Customers are the lifeline of every online business and if you want to sell more and attract more footfalls then you have to look at things from their perspective. From the look of your e-store to the shopping cart to subscription pop-ups, everything should be customer friendly. It must load fast and the customer should find it convenient to navigate through your site while looking for different items. The entire process, from arrival to checkout, ought to be seamless and simple. You must make sure that the site’s aesthetics and functionality go hand in hand. Just go through a shopping trial on a site that you find exemplary and incorporate all the desirable traits in your e-store.

Focus on product images

Studies have proved that visuals grab quick attention. They also possess higher engagement value. So, it is important to make sure that your products have good display. It will easily enamor the customers and help you to sell more. Your e-store should look like a well decorated physical store with all items showcased properly. Add zoom-out, side display, back display and other features to the images as it enhances their value. Also, write good copy for the products with complete information and catchy titles. Keep the search terms and keywords in mind as well.

Incorporate customer reviews

Customer reviews play a key role in increasing sales. They act as credible sales pitches which customers value greatly. So, if you want visitors to loosen their purse strings you should make space for reviews. Showcase the star ratings, testimonials and words of praise on your site, below or alongside the products. Do not be afraid of criticism or negative feedback. But if you want to obliterate it altogether, switch on the filters that track negative reviews or allow for review via the email method only.

Market intensively

E-commerce is a highly-contested niche and there are scores of competitors vying for the same target customers. So, you have to be proactive and market aggressively to get your store noticed. Luckily, you can rely on the multi-pronged online marketing and you should never underestimate its power. To make the most of this strategy, it is suggested, you go whole hog. Utilize every marketing tool like social media (esp. Instagram, Pinterest because they are images-oriented) SEO, Google AdWords (be discreet as it is expensive), content marketing, emails/newsletters, YouTube videos, etc. to grab the eyeballs. It is completely worth it and results in sustainable traffic as well as more sales.

Important points to keep in mind

Do not waste time being a perfectionist. Launch quickly because there is nothing like the perfect time or right time. Set up a time-limit for the research, cover all the aspects within the same and set the ball rolling.
Pick up an easy-to-use and customer friendly shopping cart as it impacts the customer experience. It has an important role in driving sales and profits. There are many options like Shopify, WooCommerce, Magento, Big Commerce, WP EasyCart, OpenCart, Prestashop to choose from.
Keep it lean in the initial phase and do as many things yourself. This will make sure that your financial resources are not unduly stressed and you can also save a fair deal.
Watch out for your competitors and always keep an eye on their innovations and strategies. You do not have to copy them but if they help to enhance sales without affecting your brand value, you can certainly take recourse to them.
Last but not the least, keep doing regular analysis of your performance. Modify the strategy as per the results and always focus on the target that you have set for your business.

Bottom Line

An online store has huge potential for growth because e-commerce is a cost-effective and simple business model. It is very popular and is being used by thousands of entrepreneurs, all over the world, to earn profits and make a name for themselves. So, just follow the steps and tips we have mentioned above and get ready to join the coveted league.