10 Common Pricing Strategies For DTC Brands

When it comes to making purchase decisions, price is often the deciding factor. Several studies have shown that pricing is critical and relevant to consumer buying behavior. With so many options available in the world of DTC, getting your pricing strategy right can be a make-or-break moment for your business.

In this article, we’ll dive into 10 common pricing strategies that DTC brands can use along with examples of each. Keep reading to learn more!

What Is A Pricing Strategy?

Setting the best price for goods or services is a process known as pricing strategy. This method helps to level prices and margins according to market demand in order to boost profits and enhance shareholder value. 

There are several things that need consideration when selecting your pricing strategies such as marketing aims, business revenue aspirations, target audience, brand placement, and consumer demand. An effective pricing technique will reduce expenses while creating value for your customers; thus assisting with the expansion of your venture.

A Few Things To Check Before You Choose Your DTC Pricing Strategy 

  1. Know the total cost of your product 

Before you set your prices, be sure to know the total cost of your product. If you order products, add up their cost per unit — that’s your cost of goods sold. When crafting each piece yourself, consider the bundle of raw materials you need and how much time it takes to create one item for sale. You can also take into account the following costs, so that your business turn out to be profitable:

  • Production Cost 
  • Marketing Cost  
  • Shipment and Handling Cost
  • Business Cost
  1. Identify your ideal customer profile 

It’s important to note that your hard work won’t amount to anything if you don’t have any buyers. 

It pays to think about your customer’s disposable funds. Some may search for the best bargain, while others have no qualms with parting ways with a few extra dollars if it means getting something of quality. Understanding these preferences will give you a better footing in gauging what prices to offer in order to maximize customer satisfaction!

Thus, it follows that you must calculate a value-driven profit margin, so your product is attractive to the desired target market and makes financial sense for you as well.

  1. Find your USP/value proposition 

What sets your business apart? Finding the perfect pricing strategy is key to highlighting the unique value you’re offering to consumers. Take the story of Tuft & Needle for example: they carved out a special place in the mattress market with their affordable prices and exceptional quality. Similarly, find what sets you apart, and let it guide your pricing decisions to make sure no one has any trouble recognizing how unique your business is!

10 Common Pricing Strategies Used By DTC Brands

Competition-based pricing strategy 

As the name suggests, competition-based or competitive pricing strategy is based on understanding competitors’ prices and using them as a benchmark. Customers often compare prices when making their purchase decisions, making small price differences crucial for success in this type of market.

You can opt to go a few cents lower of the price your competitor is offering, offer the same as your competition, or exceed the prices of your competition to be in the game.

For instance, D2C brand Dollar Shave Club launched the first subscription-based business that sends fresh razors and other grooming products to your doorstep via email.

Yes, a D2C startup came onto the scene, took on a global brand like Gillette, and won with a quality product and a competitive pricing strategy. In fact, Dollar Shave Club eschewed the traditionally high margins on razors and delivered them at a competitive price.

Cost-plus pricing strategy 

A cost-plus pricing or also known as the markup pricing strategy involves charging customers a price that is higher than the cost of producing the good or service.

Cost-plus pricing can be effective when there are high fixed costs associated with production, such as manufacturing materials and labor. By charging customers more than these costs, businesses can increase revenue while limiting their exposure to price risk and market fluctuations.

For example, let’s say you started an online shoes business and want to calculate the selling price of one shoe:

  • Material Cost: $50
  • Labour Cost: $200
  • Shipping Cost: $10

So now, the cost of your product will be $260. Now, you can add a 45% markup of the total cost of the product to have a profitable business. The formula, then, for the total price of the product would be: 

Total production cost ($260) * Markup (260*45/100) = Selling Price of your product ($377)

Value-based pricing strategy 

Value-based pricing strategy is when the price of a product or service is based on its value to the customer, rather than on the costs incurred to produce it. Businesses show the product is premium and exclusive for buyers. 

In a value-based pricing strategy, price is set high enough to cover costs (including variable costs and overhead), but competitive enough so that customers feel they are getting a good deal. This approach may be more effective in competitive markets where customers can switch providers easily.

For instance, fashion lifestyle brand Ralph Lauren often follows a value-based pricing approach. 

Price skimming strategy 

This E-commerce strategy refers to the business tactic of starting off at a high price in order to satisfy consumers who don’t mind paying extra for its products. As other businesses start to join the market, then reduce their prices in order to entice a new, more budget-conscious customer base. 

For instance, Apple is a brand that uses a price skimming strategy, especially during the launch of its latest iphone. It starts off at high prices and slowly lowered prices over time to attract budget-conscious consumers.

A skimming pricing strategy can be a great way to make a lasting profit from your products, but it can also backfire. If you lower the prices too much, consumers who paid full price may get irked and competitors will sense an opportunity to swoop in and imitate your ‘fake’ margins.

Penetration pricing strategy

Contrast to skimming price strategy, the penetration pricing strategy is when the company sets a low price for its new product or service to gain customers’ attention and raise awareness.

It is also known as the discount pricing strategy and works best for price-sensitive customers but is not sustainable in the long run for businesses. This strategy is usually best for brands that are new in the market and want to attract customers. However, there is always a risk of losing those customers once the business increases its prices back to normal. 

Pro-tip: To truly make an impact with your product, emphasize its value instead of the price tag. 

Netflix pulled off one of the greatest feats in pricing strategy history with their ‘penetration pricing’ model: charging a low fee for access to their instant streaming service with subscriptions, they boosted their customer base exponentially and gained an unbeatable market share. In doing so, Netflix managed to establish a monopoly over the industry. 

Psychological pricing strategy 

This marketing strategy has been used by businesses across various industries to optimize pricing and boost sales. It does exactly what the name suggests – targets human psychology to increase sales. 

Take example of the 9-digit effect. Customers see a product worth $99.99 as attractive and a good bargain even though the price is almost the same as $100. The “9” makes all the difference in perception.  

Apart from this, a BOGO offer or changing the colors and fonts of the pricing tag have also proven, in various stances, to be effective.  

For instance see how Indian D2C brand BoAt uses the psychological pricing strategy to up its sales:

Example of psychological pricing strategy

Credit: Boat Website 

Keystone pricing strategy 

Keystone Pricing is an approach that involves setting a price for a product or service that is double the cost of production (or the wholesale price). This method can help businesses maximize their profits while also keeping prices competitive and attractive to customers. It is usually used by retailers. 

Here’s an example to help illustrate the concept. Let’s say a company produces a product with a cost of production at $100. Using keystone pricing, they would price that product at $200 – effectively doubling their investment with a 50 percent markup!

Bundle pricing strategy 

A bundle pricing strategy involves selling multiple products or services together at a discounted price (than the total amount of all the products individually). This allows the business to increase their revenue by selling more products per unit than if each product was sold on its own.

Let’s understand this with an example – a combo meal from Mc Donald’s. The combo includes small fries, a small drink, and a burger. If the customer only wanted the small fries they would have to pay some extra for it separately. However, if the customer buys the combo meal consisting of all 3 items, then they can keep all 3 items for a discounted price. 

Example of bundling pricing strategy

Credit: Mcdonalds 

This strategy is effective because customers value having multiple products in one package more than paying extra for each product individually.

Anchor pricing strategy 

Anchor pricing is a product pricing strategy that businesses use to create a favorable comparison between their discounted prices and the original prices. This way, consumers can quickly and easily see the savings they’ll get when they make their purchase. The comparison can also be between the price of your and your competitor’s product. 

One way businesses show this is by cutting the anchor price prominently and displaying the discounted price near it! You can find this strategy being used by many businesses, in the malls, and on online marketplace such as Amazon. 

Example of Anchor Pricing Strategy

Credit: Ring Alarm

Economy pricing strategy 

An economy pricing strategy is an approach that involves pricing your products low and gaining more revenue through higher sales volume. This type of pricing works particularly well for commodity goods like groceries, drugs and medications, etc. where there isn’t a lot of brand recognition. 

This business model relies on regularly introducing new customers to the product in order to generate the desired revenue.

Again, Dollar Shave Club is the perfect example of a D2C brand utilizing economy pricing, as they outrun Gillette and their pricey razor blades. 

Find The Right Pricing Strategy For Your Business 

There is not one single way of establishing a successful pricing strategy; what works for one D2C business may not be ideal for another. Therefore, doing a thorough research and figuring out which method is right for your product, marketing plan, and buyers is essential.

With the knowledge gained from this article, you can make sound decisions and find the optimal pricing to provide customers with an enjoyable shopping experience.

About ANS Commerce 

A FlipKart group company, ANS Commerce, is India’s #1 Full Stack E-commerce Growth Partner trusted by 200+ Brands! 

From creating your online store, running profitable performance marketing campaigns, managing marketplaces to order fulfillment & warehousing – we do it all to supercharge your brand’s growth!

Want to know how we can scale your E-commerce business? Book a free consulting session with our experts today!

Kartify integrated what3words- Now win customers with efficient deliveries!

With the increasing popularity of online businesses, the requirement for accurate geolocation has become a MUST. It doesn’t matter whether you live in a mountainous area, an overcrowded city or a village in the desert there is always a need of the hour where you have to place an order online and expect to get your delivery on time. 

However, the places with the same name, thin lanes and sometimes empty spaces make it difficult for the personnel to reach their customers on time. Thereby, causing problems not just for personnel and customer but also for the brand as it loses its reputation and loyalty. 

This is why an in-depth location detector is required to give the exact location of the customer or the site where the delivery needs to be done. There are dozens of navigational tools that are available online, Google Map which is the most prominent one…helps to find out a way around an unknown area, making it possible for mankind to explore more.

These applications DO meet critical needs, but lack at some points— are unable to give accurate results when it comes to telling the precise area.

What is what3words?

what3words is a new era geolocation technology that has taken over the world with its simple but precise addressing system. While you walk through lanes, travel to new places and order different products, the problem you face at every stance is to tell the exact location where you are. You might be able to tell the street, nearby shop or store number, but when it comes to conveying the same thing to another person it becomes frustrating. what3words removes this frustration from your life and tells the exact three-meter square areas where you are present. 

It is a finely thought geolocation app that is carved out of the needs of people to help them find locations faster and easier. It has divided the earth into three-meter square areas and assigned each square a combination of three random words. These 3 word addresses are unique, remain the same and do not hold any meaning. For example,///drones.feels.objecting

Well, it’s not that someone is having objectionable feeling for drones, but rather he is giving you the exact location of the ANS Commerce entrance as given in what3words.

Why did Kartify integrate what3words?

The ANS Commerce brand store, Kartify, has come up with a significant development on its checkout page. It has now included what3words to help our client serve their customers better. The exceptional geolocation service of what3words can make deliveries very smooth both for companies as well as customers giving a win-win situation. All your customers need to do is provide their 3-word address while checking out for accurate deliveries.

With the integration of what3words in Kartify, you will not only get the ideal destination or the optimum location to drop off a package but will also be able to build a brand reputation with a better customer experience.

The what3words address starts with three forward slashes without any spaces, followed by three lowercase words separated by a dot, again without any spaces. When the customer enters what3words address while checking out, it gets instantly recognized by the API making the location an exact callout destination for the customer as given. 

For instance: ///wager.skate.swanky is the three-meter square location of the entrance of your customer’s house that has been provided while checking out. The delivery person will get this location as the callout location for handing the package safely. 

How can customers use what3words on Kartify?

Do you have a store on Kartify? If YES, then you don’t have to worry as we have got everything covered. All your customer needs to do is get their three-word address from the app and enter the address on the space provided while checking out. A hassle-free deliverywill be on its way.

The technology is already in use, we are just fine-tuning it for you. 

If you are among the one who is still running their business in the traditional way. It’s time to evolve when the world is running so fast. Bring your store online with Kartify and avail of maximum benefits in an instant.

How can ANS Commerce help?

ANS Commerce is a full-stack e-commerce enabler that helps businesses attain an online presence with the ultimate brandstore service, Kartify which is easily customizable and integration ready. We also help businesses get rid of all the stress of digitalization and focus on their core services, by helping them with performance marketing, marketplace management and warehouse and fulfillment.  

How To Boost Your E-commerce Business This Holiday Season?

The e-commerce industry in India has changed how business is conducted. A variety of market niches are online to increase the ease of people and reduce the distance between them. Approximately 150 million people now purchase online due to the buying habits shifted by the pandemic. The global e-commerce industry is further anticipated to increase by 21.5% in 2022 to reach US$ 74.8 billion and is projected to reach US$ 350 billion by 2030.

“E-commerce and mobile commerce have dramatically changed the way brands reach customers, making it faster and easier for customers to make purchases on the fly while avoiding the hassle of going to the store.”

–          HIL DAVIS, Co-founder of J. Hilburn

As the holiday season is right around the corner, you are expected to increase yearly sales by up to 40%-50%. But this is also the time to face the competition. There are certain steps that you need to take if you want to stay ahead of your competitors. People living near or far are waiting for the deals to be grabbed and to surprise their family and friends.

Don’t wait! Get Started!

Top Tips To Enhance Your Store For The Holiday Season

Get Prepared for Incoming Traffic

The busiest days for online stores are the holidays. There is always incoming traffic for your products, and nothing could be more detrimental than a site outage at a crucial moment, so make sure your supply is full.

Check up with suppliers early to make sure you’re adequately stocked, especially for potential gift goods. Do not let your customers wait or get disappointed that their must-have gift is out of stock or on backorder.

Also, work on the speed and security of your website. Revenue is directly related to the speed at which your website loads. Your site must be stable and scalable to be able to meet the demands of your visitors. Check the most recent statistics with your e-commerce provider to determine your level of coverage. Review your integrations with external parties. Don’t add anything after testing them to make sure they can manage the load.

Surprise & Delight Customers

The holidays are the ideal time to retarget past visitors and draw in new ones to your website. Create a reason for your traffic. You must first have a solid sales plan to start the holiday season. 

  • Choose gift baskets, ana r exclusive specials and consider the marketing approach to delight your customers. 
  • Increase the number of your sales channels. There are other places to share holiday happiness than your e-commerce shop. Think about additional sales channels.
  • Include BIOPS (buy online, pick up in-store) for consumers who like online shopping but need their purchases the same day, BOPIS is a fantastic solution.
  • Enhance your delivery strategy in order to be ready for the increased traffic.
  • Outsource 3PL as they are quick and also allow you to concentrate on your business-related tasks rather than shipping queries.

Prepare Strategic Holiday Marketing Campaigns

Choose a lovely festive theme and decorate the homepage of your website accordingly. The entire website does not need to be redesigned. With design adjustments, you may improve your website to offer seasonal enchantments and meet the expectations of your visitors. Work on just the primary parts and use your creativity to the fullest. 

You can set up a timer to count down the days or till the end of your holiday campaign. This tactic increases the festive atmosphere by creating a sense of urgency that the holiday is approaching and that customers need to make their purchases as soon as feasible.

Personalization increases your chances of increasing sales. Keep in mind that individuals do not spend time reading impersonal advertisements. Construct your campaign in a way that makes people feel that the offer is just for them.

Increase Customer Assistance & Experience

Consumers today want to be able to get what they require quickly and with as little hassle as possible. That implies that your website must offer solutions that are tailored to their particular demands and a smooth checkout process. 

Is your online shop capable of the task?

Let’s look at some essential ways you may improve your website to offer seasonal enchantment and meet and exceed client expectations:

  • Increase the quality of your retail experience
  • Streamline your merchandise strategy
  • Personalize the shopping experience
  • Help them find the desired products
  • Improve checkout
  • Allow multiple payment options

Create a Flexible Return Policy

According to a poll, 96% of customers will return to businesses that make exchanges and returns as simple as possible. So, make sure that your return policy is clearly visible. People purchase at Amazon because they are familiar with their return procedures. Nobody likes dealing with returns, not consumers and definitely not retailers. 

You can also enhance your cart conversion if you highlight the fact that your shop will accept returns for items purchased during the holiday season. Building trust is key, so make sure your return policy is completely open-book and equitable.

How Can We Help?

ANS Commerce is a full-stack e-commerce enabler that provides high-end solutions and services to help businesses increase their revenue and achieve their goals. We are a team of dedicated professionals skilled in assisting clients from scratch. Whether you are a growing business or are new to digital services, we will guide you, enhance your knowledge, and help you create your own space in the online world.   

  

Principles of UX Design Psychology You Must Not Ignore

The human brain always looks for patterns and familiar objects around them to make sense of whatever they touch and see. Whether it be the surrounding environment or digital items, it is easier for them to quickly learn if they can correlate the pattern with something they are familiar with. A designer before making a website, or app needs to understand this psychology to make a design that is easy for its users to explore. Understanding the psychology of users also helps designers control their decision-making ability. Thus, psychology plays a crucial role when it comes to the user experience (UX) design process.

A UX designer must design through the perspective of the consumer and address themes that combine cognitive psychology, social psychology, and human-computer interaction.

“Design is not just what it looks like and feels like. Design is how it works.”

Steve Jobs

To help you understand users’ perspectives we have come up with some of the major principles but before that, we must understand Cognitive load.

Cognitive Load

Running too many apps at once on smartphones slows it down or even freezes it. Similar is the case with the human brain!

Cognitive load is defined as anything that forces users to pause and consider their next steps. And when a user thinks too much, the outcome is a befuddled user on the verge of ditching you. So, to operate your app if the user has to learn many things, you need to realize that you are on the wrong track. You must provide your users with the quickest and most direct route to their desired result.

Cognitive load is increased by any component of your UX that has a learning curve. So, we need to minimize the cognitive load.

Intrinsic cognitive load

It is referred to as an inherited difficulty associated with a certain instructional topic. How can users keep their attention on the task at hand while absorbing information?

An e-commerce checkout is a nice example. Designers should remove all navigation and just provide the content users need to complete a purchase. Thus, by lowering the intrinsic cognitive burden designers can increase the likelihood that a user will accomplish the activity at hand.

Extraneous cognitive load

It is how the brain deals with non-essential aspects of the activity, such as fonts, micro-interactions, and directions. Excessive unnecessary cognitive load in UX is exemplified by a user straining to read fonts or comprehend instructions.

Germane cognitive load

It is the type of cognitive load that is devoted to the processing and construction of schemas. While learning something new, the human brain looks for patterns in the content that can help form schemas.

Employing design patterns that users can distinguish from something they already know, makes it easier for them to recognize and learn.

The top Principles of UX design Psychology that you must not ignore are: 

Serial Position Effect

Have you ever noticed that among any numerous displayed items, you only remember a few?

Users have the propensity to remember only the first and last thing in a series, known as the Serial Position Effect. Proposed by German psychologist, Hermann Ebbinghaus, the primacy effect and the recency effect are two memory recall biases that cause this effect.

Primacy effect

It allows users to recall the items that are displayed at the beginning with greater accuracy than the ones followed.

Recency effect

It is the opposite of the primacy effect. The user remembers the information they see last with better clarity than information they have previously absorbed.

This is why, in today’s apps, the hamburger menu has been replaced with a bottom or top bar navigation, and the most critical user actions are placed to the right or left.

Quick Tip – A/B testing is the most effective technique to see if your initiatives and experiments are working with design.

Learn how A/B testing can help you in upgrading your business.

Von Restorff Effect

When numerous comparable objects are present altogether, it becomes difficult to predict which one to go for. The one that stands out is most likely preferred. This is why all CTAs or call-to-action buttons on a website or application differ from the other action buttons!

The Von Restorff effect offers the most important ideas in UX design psychology aiding clarity and direction to the user. We want consumers to be able to tell the difference between a simple action button and a CTA so that they can comprehend and remember what the CTA performs while using the app or site.

Quick Tip – The Von Restorff effect is also a beneficial component of the user interface (UI) as the current page in navigation or the current step in a user flow can also be highlighted to increase the awareness of a user.  

Hick’s Law

According to Hick’s law, the amount of time taken by a person to make a decision is determined by the number of options available to him or her.

As the number of options grows so does the cognitive load and exponentially the time to make decisions.

The biggest examples to consider are e-commerce websites. There are too many options for shoppers to begin, so they take a long time to select before they buy. So, a UX designer must constantly examine designs to ensure that users have the fewest possible options for completing a job or achieving a goal in time.

Quick Tip – A UX designer must consider Hick’s law for the checkout page. As more the steps or input required to complete the sale, more are the chances of users to abandon the cart. 

Learn 5 ways to improve checkout for high conversions.

How Can ANS Commerce Help?

We are well aware of the amount of input that any owner needs to put in to start and establish an online business. With instant products and diverse services, you also need to take care of the compelling design and accurate CTAs. Therefore, to ease your efforts and enhance your consumer’s experience we provide an integration-ready brand store platform- Kartify that has fully customizable UI/UX such as user flows, layout, menu, filter, etc. to give you high flexibility and functionality so that you can reach your customers and serve them better. So, you can rest assured and request your DEMO now!

How To Plan The Best Strategy For Social Media Marketing?

Social sites today have changed how society functions; the interaction, the connection, even the behavior of people have changed. With the growing popularity of social platforms like Facebook, Twitter, and LinkedIn, businesses realized that these websites can influence customer behavior and took the opportunity to reach out to them with their products and services.

Many companies became successful with it as it allowed them to contact millions of people and spread the word about their product in a breeze. However, not all businesses achieve that success. Do you know why?

Social media is continuously growing! New platforms are emerging with different features, and the old ones are getting updated in order to keep their visitors engaged. So, no fixed strategy works. It needs to vary depending on which social networks your target audience uses. Before we discuss that, let’s understand what it is and what it can do for your business.

What is Social Media Marketing?

The process of building a community on social media platforms with the target audience to generate traffic to your business is known as Social Media Marketing (SMM). It is an overall method to communicate with existing consumers and reach out to new ones on the platforms where they socially interact.

Businesses use social media marketing to promote their brand, culture, mission, and even tone. There are a variety of methods on social media networks that allow marketers to advertise their products/services, connect with their users, and interact for the purchase.

Importance of Social Media Marketing

With social media playing such a crucial part at the top of the funnel, it is important to generate a fantastic marketing opportunity. And if you’re not making use of this lucrative source, you’re missing out on its great benefits.

Some benefits of Social Media Marketing are-

Increases Brand Visibility

Having a social media presence for your brand can undoubtedly increase your company’s visibility as it allows you to reach the same level where your customers are, and create a community where your users can interact. Social networking is the most stress-free and profitable digital marketing tool that can quickly generate a large following for your company and boost your brand recognition within a limited period of time.

Improves Brand Loyalty

Communicating with customers on a regular basis and creating a bond with them increases customer retention and loyalty that every business requires. When you have social media presence your customer can easily locate you and connect with you, moreover, you can also engage with your customers and keep them happy increasing brand loyalty.

Helps Remain Budget-Friendly

Social media marketing is perhaps the most cost-effective technique as almost all social networking sites provide free registration and account creation. However, if you decide to employ paid social media advertising, start modestly to have a sense of what to expect. Being cost-effective is critical since it helps you to maximize your return on investment and dedicate more money to other marketing and business needs.

Enhances Customer Satisfaction

When customers post comments on your page, they like to receive a customized answer rather than a generic statement. A firm that appreciates its clients and takes the time to craft a personalized statement is naturally regarded as positive. With the use of these platforms, you can give your company a voice that will help you build your brand image.

Boosts Web Traffic

Another advantage of social media is that it aids in the growth of your website’s traffic. If you post your content on social media, users will be more inclined to visit your website. The more high-quality content you share on social media, the more inbound traffic you’ll receive and the higher your conversion chances will be.

How to Create a Social Media Marketing Strategy?

Social Media Marketing Process includes simple steps:

Define goals

It is important to clearly outline what you want to achieve from social media platforms. Whether you want to increase the followers or enhance sales of your company. Determine the purpose of your company’s social media presence in the first place. Without a clear goal in sight, you won’t be able to choose the best course of action.

Prefer using the S.M.A.R.T. goal framework to create your objectives

Specific- For your goal to be more effective, it is important to be specific. The more specific your goals are, the easier it will be to develop a strategy and set standards. If you want to raise brand recognition or gain followers every month, be explicit about how you’ll accomplish it.

Measurable- Specificity is a good start, but quantifying your objectives makes it easier to follow your progress and determine when you’ve arrived at your destination. You may enhance your results by tweaking your method if you are not able to achieve your goal.

Attainable- This is the moment in the process where you should do a serious self-evaluation. Companies might become too ambitious and establish unreasonable, unreachable objectives. Check to see if your aim is feasible given your resources.

Quick Tip – Reflect on whether your goal is something your team can fairly achieve or is certain to fail. Remember that your goal holds the efforts and the confidence of your whole team. If your goal fails, the confidence of your team also fails.

Relevant- Relevant goals are tightly tied with a company’s aims. This is when you must consider the larger picture. Why are you aiming for this particular goal? What influence will it have on your bottom line?

Time-bound- Set your deadlines! You and your team must discuss the time frame and agree on when a target has been met in order to accurately assess success. Discussing when the team should begin and execute can further make your goal more effective and memorable.

Set different goals for each social media platform you are using and keep a track of your progress to check the difference.

Determine audience

A target audience is a set of individuals who are most likely to be interested in your company. They’d have similar demographics and habits.

Remember, assumptions are bad for marketers! So don’t be afraid while researching your target audience. It will allow you to go deeper into the details and produce more relevant posts. Most of the information you need to shape your social media marketing plan is already available. It’s only a matter of knowing where to look.

With the right technologies, marketers can quickly research their target demographic. There’s no need for professional market research or data science expertise.

Choose Platform

We already discussed the increasing periphery of social media and distinct features that the platforms own. You can’t just incorporate every social media network in your approach because there are hundreds of them. It’s critical to perform some research before deciding on the best platforms for your marketing plan. Approach the ones that are most relevant for your brand and help you reach a large audience.  

You also need to understand that a distinct collection of users interact in distinct ways on different platforms. So, you cannot post the same material across all platforms as your audience won’t like it.

Here are some pointers on how to pick the best social media platform:

Facebook- Facebook has almost 2.7 billion users that love to develop relationships and stay in touch with old friends. As a result, Facebook is an excellent medium for increasing client loyalty but for attracting a new audience it has an enormous user base, and you might need to go for ads to make your posts reach a large number of people.

Consider your company goals when you evaluate Facebook as a possible platform.

Learn Facebook Ad Targeting Tips to Drive Conversions for Your Business.

Twitter- Twitter is a wonderful tool for increasing brand recognition. A hashtag is a tool used by Twitter to arrange conversations around a word or phrase. You may discover what others are talking about by Googling hashtags and tailoring your tweets to join in on the topic.

Many companies mix Twitter with offline interaction, such as events, because Twitter is frequently used to offer real-time information to an audience.

LinkedIn- LinkedIn has the distinction of being the most popular platform among citizens between the ages of 30 and 49. LinkedIn is also distinct in that it has a specific emphasis on educated users. LinkedIn is used to look for employment and network professionally. As a result, the platform is beneficial for generating B2B leads, general networking, and personnel recruitment.

LinkedIn serves as a hub for in-depth, industry-specific material that is more niche than what you’ll find on Facebook or Twitter.

Pinterest- Pinterest is a social media platform for “scrapbooking,” or preserving material by “pinning” photographs or videos to a virtual bulletin board. The Pinterest demographic is dominated by women. Recipes, styling suggestions, breathtaking images, and DIY projects are among the most popular pins. You’ll need good images to captivate consumers on Pinterest because it’s a visual site. Strong retail sales have been connected to successful company usage of Pinterest.

Instagram- Instagram is one of the most popular social media networks, especially among millennials and Gen Z. Instagram, like Pinterest, depends on photographs or videos to generate interaction. As a result, this platform is ideal for enterprises that are visual in nature, such as art, cuisine, retail, and beauty. There is less noise than on Facebook because it is a growing platform. As your reach is broader, the platform is excellent for generating leads.

Learn a few tried & tested Learn a few tried & tested ways to grow your Instagram audience and 4 Ways to Enhance Your Brand’s Reach.

Create Content

It is no surprise that we are already aware of the importance of content. Content is the core of any social media marketing plan. Based on your goals, audience, and brand identity, you should have a very clear sense of what to post at which stage.

Here are some suggestions and ideas to get you started-

Conduct keyword research- While keyword research and analysis are essential for advertising success, doing keyword research on social media may substantially boost your exposure.

Post in the form of Stories- Stories aren’t going away anytime soon. Story-style content is both participatory and can’t-miss. An appealing story can help your brand’s account “jump the line” and stay in the mind of your followers.

Engage with conversation- Ask questions, give answers! Drop the statements that can initiate conversation. Show more of your human side as people love interacting rather than getting instructions.  

Quick Tip – You can conduct a competitive analysis to check what your competitors are up to.

Advertise Posts

It’s difficult to get your work seen on the internet, especially on social media, where nearly half of all information is shared with no one.

Post your content on the right platform at the right time to reach your target audience. Customers are not available on all platforms at all times. You need to check the density of the visitors on the specific platform and post the content during that same time so that it reaches maximum viewers.

Moreover, follow the 80/20 rule to get the most out of your social media: “spend 20% of your effort developing content and the balance (80%) advertising it.”

Measure Progress

Your social media marketing plan is crucial to your overall marketing strategy. It’s difficult to get everything properly the first time.

As you begin to implement your plan and track results, you may discover that some of your approaches aren’t as effective as you had hoped. Keep a track of your performance and compare it to entail your top-performing material.

Adjust your Approach

By this point, you should have a clear vision of your social media approach. However, you must be able to change your plan as the year progresses. There’s no doubt that a lot of social media is a learning process. Real-time monitoring can help you to make incremental adjustments to your social media marketing plan.

ANS Commerce Enabled Services

We are a team of experts that have years of experience in a variety of industries and brands with varied sizes and complexity. We are well aware of the kind of assistance you require when landing on social media platforms. Whether it is to increase brand visibility, ROAS, or retarget users based on their interests. We take care of every platform from start till the end and influence customer behavior to make impulse purchases.

Our services include Performance Marketing, Marketplace Management, Warehouse & Fulfillment, and e-commerce advice to help you get relieved of your marketing stress. We handle everything social media marketing- tools and target. So, get a DEMO and improve your internet presence now!

7 Hooks from Ramayana to Vitalize Business

Characters pass generation to generation heritably, but knowledge finds its way naturally. No matter who you are or where you are from, you always have something to imply in life that comes from your forefather. Even the strategies applied back 5000 years are indispensable. Diplomatic planning, organization, the ethical codes, the happy workforce if implied today can take you to the next level. 

Modern books are en vogue but the lessons from history are always a get-go.

Ramayana, the epic mythological book of Hindus ascribed to Valmiki not only entails the significance of dharma (duty) but also recites commitment, leadership, management and diligence that are must to run any business. 

Let’s comprehend the sure-shot corporal lessons to sundry in this entrepreneurial era.

Prioritize your Brand Name

Building a long bridge to Lanka was not easy as there was limited resources and time. One of the followers inscribed the name of the Lord Rama on the stone and threw it in the ocean; it floated (just the reverse, as all stone sinks). When Lord Rama thought of helping the subordinates and threw the stone without inscription, (as it was being thrown by Lord Rama itself) the stone sank.

Lesson – The incident proves that it is not the person or the position that holds power but the name of the brand you are using. You are known by your brand name and so brand name matters a lot. All the decisions should be taken in consideration of your brand and its exposure in the market. Employees under the brand name, whether high or low, should understand its importance and try to uplift it.  

Learn to choose your brand name and color to attain great heights

Limit Powers and Manage Stakeholders

King Dashratha, who ruled the vast kingdom of Kosala, capital Ayodhya, had three wives named Kaushalya, Sumitra and Kaikeyi. Each of their sons were eligible to take over the charge of the kingdom and so Kaikeyi came up with the decision of sending the eldest son Rama to the forest derailing Dasharath’s ruling plan. On the other hand, Ravana after ignoring his wife, brother and grandfather got backstabbed.

Lesson – When there are too many stakeholders with decision making power it becomes difficult to control the organization. Keeping them happy further becomes a difficult task, so it is important that you limit your stakeholders and keep them in interest else your power might dilute without you being knowing.

Quick Tip – Organizations should keep a concern on the interest of the stakeholders as individually they might not hold much power but when they come together can affect decision making, delay your projects or stop business plans.

Choose your Alliances Wisely

To win against Ravana, Rama needed a powerful ally, but he chose Sugriva instead of Bali as Bali was unethical and kicked his own brother Sugriva to take over the kingdom of Kishkindha and abducted his wife. On the other hand, Sugriva’s managerial skills were so accurate that he was able to make Angad work for him who could have been an arch-rival. 

Lesson – If you ally with an organization that works unethically, you might nurture your business but it would sustain only for a short duration. To win a long term reputation and maintain your brand name you need to partner wisely and look for the one that can lead strategically and be a support even in difficult times.

Create Clear Vision with In-depth Analysis

Each time a problem knocked Rama; he deeply analyzed the situation, made a clear vision and shared it with his subordinates. Whether it be the time when he was asked to leave Ayodhya, help Sugriva or save Sita, his extreme approach has always made him a success. Even when Hanuman was sent to Lanka, he first analyzed the territory of his enemies, the people, and the internal situation and then made a vision for his act.

Lesson – Only after an in-depth analysis a clear vision can be created. And once you have a clear view you can lead your team to act fruitfully. Throwing the arrows blindly without a target will lead you and your company to nothing. 

Learn about SWOT Analysis or Porter’s Five Forces for an accurate E-commerce Business Analysis   

Seek Experts’ Assistance

Vishwamitra, the most venerated rishis of those times also known as the Rajarshi taught Rama the art of warfare and also gave him the knowledge of Devastras to help him kill powerful demons. On seeing Rama leaving the kingdom for the commitment of his father, Bharat learned how to do the righteous things simultaneously, standing on commitments made.  

Lesson – As the owner of a business it is important to understand the fast changing market trends. The assistance of the experts and learning via workshops, seminars and conferences can develop skills in your employees and make them equipped to face a challenging business environment.

Quick Tip – Every expert has a lot to teach from his life lessons, a close interaction of your employees with these experts can make work smooth and more understandable. 

Keep your Team Motivated

The most eminent incident where Jamvant asks Hanuman to go to Lanka to locate Sita to inform her about the presence of Lord Rama was highly motivational. Jamvant knew the true potential of Hanuman and just needed to ignite it in order to make Hanuman go to the enemy camp. 

Lesson – A leader always knows the true potential of his employees. It is the prime responsibility of the leader to keep the spirit ignited and motivate the employees to do their best in every project.  

Compete in a Fair Game

The complete Ramayana exhibits human greed. Kaikeyi wanted Bharat on the throne, Surpanakha wanted revenge when Lakshmana cut her nose, Ravana abducted Sita to possess her which in turn created war. On the other hand Rama played with ethics and won Sita in a ‘Swayamvar spardha’ and even he warned Ravana to return Sita to avoid battle.  

Lesson – In business you are always in a strong competition. Some play clean and some dirty. The tricks can work once or twice but a long term stability in the market only comes after you play it fair.  

Learn about the social responsibilities that you should adopt in your Organization

Each verse of Ramayana teaches kindness, tolerance, patience and success. The more you read the more you will learn about the tactics for true victory and its essence in the modern world. 

How can ANS Commerce be a Major Help?

Challenges are part of business but with challenges comes the opportunity to meet the partners who can hold your back and help you take care of your business. 

At ANS Commerce we take care of all your e-commerce related queries and provide you the curated solution from performance marketing to warehousing so that you can lean on us. Our full-stack solution with expert hands will meet your needs even in the peak period of the festival and allow you to focus on your main task.    

You can connect with us and grab a free DEMO today. 

How to Use Rhetorics to Boost Your Brand Voice?

Rhetorics in Marketing 

Rhetorics is the art of effective speaking and writing. This art can be leveraged in building your brand content in a manner that communicates your message to your audience effectively. In simple words, applying certain elements of rhetoric can boost your brand voice. 

The art of effective communication is not just used in particular circumstances but is embedded in human thought and expression. We are using it all the time, consciously or subconsciously. It is not just about how to persuade a person but about understanding how human language and communication work. Hence, in marketing, Rhetorics refers to understanding your brand and its goals and further communicating it with the help of certain elements.   

Elements of Rhetorics

Pathos: Evoking Emotions in Your Content

Emotion stimulates our mind 3000 times faster than rational thought.

Businesses are not B2B or B2C, they are human to human, that is H2H and human beings are driven by emotions. A piece of information can easily slip from your mind, but an emotional story is hard to forget. By creating a pleasant emotional response, your content becomes instantly memorable and is remembered for a long time. The experience you provide induces gratifying feelings in the person and they automatically start associating their feelings with your content. For forming more such associations you can follow a variety of ways. 

Include Your Customer Value Propositions

People always look for relatable content. Tell your audience how your products or services inculcate your customer’s values and personality.  

Adapt to Your Audience’s Culture

Understand your audience’s existing knowledge and habits of thinking and use them as a resource tank for your communication.

Use Spellbinding Words

Choice of words plays a crucial role in brand content. Trigger your audience’s imagination by using evocative words to communicate your message. 

Narrate a Story

No one wants to hear monotonous information. If content cannot hook a viewer’s attention then it lacks enticement. By forming and narrating stories you can make your content interesting and memorable. 

Use Music and Imagery

Music and visuals are the best resources that you can avail of to add life to your content. Use powerful images and suitable music to get your audience gripped.  

Quick Tip – You can use versatile emotional graphs to create stories that affect the audience. When you introduce a situation with a negative emotion followed by a solution that induces a positive emotion, the story becomes impactful. 

Kairos: Finding the Right Moment in Time

Time evokes opportunity, and that’s extremely compelling.

Time acts as a tool that collects your audience’s attention to specific topics more than others. When you curate these topics in your content, you automatically catch your audience’s attention. The ever-evolving market comprises changing needs, trends, and desires. Understanding them, from time to time can give you the right pick-ups for your marketing content.

Create a Sense of Urgency

Marketers create a sense of urgency in various ways which impact their audience to give more significance to their information as it is time-bound. Limited offer sales, call to action, buy now, are some of the examples of this strategy. 

Adopt the Latest Technology

The people you target to appeal are visiting a plethora of websites and social media channels every day. They are well aware of ‘what’s new’ and what gives them a better experience. 

Include SEO Researched Key-words 

A keyword that is trending this month will be replaced by another keyword a few months down the line. That is why good SEO research assists in driving traffic to your content. 

Empathize with Your Buyer’s Journey 

Guide your buyers along the purchase journey. Be aware of what their thoughts and responses are likely to be at each stage and interact with them accordingly. 

Telos: Defining Your Purpose

Brand’s purpose is your brand’s superpower.

The purpose of a brand is the impact that you wish to have on your customers and society as a whole on a long-term basis. It is beyond profit-earning which is basic to each and every brand. Building a brand culture, brand purpose gives rise to emotional touchpoints with which you connect with your customers. 

Brand purpose helps you set a target point. Once you are aware of that point, you can ideate a number of ways to reach there. This paves way for creativity in your brand content that revolves around a particular brand purpose. Through your content you can teach your users, you can make them laugh, you can make them curious, or even narrate a story. Perhaps, everything that you decide to do becomes meaningful once it aligns with the purpose of your brand. 

Some key advantages to having a brand purpose are –

  • Your brand purpose benefits not just your customer but society as a whole
  • It can help you build a strong emotional relationship with your customer
  • A unique purpose can distinguish your brand from that of your competitors 
Quick Tip – To define your brand purpose, make your brand core values and mission statement explicit. To gain clarity on your brand voice – document a description of your audience, the way they speak, and your ideal relationship with them. 

Ethos: Leveraging Your Credibility

A brand is simply trust.

Choices are highly influenced by trust and this is especially true for a long-term relationship. With so many options in hand and a bunch of insecurities, a person would select a brand that wins its trust easily and profoundly. A brand with a good reputation and word of mouth definitely has a higher likelihood of being trusted. 

Ways of developing credibility for your brand – 

Keep Things Consistent

Whether it is your brand website, product advertisements, or social media content. Consistency in the tone can uplift your brand image. 

Add a Spotlight to Your Achievements

No matter how big or small an achievement is, you can showcase them all. From earning your first customer to achieving milestones. Each and every achievement counts. 

Use Testimonials

Collect your client’s testimonials from online reviews, social media, and surveys and use them to boost your business’s credibility.

Publish Thought Leadership Content

By publishing, perspective, and advice from your company’s leaders on current trends and news will showcase your brand’s expertise and experience. 

Collaborate

You can collaborate with influencers and content creators that match your brand values. It adds a human touch to your content and can increase engagement. 

Logos: Curating Your Content with Logic

Information dressed with facts and figures is highly convincing, credible, and emotionally reassuring.

When you explain your information logically to your audience, supported by facts and statistics, they are compelled to trust you. That is when they build credibility and find meaning by associating themselves with the information provided. It helps them make an informed decision, as well as explain their decision-making basis to anyone they may communicate with. 

The logic-driven approach is particularly useful in the B2B sphere where a company has to make the best use of its resources and money. In order to curate logical content, the following points can be kept in mind-

Check Your Content’s Authenticity

Make sure the content contains correct factual information and is technically sound. You can add the sources of the information to validate your research and argument. 

Do Good Research

Good research always raises the bar of your communication. Before forming a piece of content, research it. Also, check what your competitors are doing to make your content different and valuable. 

Verify Content’s Utility

Keep yourself at the user’s perspective and check the utility of the content. Is it actually delivering the intended message or is it losing the game?

Use Objective Tools

Include objective tools such as graphs, statistics, and numbers to prove arguments. These tools are easy to understand and read. These can be used in a number of creative ways to communicate your desired information.  

With the help of these elements of Rhetorics, you can make your brand voice impactful and authentic. Well-strategized content is a long-term investment that results in well-established brand identity. Such an accomplishment is possible by understanding the utility of Rhetorics in marketing. 

How Can ANS Commerce Assist You? 

Building a brand requires working on multiple aspects altogether. While you focus on your core offerings and products, we are here to handle everything e-commerce for your brand. Our team of experts is approachable to give you expert guidance and support. From brandstore tech and performance marketing to marketplace management and warehousing, we got it all covered for your brand.

To connect with our team, you can request your free DEMO today. 

How to Choose a Name for your Brand Store?

The name of your brand is a powerful asset to your business. It is an opportunity for your brand to be memorable and remembered. Within a fraction of seconds, it can convey the idea of your brand or engage your audience to learn more about your brand. Hence, investing in a structured thought process to come up with a powerful name for your brand can be rewarding forever. 

“Your brand name is more than just a word, it is a frequency that is going to resonate in the world of your target audience”

When deciding a name, you can literally get a plethora of thoughts buzzing around your head like bumblebees. While it is a great idea to hear all your thoughts, it can be helpful if you absorb certain knowledge coming from the experiences of the world around you and structure your thought process accordingly. Learning about certain points to consider while making your decision, figuring out a strategy that fits your brand goal, and finally going through certain examples of our partner brands and knowing their brand name story. 

Points to consider when choosing a brand name

Keep it simple

A simple name is always easy to remember. One that is easy to pronounce, concise, and pleasant to hear, is never forgotten. Take examples of the songs you like to hear, have you ever had to put a lot of effort to understand or learn them? Your mind learned them without so much conscious effort because they appealed to you, were catchy, and melodious. The same psychology can be applied while figuring out a name. A short and simple one-word or sequencing of two rhyming words or alliterative short words can help you come up with something pleasant and interesting. 

Consider your future vision

You might turn up with a certain name but if you haven’t considered the aspect of your future vision then you need to give it strong consideration. A cross-check about whether the name of your brand aligns with your long-term futuristic goals will help you get re-assured if the name will always work for your business. You can start your business small but ultimately you would want to grow your business. You might be selling certain products initially but in the future, you might incorporate other products too. Hence, keeping the aspects of the future of your business in mind will help you come up with a future inclusive name.

Pick up relatable words 

Aligning the objectives of your brand with its name allows your audience to understand your work by using logic. For example, if you sell home decor lights then keeping a name like – Bright Addition is more logical than keeping the name Pink Valley. A relatable name helps the audience to make more sense of the product range and brand objectives. It helps them make better associations between your brand name and their needs from your brand which ultimately makes your brand memorable for them.

A meaningful name builds strong brand connectivity

Find out a meaningful name, one that reflects your niche, brand identity, and type of products you will sell. This will help you make better brand connectivity. 

Quick Tip – Make sure before deciding your brand name, you have a clear idea of your brand identity, its core values, value propositions, ideas, kind of products, and future vision, as it will help you align your brand aspects with the name of your brand. This will allow you to formulate an all-inclusive brand name. 

Ensure domain name is available 

When you decide on a name, you would also be finding a domain name for your online business. While searching for domain names, you need to check for a name that has not been taken prior. You need to check this for your website as well as social media handles as you will prefer to keep a constant name to maintain consistency.

Quick Tip – .com is one of the most popular top-level domains, hence it is challenging to find the same. But don’t fret if .com is unavailable as a domain for your brand, going with snazzy domains that are unique can also rank well on Google if the website is of good quality and offers a good user experience. 

Strategy to finalize a brand name 

Determine what you want to accomplish

Visualizing an outcome before working for it is the best way to approach a plan. How do you want your brand name to interact with your audience’s mind is the foremost question that you need to ponder over. Do you want to create a visually appealing experience or a pleasant sound? Do you want the audience to decode a message immediately as they hear your brand name or do you want to make them more curious to find out more about your brand? You need to sketch a clear picture of the experience you want to create for your audience. 

Your brand name can create a buzz. But how do you want to do it? 

Types of brand names –

  • Founder/ Inventor’s name 

If you want to use a person’s name as your brand name then it can be a good idea. But make sure the name is not very challenging to pronounce or else it will be difficult to remember. 

  • Describe an image

The hack to creating images is using words that the audience is easily familiar with. For example – Burger King. We all are familiar with burgers as well as kings. Even though we might or might not imagine a king eating a burger but we will somewhere visit the memory associations of our brain that will produce images of burger and king and ultimately we will remember the brand name. On the other hand, we are also familiar with Enterprise solutions but none of them form an image in our minds because our brain memory doesn’t have strong associations with these words. Hence, if you are looking for a similar experience then brainstorm words that align with your brand goals as well as simple memory associations of your audience. 

  • Describe an experience

If you want to describe an experience. For example – An adventure sports brand was named ‘Energy Flow’. When a person comes across this name, it automatically feels a rush of adrenaline or an image of similar associations related to ‘energy’ and ‘flow’ in the mind. These verbs help build an experience in the minds of the audience and such experiences are hard to forget. 

  • A meaningful name 

If you want your audience to connect with your brand value propositions through the name of your brand in one click then work out a meaningful name for your brand. 

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Quick Tip – Brainstorming words that connect with your brand’s value propositions can help you come closer to your objective of forming a meaningful name for your brand. 
  • A name which is not an existing word 

You can also formulate a name that is not an existing word at all. It allows you to be unique and stand out from your competitors. 

Evaluate your names objectively

You can evaluate your brand name’s effectiveness by considering the following points  

  • Check originality of your brand name
    It is crucial to check whether your name is original, that is, it has not already been picked up by any other business. Choosing a name that infringes on any other company’s trademark can lead to complications and you would ultimately have to change your name. 
  • Envision your marketing strategies before hand
    Planning strategies that you will apply to market your business and its products to your target audience will help you in your brand name decision making. Visioning your promotion strategies will help you understand how you can integrate your brand name in your marketing plan beforehand. 
  • Ask yourself
    Self-satisfaction is the primary objective of evaluation. If you are yourself unsatisfied with the name of your own brand, you won’t be able to feel connected to your goals. If you are satisfied with the name then go to the next step of evaluation and ask your friends and family about the same. 
  • Ask your friends and family
    It can be a good idea to take feedback from your friends and family as they can serve as a sample to verify your choice for your larger target audience. 

Examples of our partner brands who chose their brand names wisely

Xante

Being a wholesome nutrition brand the name Xante stands for excellent health. The letter ‘X’ in Xante is derived from eXcellent, which further combines with a french word ‘Sante’ which means health. You can learn more about Xante at https://www.xante.in/ 

Akiva

Akiva is a meaningful brand name, it means ‘To protect or shelter’ in the Hebrew language. 

True to its mission of providing health care, the brand name connects with its mission and vision. Being a simple and unique name, it is hard to forget. To shop with Akiva, you can visit https://akivasuperfoods.com/

Curio Cottage


The brand started its journey by selling Curios and Jewellery in a cottage, hence the name. It’s a simple and straightforward name that is true to the brand’s value propositions and reflects the roots of its journey. You can check their jewelry collection at https://www.curiocottage.in/

Remember, the name of your brand is not just the title of your brand story but also a significant element of your long-term brand experience. It is an asset for your promotion strategies and an element you will always be playing creatively with. An efficient thought process aligned with your brand value propositions and differentiation touchpoints can make your brand stand out in the marketplace. 

We have curated a #brandlogoseries where we have showcased the thought process of logos of different brand partners and how every logo speaks a story! To check out the logos, their visual details, and the stories behind them, visit our Instagram Page.

Prominent Tips to remember while choosing an E-commerce Warehouse

Are you forgetting something important in the hassle and excitement of setting up an e-commerce store? We just wish you are not forgetting the most important aspect i.e. Warehousing, which is the heart of any e-commerce company and can make a huge difference to your bottom line. A good warehouse and inventory management system can let you save a huge sum of money while meeting your customer demands at the same time. Well, we all know that a good warehouse has infinite benefits to your e-commerce business, but the question is ‘How can we select a good e-commerce store’. Well, we are here with the ultimate solution.

“An e-commerce warehouse is a lot more than a place for just storing your goods. It is a place that keeps your goods safe and secured, helping you track their movement.”

Factors every e-commerce merchant must keep in mind while selecting a Warehouse!

1. Location proximity

proximity

There is no benefit of having a warehouse that is distant from your consumers as it will take huge travel costs and time, which will eventually dissatisfy your customers. But on the other end choosing a warehouse close to your customers can reduce your travel costs and time. This way you can make your customers happy. Your first step before selecting a warehouse must be determining your consumer base by pinpointing the regions you are thinking to serve.

Quick Tip: In the process of choosing a warehouse, you must ensure that it has substantial prerequisites for your goods

2. Number of SKUs

Warehouses not only store goods but also serve us with functions like tracking inventory items, estimating adequate storage, and calculating storage charges. Well, these functions are completed by Stock Keeping Units. This is the ultimate solution for companies who deal in a diverse and variety of products as they are able to determine stock levels easily. They don’t have to pay much and are able to turn over their inventory quickly and efficiently. Large companies have plenty of SKUs in their warehouses and that is the main reason for their smooth operations. That’s why you must see the number of SKUs before selecting any warehouse.

Quick tip: If you have large SKUs and slow turnover rates, standalone warehousing will be a cost-effective solution for you.

3. Integration of Advanced technology

technology

With the development of technology, warehouse operations are drastically evolving day by day. It provides a number of benefits such as faster production times, diminished risk of processing errors, better management of inventory, and many more. Well, this makes one thing clear that a warehouse must be integrated with the best and advanced technology to get smoother operations. Enhanced services driven by advanced technology such as pick by vision, drones electronic data interchange, etc. are a must in warehouses these days.

Quick tip: Softwares are less expensive and offer you a better rate of investment than automated solutions.

4. Availability of Workforce

workforce

The physical space of your warehouse is not just a location as it has many more factors inclined to it. One of the prominent factors is the availability of the workforce. Well, the workforce is not just people willing to work but people with proficient skills willing to work at the right price. It’s better to determine your workforce needs beforehand. You can do that by researching the demographics of the area by gathering knowledge on their education level and average incomes. Your work doesn’t end by hiring the right set of the workforce as you need to even understand them well as this will affect your turnover rates, employee retention, and productivity.

Want to know the complete process of order fulfilment? Read on 

5. Flexibility and longevity

It is integral to think long-term and understand the potential of your warehouse. For that, you must analyze the growth of your company in the future. For instance, if you think there is room for expansion in the coming years then your warehouse must be flexible enough to adapt to the change and accommodate the growth. 

6. Return Management

If you are running an e-commerce business you already know that returns are a vital part of this business. It’s very important to manage the returns successfully as it is normal for people to return items that do not meet up their expectations afterward. To execute return management efficiently, your warehouse must have all the functions to handle the return process efficiently once the goods arrive back at the warehouse. The warehouse must refurbish the returned stock properly for a quick turnaround in inwarding, resulting in less blocked inventory. Also, it saves time and cost.

Quick tip: Don’t know how to manage order returns? Leave everything to ANS Commerce as we assist businesses with an efficient return management system that too with JIT Flexibility as per business requirement for fresh and returns inward management. Request your free DEMO now!

How can we assist you?

If you are worried about how to manage your inventory, then we are here to assist. With end-to-end fulfillment and logistics- from the product in warding to delivery, ANS Commerce is specialized to cater to all your e-commerce needs. We manage the warehouse and supply chain across all channels, including multi-category storage support and return management with JIT flexibility. Request your free DEMO now!

What can you expect from ANS Commerce?

  1. Order processing: We handle the complete ‘pick-patch-dispatch’ process and the manifestation of your B2C orders, including B2B marketplace delivery with integrated logistics
  2. Return Management: We receive, re-label, and pack products with better QC standards; report cancellations, and returns
  3. Third-party coordination:  We ensure timely delivery with an optimized cost for both domestic and international inventories. Also, we enable marketplace shipment with trusted partners – Delhivery, Bluedart, FedEx, India Post, etc.

Choosing a warehouse is not an easy task as it requires a lot of planning and researching. But we assure you that keeping in mind these factors you will be able to choose the best warehouse for your e-business that will make the best of its potential.

6 Important Things to do Before the Financial Year Ends

The end of the financial year is approaching while reminding us of all the important fillings we need to wind up. From bank statements to managing physical inventory to claiming additional depreciation, there are various things an entrepreneur must do before the financial year ends. It is also integral for investors to collate the income earned from different sources of investment such as capital gains or dividends so that they could calculate the tax liability.

If you are confused as to what important things you will need to complete before the financial year ends, we are here for you. We have curated 6 things you should do before the financial year ends. So let’s dive in. 

Checklist of 6 important things to do before the Financial Year ends

1. Try to verify your Loan accounts

Loans and debts are common in the world of business. To scale your business, it’s important to expand capital that can only be generated by loans. But you need to check and verify the loan accounts before the financial year ends. If you have taken any loan, try to pay it on or before 31st March 2021. This will help you improve the balance sheet position of the Debt Equity Ratio. 

Quick Tip: While adjusting your bank statements if you discover any errors, you can compare it to cash a/c in the general ledger of the bank statement to spot the errors.

2. File the TDS Returns

Business entities are required to file TDS returns timely to avoid late filing charges along with interest on late payments.

3. Calculate the GST turnover while reconciling GST ledgers

If your business is not under the GST registration limit of ₹40 lakh, you should keep the track of your turnover. The total turnover up to 31st March should be calculated for the purpose of determining the important aspects such as the GST registration, eligibility of opting composition scheme, and applicability of filing of specific returns. 

Moreover, GST payments are done either via tax credit or challan payments. You should reconcile the Cash Ledger, Credit Ledger, and Liability Ledger on the GSTN portal along with your books of accounts. Make sure all the entries in the books are done before the year-end. Also, don’t forget to reconcile debit notes, credit notes, rate difference, discount, etc. 

4. Conduct a physical inspection of inventory

Take a physical inventory of Raw Materials, Work In Progress, Finished Good, Stores & Spares, Loose Tools, Consumables, etc. as on 31st March 2021. Also, compile the information of its market value as on 31st March 2021 which would be essential at the time of valuation to be adopted in the Balance Sheet as on 31st March 2021.

5. Purchase Of Fixed Assets to claim depreciation

If you have purchased any tangible or intangible fixed asset during the previous financial year and made it put to use for the period of 180 days or more, depreciation will be allowed at the percentage prescribed for that kind of asset.

If you have purchased an asset for a period of fewer than 180 days, the depreciation will be restricted to 50% of the amount calculated at the prescribed percentage.

So, if you are planning to purchase any fixed asset, purchase it and put it to use for business purposes on or before 31st March 2021 so as to avail deduction of depreciation at least at the rate of 50% of the normal rate of depreciation.

6. Calculate Payable Advance Tax


Income tax follows the principle of “Pay As You Earn”. Therefore, during the financial year – 1st April 2020 to 31st March 2021 – for the advance Income tax which was payable on or before 15th June 2020, 15th September 2020, 15th December 2020 & 15th March  2021, if you have not paid at least 90% of his tax payable by way of the advance tax, your interest will start from 1st April 2021 till the month of the payment.

A good accounting system prepares you for the best for the coming financial year. It’s substantial to keep your worksheet updated especially during the Financial year-end to avoid last-minute hassle and stress.