People are getting sick. Cities are getting shut down. Stocks are losing ground. How’s your 2020 going?
If you’re a business owner, you might already be missing 2019. The increasing threat of COVID-19, also known as Coronavirus, is having major impacts on a wide range of business sectors – with the real possibility of things getting worse before they get better.
Where are businesses most at risk? Well, if you’re in ecommerce, inventory issues are a very real possibility due to the origin and spread of Coronavirus in China.
These problems are compounded by the fact that nearly half of all small businesses in the US aren’t keeping track of their inventory, or are doing so manually – leaving their businesses at high risk when the unexpected occurs.
If you fall under this category, it’s time to adapt before it’s too late. Introducing our 4 survival tips to help your business live through the next apocalypse…
1. Ring the Alarm with Stock Alerts
Each year, US businesses lose $1.75 trillion to out-of-stocks, overstocks, and returns. Staying properly informed of your stock’s status from factory to customer helps to prevent any surprises, as well as allowing you to more efficiently schedule your next order.
At times like this when events outside your control may affect the supply chain, it’s even more important than usual to have a clear strategy. This includes creating a system that helps you accurately track new shipments, identify slow moving stock, and keep on top of bulk or larger orders
Outside of just setting alerts to let you know when product inventory reaches a certain level, go a step further with velocity alerts. These will intelligently tell you when you can expect to run out of stock based on the current order rate of your product.
So, if you know you need to have inventory 3 weeks forward due to the reorder time, you can time things perfectly without missing a beat.
2. Don’t Let Out-of-Stock Issues End Your World
Imagine this nightmare scenario: Despite all your best efforts, you’ve run out of stock on your best seller. Not only are you missing the lost revenue, but now you’re paying to send advertising traffic to OOS product pages. You wake up in a panic…
But then you breathe a sigh of relief because you remember proactively setting up intelligent ad management scripts to automatically adjust your ads based on changing inventory levels. Crisis averted.
Take this as a lesson – don’t let out-of-stock issues punch you in the gut twice. Instead, minimize the impact by moving out-of-stock items to the bottom of collection pages and/or update landing pages by removing out-of-stock items completely.
In addition, automatically adjust your advertising campaigns via Google Ads compatible scripts. These little behind-the-scenes rule-based robots do all the work for you, monitoring your inventory status in real-time in order to pull the right levers in Google Ads – such as deciding which ad groups to run, applying bid modifiers to specific product ad groups, or even creating ads in specific ad groups for discounts.
You’ve heard about these guys. The ones who have their basement stocked in bulk with thousands of cans of beans, bragging that they’ll be one of the few prepared to live through a zombie apocalypse. Well, maybe these Preppers are onto something.
If you have the means, timing a business bulk order correctly can be crucial in thriving during uncertain periods. You’ll help protect yourself from disruption to the supply chain and give yourself an edge over your less foresightful competitors.
As the old saying goes, chaos is a ladder. Being one of the few remaining reliable sellers of a product during difficult times can lead to long-lasting success. In fact, some of the best known companies today have reached that level because they doubled-down during periods when the rest of the field became timid.
4.Get Your Site Affairs In Order
If doubling down is out of the question, then you need to hunker down. You may want to consider actions such as lowering your ad spend and focusing more energy on SEO to improve your site’s organic ranking.
If things slow down for you, take advantage of this by reviewing the list of items you’ve been putting off. Work on improving your product images, revamp your website, create new content that helps increase engagement from your target audience, etc. These types of actions will not only help you through a downturn, but make the recovery a much quicker reality.
In conclusion, while there are talks of the end of the world as we know it, ecommerce businesses can sleep easier knowing these 4 survival tips.
Actually, we almost forgot the most important one:
5. Don’t Eat Bats
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