How to Set Up Shopify Shipping Profiles in 5 Minutes [2022 Updated]

Contents

What are shipping profiles on Shopify?

Shopify Shipping Profil allows you to set up custom shipping settings and optimize shipping rates based upon the products and shipping location. Shopify provides merchants the ability to purchase shipping labels, track orders and print them.

eCommerce businesses’ sustainability and long-term viability are dependent on shipping and fulfillment . If you don’t deliver your goods on time and at the lowest cost, you are wasting money. To minimize shipping costs, it is important to understand the shipping rate used within the shipping industry.

We’ve compiled a list of all the information you need to make the right shipping decision for your business. Shopify is one the most popular eCommerce platforms. These are the foundations for all your shipping. You can tweak each one as you learn more, but these are the key decisions and actions that will make up your top-level shipping strategy. These case studies can help you run your business.

What does Shopify Shipping Profile do?

Before you can create a shipping profile, it is important to understand the shipping rates and zones. Each position can have a zone and rate. Apps that impact shipping should also be considered. To ensure that shipping profiles work in your apps, make sure to contact their developers before you use them.

Shipping profiles can be used to set shipping rates and then charge different amounts depending on the destination and origin of goods. You can add products to a shipping profile with the same shipping rates. Then, you can set shipping zones and rates for each place that has those products.

Benefits

  • Different products and zones may have different shipping rates.
  • Rules that are weight- and price-based
  • For domestic and international orders, create shipping zones
  • Checkout: Show real-time rate
  • Connect to your third-party carrier account
  • Pickup and Delivery Locally

Limitation

  • Shopify plans determine the number of stores in each location
  • One shipping profile can be used for a product or variant at a given time
  • Checkout: Combine rates from multiple profiles to get double charges
  • Impossible to set up advance shipping rules
  • Shipping methods cannot be shown or hidden at checkout
  • Only one 20 label can be bulk printed at a given time

How do I set up Shopify Shipping Profiles?

Shipping profile general

The default shipping profile for your shipping is . To customize your profile, create shipping zones and assign shipping rates to them. If a product/variant is not in a customized profile, it will use the general profile’s shipping rate.

Custom shipping profile

You can create additional shipping profiles to help you deal with products that have different shipping costs or are not available in your area. You can add a product to a second shipping profile. The first profile will be removed. Shopify will automatically combine shipping rates for orders that include products from different profiles. This can lead to higher shipping costs.

This might be the answer if you’re looking for a way to set shipping rates that are different from one another. You can create separate shipping profiles for each vendor. Each vendor can have their own shipping profile. This allows customers to pay different rates for purchases made from different vendors/shipping profils at checkout. Each shipping profile has its own shipping rate, so customers can buy multiple items from one vendor. All orders will be charged the same shipping rate. If a customer buys two items from two shipping profile with a $20 flat shipping rate and 10 flat shipping rates, then the total cost will be $30.

How to create a Shipping Profile on Shopify

  • Go to Settings from your Shopify admin and click Shipping & Delivery.
  • Checkout options are available here.
  • To create a shipping account, go to CUSTOM SHIPMENT RATES.
  • For the profile, enter a name
  • Use the search bar To add products to the shipping profile in Products

The Shipping From indicates the places from which you can ship your products. You might have locations at your retail stores but want to ship products from your home office, warehouse or store inventory.

  • Select the shipping locations you wish to ship your products from and click create shipping zone in Shipping
  • Name your shipping zone. Select the countries or regions that fall within this zone.
  • Next, click Done.

The shipping zones correspond to the country in which you wish to establish shipping options. If your primary customer base is in the US but you believe that you will have customers from Canada and the UK as well, you can set up shipping zones for each country. You can also create a Rest of World area that will include all other countries.

  • Click Add rate and choose the shipping rate that you would like to pay in your zone.
  • Next, click Done.
  • Click Save.

How do you manage shipping rates within your shipping profile?

Shipping rates general

Flat shipping rates are flat shipping rates that apply to all shipping boxes. They don’t depend upon item size, shape, or weight as long as they stay below a certain limit.

Shipping rates based on price

Flat shipping rates can be set using price-based rates. They are determined by the order value. An example: A $50 order would have $4 shipping charges, while orders above $50 will be less expensive.

Shipping rates based on weight

Weight-based shipping rates are the same as price-based rates. They account for orders weight.

Shipping is free

Shopify allows you to set free shipping by choosing the shipping cost to $0. Customers must still comply with certain conditions based on the order’s total weight and total price

Shipment rates calculated by third-party carriers

Shopify offers a shipping feature that connects your account to a shipping carrier. The carrier will calculate shipping rates and show them to customers at checkout. If your business is located in the United States, you can display rates from DHL Express Express, UPS, and USPS. You can also display Canada Post rates if your business is located in Canada.

To provide accurate shipping rates to customers, add carrier-calculated shipping costs to each product. Cubic Shipping rates are offered by USPS. It can often save you money.

For Basic Monthly Plan with less than two options, third-party carriers can calculate shipping rates.

  1. Ask Shopify Support for third-party calculated shipping rates. Monthly fee $20.
  2. You can switch from monthly billing to yearly billing and ask Shopify Support for the third-party calculated shipping rate feature.

Shipment rates calculated by third-party apps

A third-party shipping company calculates shipping rates at checkout based on your order details. This allows you to charge your customers exactly what a shipping company, such as UPS and FedEx, will charge when you order a shipping label.

The default package size will determine the shipping options that are available at checkout. Shopify doesn’t currently take into consideration the dimensions for the products so it can’t determine the right package or the maximum number of products that can fit inside a package. To achieve this, you will need to use an app from a third party that provides advanced packaging techniques.

When customers search for items in the catalog, they will see information such as the shipping policy. Customers are able to view the prices and add them into the total order cost. Taxes and customs duties will be automatically calculated at checkout.

How to Improve Shipping Profiles in Shopify

At checkout, disable combined shipping

One shipping profile

Multiple inventory locations can have many aspects that need to be enabled in order for this to work. Customers can still buy from either one without being double-charged.

  • First, products must be available at both locations.
  • To fulfill online orders, it is important to verify the location ( Settingslocations).

Solutions

  • Double-Charging allows shipping from multiple inventory locations. Leaving one inventory location as a shipping address removes this.

This does not affect customers’ ability purchase particular stocks. Shopify almost assumes that merchants will transfer inventory as often as necessary. Customers can buy items from any inventory location, and will only be charged once. Customers can purchase inventory from any location and they will only be charged once.

Multiple shipping profiles

Shopify will combine shipping rates for multiple shipping profiles so that customers can order products from different shipping profiles. Customers often abandon their carts when they see high shipping rates.

How can you ship to the same place without charging twice? These are just a few suggestions, but they don’t solve the problem fully.

  • Open your online store profile and add a note to the subtotal line of the translate section. Explain to customers that double charges will not be refunded. This is not ideal because the customer does not want to pay double the amount to get the money back. They want the actual cost at checkout.
  • Increase the price of small, inexpensive items to ensure that all orders can be shipped at the same rate. This has resulted in lower conversions.

Solutions

Shopify is not the best eCommerce platform for merchants because third-party apps can be too costly and take too long to upgrade to a premium plan.

I’m not sure if they will make changes in the future like adding a checkbox for separate shipping rates. Currently, however, the only way to get third-party applications is to pay. These are the features that you should look for in an app.

  • Different product groups can be given different rates
  • Show and hide rates are based on the minimum/max order price, weight or whether certain products are included in the order
  • You can choose from different shipping rates, but you will also get a maximum shipping cost for multi-product purchases.
  • Shipping rates and shipping costs may differ between products. Only the highest or cheapest rate will be applicable
  • Your customers can get local pickup and delivery depending on their zip/postal codes
  • Limit shipping methods to products

These apps might be worth your consideration:

Limit items sold

Limiting the number of items you sell is when you limit the number sold each day, week, or month. Merchants who open a bakery shop are an example. They can only make 50 different types of cakes in a single day due to the limited resources they have. Problem is that the customer must be notified of the limit and not add to their inventory. An app is required to make this possible.

This function is also available in a few other apps from the Shopify app store. Higher plans will require more specific settings, such as the limit number of orders per day . These settings are shown below.

  • OrderLogic – Min & Max Limits
  • Limits by Limistsfy
  • Mechanic

At checkout, display shipping method

Base price

Customers can get free shipping if their order exceeds 100$. Customers can choose to receive free shipping if their order exceeds 100$.

Base weight

You can get expedited shipping rates for different weight ranges if your shipping profile includes free shipping above $100. These two options are not mutually exclusive. Customers who have more than $100 in their cart will see free shipping, but also the weight-based shipping rate. If both free and weight-based shipping options are available, this scenario will occur.

To display heavy item shipping: (weight-based shipping overlaps with free shipping).

  • Only create a shipping profile to ship light items. To cover shipping costs, offer free shipping to customers who order more than $100.
  • To charge shipping fees, you can add weight-based shipping conditions to the second shipping profile. You can shopify combined rates at checkout so that you don’t miss any shipping fees.
  • Shopify will only show heavy items shipping if the order contains products from both profiles.

To display shipping free: (free shipping overrides weight-based shipping).

  • Create 2 shipping profiles like above. Add another shipping rate to heavy item shipping profiles. Orders above $100 will be free.
  • Orders between $1 and 100 are the best because customers get free shipping, no matter how heavy they are.

The apps Improved Shipping, and Advanced Shipment Manager allow you to specify rates for your products. This would be a time-saver and produce more precise results.

There are no shipping options available

Is your Shopify store unable to sell products because of the error message ” there is no shipping method available for your cart or destination?” This is Shopify’s typical problem with shipping settings. You can fix it by making the following adjustments. The following settings should be checked:

There are no shipping zones for

  • Create Shopify shipping zones, and enter missing rates
  • If you use a shipping integration, change your inventory settings

Double-check all shipping settings

  • Shipping weights for each product
  • All shipping weights are eligible for freight rates that are weight-based
  • Set your default package weight at zero
  • All possible checkout values are subject to price-based freight rates

Dropshipping

Depending on which dropshipping app you use, custom profiles may be automatically created. Every dropshipping app has its own shipping guidelines and practices. To avoid conflicts at checkout, you should only use one dropshipping application at a time. You should also ensure that your shipping rates are set up on the website in order to cover shipping costs, especially if drop shipping companies bill you separately.

If you dropship with Oberlo, and integrate with Shopify, this is an example. The app will automatically place all Oberlo products that you create in your Oberlo shipping account and set up shipping rates. If you are unhappy with the Oberlo setup, you can still access that profile to review and modify the rates.

Customers who place orders from your shop will be able to see the shipping rates for the product they choose. To create a total rate, shipping rates are added to an order that includes products from different locations or profiles.

Shopify will combine shipping rates for multiple shipping profiles so that customers can order products from different shipping profiles. An app that allows you to create multiple rules to charge exactly what you want will be able to handle this accurately. If all of your products are within a single profile, you can use the Multicarrier Shipping Label App. If you have a single profile, it is possible to adjust the rules so that the small product is not shipped.

Pick up local

Local pick-up will only work if your product inventory is added to the correct location. Please clarify whether the inventory has been added to the right location. To ensure that this feature works, I recommend you review the Shopify Local Pickup document. The local delivery options include both local pickup as well as local delivery. This cannot be modified once the order is placed.

Let’s say your business is more inclined to pick up local orders than shipping. Customers don’t see the local pickup option when they check out. Instead, they look at shipping options. Customers will be frustrated.

Although it is impossible to remove the Shipping option from the checkout page, customers can still place shippable orders by deleting or removing shipping zones/rates. Only local pick-up rates should be displayed in your shipping settings.

Shopify third-party apps such as In Store Pickup Local Delivery and Shop Pickup + Delivery are the only options. These apps allow you to set up local pickup and delivery times. Third-party apps also allow you to create multiple rules-based delivery scenarios, so that you can deliver the exact shipping method you need in every case.

Shopify Apps Best to Increase Shipping Profiles

Advanced Shipping Rules

Advanced Shipping Rules let you set up everything from the simplest to the most complex shipping requirements. Different products may have different rates. You can adjust carrier rates, edit rate titles and ship-from postcodes, as well as customs/duties and package dimensions. You can use the item or a percentage of the price. Without the assistance of a developer, you will be able configure and manage your own rates and rules.

Feature
  • Many variables and conditions can be used to hide, show, or adjust rates.
  • Different product groups can be given different rates
  • Advanced Package Dimensions Settings
  • Advanced rate types such as ‘By Items, ‘Per Pound, or ‘Percentage Product Price’
  • Integrates with Printful and Printify.
Price
  • 7-day trial for free
  • $9/month – 2 Product Groups + 1 Mixed Rate
  • $29/month – 5 Product Groups + 2 Mixed Rates
  • $59/month – 20 Product Groups + 3 Mixed Rates
  • $99/month – Unlimited Product Groups + Unlimited Mixed Rate

Advanced Shipping Manager

Advanced Shipping Manager gives you complete control over all your shipping methods and rules. No matter how complex your problem may seem, Advanced Shipping Manager allows you to easily create multiple rules for one shipping method. This allows multiple origins/multiple couriers to be accounted in one method. Over 70 freight and parcel couriers can be connected. Purolator and CanadaPost are some of our integrations. FedEx LTL, UPS LTL, Purolator LTL, CanadaPost, Purolator LTL, FedEx LTL and many more.

Feature
  • Shipping rates in real-time
  • Item Level Origin Zip/Postal Code
  • Block shipping methods
  • Provide real-time delivery estimates for item page and/or checkout
  • Assess the estimated amount at check-out and charge real-time duties & taxes
Price
  • 7-day trial for free
  • $85/month

Better Shipping

Better Shipping gives you complete control over how your shipping rates will be calculated. You can easily create and manage shipping rates and regulations that suit your customers and store. Shipping prices can be easily and frequently refunded at the checkout. This allows you to rest easy knowing that all your shipping needs are taken care of. You have complete control over your shipping rates at all levels. Better Shipping can help you if you require different shipping rates for small, medium or large items.

Feature
  • You have complete control over shipping rates at all levels.
  • For every product and variant you sell, set a flat shipping fee.
  • You can restrict certain products to specific areas, based on zip codes.
  • Even if you have products from different drop-shipping providers, keep your customer experience consistent.
Price
  • 7-day trial for free
  • $19/month – Unlimited shipping rates at check out + Unlimited shipping rules

Parcelify offers shipping rates

Parcelify’s Shipping Rates allows you to create custom shipping rates using product information such as Product Tags and Product Types, Product Names, Collection, Vendor and SKUs. Filter rates by hiding or showing rates based upon the minimum/max order price, weight, or whether an order contains specific products.

Feature
  • Local delivery and pickup: Orders from certain zip codes, post codes or cities can be delivered locally or picked up in-store
  • Shipping free: Orders over a specific price qualify for free shipping
  • Dropshipping: Pricing per item for drop shippers such as Oberlo or Printful.
  • Flat rate shipping: The entire order will ship for a flat fee if a particular product or combination of products are included.
  • Rates based on weight: Calculate the rate based upon the order’s weight.
Price
  • 14-day trial for no cost
  • $14.99/month

Shopify’s Best Limit Items Sold Apps

Order Limits – MinMaxify

MinMaxify allows you to streamline the process of implementing restrictions on your cart order process. You can restrict a cart or a specific product, or a group of products. MinMaxify makes it easy to set minimum and maximum cart and product limits for orders.

Feature

There are limits to what can be done:

  • The total value of the cart in dollars
  • Total number of products in cart
  • The number of items
  • Multiple items in one product group (e.g. 6 bottles in a box)
  • Limits on wholesale customers tag
  • Total weight of all items in the cart
Price
  • 14-day trial for no cost
  • $4.99/month

OrderLogic – Min & Max Limits

OrderLogic lets you set minimum and maximum product quantities in your Shopify Store. You can limit the number of products your customers can order by using a simple interface. You can also set minimum or maximum order quantities and amounts. You can easily set up a wholesale shop and impose a minimum order quantity or amount for your customers.

Feature
  • Please specify Product Maxs and Mins
  • You can specify minimum and maximum orders, as well as price and item quantity limits.
  • Tag constraints can be used to group products and apply a minimum, maximum or multiple constraint.
Price
  • 7-day trial for free
  • $4.99/month – Product Constraints + Order Constraints
  • $9.99/month
  • $14.99/month

Limits for Min and Max by Limitsify

Limitsify, a min-max app, redefines how orders can be added limits. It allows you to set minimum and maximum cart limits and supports different order logic. Limitsify lets you set multiple minimum and maximum store limits. Limits can be set based on price and SKU weight.

Feature

It supports the following Shopify limits:

  • Each checkout requires a purchase amount
  • Products in your store, or any SKU
  • Products that are part of a particular product type
  • The number of items that the vendor has to offer
Price
  • Trial for 10 days free
  • $4/month: all limits except delivery
  • $7/month: Units per day/week/months limit

Shopify’s Best Shipping Label Apps

Shippo

Shippo streamlines shipping so that you can concentrate on your business. You can get discounted shipping rates, print labels and send tracking information to your customers all from one location. Automated batch label printing to reduce manual errors and speed up the process.

Feature
  • Your brand, logo and colors can be added to tracking pages, shipping emails, packing slips and other documents.
  • Get connected with more than 50 carriers around the globe
  • Shopify automatically syncs package information back to Shopify
  • Automated generation of customs forms, commercial invoices and other documents
Price
  • Use your rates free of charge, or pay a small per-label or monthly fee

Multi Carrier Shipping Label

You can show your customers real-time shipping rates from multiple carriers with Multi Carrier Shipping Label. All shipping labels for the day can be printed with a single click. You can also set up multiple pickups, create a manifest and send tracking information to your customers by email.

Feature
  • Shipping rates to the United States and internationally
  • Live Shipping Rates for Multiple Carriers
  • Flexible packing with weight-based packing
  • Bulk Shipping Labels can be generated and downloaded
  • Generate Return labels
  • Live Tracking Dashboard
  • Multiple carriers offer automated live rates
Price
  • 14-day trial for no cost
  • $9/month – 100 Orders
  • $29/month – 1000 Orders
  • $49/month – 3000 Orders
  • $99/month – Unlimited Orders

Shipandco

Ship&co has a simple interface that allows you to import multiple orders, compare shipping rates between your carriers, print labels, customs documents, track shipments, and even track them all from one dashboard. Ship&co automatically updates your orders with any changes such as shipping address change, order notes or edits to products.

Feature
  • Synchronize orders from multiple shops in real time
  • You can easily compare shipping rates from multiple carriers by creating your own carrier account
  • In just one click, you can print shipping labels, invoices and other international customs documents.
  • Track your shipment status with tracking numbers that are automatically synced to you shop.
  • Fulfill orders from multi-location Shopify shops
Price
  • Free installation 0.25USD per shipment or 9.USD each month

Summary

Let’s check that everything works properly after mapping and building each shipping method. Navigate to your store like a customer. Add a few items and change the shipping address. This would allow you to imitate a customer while placing a test order.

Shopify Shipping Profil is a useful tool for small merchants that only sell on Shopify, especially with the substantial discounts on label prices. There are disadvantages that larger, growing retailers should avoid. This guide will help you set up your Shopify Shipping Profile. It will also help you decide if Shopify is the right option for your company.

source https://www.beehexa.com/blog/set-up-shopify-shipping-profiles-in-5-minutes

Why is O2O necessary for store owners?

What’s an O2O solution?

O2O solution is often referred to as an online-to-offline solution. This strategy allows companies to expand their customer base by using a wider network of potential customers. Businesses can use the strategy to market to local and international audiences, depending on their sector. Businesses with physical stores or eCommerce interfaces can create audiences on both platforms using O2OCommerce to grow their brand and business.

Online retailers were concerned that eCommerce companies would not be able to offer products at a competitive price and variety. They cannot offer a wide range of products because they have to pay high operating expenses (workers, rent), and also can’t afford to hire staff.

The reality is that 80 customers will visit the store to purchase an item they are interested in right away.

Online-to-offline commerce aims to increase awareness about products and services before customers visit a store to purchase them. There are many options available to clients, including curbside collection, home delivery and the ability to make purchases online for pick-up in-store.

87% of shoppers do their online research before buying (up from 71% last year). This means that directing even a small percentage of the research to your offline store could lead to significant revenue.

What does it mean?

O2O commerce refers to a business strategy that allows potential clients to shop in physical stores using online channels. O2O is the process of transferring clients from online interactions (via websites, email advertising and mobile apps) to offline interactions (by going to a physical store).

This is a typical model.

The web component allows consumers to search for products and then pay for them (smartphones, computers ). The web component then takes them to the offline world (shops). They shop in shops and stores.

O2O integration allows for you to sync data between online and offline systems, allowing for real-time updates about your sales orders or inventory. You can also attract more potential customers via online channels to purchase in-person.

Online customers are identified by email, SMS, social media and apps. You will then be enticed into leaving the online world with a variety of tools and techniques. This combination of internet marketing strategies and offline marketing strategies is called the “Internet Marketing Strategy”. This is a relatively new, but rapidly growing technology that uses proximity.

It converts eCommerce customers into physical buyers by:

  • Online products can be picked up in-store
  • It is now easier to buy things in a physical store.
  • Customers can return online orders at the retailer’s location.

The benefits of O2O solution

The O2O approach offers three main advantages at a high-level:

  • Reputation theft
  • Customer loyalty and revenue
  • Now is the time to launch your product.

Businesses that adopt an O2O approach often reap the benefits of improved business processes, lower operational costs, and other advantages.

Connect to the consumer experience

Research shows that 61% buyers prefer to buy from businesses with a physical location.

No matter where a customer purchases, they will still be smart and search for the best prices and incentives to help them stretch their dollar further. Customers who shop in-store can take advantage of the same cashback or promotions as customers who shop online, which encourages them to shop at that particular business.

Customers can speak to sales representatives, deal with issues in person and have fun in-store experiences. This is why millennials are more likely to open their wallets in-store when they shop for products. Combining the in-store experience with online shopping allows customers to view full product information online without having to speak with salespeople. Customers can redeem loyalty points and social media coupons through a smartphone app for in-store discounts.

Brand loyalty

Consumer expectations change and consumers want to be rewarded for loyalty to brands and merchants through discounts and promotions. Our New Rules analysis shows that cashback availability has an impact on 49% worldwide shoppers’ willingness to purchase. O2O technology or card-linked incentives may be used by retailers to offer cash back for in-store and online transactions. It promotes brand loyalty, regardless of where the consumer chooses to spend.

Trustworthy Mark

Clients see an online-to-offline business model as more trustworthy than an offline store or brand. By offering quick and easy product delivery, brands can enhance their reputation. Organizations can increase their client base by streamlining the return and exchange process.

Aspect software shows that businesses who use an omnichannel approach to client retention have a 91% higher year-over-year rate than those who don’t. Additionally, merchants that have great Omnichannel customer involvement retain 89% on average, as opposed to 33% for shops with poor or no omnichannel customers engagement.

Measurability

Affiliate marketing has many advantages. This precision can be applied to in-store transactions. O2O strategies may be able to help retailers do this. O2O evaluates internet marketing campaigns against in-store sales. This allows businesses to report on an overall campaign basis. It creates an excellent user experience and allows retailers to test different incentives based on their objectives.

Unique insights

Many shops view online and in-store sales separately, if they are not rivals. Merchants should instead use the data and insights of both to drive growth. Geolocation data can be used by retailers to create remarketing ads that are based on customer behavior.

Cardlinking allows consumers to link their credit cards to merchant loyalty programs, making the transactional data available. It also allows for audience segmentation which ensures that advertisers reach the correct demographic with the best offering.

This technology allows retailers to access customer data via an API, bypassing any difficulties of going directly to the source. This information allows retailers to better target customers and create enticing promotions and offers.

Delivery Time

A customer will quickly switch shops if they don’t find an easy and quick way to purchase. Online shopping is not as fast as it used to be.

This significant time gap can be bridged by online-to-offline commerce businesses that offer convenient store pickup and the fastest delivery. This will result in a better shopping experience for customers.

McKinsey’s research found that 23% consumers are willing to pay more for same-day delivery. Customers’ perceptions about delivery reliability and timeliness play a significant role in determining if a company is performing well in O2O commerce.

Orders Quickly Completed

A product view experience on-screen cannot satisfy the needs of the hardcore shopper. It takes extra effort to place an order online. You will need to look at different ratings and evaluations about the construction quality, material, lifespan, and other factors.

Delivery and return processes, if applicable, can be lengthy and time-consuming. Customers can complete their orders faster and without anxiety by switching from online to offline, as they don’t have to worry about long returns.

Savings on Time and Money

An online to offline business strategy has the greatest advantage: it saves time and money. Customers may be able to save significant money by ordering online and receiving the goods quickly via store pickup.

Acquire Easy Customer

Social media and influencer marketing are becoming increasingly popular. To attract large numbers of customers, retailers may turn to digital marketing services. This is the best way to increase the number of customers in your retail shop.

People who pass by your physical location may not stop in if they have an opportunity. The overwhelming majority of shoppers (87%) use internet search engines and social media platforms to research new products. They also use review aggregators to help them make purchasing decisions.

These internet platforms can be used by retailers to create niche markets around their physical stores. This draws internet users to physical stores and leads to higher foot traffic than if they were only available in person.

Alibaba, the Ecommerce giant, launched an O2O solution – a physical store – to try and capture 88%of China’s $4.9 Trillion retail sales which are done offline. Alibaba hopes to be able modify and personalize product offerings, create targeted marketing campaigns and simplify supply chains. By using customer data, such as brand membership details and purchase history, and patterns of shop visiting.

Examples of O2O Business Model Success

Allbirds

Allbirds, a shoe shop that started online, quickly moved to brick-and mortar. From pop-ups, to opening locations around the world, including San Francisco and London, Allbirds has been able to do so.

Allbirds’ 20+ physical locations do not require that visitors leave empty handed if they don’t have a product in stock. This is an important aspect of the company’s O2O solution.

Allbirds uses Shopify’s POS for quick and easy transactions.

“The entrepreneurs, who had no previous footwear experience, managed to achieve that $ 100,000,000 feat in a turbulent time for fashion. Allbirds is different from other companies that have failed or vanished, says Katie Bell, Footwear News Reporter.

Beauty Heroes

Before implementing their O2O commerce strategy, Beauty Heroes’ eCommerce sales soared. It was so successful, it decided to expand into the offline market by opening its first physical store in Novato (California).

Shopify POS was used by Beauty Heroes to collect data via online and offline channels. The program also sent personalized incentives to existing customers based on previous purchases. This encouraged them to shop in-store.

Magnolia Market

Magnolia Market is a DTC furniture company that Chip and Joanna Gaines founded. The Magnolia Market’s Texas first store is much more than a shop. It’s a pilgrimage for some with more visits annually than the Alamo.

Magnolia Market wanted to offer customers who could not visit its main location a way to have a similar experience. The store joined forces with Shopify’s AR team to launch its O2O commerce strategy.

Customers can now view the product in person using its app. Better yet, they can see how the product would look in their home. A satisfied customer is more likely to return to the company and purchase.

Bonobos Clothing

Bonobos, a retailer of men’s clothing, opened retail stores in 2011 to cater to this market. The entire concept and implementation was handled by Harry, Warby Parker and Modcloth. Bonobos opened a customer service shop that was a huge success. With their O2O function, customers could order online and try on the items they liked.

As a result, Bonobos was forced to open 20shops at various locations. The success of the implementation led to plans to expand to 100outlets in 2021.

Conclusions

O2O commerce allows you to target both retail and eCommerce segments simultaneously. Instead of targeting only one customer (those in close proximity to the store), brick-and-mortar companies may also attract the $2.14 trillion internet purchasers.

Retail sales are expected to surpass $5.94 Trillion by 2024. In 2021, the United States had equal shopping online and offline. However, eCommerce is expected take the lead in total retail sales.

Just over ten years ago, 5.1% US retail sales were accounted for by ecommerce. Ecommerce currently accounts for 21.3% total revenues.

Retailers must be aware of all the latest innovations in the retail sector, which is constantly changing and evolving. The current most preferred method in the retail sector is business-to-consumer (B2C). It is impossible to stay behind.

source : https://www.beehexa.com/blog/benefits-of-o2o-solution

Everything You Should Know About Loyalty Programs

Together with our partner from Yotpo we recorded a webinar where we discussed how to build a successful loyalty program for a Magento store.

 

Loyalty program is a powerful tool that can be used for user acquisition and retention. Yotpo, an expert in loyalty and referral programs, has shared their insights on how to turn your first-time customer into a loyal one.

Below you can find key takeaways from the webinar. If you prefer video over text, jump right to it!

The Importance of Loyalty Programs Today

Over the last few years, loyalty programs in eCommerce transformed from dollar value discounts and ‘buy one, get one’ into advanced programs with different loyalty points.

Customer loyalty also changed. Today, it is not limited to buying from the same sellers. Customer loyalty is about following on social media, sharing brand-generated content, recommending sellers to friends, and much more. Often, loyalty means that customers feel an emotional connection with their favorite brands. Loyalty programs should aim to build such a connection. It’s important to remember that today customers expect much more from brands than just discounts.

What a Good Loyalty Program Looks Like

One size fits all approach doesn’t work anymore.

Each brand should analyze its business objectives, target market, and customer behavior. Based on the collected data companies should tailor the ways for customers to earn loyalty points and the value of the points.

Today, loyalty programs should be omnichannel. You can reward customers for a number of actions and on different sales channels, e.g., for shares and likes on social media.

Turning First-Time Customers into Loyal Ones

Acquiring new customers is usually 25% more expensive than retaining existing ones. Loyalty programs for Magento can help increase the number of returning customers. Analyzing consumer behavior, you can identify how many purchases each consumer makes before turning to another store. Therefore, you can offer them discounts or gits for a certain purchase or action, encouraging them to stay loyal to your eCommerce business. This way, you will be able to create VIP customer tiers.

Staying Open to Something New

Even though sellers should know what they want to get from a loyalty program, they should always stay open to trying new things and exploring new referral programs. Brands that set up a loyalty program for the first time should be agile and ready to make changes and improvements based on the customers’ reaction to the program and its rules.

Yotpo provides a Magento 2 loyalty program extension. With its help, you can add the needed functionality to your website.

Don’t forget to check the video to learn all the details on the loyalty programs that we discussed during the webinar.

Picking a Processor: How Security Leads To Success in the CBD Industry

If you are in business in 2022, it is crucial to set up an eCommerce platform for your website. It is important to make it as simple as possible for customers so they can complete their orders and leave with a pleasant shopping experience.

This is particularly important for ecommerce spaces like those who want to sell CBD items online. It is important that these companies ensure their online payment processing is secure and easy to use.

Familiarizing Yourself

You will need to set up payment processing in order to sell your CBD products online. This means that you must be familiar with the process of ecommerce. In a payment transaction, there are five key points of contact.

  • A merchant is a person or business that provides goods or services.
  • The customer is the one who purchases the goods or services.
  • The issuing bank holds the customer’s account.
  • The merchant’s account is held by the acquiring bank.
  • The payment processor (or payment processing company) is responsible for handling transactions.

A payment gateway is used by the payment processing company to process online payments. This can be compared to a cash register in a brick-and mortar store that accepts electronic payments. Sometimes, the processing company may have its own gateway.

Choices, Choices and Choices

You have decided to sell online. Now you need to select a payment processor. When comparing your options, ask yourself questions such as: How will you accept payments? Which payment option do you believe your customers prefer? How do you see your sales volume?

You will have a better understanding of your requirements for a payment processor and it will be easier to select the right one for you. It is best to choose a vendor who can provide a payment gateway, merchant service, and tools for ecommerce.

To accept credit card payments online, you’ll need a website, an ecommerce platform, a secure gateway to pay your customers, and a merchant account that will deposit the funds. In order to improve their marketing efforts, many companies choose to collect customer data during these exchanges. It can be beneficial to find a payment vendor who can help with every step of the process and data reporting.

Your top priorities should be safety and ease-of-use for your customers. Your site should be able to accept credit cards and also allow users to click on payment options such as Apple Pay or Samsung Pay.

Your site must also adhere to the Payment Industry Data Security Standard. It is important that you work with a company who is knowledgeable in PCI compliance. This is not the only skill to be aware of.

Specifications

While CBD is legal in many parts of the country for most forms, the Food and Drug Administration still has not defined all rules and regulations. This gray area and other factors make the CBD industry “high-risk.” A seller of CBD could face higher transaction rates, rolling reserve, longer holds on funds, and more complex transactions.

Consider solutions that will help you to minimize the above issues and optimize sales when choosing a processor. This can be achieved by optimizing sales and increasing approval rates, while decreasing fraud and chargebacks.

To accommodate your business volume, you may need multiple merchant accounts with different processing providers. To maximize throughput, you will need to choose a provider that can intelligently move transactions to the right merchant account.

To protect your business and products, you might need additional documentation or verification once you have chosen a processor for a high-risk marketplace.

Do not cut corners or work with inexperienced payment processors to launch an ecommerce venture into the CBD market. The recipe for success is a secure connection and seamless integration.

Learn more about how to grow your CBD ecommerce company. Learn how BigCommerce and our technology partners are able to help you succeed in this rapidly changing space .

source https://en-it.bigcommerce.com/blog/cbd-payment-processor-inovio/#cbd-specifics

The Key Factors That Make eCommerce Websites Successful

E-commerce businesses are seeking automated web-based solutions that increase efficiency and lower costs. To compete and grow, businesses need a professional ecommerce website. These Key Considerations for eCommerce Website will help you maximize your profits.

1. Beautiful and modern website interface

Your website’s design interface is what customers see first when they visit it. It can be beautiful or ugly depending on who you are, but there is a common standard for an attractive and professional ecommerce website.

Beautiful websites will be modern and simple. The color scheme should complement the logo color.

For customer convenience, parts and layouts can be arranged and simplified. The homepage is the first place that visitors will visit. The sub-pages can then easily be made simple and logical.

2. All devices are compatible

Smartphones are the future. With more than half the web traffic coming from mobile devices alone, Google will be the first to appear on mobile devices. If you want your website to be found in search engines, it must be mobile-ready.

Customers will access your website from different devices, so it is important to customize the site for each device. This will ensure a better user experience and ensure that the website interface does not become distorted.

This will make it easier for salespeople to introduce products to customers.

It is crucial to make mobile e-commerce websites. It’s a unique selling proposition. You can also increase your conversion rates with your mobile device.

3. Secure customer data with SSL

An SSL certificate simply means that no one can access your customer data. SSL is used to secure a website when it has a URL that is https:// // instead of http:// //. SSL certificates provide strong encryption for your website and assure visitors about its credibility. You can get the same security level whether you buy comodo SSL certificate, or any other type. You can get huge discounts from different SSL certificate companies.

When customers visit your site, they will be given a clear warning that they are not secure. Customers may be turned off by insecure platforms or not be able access your site. Your sales will suffer as a result.

SEO is not complete without SSL. Google is concerned about the safety of users visiting your website.

Google’s webmaster tool will require you to submit two sitemaps: one for your version of http:// and the other for your version of https://. This confirms that your website is safe and can be indexed.

4. Optimize images to optimize SEO

Speed of image loading is important in general but it is especially important for images websites that are commercially important.

Two reasons are why it is crucial to have images loaded quickly:

Customers are busy and want to move quickly. They will abandon their cart if you slow down the order process.

Your site will load faster if your images are downloaded quickly.

Uploading images will take longer if they are smaller in size. It is possible to reduce the file size without sacrificing quality. How you save photos is the key. To compress web quality standard web quality, you can use Photoshop to choose the Save for Web option.

5. Enjoy interesting content

Keep your customers interested from the homepage through the product description.

Customers should receive accurate and useful information, as well as solutions and answers to their questions.

Although these small things may seem insignificant, they can really drive traffic to your website. Attractive content builds brand loyalty. Your customers will place orders when they see action content.

How to create engaging content for your website:

Highlight your unique selling propositions on your homepage. What are the unique selling propositions of your e-commerce website that are different from those of your competitors?

Clear and concise instructions are important so visitors don’t get lost in the process.

– Build brand loyalty and connect with customers.

This is one of the most crucial elements of Key factors for eCommerce website to increase your site’s traffic.

6. Personalize the customer experience

A highly customizable backend feature is essential. Customers should also have the option to customize their experience. Unique offers will help you introduce your visitors to the appropriate categories and order options.

Personalize the customer experience with factors

You can create a buyer character, also known as the Ideal Customer Avatar for your brand to help you have a clear idea of what they want.

Ensure consistency across all media platforms and at each stage of the buying process.

Start with small experiments and measure the indicators.

– Improve website rankings in search engines. You’ll know when you should get more SEO traffic.

In other words, your customers will be happier and your business will grow faster if they are happy.

source https://www.magetop.com/blog/key-factors-for-success-in-ecommerce-website/

Three key features are essential for an e-commerce site that is successful

This article will highlight 3 key features that sellers must include on their e-commerce site to ensure the best possible experience for customers.

Online sales of everything, from electronics to fashion and food, have exploded over the past decade. This trend is great, but businesses need to improve the features of their websites for e-commerce to keep up with the demands of consumers.

Online shopping should be as convenient, fast, engaging, and personal as physical retail.

Consider the following features to enhance your e-commerce website:

1. Optimize mobile app

Online shopping is now a part of our everyday lives and has seen a dramatic increase in popularity since the pandemic. Businesses need to create their own ecommerce apps because people are more likely to use mobile devices.

You can be mobile-first and meet your customers wherever they are.

Consumers expect to be able to access websites and apps whenever they need to view new products or create wish lists.

Mobile should be the primary channel for online sellers. This means that e-commerce features should be focused on visuals. They should include less text, easy access to shopping carts, fast purchasing procedures, and one-click payment options.

Your customers shouldn’t be stuck with bad mobile design, technical issues, long, complicated forms or any other inconvenience that could hinder a smooth, enjoyable, and fast shopping experience.

Magetop can help create mobile apps for both iOS and Android. Your mobile app will work faster than your website, increasing your sales.

2. Not just products, but experiences.

Consumers will choose your online store over many others if they have an easy, quick, and engaging shopping experience.

It is important to provide an experience your customers enjoy and will remember. They are more likely to return and refer their friends, family and social networks.

What is the real magic of this experience?

It is important to offer relevant imagery and intuitive navigation. You also need instant access to detailed product information including attractive and dynamic product visualizations.

Your customers will judge your company based on how you present your products or company. You can influence their decision about whether or not your business is right for them.

A great customer experience is key to ensuring that your customers are not just buyers, but true advocates for your brand.

3. Use artificial intelligence technology

Artificial Intelligence (AI), is intelligence that has been created by humans to help computers automate intelligent behavior like humans.

Online users are increasingly looking for products and content that is easy to find.

Online businesses have taken advantage of this trend and implemented website improvements projects to provide the best customer service. They bring in advanced technology solutions such as voice search, chatbots and other AI-powered options to their work.

These are some of the many benefits of using AI in website development

  • Search faster
  • Increase customer interaction
  • Provide personalized user experiences.

Marketing methods that reach target customers will be more effective.

Customers should be surprised with unique experiences and special offers whenever possible. This will make your brand stand out in an ever-evolving market for e-commerce.

We hope you’ll consider these three important features when creating your e-commerce website.

source https://www.magetop.com/blog/3-important-features-for-a-successful-e-commerce-website/

How to Get Inventory and Keep Your Stockroom Clear of Clutter

Retailers face a lot of problems with inventory management. Inconsistency in inventory receipt can lead to inaccurate stock numbers and wasteful replenishment of inventory. Both are costly–and preventable–mistakes.

This guide will show you how to create an inventory receiving process. It also includes bonus tips for getting new stock onto the shelves as quickly as possible.

What is receiving inventory?

Receiving inventory refers to receiving stock from suppliers, organizing it in a stockroom and selling it to customers.

A clear process for receiving inventory will help keep your stockroom clutter-free, and your inventory numbers accurate. If a customer asks you to check out a product, this will let you know how much stock you have and where you can find it.

The inventory receiving process

  1. Count inventory
  2. Verify accuracy
  3. Place inventory labels in your stockroom

Let’s now take a look at how to get inventory.

1. Count inventory

The first step in determining your inventory is to count it. You can count your inventory manually or use inventory management software. This will give you an idea of what products you should reorder.

For example, if you are running out of popular items, submit a order (PO). You must pay the invoice and agree on a delivery time. Wait for your shipment to arrive from your supplier.

INVENTORY TIP To create and send purchase orders to suppliers and vendors, use the Stocky App Shopify POS allows you to track the status of a purchase order and its expected delivery date once it is created.

2. Verify accuracy

Compare the shipping slip and the shipment to your PO when it arrives to ensure that the correct inventory was received.

As soon as your shipment arrives at your area, verify its accuracy. Be sure to check that the following elements correspond with your PO.

  • Description of goods
  • Codes for products
  • Quantities per SKU

If you find an error, contact the supplier immediately to let them know. Most suppliers will work with customers to rectify errors, regardless of whether they are missing quantities, incorrect products received, or damaged.

INVENTORY TIP After a PO arrives in your store, you can sync it with your inventory in Shopify by using the Stocky App. You can mark a PO as partially received if an item is damaged or missing. Contact your supplier to make sure the missing inventory is shipped.

3. Place inventory labels in your stockroom

After you have verified that you received the right amount and type, you can finally put them away.

Transfer your products from the receiving area into the place where you store inventory. Most merchants have a stockroom or backstore with shelves and storage units. Make sure your stockroom is well-organized and that items are placed in the right place. This will make it easier to locate products for customers by store associates.

source https://www.shopify.com/retail/receiving-inventory

Cash Wrap Counter Ideas For Retailers

Maxime Cohen, Scale AI Chair Professor of Retail and Operations Management McGill University’s Desautels Faculty of Management says that a cash wrap is the area inside the store where customers pay. It also includes surrounding retail displays.

The cash wrap of a store is not just where transactions take place. It plays an important part in increasing sales, improving guest experience, and decreasing theft. Continue reading to learn more about this important retail fixture.

What is a cash wrap and what does it do?

A cash wrapping is the area between a shop’s checkout counter, and all of the aisles and displays that surround it. This is where a shop can find its point-of-sale systems. Cash wraps are a great place for increasing revenue by making impulse purchases or adding inexpensive accessories.

It is important that customers can check out and purchase merchandise in retail stores. This is the last chance retailers have to convince customers to purchase products.

Maxime Chen, Professor, McGill University, Retail and Operations Management

Consider the checkout experience at your local grocery shop. There’s a good chance that the cash wrap is surrounded with displays containing magazines, snacks, drinks, gum, and other post-shopping goodies. These items have been selected in order to increase average purchase value.

Cash wrap counters are important

Cash wrap counters not only increase sales but also help prevent theft and improve checkout experience. Here’s how.

 

Sales increase

The cash wrap is a last chance to sell. Customers will reach for the cash wrap when they see displays displaying impulse buys at the checkout counter.

Cash wraps should encourage impulse purchases, but not be pushy. It should contain products that are targeted at the customers who visit the store.

Maxime Cohen, McGill University Professor of Retail and Operations Management

Customers’ needs should be anticipated by the checkout counter. Big box stores may tempt tired customers with candy bars and soda. Boutiques that specialize in gifts might offer gift bags, wrapping papers, and greeting cards along with cash wrap.

Cohen states that “Common practices include displaying cool new products that are visually appealing – preferably high-margin items.” Other common practices include displaying small, inexpensive products such as accessories and gift card.

The cash wrap and checkout experience can be used to promote add-on products as well as to inform shoppers about sales, store credit cards or loyalty program.

Improved checkout experience

Long lines can be a sign your shop is busy, but they can also ruin a great customer experience. You can break down long lines by using a well-designed cash wrap and keep customers entertained while they wait.

Wayfinding signs and screens that indicate open registers help keep things moving quickly. Wait times can be reduced by card payments, particularly contactless. Store associates can reach customers in line with a mobilePOS and verify their identity before they go to the cash wrap.

Customers will be happy to wait if there is a long line. Inspiring impulse purchases will fill the aisles leading up to your cash wrap. You can also show promotional videos or information about your shop in this area.

A well-designed cash wrap will entertain and reduce the lines for shoppers, which in turn will keep them coming back for more.

It is possible to reduce theft

According to the National Retail Federation, retailers lost on average $461.86 per shoplifting case in 2020. Your cash wrap can help you reduce shoplifting.

You can see if someone is leaving the store without having to go to the cash wrap. If someone attempts to leave the store without paying, it is easier to spot them if you have your checkout counter near the exit. This location discourages theft.

Different types of retail checkout counters

  • One countertop
  • Double cash wrap
  • Three-part unit

There is no universal cash wrap design. It is important to design a checkout counter that suits your shop’s needs. There are many options.

 

One countertop

One point-of-sale (POS) system is contained on one countertop. This is ideal for boutiques that sell luxury goods, such as small shops. There’s less chance of people waiting in line.

Cohen states that a single countertop can have the advantage of taking up a very small space.

Despite being small, one countertop can be used to display impulse purchases on either the top or the racks next to it.

Double cash wrap

A dual cash wrap, as the name implies, is made up of two checkout registers. It’s easier for queues to be reduced when there are more points of sale. If your store handles a lot of transactions or is busy, you might consider a dual cash wrap.

Cohen states that a dual cash wrap is more efficient and can be used to display items on the counter. He suggests strategically placing impulse items near your counter to take advantage of this.

Dual cash wraps are available in many sizes and shapes. You could have two POS systems on the same counter. Or, you could configure the counter to form an L-shaped shape. You should choose the configuration that best suits your store’s layout, traffic flow, and other requirements.

Three-part unit

Three-part cash wraps house three check out points. This design is more suitable for large stores that process many transactions.

You can have more retail displays at the register if you have a larger checkout area. These can be filled with accessories and other add-ons that will increase sales.

You can set up a three-part unit multiple ways, just like with a dual cash wrap. Side-by-side registers can be a great way to save space. L-shaped and U shaped counters make it easy for cashiers and other staff members to store returns and promotional items.

source https://www.shopify.com/retail/cash-wrap

Three key strategies to personalize at scale: Focus on financial services

New digital players have emerged as consumers try new brands and ways to purchase products. Our recent survey of top executives in the financial services, insurance and marketing industries found that 89% agreed customers have been rewired digitally. 80% of respondents said they have seen changes to customer journeys or completely new ones. The overwhelming majority of senior executives (86%) believe that the pace of change will continue for the foreseeable future.

Innovative financial service brands share one thing in common: a laser-focused focus on digital customer experiences. They offer highly personalized and convenient experiences that are becoming increasingly popular with consumers. Larger banks and insurance companies now have to offer similar personalized experiences on a large scale.

The challenge is not just about personalization technology. It is also about creating meaningful experiences that provide value to customers and address their most pressing issues. To do this, the industry requires deeper understanding of their customers and evolving needs.

Adobe and Econsultancy teamed up to create the 2022 Digital Trends — Financial Services In Focus report. This report helps financial service providers better understand today’s digital-first environment. We looked at what industry leaders are doing differently to others, and how they are “significantly outperforming” their sector or exceeding their customers’ expectations.

Personalization is difficult, but personalization at large is more difficult

We surveyed technologists and marketers from financial service companies that had outperformed their peers. 53% of those surveyed said that their organizations valued meaningful digital interactions that helped improve their customers’ financial health. The 38% and 37%, respectively, were significantly lower than those who slightly outperformed the sector.

Personalization is essential for creating meaningful experiences. This may prove difficult for many financial service organizations, according to our research. Only 12% of respondents agreed that the digital experience of their company is in line with customer expectations. A substantial majority (58%) said they are just “keeping up” with customers’ expectations.

It may not be as difficult as you think to improve personalized experiences. Three key strategies financial service companies can use to increase personalization at scale are highlighted in our findings

  1. Get control of your customer data.
  2. With the right technology, unify and activate all your data.
  3. Enhance cross-functional collaboration

Strategy #1: Get control of your customer data

Understanding your customers is essential to deliver memorable experiences for them. Understanding them means combining all data from different sources, journey stages and segments to create a coherent picture. This is a difficult task for any customer. It can also be daunting for millions of customers. Therefore, the top investment area in the industry is in improving insights and analytics capabilities. We asked top executives to pick their top technology priorities in 2022. 65% of them chose data and insight.

However, the industry still faces many obstacles in obtaining the data it requires. Google Chrome will stop supporting third-party cookies. This means that marketers won’t have the same access to the data they need at the beginning of the customer journey. The critical problem is that the large amounts of data financial institutions collect directly from customers — collectively called first-party data – is dispersed and unconnected across multiple systems.

Some financial institutions might not be able to see where all their customer data is at any one time. Even if they have a complete map of customer data, it is possible that they are not using it to unlock customer insights or deliver exceptional customer experiences. Our research has shown that financial service executives are more confident in gathering first-party information (63%) or preparing for a post third-party cookie environment (51%).

First-party data is becoming more important as the industry places more emphasis on retention and engagement to increase customer relationships’ value. First-party data strategies are a key advantage for financial services firms today over slower competitors.

Strategy #2: Unify your customer data and activate it in real-time

The first step in identifying a first-party strategy for data is not enough. Personalization at scale requires a combination key elements. These include the ability to produce content across an enterprise in order to meet the demands of personalization, and the ability deliver consistent and relevant journeys across touchpoints. Technology plays a vital role in ensuring that these three pillars are integrated to create, deliver, optimize, and optimize real time, cross-channel journeys.

This requires consistent data collection across all channels, continuous updates to customer profiles, high-volume content creation, and management. You will also need to connect your customer and journey profiles with each customer touchpoint technology so that experiences are consistent, personalized, and meaningful across all channels.

These solutions are being adopted by financial services companies more frequently. Executives also ranked data and insights (57%) and enterprise data architecture (57%) as their top technology priorities. Content management technology (47%), and customer journey (50%) were also high on the list. A growing number of practitioners and executives see the role of artificial intelligence (AI), and machine learning within their customer experience tech stack. 25% of respondents to the survey said that AI deployment is one of their top three priorities in order to better serve customers.

Some senior executives in financial services may have unrealistic expectations about their technological capabilities. We asked 31% of them if they believed their companies had the tools necessary to support personalization. Only 15% of practitioners agreed. Leadership teams must validate their assumptions to meet business objectives.

Financial services firms know that data alone won’t suffice. A tech stack must be able to connect to customer journeys and profiles to enable personalized experiences that are channel-specific and scale to meet customer needs at every stage of their journey.

Strategy #3: Make it easier for people to collaborate

Personalizing customer experiences is a challenge. Each part of a customer journey can be managed by different functional areas. Marketing controls the website content, while product or technology manages the mobile app. Customer service handles digital chat. Each of these elements must be customized and connected to create a seamless customer experience.

This requires cross-departmental collaboration. It involves managing change well, fostering transparency and openness within the organization and choosing and integrating appropriate technologies. Our research shows that financial service companies’ marketing professionals who consider their digital experience to be “ahead” of customer expectations rate their organization highly in terms of collaboration, agility and innovation.

Our research also showed that many financial service companies have the potential to collaborate even more effectively. We asked 44% of senior executives whether they believed that different marketing and experience teams could work together successfully. 44% of senior executives said that they were either working on it (48%), or hadn’t yet started to think about it (8%) Similar results were found for executives. 35% said they had reduced organizational silos consistently, 56% said that they are working on it and 9% said they hadn’t started.

Bottom line: Improved collaboration can quickly translate into improved customer experience, including more personalization.

It’s all possible

Financial services providers typically have all the customer data necessary to create personalized experiences at scale. These organizations must ensure that they have the technology in place to link their customer data to meaningful customer profiles. They also need the ability to integrate these profiles with systems that power customer touchpoints. This will allow for better collaboration among all teams that are involved in the customer experience.

source

https://business.adobe.com/blog/the-latest/focus-on-financial-services-three-keys-to-personalization-at-scale

BigCommerce brings a smile to NRF 2022, Commerce After Dark

It would be an understatement to say that BigCommerce was excited about . It was also our first ever booth presence at a conference, since March 2020. This meant that many of our team members would be meeting face-to-face for the first time.

These types of experiences are the foundation of our company culture, so it was so great to be able to meet up and have a chat.

This was not a BigCommerce event. Ken Natori President of the Natori Company joined us on stage to discuss Natori’s journey into eCommerce and the changes in the marketplace since 2008. We are excited to share the video so that you can see all the amazing insights from the session.

There were many great things that took place during the conference. But there was more.

BigCommerce’s Event “Commerce After Dark”

Commerce After Dark, an invitation-only event sponsored by our friends Attentive and Codal, was held Monday, January 17 at Dear Irving on Hudson

The attendance was phenomenal and it was great to see our customers and friends, such as Flower Power Coffee.

We couldn’t have asked to have a better night with a high-energy performance by the Hip Hop Violoist, delicious cocktails at the bar, and stunning views from the Big Apple.

We are grateful to everyone who attended NRF, and the amazing sponsors who made this event possible. We look forward to seeing you at the next eTail West event. You can find us from February 28 through March 2, so come by to say hi!

source https://www.bigcommerce.com/blog/nrf-2022-recap/#bigcommerces-commerce-after-dark-event

Cloud Pos Software - A product of Prebidz.com

- Partners : socialblockchainnetwork.com | Fintech | cloudbasedpos.com | Blockchain solutions