The number of ecommerce retailers that are embracing same-day deliveries is steadily rising. This is because it creates a convenient and timely experience for their customers, helps increase their sales and productivity and raises the barriers of entry for new, competing ecommerce retailers. Same-day delivery, if implemented effectively, can bring many benefits to your business. It increases your productivity as every item ordered for same-day delivery needs to be packaged, shipped and...
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Chargebacks occur when transactions that have been processed are then reversed. For example this could happen due to a dispute over the transaction, where the end customer claims they never authorized the transaction. The transaction is then reversed, and the customer receives their money back. This is, in effect, losing the money the business could have earned. The effect of chargebacks on any company is unfavorable. However, it can be even more detrimental for online businesses since the...
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For the success of any business, what matters is not the number of people you have, but how you manage them. Most small and medium business, especially at the start-up phase, cannot afford to hire a large staff. In such cases, it is important to ensure maximum productivity, even with a small staff, by incorporating these five techniques in your everyday business practices.Manage efficiently Firstly, it is important to efficiently manage a small team, by providing them continuous...
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Co-creation is a relatively new practice used by companies where they collaborate with the concerned parties (consumers) at all phases of production and supply of services, removing the hierarchical management approach and the linear innovation approach. This allows consumers to be involved in the process, and they get to influence the management, thus helping to create different solutions. This will create products and services that are directly influenced by the customer, where their specific...
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Setting a price for any product is difficult if you do not know what it could sell for. This is one of the most harrowing decisions a business owner needs to take, and many wrack their brains over this every so often. It is not a formula to be calculated, but an art, of balancing acts. Psychology and marketing go hand in hand in this art form. Remember, you have to review it periodically: The same price will not work forever. One of the main things to remember is that you need to make a...
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