Tenovia’s Six-Point Plan to Simplify Your Ecommerce Journey

What does it take to succeed in the ever-evolving world of ecommerce? As technology advances and competition heats up, you will need to look beyond the tried-and-tested strategies that used to work for ecommerce businesses. What you need today is end-to-end ecommerce marketplace support managed by experienced professionals who can look at the big picture and the finer details to support your ecommerce business. But just because the technology or strategy is complicated, doesn’t mean that the journey has to be. 

Here are six ways Tenovia can help simplify the process for you and become invaluable to your ecommerce business.

Analytics

While data is valuable, the ability to analyze and draw strategies from it is priceless. That’s exactly what analytics can do for your business. With data, you can identify what’s working for you and what’s not, and unlock ways to boost your revenue. Tenovia’s ecommerce analytics services can help your business across various functions including merchandising, supply chain, inventory, technology, marketing, and regional utilization. 

What gives our marketplace management services the edge is the methodology. We track and publish over 180 metrics across all functions, give you a detailed understanding of the various pain points and bottlenecks in your business, and create a plan of action to unblock these revenue streams through actionable insights. We also help you prioritize and monitor the progress of the executed actions. 

Marketing 

Ecommerce marketing has evolved from just branding and performance advertising. Today, you will also have to consider omnichannel cross-platform marketing with accurate targeting. When done right, it can dramatically improve your brand’s awareness, engagement, trials and sales, and customer loyalty. That’s why, we offer full-funnel ecommerce marketplace support through customized marketing campaigns on Amazon, Flipkart, BigBasket, Myntra, Snapdeal, Google, YouTube, Swiggy, Blinkit, and social media platforms. 

What does it exactly entail? Everything from understanding the stock positions and availability of your products, competitor offerings, customer behaviors, product rankings, as well as reviews and ratings of your products. At Tenovia, we make it a point to align to your business’ strategic objectives – be it new product launches, seasonal or special events, or sustainable marketing. 

Marketplace support 

When it comes to effective ecommerce marketplace support, speed of execution is everything. And for ecommerce businesses, creating a talented in-house team can take time and slow down your growth plans. To help mitigate these uncertainties, Tenovia’s experts can step in to help you manage marketplace accounts, list products with optimized content and visuals across channels, and identify actions that boost your revenue. Currently, we offer marketplace support in three main domains – account management, channel strategy, and content creation. 

Digital transformation 

If rapid ecommerce growth is on your priority list, you will need to invest in the right structures – that’s people and processes. Tenovia’s gamut of ecommerce consulting services includes helping businesses with organizational design to track and prioritize key metrics across functions. 

If you’re still new to the ecommerce business transformation process, we will help you find answers to a few all-important questions related to making changes in the organization, necessary investments, technology, marketing, etc. We bring experts from various domains and functions to help you create digital demand and turn it into a revenue opportunity. 

Here’s how our process works:   

  1. We start by understanding your brand, team, processes, and current metrics. 
  2. Next, we initiate education sessions for your teams and functions and highlight how your brand can improve.  
  3. We then guide your team and identify or co-create projects that will boost key metrics and maximize impact. 
  4. We take over project governance and deliver sustainable transformation for your organization.
  5. We also coordinate with you to enable structural changes based on the project’s progress, not shying away from recommending difficult changes. 
  6. Once your team is fully equipped to take it forward, typically within 4-6 months, we transfer IP to your internal teams. 

Platform integration 

If you’re looking to run your ecommerce business on platforms such as Magento or Shopify, you’ve come to the right place. We’ve helped build hundreds of websites for ecommerce clients across industries and platforms, keeping in mind various complexities, current and projected revenue sizes, team sizes, technological capabilities, and many other factors. Our ecommerce marketplace support services include design thinking-led UI/UX experiences, agile practices and methodologies, and setting up key metrics for optimum measurability. 

Technology products 

Tenovia’s marketplace management services also include two in-house technology products to boost your ecommerce presence and revenue. ‘Tensight’ is a central ecommerce dashboard that gives you complete control of your ecommerce business and empowers you to make informed decisions through data-driven analytics. ‘10commerce’, on the other hand, is an automated ecommerce platform for B2B manufacturers and wholesale distributors that enables them to reduce time-to-market and boost ROI with better business discovery. 
Ready to up your ecommerce game? Make Tenovia’s marketplace management services a part of your blueprint and let the results speak for themselves!

Make Your Online Marketplace Listing More Valuable with Market Basket Analysis

Let’s say you’re an FMCG brand and your customer is searching for ingredients on your marketplace listing to make Poha. While they’re adding flattened rice to the cart, they realize they may also need some peanuts, oil, and spices, maybe even some spicy sev. What if you could automatically predict this behavior and suggest additional products as your customer is viewing your online marketplace listing? It would certainly mean more value for your customer and more sales for you.

Say hello to market basket analysis (MBA)

With analytics now playing a bigger role in digital marketing, upselling and cross-selling have become ubiquitous in online marketplace management, and market basket analysis is a must-have tool to derive valuable customer insights.

  • What exactly is it?

To put it technically, market basket analysis is a data-mining technique that can help you understand and predict purchasing patterns in a retail space by showing you how customers connect different items on a marketplace listing.

  • How does it work?

At the heart of market basket analysis is association rule learning, a machine learning technique that creates relationships among variables within a dataset. If your customers are looking for notebooks, they’re also likely to purchase pens. If they’re looking for a smartphone, they’re probably also looking to buy screen guards, earphones, or power banks. If they’re buying a sandwich, they may want a beverage to go with it. Market basket analysis discovers these connections and establishes relationships between products using statistical affinity calculations.

  • How does it help?

Analyzing your customers’ behavior and purchase patterns allows you to make improved product recommendations and promotional campaigns, as well as fine tune product bundles and placements on your online marketplace listing. Ultimately, when done right, market basket analysis can help you improve customer engagement, customer experience, sales, and ROI.

The A to Z of MBA: Basic terminologies to know

Before you jump into finding the right marketplace management services for you, it is important to equip yourself with the right knowledge, or at least the right terminology. Here are the most important ones:

  • Itemset: A collection of products your customer purchases
  • Antecedent: The first product that your customer purchases or places in the checkout cart
  • Consequent: The product purchased as a result of the antecedent item
  • Support: The probability of the antecedent event occurring, or the general popularity of the product
  • Confidence: The measure of the probability that your customer will purchase a ‘consequent’ item after the ‘antecedent’ item
  • Lift: The efficiency of the rule in finding consequences, as compared to a random selection of transactions 

The formula for market basket analysis The most popular algorithm used in market basket analysis is Apriori. It conducts frequent itemset mining as well as association rule learning, which we mentioned above, used with relational databases. Apriori leverages a bottom-up approach by extending frequent items one at a time and testing them against available datasets (explained in the formula below).

Revisiting the example of the delicious Poha, the Apriori algorithm uses this rule of association formula and tells you to promote spices and other items when customers search for ingredients – thereby increasing your average order value. 

Three types of market basket analysis techniques

There are various other algorithms used for market basket analysis, the primary difference being how differently datasets are utilized.

  • Descriptive MBA
    The most commonly used approach, this technique derives customer insights based only on past data. Descriptive market basket analysis uses statistical modeling (unsupervised learning) to rate associations. It does not make any predictions.  
  • Predictive MBA

This technique uses sequential data to identify cross-selling opportunities. Predictive market basket analysis uses supervised learning models such as regression and classification, mimicking the market to analyze cause and effect.  

  • Differential MBA

Ideal for competitor analysis, differential market basket analysis determines interesting customer behavior patterns by comparing purchase histories across stores, seasons, time periods, days of the week, etc. It can help you identify intangible customer preferences – such as why customers choose a specific marketplace, even when the same product is available at the same price on both platforms. The answer could be delivery time, customer experience, warehouse volumes, or another factor that was previously unknown.

Integrate market basket analysis easily with TenSight

Not sure how to begin integrating market basket analysis into your business?

TenSight – Tenovia’s central ecommerce analytics dashboard – allows you to make data-driven business decisions that are better, quicker, and more accurate. The dashboard comprises centralized data from all major ecommerce platforms and offers actionable insights.

With our expertise, we’ve helped a global denim brand achieve a 3x boost in conversion, 3x clickthrough rate, and 15% growth in brand SOV. We’ve helped a national footwear brand achieve a 40% boost in profitability and over 1 Cr in savings. TenSight has also helped increase regional utilization in ecommerce warehouses, and reduce delivery time and cost per shipment. To know more about TenSight and our marketplace management services, talk to us today.

Throwing light on ecommerce Analytics to expand your business.

The centrality of data:

Running an ecommerce business can be a profitable or loss-making venture, depending on how you strategize and handle things. If you want your eCommerce store to generate consistent profits, it is essential to understand, monitor, and analyze critical data from your online store. If you have the required expertise, you can do it yourself or you can contact an agency to get result-oriented digital eCommerce solutions.

Identifying crucial metrics:

Every business has different goals, so you have to set your KPIs/Key Performance Indicators accordingly. But there are certain metrics that are common and important in most eCommerce businesses. To help you get started, we’ve listed out some of the most important metrics that you should be analyzing on a timely basis for the best result. Take a note of all the metrics discussed below, and start using them to make data-backed decisions at the earliest.

  1. Conversion Rate:

One of the most important metrics you cannot afford to ignore is the conversion rate. It lets you know how many visitors turned into paying customers. You can find this metric displayed in your eCommerce platform’s dashboard. Alternatively, you can also calculate it by dividing the number of purchases by the number of total visitors for a set period. You can dive deep into this metric by finding out the conversion rate based on the traffic source, device type, fresh vs. old customer, and more. The insights you’ll get will help you to reassess your strategy for the better. 

  1. Revenue:

The eCommerce analytics list can never be complete without revenue. If you want to maximize your profits, don’t look at the revenue figure as a whole and segregate it to get meaningful data. You can segregate revenue to identify the sources or platforms that bring in the most sales. If you’re using email campaigns, social media platforms, blogs, paid ads, and more ways to generate revenue, it is essential to find out which method brings the most sales. You may want to scale the methods that brought the highest revenue and reassess your plans on the least sale generating method. It requires a lot of logical thinking, prior experience, market knowledge, and more, so it is best to take the help of eCommerce consulting services. 

  1. Product-wise conversion rate:

If your store has various products, it is important to scrutinize the product-wise information. Doing so will let you know about your product-wise inventory status, the best performing products, and the worst-performing products. You can use these insights to make changes to your current inventory plan. Hiring someone with expertise in the eCommerce marketplace can be a huge plus for you and make things a lot easier. You can also check product-wise cart abandonment rates and come up with ways to boost conversions. If your eCommerce platform doesn’t offer in-built responders to get back abandoned carts, it’s time you get it implemented by professionals at the earliest.

  1. Average Order Value:

Knowing the Average Order Value (AOV) is crucial to understand the purchasing capacity of every buyer. You can use this metric to create better strategies for growth and even increase the AOV for higher profits. Let us understand AOV with an example. If your website earned a total revenue of $ 25,000 last month, and the total number of sales was 760, the AOV will be $ 32.89. So on average, every order on your store fetches you revenue worth $ 32. 89, and you should look for ways to increase this figure.

  1. Percentage of repeat customers/ returning buyers:

Repeat customers are a boon to any business; hence, it becomes crucial to keep an eye on any figure related to them. Since these customers have liked your products and made repeated purchases, you can significantly increase your profits by pushing more products to them and offering special discounts exclusive to them. If done correctly, insights gained from this one analytic can help take your business to another level.

Key Factors to Help Brands Decide the Right Discount for Products during a Sale Period

Key Factors to Help Brands Decide the Right Discount for Products during a Sale Period

Starting a business and taking it forward requires a good amount of planning and implementation of novel ideas. Through various advertisements and other promotion techniques, the glory of your brand can be propagated by the word of mouth. Among the many strategies they take up, the most attractive one for the customers is the discount offers for their favorite products.

Nobody likes the idea of losing money even if it’s for the purchase of their favorite products. People always look out for discounts because it provides a feeling of not losing so much money even though it may be only partly true in reality. Since its crucial point in marketing and sales, the company should give proper care while deciding the discount rates for different products.

Providing discounts for materials is a great way of luring customers into your shops and gaining desired profits. But any action done without proper research and calculations can be of fatal impact to you and your brand’s financial structure. Any mistake could result in the deterioration of your name and product.

Therefore it advisable to look out for the necessary details before granting discounts to customers. First of all, align all actions to a fixed list of objectives. The right amount of background work on tentative discount rates and corresponding profit reports can help you taste success. Following are a few steps you should focus on:

The category and quality of your brand 

It is crucial to identify the category of your brand before placing it under any discount rate. For instance, if a particular product of yours falls under the category of fast-moving consumer goods (FMCG), it is not desirable to fix a high discount rate. It also directly depends on the quality of your product and brand name. If it is not premium, then the rate of discount should solely be focused on the available stock and target income. ‘Buy one get one free’ offers are the best ones to implement in such situations. 

The season of the market 

The requirements by customers vary a lot with corresponding to the seasons or festive occasions. The retailers have to keep these in mind while deciding on the discount price. This has to go in tally with the availability of products. In case you need to empty the old stock of products, then devise a plan including mass discount rates. The sales should be controlled according to the intake and response from buyers. 

The aging of your product 

Since the sales market is a very unpredictable place of action, the businessmen should be alert and vigilant. You have got the responsibility to sell off as many products as possible and also devise a plan for dealing with those which couldn’t get sold. While providing alluring discount rates, no compromise should be made on the quality of the product. This shouldn’t be leading to the dissatisfaction of customers. There should be a proper balance between the two.

In desperate cases where the product is aged a lot, some compromises need to be made while fixing its discount price. The resulting tension can be solved by clubbing them with other products and providing combo offers. If you are planning to get rid of your liquidation stock, the end of season sale (EOSS) is the best way to go about it. Flash sales during festive seasons can also help in increasing customer response.

Keeping up with the annual target 

Before starting on a business venture, the primary work should be done on the paper regarding the flow of income. A record of the total earning, income, and expenditure should be kept up to date. The profit and loss (P&L) statements should be monitored every month. Based on the balance sheet, the discount offers should be implemented to cancel off payment loss. If in any case the revenue target of the previous month is not met then it should be added and compensated in the next month’s sales. The discount rates in flash sales should be fixed accordingly.

Eying on the competition 

Before fixing the price of a particular product of your brand, you should be aware of other rival brands offering competition in the same area. The difference in prices of the two brands can make a huge difference collectively. By understanding and analyzing the trends in the market, you’ll get a clear picture of how to implement the plan. Even the slightest 1% increase in your discount price can result in a massive profit gain for your brand.

By keeping all these points in mind and acting accordingly, you could surely devise a plan and fix the discount rates for the products in a way that ensures final profit.

How MIS improves operational efficiency of online merchants

How MIS improves operational efficiency of online merchants

More often than not, online merchants face the issue of data accuracy and reliability. As enterprises of the information age, every business owner needs a robust information system, to manage the overwhelming amount of data and reduce human error. A Management Information System goes a long way in adding value to business functions and ensuring operational efficiency.

Here are some of the key contributions of MIS to your online business.

Helps in organizing data

With the high volume of data, information, and statistics your site collects every day, you need them to be organized for better analysis and make intelligent decisions. By sorting irrelevant data and organizing the necessary ones, it helps increase employee productivity and keeps the business processes seamless.

Addresses crisis situations

Imagine a system which can analyze stocks and predict future market performances. If you are in the stock business or dealing with the finance market online, then an MIS could be your valuable business tool. With the right MIS, you can have better foresight and avoid any probable crisis.

Helps store information

In a time of data overload, your business needs a mechanism that will help you archive vital data for future reference. MIS does just that. Such systems stores all necessary information in a user-friendly, easily retrievable database which helps you keep your data safe for a long time.

Encourages you to make decisions easily

Your business strategies and decision making are completely dependent on the kind of ‘information’ you have from your past performances, current market scenario, future predictions, and so on. With a comprehensive information system, you can have the entire picture laid out in front of you and be well-equipped for more strategic decisions.

Helps you get a better insight into your business

Markets are changing, leading every enterprise to stay ahead of their game. With an intelligent information system at your disposal, you can get better perspectives to the future of your business, your competition, and challenges.

As businesses become more data and information driven, the need for a robust system increases. MIS enables management of every piece of such dynamic information with minimal human intervention.

5 things to remember before you get your business on marketplaces

5 things to remember before you get your business on marketplaces

The most logical move for any retailer today is to explore online marketplaces. Whether you are a small start-up trying to establish your business, or a seasoned market player eyeing to expand, a marketplace gives you exposure to an infinite market and a whole lot of business benefits that can come handy in the long run. However, every new move takes a lot of preparation and sound decision making. Before you select and plan to foray into a marketplace, there are a few things to consider.

Here are the most important of them:

Traffic volume of the marketplace

How much traffic does your target market yield on a daily basis? Does the number suit your objectives? Although the site will have an existing customer base, it is still essential to know how big it is. More so for niche products/segments where the relative marketplace might not have a high traffic volume.

Marketplace fee structure

Of course, there are fees and associated costs involved when you enter a marketplace. Confirm if they charge a sales commission, listing fee, branding cost, or do they have a customized fee structure. Also, confirm if the shipping and handling charges will be borne by them or you.

Site Policies

Needless to say, you will have a few rules to follow on a marketplace than on your own e-commerce site. So ask about branding and marketing possibilities, setting up your own store, and most importantly, return policies.

Customer base

One of the biggest benefits of a marketplace is the readymade customer base they have. But that can never guarantee any sales figure for you. As a seller, you can make the most of that existing set of customers and use your own strategy to drive sales. There are various ways you can do this, including optimizing your product listing, increasing the visibility of your items, and product bundling.

Seller support

Since you are new to the marketplace you will need a lot of technical and operational support. Ask if you will be assigned an account manager or DIY tools and tutorials to guide you through the establishment process and even after. For more efficient operations, seek the support and advice of an online marketplace expert.

5 Strategies you should consider while running ads on marketplaces

5 Strategies you should consider while running ads on marketplaces

For every online retailer today, being present on leading marketplaces is a given. While the marketplace does their bit to boost sales for their sellers, the retailers also need to constantly upgrade their marketing techniques and strategies to be ahead of their competition. And one such activity to be seriously considered is advertising on marketplaces. Read on to discover a few techniques of marketplace management which can yield better results from your marketplace advertising.

Leverage the buyer’s intent

Most often than not, retailers place their product ads as a means of ‘awareness’. Shoppers on marketplaces are there with the intention of buying. While awareness is required but that could be saved for social ads or other newsfeed ads. Marketplace ads need to be more specific and ‘intent-driven’.

Make the most of keywords

Most leading marketplaces like Amazon have their own keyword tool. Like regular search engine optimization, this tool will also help you identify the right set of keywords you can use in your brand messaging and target users based on what they are looking for the most. This will not only make your ads more efficient but also help you drive better results.

Be clear about pricing

Your pricing strategy should be consistent and reflect on your advertising message. Whether you are offering a discount on your markup or bundling up products and offering a holistic price, your ads should be transparent and linear.

Optimize your targets

You can use both manual targeting and automatic targeting while developing your campaign. You can create a run a keyword campaign using manual targeting for better control and combine it with automatic targeting.

Content around context

Your ad copy needs to be in sync with the trend. For instance, a festive season and cannot be generic about the brand or a special feature. Rather, it should highlight the mood of the season and offer a purpose for the shopper for the particular time period.

Announce your offer

And we mean discounts. But discounts and freebies do the trick when they are pronounced out. Action words like ‘lightning deals’, ‘last X items remaining’, ‘going in X hours’  or bold, striking colors and images can make your offer look like one no shopper can refuse.

Indian Retail: Embracing a Marketplace Mindset

Indian Retail: Embracing a Marketplace Mindset

The Indian retail industry has emerged as one of the most dynamic, fast-paced, and profitable market segments. Global retail giants consider this market to be the 5th largest investment destination in the world owing to its expected growth of nearly USD 3600 billion by 2020. Riding on factors like the changing economic landscape and easy credit options, coupled with rising income of consumers, the retail space is enjoying a consistent growth, contributing to almost 10% of the country’s Gross Domestic Product (GDP).

Furthermore, the increased digital connectivity of the dominating millennial population exposes them to global trends, creating an opportunity for retailers to meet the ever-changing lifestyle demands of the modern Indian consumer. Of all emerging trends in the retail industry, the rise of online retail has taken the industry by storm, especially in recent years. Driven by domestic startups and robust investments from international investors and ever-increasing internet users, India is expected to become one of the fastest growing e-commerce markets in the world. Retailers with physical stores are exploring online retail to be at par with the changing trend and address competition from the newer players. In short, e-commerce has brought about a revolution in the Indian retail space.

But how does one successfully thrive amidst this ever-expanding and disruptive market? As the need of the modern consumer surpasses tangible products and extends to best user experience or online journey, their changing behaviors call for a smarter approach to retail. That is where the need for a smart marketplace strategy comes into play. By leveraging all digital channels and diverting resources towards online store management, retailers are now being able to target more customers across smaller cities and towns, where earlier it was impossible to reach physically. Furthermore, with marketplace management services offered by the marketplace giants, retailers today are not afraid to embrace new trends and explore the new domains with open arms.

And thus from the traditional brick-and-mortar stores to the vast, virtual marketplace, the Indian retail industry has come a long way, letting every marketer and retailer enjoy their very own piece of the pie!

Festive Season hacks to nail online Marketplace management

Festive Season hacks to nail online Marketplace management

For every Indian, this is the most awaited time of the year, when everyone strives to give and get the best things money can buy. Festive season shopping has evolved from store hopping to marketplace shopping, with grander shopping experiences and options. If you are a retailer or a marketer, you would want to invest all your time and efforts in your E-commerce marketplace management and make the most of this festive season:

Here are a few hacks to guide you through:

Personalize
The best way to reach out to different regions and cultural communities is to personalize your message/product for each of them. For example, for buyers in Chennai, it would have more impact if you use a regional connotation in your brand messaging, that your local shoppers can relate to.

Use the impact of scarcity
Psychologically, customers are always driven by a sense of urgency. For example, ‘Last 3 hours of sale’ or ‘Last 5 items remaining’ (for vanity products) have more chances of conversions than running a ’30-day festive sale’. Use the effect of scarcity to push customers through the marketplace funnel.

Avail the benefit of fulfillment services
With an increased demand for products, consider opting for fulfillment services offered by marketplaces, like FBA by Amazon. This helps you with on-demand warehousing, dedicated logistics, sales support etc. You can also look for a marketplace management service to manage operations, while you can focus more on the strategic aspects of your E-commerce business.

Create product mixes
Most shoppers look for a mix of products to gift this season. You can promote product combos based on what the marketplace is promoting or create your own combinations, based on your sales numbers. This is also a good time to add giveaways with slow-selling products and clear up the inventory.

Automate your processes
When you are running around to fulfill increased orders and deliveries, you cannot slack at any point in the entire process. To make it easier and more efficient, implement an automated inventory management system which will monitor inventory, delivery, returns etc.

With these smart hacks, you can get the maximum value in terms of sales, visibility, and traffic, and turn the festive season into the most successful time for your retail business.

Is it the right time to get your business on the marketplace?

Is it the right time to get your business on the marketplace

The constant endeavor of any retailer is to grow the business and take it to the next level. Whether you the owner of a brick-and-mortar store or a web store, your next move is obviously going to be on the marketplace. But are you ready to join the big, wide world of online marketplaces yet?
Here are a few indicators that could help make a better decision:

Your current set up is asking for more investment
Although it is easy to set up the store in the first place, it takes more investment of time, effort, and resources to take it to the next level and make it exceptional.

Managing your marketing activities is becoming cumbersome
No matter how much you push your marketing activities, there’s only so much you can do single-handedly. Marketplace management includes automatic marketing strategy that helps each retailer to be on the promotional bandwagon, and boost your own marketing efforts.

Your sales strategy feel outdated
The E-commerce industry is evolving every day, with new features and advanced processes, which can enhance your brand visibility online. Marketplaces make the most of these and build a robust strategy with live chat services, product videos, user-generated content, and so on, to keep themselves updated with the customers.

You realize the need for smarter payment methods
If you want to expand your customer base, you need to have universal payment methods that work everywhere. If you feel that the payment process is restricting you from expanding your market, then online marketplaces can help you reach out to more customers with their multiple, easy payment options, and suited to different regions.

You are not too savvy to handle tech operations
When it’s your own store, you have to take care of every operational aspect, including tech support. Even if you hire a resource, you still need to be well-aware of basic troubleshooting etc. With marketplaces, they have dedicated teams to handle the complexities of tech operations, so, even the non-technical retailers can operate without much hassle.

For more efficient operations, you can also seek the support of marketplace management services and enjoy your own piece of the E-commerce pie!