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Social Media ROI Measuring and Managing

Social Media ROI Measuring and Managing

Did you know that more than 60% of consumers today rely on social media before making a purchase decision? And about 71% of such consumers will more likely make a purchase based on referrals from the social crowd. That goes to say, that a lot of your business success rides on your social media presence.

Needless to say, social media activities are a big investment for businesses and it is essential that you measure your social media ROI to get a fair assessment of your efforts.

Measuring and managing social media ROI

To assess the results of your efforts, you must first set your decide what you want to measure- Brand awareness (traffic/followers) or lead generation or sales (conversions).  Accordingly, you can measure each KPI.

Here are a few things you can start with:

Website Traffic – Are your social media activities increasing your site traffic? Do you have more returning visitors or new users? If you see a constant increase in the traffic, then you should continue with your strategy. If not, then you might need to relook at your approach.

Followers – Do you see an increased number of followers on your social media page? Is it because of your regular marketing efforts or a particular campaign? Although more followers do not directly translate to increased sales, an increased outreach would mean brand loyalty and more awareness, which can prove to be beneficial in the long run

Conversions – Is your social presence resulting in increased sales? Or is it a particular campaign that leads to conversions? Look at your Page Analytics data to determine your leads and what is driving them.

Know your numbers

The numbers that you extract can tell you a lot more than direct results of your effort. You can also analyze the data on engagement, reach, impressions, views etc. Once you have all the data, compare the numbers (results) against your expectations and that of your competitors.

To monitor all your social media activities, you can either use the inbuilt tools provided by each platform or use comprehensive analysis tools like Google Analytics.

While you might be doing everything to boost your social presence, the dynamics of social platforms keep changing almost every day. With the help of a social media company and industry experts, you can enjoy increased ROI from your marketing investments

5 ways to be productive on social media

5 ways to be productive on Social Media

Social media marketing can be an overwhelming task. It involves multiple tasks like organizing, planning, and writing, designing, communicating, and analyzing data. Social media management blurs the line between creative, analytic, and management skills. Most often than not, in the process of multi-tasking across so many aspects, one loses out on the productivity, resulting in minimal output from maximum efforts.

To boost your productivity on social media and ensure that your marketing efforts bring real results, here are a few tips:

Plan ahead

Before you start doing anything, create a social media strategy, followed by a calendar which includes your marketing objectives, content theme, number and time of posts, and corresponding creative for each. You can create a monthly, or a quarterly strategy and create weekly calendars so you have your week scheduled. You can also use social dashboards like Hootsuite or Sprout Social to schedule posts.

Know your limits

As much as the social landscape looks alluring, you cannot possibly be present everywhere. While creating your strategy, assess where your audience is and target those platforms specifically. Limit yourself to three or maximum five platforms, which you cannot do without.

Stay updated

Instead of scouting through endless news feeds and trending posts, set alerts for content that are relevant to your industry. Share these as branded content with your business perspective to a generic news.

Be organized

When there are too many task to handle, there are chances you can miss out on something. Being organized remarkably boosts productivity of social marketing. Consider using project management tools like Basecamp, Trello, etc. to collect ideas, coordinate with teams, and set alerts.

Consider outsourcing

When you are pressed for time, outsourcing comes to rescue. With the help of a specialized social media marketing company, you can improve your social productivity. These agencies are always updated with the latest social trends and industry updates, and use their experience to boost your social presence, monitor activities and drive ROI, so you can focus on the other important aspects of social media management.

Magento B2B and B2C

What to Pick: Is Magento different for B2B and B2C?

Despite their technical and theoretical differences, B2B businesses, especially in e-commerce, tend to get affected by B2C strategies, as online retailers work harder towards better user experiences, setting benchmarks of B2B enterprises to follow and align themselves to the changing buyer demographics and behaviors. B2B e-commerce is more about a strategic opportunity for enterprises while B2C is more objective-oriented.

For enterprises to meet their user expectations, they need to understand and assess the space they want to be in and design their ecommerce store accordingly.

B2B vs. B2C e-commerce

B2B e-commerce

B2C e-commerce

Fewer but large-sized clients.

 

A broad customer base of all sizes.
Highly customized sales or post-sales process Standard operational and sales procedures across all customers
Higher order value. Average order value is generally lower than B2B
Flexible payment options depending on buyer. Simplified payment process with standardized tools.
Big order values call for more information, details, before finalizing a purchase. Products come with fewer attributes and offer basic, fixed information to all customers.
Longer lead to conversion time. Most retail products have a shorter conversion time.
Involves personalized pricing and negotiations, subject to quotations and contracts Except for promotions, discounts, or special offers, prices are fixed and standard for all customers.
Purchases are based on business and functional needs. Purchases are based on personal preferences or emotion-driven needs.
Have long-term relationships with clients for reordering opportunities. Clients have multiple choices and most purchases are one-time from the same source.
More emphasis on brand value, trust, and relationship with clients. More strategic marketing and analytics-driven.

E-commerce Development Company for B2B & B2C businesses

Whether you are catering to enterprises or consumers, you need to have a state-of-the-art e-commerce solution for your business. Thankfully e-commerce development platforms like Magento do not differentiate in B2B and B2C e-commerce. Magento offers the same instance to run both B2B and B2C storefronts. With Magento’s smart solutions you can now have mobile-first store designs and branding, without the hassle of managing multiple techniques. Seek the expertise of a Magento development company who can help you establish your e-commerce store for B2B, B2C, or both on the same platform.

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Ecommerce frauds

E-commerce Frauds: Risks, measures, and online implications

Online fraud is one of the biggest risk faced by e-commerce enterprises with global retail frauds rising to 30% by 2017. E-commerce fraud typically refers to any illegal or false transactions that take place across online stores. Hackers usually source card information of random users and use the data to make fraudulent transactions or share the data with other hackers

Assessing risks and measures of losses

As an online retailer, here are few ways to assess if there is a fraudulent transaction has taken/is taking place on your web store.

  • The order value and size is bigger than your store average
  • There is a request for fast shipping.
  • The delivery address is a little unusual.
  • The shipping and the billing addresses are not the same.
  • There are several cards used on the IP address
  • The user has multiple shipping addresses.
  • There are large quantities of the same product or multiple transactions in a short span of time.

The total cost of fraud can be measured as Direct Losses to fraud + Lost sales + Cost of manual review + Cost of technology (tools used to detect and solve).

Implications of frauds

No matter what causes the fraud, the implications are usually borne by the retailer.

  • Most frauds end up in a ‘chargeback’ to the retailer. Since the hacked card details might belong to a customer, the retailer must return the same amount to the cardholder once a fraudulent transaction takes place.
  • Chargebacks usually come with processing fees, transaction fees, legal fees, or currency conversions, if any, surmounting to a huge sum for the retailer. Along with chargebacks and refunds, retailers also need to measure the overall impact of frauds on their store.
  • Sometimes, if there are too many fraudulent transactions occur, leading to a large amount of chargebacks, the retailer is usually considered to be a high-risk merchant.
  • Furthermore, the product/s fraudulently sold is a product lost, since there is no ‘return’ of the physical product.

To prevent such scenarios from occurring on your store, always have clear shipping, refund, and return policies and address any unusual activity right when they occur. For smarter store management, resort to a trusted and reliable e-commerce development company like Magento and enjoy a safer retail business.

3 Things you need to Master to Sell More on Marketplace

3 Things you need to Master to Sell More on Marketplace

Online marketplaces are arguably the best thing that ever happened to the world of retail. And it has grown to be a major trend in the business. But for any retailer or marketer to thrive online, they need to constantly evolve and master new and innovative strategies for better marketplace management and make the most of the trend.

Here are the key techniques that you need to master and increase conversions.

Upsell your products

While you are putting maximum efforts in selling each and every unit of your product, diversifying your selling option might be a better strategy. You can bundle some of your most selling products with similar or related least selling ones. For example, a standalone shower gel might not be as attention-grabbing as a combo of soap, shower gel, and a bath towel. Or you could also throw an add-on at the point of purchase. For instance, if someone is checking out a shampoo, you can offer an add-on of a conditioner for a discounted rate.

Address your POS

Irrespective of a great user journey throughout the site and offering the best rates in your product space, you might end up with incomplete transactions at the checkout stage. This largely affects your conversions. To address this, you need to reinvent your point of sale strategy. Check what could be a probable concern. Is it the checkout procedure too long or not transparent enough? Do your payment methods cause problems? Avail the services of a market expert who offers AMO service and marketplace management service who can run an analysis of your user experience (from login to checkout) and help address your customer’s concern where and when it occurs, thus reducing the risk of abandoned cart.

Reviews

One of the most basic psyche of consumers, when they cannot make a purchase decision on their own, they tend to fall back on social proof and go by the word of mouth, the word being reviews in today’s world. In marketplaces like Amazon, if a product has more than 10 times better reviews than its competitors, chances are users (including you as a customer) will choose the former. You can send out your product samples to reviewers in exchange for honest and detailed first-hand reviews.

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!

3 Traits to Look For In a Magento Partner for Your Ecommerce Site

The success of your E-Commerce platform largely depends on the resources that you employ for its operations; your Magento partner being one of them. Finding the right service provider of Magento E-commerce can prove to be a long-term asset for your retail business. But how would you assess if you have discovered the right Magento development partner?

To help you make your search easier, here are a few basic traits you need to look for:

Your partner agency has a certification
Not that a certification is a guarantee of the best service, but being authenticated ensures a quality standard at par with global standards. Consultants/consulting agencies recognized by the Magento Certification Program are assessed and accredited on the basis of their knowledge and service. The program also certifies that they are directly connected to the Magento ecosystem, which further ensures direct support from Magento if and when required.

They constantly upgrade
The key to success and sustainability of E-commerce platforms is the constant improvement of the site. With a dynamic platform like Magento, the scope of such improvements multiplies a few times. The Magento Marketplace is always abuzz with new and improved tools and techniques. New Magento extensions, advanced features, and improved tools help you keep up with the industry developments and allow your business to meet the ever-evolving consumer demands and give you an edge. So, when you look for a Magento Partner, see to it, that your consultant works beyond just building the website and engages in a regular upgrade over an extended period.

They perform beyond coding
With myriad functionalities of Magento, website developers have plenty of opportunities to be creative with an E-commerce site, blurring the lines of design and development. A good consultancy will not only have the right development expertise but also required design aesthetics that comply with the platform, your business visions, and market trends. The right Magento partner will go beyond writing codes and give you a 360-degree service for a holistic E-commerce solution.

Finding and then finalizing the right Magento service provider is an important step towards a successful, thriving, and sustainable E-commerce business.

Do your marketing activities measure up to Social Media success?

Social Media makes for an indispensable part of your marketing strategy. Needless to say, you would do everything possible to make your efforts successful and increase your brand visibility on social media. But how do you know if your strategy is relevant and is working as expected? That is where social media metrics play a significant role.

Here are a few proven ways to measure social media success

Check for the effectiveness of your social media activities
To assess this, you must first set your social media goals and determine what you want to achieve out of your activities. Read, share, reply, click, purchase, or engage? The results of your activities will be effective accordingly.

Decide which metrics you want to monitor
Based on your ultimate goal, you will need to measure awareness, engagement, traffic, followers, and fans, or brand’s share of voice. Accordingly, you will only look at the numbers that matter.
For awareness– see volume, reach, exposure, etc.
For engagement– see retweets, comments, shares, replies, and participation in contests/polls/discussions.
For traffic– see URL shares, clicks, conversions, time spent on your site, activity on your site.
For followers– track contributors to your page/s/profiles and their influence on the rest of the audience.
For the share of voice– track your brand’s mention among your competition

Calculate the metrics that you need
You can look at ongoing activities to measure and monitor all social activities over a period (week/month/quarter). Or you can focus on campaign-based activities for specific results.
Once you know what to measure, look for tools to extract the data and analyze them. You can use the inbuilt analytics tools provided by most social media channels or use third-party tools.

Interpret the numbers that you extract
This is the most important part of your analysis and will determine if your social efforts are bringing any results or not. Compare a) number you got against what you expected, and b) your results against your competitors against related products/campaigns.

Numbers do look great on the monthly report but measuring social media activities can do more than that. It helps you learn about what is working for you and what isn’t, and what can you do to improve your strategy and create a robust plan.

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?

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!

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