A study by Nielsen at the end of 2020 showed that more than 68% of online business owners lack the necessary knowledge about business and management. Most of the stores were opened spontaneously according to the movement and proliferation of online business, lack of management experience and specific development strategy.
How can an effective online store be managed? In this article, we will introduce to store owners 4 important management tips you must know in order for your store to be profitable.
Choose products carefully
For a successful online business, the most important factor in choosing products. Quite a few people have failed at this seemingly simple step. A good product will save you a lot of communication and advertising costs, reduce the risk of inventory and many other benefits.
A suitable product for online business needs to meet a few criteria such as:
- Less competitive products
- The product is not too popular and is sold a lot in stores and supermarkets
- Products are easy to transport
- Products are in great demand
- Product is easy to maintain
- Products have an abundant supply
Product price optimization
Customers' trust and satisfaction in your shop do not depend only on the product, first of all, the price will attract them. A good price coupled with good product quality will make it easy for customers to spend money on your product.
However, price optimization also has many stages, you need to conduct a customer satisfaction survey about the product, their expectations about this product, the additional costs that customers have to pay when buying the product. They buy the product, at what price competitors are selling. From there, offer the most suitable and attractive price for your customers. To be able to sell products at a good price, you also need to take care of eliminating unnecessary costs that are not really important, causing waste.
Thorough research to understand your customers
Customers are the key to the success of your business. The more you understand your customers, the more appropriate the sales plans and policies you offer, close to the target customers. Your online business also becomes easier. You should ask questions around your target audience and seek to answer them in detail.
- What are their needs ---> Products to sell
- What online channels do they appear on ---> Media channels
- What time do they usually buy -> The right time to communicate
Remember that you have to put yourself in the customer, understand the customer psychology to help your product get closer to the customer, always and always understand your customer insight.
Use support apps
Many sellers have and are still managing their goods with books or excel sheets on computers. Such manual management takes a lot of time and effort if the size of the store increases, the number of customers and orders increases.
In this age of technology development, reporting applications are the optimal choice for online sellers. Only by operations on your personal computer or mobile phone, you can capture important store information about: Sales, orders, customers, taxes,... All Automated processes help you save a lot of time and effort and still bring high efficiency.
Some reporting applications you can refer to and use such as:
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