HOW TO CREATE A STORE ON FACEBOOK

4 popular ways to build a Facebook store

Many retailers are considering whether or not to develop an e-commerce offering into their Facebook presence. If that’s you, you’ll be in good company as brands big and small have all seen the advantages of Facebook commerce.

1. A downloadable app that allows you to transact within your existing Facebook presence (see Pavyment)

2. A catalog application that organizes your products, but links back to your existing online store

3. An integrated e-commerce platform that includes extensions to include Facebook commerce

Pavyment application allows you quickly and easily create a storefront on a facebook page.

I had our storefront with one product set up within 15 minutes.We also highly recommend the following

system if you want to really learn how to sell on Facebook. This allows you to create a separate tab on any

facebook page called Storefront. The only draw back is it only allows you to take payments from Paypal,

although Paypal does allow people to pay with credit cards

How Much Does it Cost?

Currently to set up a storefront the cost is zero, yes free. As of now they don’t charge anything or take any cut of your sales.

How Do I Set Up a Store?

1. You must have a paypal account, both personal and business is work.

2. Create an account on Facebook

3. To set up the store just go the application page here and follow the directions outlined.

Adding a new product is a 2 step process. Enter item data and upload an image.

Some features this store has:

· You can create multiple categories of products

· Option sets (such as different sizes, colors)

· Tracking of sales

· Ability to feature a product on the main page

The Best Option for a Facebook Store

Retail Insights will help you in setting up Storefront with great features to help you make the most of your Social Media storefront. Also will integrate with the existing e-commerce platform to give the customer omni channel experience. Add on to the above google ad words will give best ROI.

Contact: sales@theretailinsights.com || skype: retailinsights ||+91 7795001231

September 17, 2013April 11, 2023

Markdown Optimization and Dynamic Pricing. Best Pricing Strategies in Retail

Competitors – IBM Demandtec, JDA Price Optimization, and Oracle RPM. Contact us today.

September 13, 2013April 11, 2023

How to do Markdown?

Markdown Optmization

By Definition: The velocity (rate of sale) of an article, typically for clearance at the end of a season, or to sell off obsolete merchandise at the end of its life.

The timing and level of markdowns in a selling season is critical to maximising return on sales. This is often measured as revenue realization: the proportion of the potential original selling price achieved. For example, a revenue realization of 50% means that only half the potential full-price sales value was achieved by the end of the season. It is also important in minimizing terminal inventory, i.e. the amount of merchandise left when the season is finished.

A recent trend has been to use Demand Optimization software to establish the most desirable timing and level of markdown. Optimization techniques can be used to determine where the best combination of revenue realization and terminal inventory is going to come from, for example, comparing a tactic of low-level markdowns from early in the season against one of later, deeper reductions.

Markdown strategy is referred to as “Markdown Optimization”.

Retail Insights Markdown Optimizer is a software tool used by Retail Buying Managers and Merchandisers to analyze and decide on which items to go for markdown, what markdown % gives best performance, foresee the impact of markdown and run markdown. Markdown Optimizer allows them to follow a series of steps to analyze, decide and process a markdown.

Cyclical continuous process to achieve inventory, profit and revenue objectives

Build markdown plan for a store or group of stores or chain
Create, forecast, compare and evaluate multiple markdown pricing scenarios
Automate and streamline the markdown pricing process

” Analyse performance of merchandise hierarchy levels for each/aggregate stores”

“Identify specific styles to do markdown and discount % that gives best results”

“Evaluate the Markdown Cost, What–if and Projected Sales and Totals”

“Decide the Markdown and go for execution”

September 11, 2013April 11, 2023

Trade Promotion Strategy and Key Performance Indicators. Instore Branding

Trade Promotion Strategy

A key component of the promotion strategy is the role of trade promotions by brand.

Drive incremental sales

Increase market share and brand loyalty

Buy-down everyday retail price

Bottom up vs. Top down Budgeting

• Top down Budgeting:

Spending budgets by account can be allocated by sales management to
each sales representative or account as described in the above process step.

The advantages of
this method are:
Ensures budgets are allocated based on overall corporate Promotional Strategy for the
Brand/Product.
Ensures that account level budgets will meet overall spending budget.

• Bottom up Budgeting:

Each sales representative can determine the promotion dollars needed to
meet their sales targets during the Create Promotion Plan process step. In this case, a bottom
up approach is used where each individual account budget is rolled up to an overall spending
level. The overall spending is compared to the total available dollars prior to approval. In this
scenario, the Allocate Budget to Accounts process step is not performed. The advantages of this
method are:
? Budgets can be generated based on needs at the account.
? Account opportunities rather than just historical sales can be included in the budgeting
process.

Promotion Plan by Account/Product: The promotion plan for the account will list all of the
events that are planned during the planning period. Information about each event will include:
? Event start and end dates as well as order and shipment dates for the promotion
? Products included in the event
? Expected base and incremental sales for each product (lift)
? Event tactics (end-aisle display, temporary price reduction, ad feature, etc.)
? Event costs (per case shipped to retailer, per case sold by retailer (scanned), lump sums)
? Payment methods (off-invoice, bill back, separate check)
? Expected profitability for the event (incremental Return on Investment (OI))

Key Process Measurements

• Trade Promotion Spending as a Percent of Sales: A common goal of initiating effective
trade promotion practices and analysis is to be able to more efficiently spend trade promotion
dollars – getting more revenue gains for fewer dollars. Measuring trade fund spending as a
percent of sales will help to determine if we are meeting that goal.
• Return on Investment for Promotion Dollars: Currently many manufacturers look at
revenue and case volumes rather than ROI. Implementation of effective trade promotion
processes will enable us to capture ROI and to see it increasing.
• Accuracy of promotion plan – revenue and spending projections: Compare actuals to
plan and document where differences occur. Over time we should see greater accuracy of the
plans – eventually leading to better production scheduling and reductions in the number of outof-
stocks.
• Number of outstanding deductions: The overall deduction balance should decrease over
time
• Time to resolve deductions: The amount of time needed to resolve and clear a deduction
should decrease.
• Additional distribution for a product
• Adding more facings for an established brand: Gaining facings for a new product
• Consistency of product demand: While promotions are being run, we will often see huge
increases in shipments of the promoted products followed by little or no demand for the
product. This indicates that retailers are forward buying the product at the lower promotion
price and storing it for future sales. The overall promotion strategy and plan should look to
reduce the amount of forward buying and diverting by retailers and even out the demand.

Contact us :sales@theretailinsights.com||skype: retailinsights||+91 7795001231

September 10, 2013April 11, 2023

In-store Ad Space and Trade Promotion Management Best Practices, Space Management, Space Planning

Trade promotion management is defined as the process of planning, budgeting, presenting and executing incentive programs that occur between the manufacturer and the retailer to enhance sales of specific products. For example, a manufacturer paying a retailer to feature their product in the retailer’s weekly newspaper advertising or paying a retailer to build a special promotional display in their store are both considered trade promotions.

How do you evaluate trade/In-store promotion to help retailers?

1. Can you easily identify proﬁtable promotions, and do you have a clear understanding of their true economic and strategic contributions?

2. How well do you understand the underlying strategic considerations that are inﬂuencing your customers to help better deﬁne and implement promotions, including retailers’ brand-label promotions?

3. Do you understand what you need to do to help increase the overall performance of your trade

promotion programs?

4. Do you know how your performance compares to that of your competitors?

5. How do your accounts perceive your responsiveness and understanding of their needs related to promotion?

6. Do you have a clear picture of all the various ways in which your organization interacts with your customers during a promotion?

7. Have you aligned your measurement and reward systems with how well your trade funds are allocated?

8. How do your accounts perceive the value of the relationship that they have with you?

9. Have you established mechanisms for jointly establishing trade programs with your customers, and do you regularly measure performance relative to these targets?

10. Have you taken advantage of best-in-class programs developed outside your geography or region?

Promotion timing:

Failure to have the right product on the shelf at the right time can result in missed opportunities. In many cases, this is due to a lack of consumer insights. An understanding of seasonality and cannibalization can help you plan for optimal timing and sequencing of promotions.

Asset utilization:

Many companies feel that they get little to no incremental value from trade promotio

ns. What you need is more predictive forecasting of volumes and trade promotion spend. Linking this information to key performance indicators (KPIs) can help you plan the right promotions to realize a better return on space

Manual data analysis processes:

As data complexity increases, using manual processes can cause you to waste time and miss opportunities. Reducing administrative time can, in turn, reduce your operational costs and also allow for a more nimble organization. You can understand and modify plans and promotions to help improve results.

Contact us:sales@theretailinsights.com|| +91 7795001231||skype:retailinsights

September 5, 2013April 11, 2023

In-store Ad space/Brand Management (Brands and Retailers Connected), Top 10 emerging In-store Solutions

Retail Insights “In-store Visual Space Management” application will help Retailers to connect

Brands/Manufacturers effectively in professional & organized manner on the Promotional Space

available in the stores

Who and why in need:

Retailers and Outdoor marketing agencies who want

to sell the visual ad space and assets to the multiple

brands/manufacturers.

It is necessary for retailer to manage and promote

in-store spaces affectively as there are “In-direct Revenue”.

It is also essential to streamline the marketing process for

the brands right from identifying the assets/space in the

stores and run promotions is a specified period.

Retail Insights Solution:

1. Application which allows retailer to identify the Promotional
Display Assets in stores
2. Display asset catalogue will be listed on the application with
price and discount attached
3. Application which allows retailer to maintain store attributes
like location, affinity and demographics
4. Application provide brands the reservation capability of the
promotional of the assets and give first-hand information on
Booked, Overlapped and Available Assets
5. Brand has the flexibility to launch the promotion in group/cluster of stores
6. Retailer has given the final authority on the in-store space.
He has final say “When, Where and what” to promote in the stores in transparent
manner.
7. Capability of score carding/dashboard enable retailer to measure
performance of In-store space.This will in turn directly impacts
retailers “Revenue Growth in the Shrinking Economies”

Contact:sales@theretailinsights.com || +91 7795001231 || skype:retailinsights

September 4, 2013April 11, 2023

Starting A Business Online Is Ideal…..

Ways to Start an Online Business

You don’t have to be physically present to make money. Your computer can take orders for you even while you sleep.

There is little or no overhead to maintain your website.

Most if not all of the backend software is already written for you. …All you have to do is to set things up and customize it.

These days, opening up your own online business is easier than ever thanks to the many services and free software available on the internet. In fact, you can start an online business completely from scratch for as low as 300 dollars a month!

In order to make money online, you have to have goods to sell to the end customer. And to sell goods, you have to have a storefront. I’m going to show you just how easy it is to open your own online store in 5 easy steps and I will cover these 5 steps.

Options are…

When most people think of owning a store, selling and delivering physical goods is usually the first thing that comes to mind. However, shipping physical goods is only one of the many ways to make money with an online store.
Did you know that you can setup up your store such that all you have to do is take orders and have the manufacturer fulfill them for you? Have you ever stopped to consider selling informational products that require no shipping whatsoever? I’ve outlined below the various ways to make money with an online store along with the pros and cons of each.

Dropshipping

Dropshipping is one of the easiest ways to start an online store without ever having to worry about carrying inventory. Once you have set up an arrangement with a dropship distributor, all you have to do is set up your online store and take orders. As orders are received, you simply pass the customer information along to the distributor who is then responsible for delivering the actual goods to the end customer. The profit you make is the difference between your selling price and the wholesale price you’ve negotiated with the vendor.

Selling Physical Goods With Inventory

This is the most traditional way of making money via an online store. You purchase physical goods from the manufacturer at a wholesale price, stock inventory and ship the goods directly to the end customer. It sounds like a hassle and it definitely can be troublesome at times, but the profit margins are extremely high compared to dropshipping. It is because of the high margins that opening up a traditional online store is one of the fastest ways to make a meaningful amount of money in a very short period of time. The negative aspect of opening a traditional store though is that it involves greater risk because you have to put some of your own money up front to purchase inventory.

Opening up a traditional online store has been an extremely profitable venture

Selling Your Own Goods

Not everyone has the intelligence, creativity and aptitude to sell their own goods created from scratch, but those that do so successfully make the most profits of them all. The hot ticket items to sell online these days are informational goods. Why? It’s because you don’t have to ship anything physical. You can deliver informational products with a simple download once payment is received.
If you have a special talent or possess knowledge that is scarce, selling your own goods is definitely the way to go. Best of all, you get to keep all of the profits.

Selling as an Affiliate

Becoming an affiliate is very similar to being a drop shipper except that you carry no responsibility whatsoever. All you have to do is to refer someone to a product or service. If that person makes a purchase, then you get a cut of the sale. Once the sale is made, you are out of the picture altogether. Being an affiliate is by far the lowest energy way to make money. Unfortunately, it also carries the lowest profit percentage.

contact: sales@theretailinsights.com||+917795001231||skype:retailinsights

September 3, 2013April 11, 2023

Top Trends in Digital Marketing

Digital marketing is always changing and evolving, You can increase visibility and organic traffic through SEO, and build a brand.

Do you know Online Retailers Are Losing 67.45% of Sales

You’re losing money. We haven’t even met, yet I know this because the data supports it; that each and every day you’re losing potential orders on your website.

Cart abandonment causes online retailers a great deal of pain. How much pain?

For every 100 potential customers, 67 of them will leave without purchasing. How much would your revenues increase if you were capturing those sales instead of losing them?

Let’s look at a quick example. If you’re currently making $15,000/mo in online revenue and could turn just 25% of those abandoned orders into sales, you’d make an extra $45,000 each year.

Why Shopper leave without Paying??

Presented with unexpected costs: 56% of shoppers said that being presented with unexpected costs is the reason they leave without completing their purchase. You’ve likely experienced this before. You find an item you want to buy and click Add to Cart. When you decide to checkout you’re presented with additional fees and charges that weren’t clearly listed on the original product page. Not feeling so hot about making the purchase anymore you leave.

Website crashed or was too slow

Price presented in a foreign currency: Most online retailers are now accepting international orders. If you are, it’s important that you display, or provide the ability to show, what the cost will be in the shopper’s local currency.

Approaches to Reducing Shopping Cart Abandonment

There are two ways to deal with shoppers leaving your store before buying. They can be broken down into two groups:

1) Before Cart Abandonment

2) After Cart Abandonment

Before Cart Abandonment

The Before Cart Abandonment stage is simply when your customer is still on your website. While they are on your site many things can go wrong. But if you follow these steps you’ll be sure to increase the number of customers that complete your checkout process.

Here are 10 steps to make your checkout more effective:

Show Images

Provide clear thumbnails of the actual items the customer is purchasing. Rather than simply having text to describe what they are buying, it’s always better to show an image of the item(s).

Display Security Logos

The Statistia study above showed that 17% of shoppers don’t purchase because they are concerned about security. In a test published by Get Elastic, an online retailer found that by placing a security badge on their site sales increased 4-6%. It’s important to note however that there are other studies that show a decrease when using these logos. So it’s important to test the placement and style when using these.

Test Single Page vs Multi-Page Checkout

Some studies have shown single page to be more effective. Yet other retailers see better results from multi-stage. If you’re going to use multi-page checkout, be sure to include a progress bar that shows the customer how many pages there are and what page they are on in the process.

Make Editing the Cart Easy

Shoppers don’t want to be locked in to the checkout page. If they made a mistake in their selection or need to edit it for some reason make sure it’s easy for them to do so.

Offer Different Payment Methods

Consider offering payment by Visa, Mastercard, American Express and Paypal as well as other payment solutions depending on the audience and demographic you’re targeting. Shop no 47 saw a 15% increase in their checkout process simply by enabling the option to pay with American Express, which wasn’t offered out of the box with their payment processor.

Offer Support

Providing a toll-free telephone number or chat box on the checkout page gives shoppers confidence and eases any concerns they have. Plus if they do have a question it’s better to have them ask it right then and there rather than leaving the site and hoping that they remember to ask the question later and come back.

Avoid Registrations

One of the biggest turnoffs in some checkout processes is being forced to register on the website in order to complete the purchase. A study by User Interface Engineering showed a 45% increase in customer purchases when forced registration was removed from the checkout page.

Offer Free Shipping

A Deloitte study found 69% of shoppers are more likely to shop with online retailers who offer free shipping. And a ComScore study found that 61% of shoppers would quit their order if free shipping wasn’t offered.

Add Testimonials

Unless you’re a well known brand, credibility will be an issue for you. By displaying testimonials and reviews from customers you can help alleviate any concerns shoppers may have.

Offer Price Guarantees and Refunds

Remember that 36% of shoppers don’t complete their purchase because of price. By offering a price guarantee you give the shopper confidence that they’ve found the best deal and have no need to compare prices with your competitors. And by having a clear and practical refund policy you’re adding peace of mind to the shopper’s experience.

After Cart Abandonment

After implementing the changes on your website it’s time to look at what you can do if the shopper still decides to leave without purchasing.We’ll now explore two of the most powerful ways to deal with abandoned carts.

Ad Retargeting

According to AdRoll, a retargeting platform, “2% of shoppers convert on the first visit to an online store. Retargeting brings back the other 98%. Retargeting works by keeping track of people who visit your site and displaying your [retargeting] ads to them as they visit other sites online.”

The above diagram from Retargeter shows how the process works. A shopper comes to your website and leaves without purchasing. You can then use a service like Google Adwords, AdRoll, or Retargeter to display the ads you choose to that shopper as they visit other sites online.

The retargeting ads you display can be as targeted as you want. If a buyer comes to your site to purchase a hat, you can have retargeting ads of that same hat show up when the shopper is on a news or music website for example, as long as those sites accept the ads – and many of the top sites online these days do.

Sample Results

Get Satisfaction used retargeting to increase their ROI 248% over a three month period. Janardhan Silks, a fair-trade fashion retailer, was able to get 30% of non-converting visitors to return to their website through retargeting.

Email Recovery Campaigns

Another way to get shoppers back to your store to complete their order is through email recovery campaigns.Here’s how it works: You setup personalized emails that get sent to the shopper if they don’t complete their purchase.

If you’re using a multi-page checkout it’s easy to get the shoppers name and email address upfront.

You then create a series of 1-3 emails that will get sent out to that shopper at set intervals after they have abandoned the cart and left your site.

The emails should include: Pictures of the item they selected, Reviews or testimonials from other shoppers, Guarantee and refund policy information, A strong call to action to get them back to your site

Timing the emails: 1st email – should go out within 24 hrs, 2nd email – send within 2 days, 3rd email – send within 1 week

Retail Insights Solutions:

Offline Marketing
Messaging advantages of online and buying directly from manufacturer by giving discounts
Contacting end customers directly or through intermediates
Partnership with communities – e.g. with associations
Ad-retargeting
SEO & Best Practices
Online Marketing
Google ads
Facebook campaigns and building online community, E-mail Recoveries
Designing new themes on the website etc.

Stop Leaving Money on the Table

Many online retailers are losing money each and every day due to cart abandonment. By implementing the techniques and tools you’ve learned about in this article you can get more shoppers to complete your checkout process the first time. And if they do decide to abandon cart, and some always will, you’re well equipped to get them back to your website to complete their purchase. Put these ideas to work and you’ll be well on your way to increase your store’s sales.

Contact: sales@theretailinsights.com ||+91 77950 01231

September 3, 2013April 11, 2023

10 Benefits of Online Shopping…Retail Insights will enable with leading platform provider Magento

1) Convenience: The convenience of this method of shopping is what I like best about it. Where else can you do shopping even a midnight wearing your night suit? You do not have to wait in a line or wait till the shop assistant is ready to help you with your purchases. You can do your shopping in minutes even if you are busy apart from saving time and avoiding crowds. Online shops give us the opportunity to shop 24 x 7 and also reward us with a ‘no pollution’ shopping. There is no better place to buy information products like e-books. Immediately after the payment is made one can download the information. And downloadable items purchased online eliminate the need for any kind of material goods at all.

2) Better Prices: Another thing which fascinates me is the cheap deals and better prices I get from online stores because products come to you direct from the manufacturer or seller without middlemen involved. Many online shops offer discount coupons and rebates. Apart from this, the Online Store is only required to collect sales tax if they have a physical location in our state even if we buy from a store across the world.

3) Variety: The choices you can get for products are amazing. One can get several brands and products from different sellers at one place. You can get in on the latest international trends without spending money on airfare. When you shop online, you can shop from retailers in other parts of the country or even the world without being limited by geographic area. These stores offer a far greater selection of colors and sizes than you will find locally. Apart from that, How many times have it happened that you spend your money reaching a local shop only to find that the product you need is out of stock? Some online shops have a provision to accept orders without stock and ship it across to you when the stock becomes available. You also have the option of taking your business to another online store where the product is available.

4) Send Gifts: Online Shopping makes sending gifts to relatives and friends easy, no matter where ever they stay. Now there is no need of making distance an excuse for not sending a gift on occasions like Birthday, Wedding Anniversary, Marriage, Valentine’s Day, Mother’s Day etc.

5) Fewer Expenses: Many times when we opt for conventional shopping we tend to spend a lot more than the required shopping expenses on things like eating out, traveling, impulsive shopping etc.

6) Comparison of Prices: Online shops make comparison and research of products and prices possible. Online stores also give you the ability to share information and reviews with other shoppers who have firsthand experience with a product or retailer.

7) Crowds: If you are like me, you would like to avoid the crowds when you do the shopping. Especially during Festivals and Special events the crowds can really give a head ache. Crowds force us to do a hurried shopping most of the time. For me grumpy or irritating people and those who smell bad are a huge turn off. Crowds also create a problem when it comes to finding a parking place nearby where you want to shop and going back to your vehicle later loaded with shopping bags.

8) Compulsive Shopping: Many times when we go out on Shopping we end up buying things which we do not require because of the shop keepers up selling skills. Sometimes we even compromise on our choices because of the lack of choices in those shops.

9) Buying Old or unused Stuff at low prices: Online Shops make it possible for us to buy old or unused stuff at rock bottom prices. If we want to buy antiques there is no better options than online stores.

10) Discreet Purchases: Some things are better done in privacy. Online shops are also best for discreet purchases like adult toys, sexy lingerie and so on. Online Shops enable me to purchase under garments and lingerie without the embarrassment that there are several people watching me and my choices.

Contact – sales@theretailinsights,com ||+91 7795001231

September 3, 2013April 11, 2023

Choose the right partner to Go Online (Retail Insights plus Magento)…first step towards multi-channel (www.theretailinsights.com)

Omnichannel partner in India

Go digital or Die: Retailers finally embracing online shopping

We know that 87% of retailers are heading online on a weekly basis for work-related tasks. But what exactly are they doing, and how does the web help them run their business?

Here’s a breakdown of the numbers:

69% go online to order from their distributor or wholesaler. We hear time and time again that retailers love online ordering because it streamlines a time-consuming process, and it helps with inventory management.

67% go online to do their banking. Online banking saves time and allows retailers to choose when and where they do their banking. For busy retailers, this can be a great time-management tool.

60% go online to research new products and information. There’s a lot of information on the web, and retailers are taking their education into their own hands by heading online.

46% go online to communicate with their sales rep. Retailers and sales reps are busy, but steady communication is more important than ever. Email is a great way to stay in touch with your rep to ensure you’re not missing out on tips, deals and offers.

25% go online to engage in social media. Connecting with customers outside of the store is important, and many retailers are beginning to see the benefit to this type of social engagement.

21% go online for remote access to their store via laptop or smartphone. Technology affords many retailers the opportunity to check in on their stores when they’re not there. This is a great tool for single- or multi-site owners who can’t be in their store all the time.

16% go online to read and participate in industry forums and blogs. Other retailers represent one of the biggest learning opportunities, and going online to connect in a blog or forum is a smart way to build a community of like-minded individuals.