Inventory shrinkage is the bane of every retailer’s existence. You work hard to source stock to sell, so when it disappears before you can sell it, that’s a problem. But it’s a problem that you need to address systematically. That’s because if you ignore it, it could get worse and begin to threaten your profitability.…
In a world that increasingly finds itself shopping through a screen, eCommerce has become a bustling avenue for consumers and businesses to procure what they need. Whether it’s the latest iPhone (B2C), a bulk order of office supplies (B2B), or even a subscription to a software service (B2C or B2B), eCommerce is where the money’s…
If you’ve used TikTok, you’ve likely had the uncanny feeling that it knows exactly what you want. A potato salad recipe appears on your For You page the same day you tell your best friend you’ve been craving potato salad. Or you Google “how to install a sink faucet,” only to see a TikTok video…
Pricing can be a Goldilocks-like challenge. If you ask for too much, customers won’t want to pay; if you sell your wares for too little, your margins (and ultimately your business) will suffer. In other words, your prices need to be just right, like Goldilocks’s porridge. This is called price optimization, and it’s a key…
Franchising is an appealing option for entrepreneurs who want to start a business without spending years building a new concept from the ground up. But the idea of franchising is divisive. “Some people say, ‘Oh no, that’s a terrible concept,’ and other people love it,” says franchise consultant Teri Villanueva. To find the right franchise…
If you’re a nurse looking for some additional income, you’re not alone. According to one survey, 50% of American nurses have a side hustle. For many workers, picking up even a small side gig can make a significant difference in their budget and savings, as well as help expand their skills and explore different fields.…
You’ve invested time and money into a rebranding strategy for your ecommerce business, but your online store’s sales are still declining. If you decide to continue pursuing the rebranding strategy because of how much you put into it, despite evidence that it’s not working, you’re giving in to a psychological trap called the sunk cost…
TikTok is one of the most popular social media platforms in the world. With about 150 million US users, TikTok presents an exciting opportunity as a new sales channel for ecommerce entrepreneurs. One way merchants can sell on TikTok is by using a dropshipping model with a third-party supplier managing inventory and shipping logistics. Learn…
Advertising isn’t just about promoting products; it’s a multifaceted tool for engaging potential customers, building brand awareness, and influencing purchase decisions. Whether you’re an entrepreneur, business owner, or a marketing professional, understanding different types of advertising can help you craft marketing campaigns that resonate. There are many types of advertising, so it’s crucial to choose…