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How to Attract Millennial Shoppers to Your Online Store

Tag: growth

PayTabs

How-to-Attract-Millennial-Shoppers-to-Your-Online-Store

Millennial customers have transformed the modern shopping scene in dramatic ways. This is the generation that has witnessed rapid technological development while growing up and is extremely comfortable using the latest digital innovations. So, to ensure that your online business thrives, it is important that you prepare your strategies keeping these millennial customers in mind.Why? Well, this generation shops for almost everything online, from clothes and books to movie tickets, insurance and even expensive jewelry. Now, if you are worried that this task might be easier said than done, the simple tricks mentioned here can help you out.By following these, you can reel in more millennial shoppers, build a solid customer base,and realize more profits in no time.

Personalize the Experience: Millennial shoppers believe in unique experiences and ultimate convenience. Therefore, it is important that your online store is able to provide them a unique ambiance. The overall user experience needs to be personalized in a holistic manner. In order to implement the process, you should define your target market first. Your website design, your curated items and customer accounts should be designed accordingly. You can further enhance the experience by displaying your client’s name when they login to your site. It is also recommended that you send the promotional mails directly addressing the clients by their names, thus making the experience more personal to them. The content and graphics in such mails should also be personalized as much as possible.

Use Multichannel Strategy: While millennial shoppers are super comfortable with technology, it is only natural that they will not stick to one particular channel. In order to capture their interest and keep them engaged, it is important that your online business adopts a multichannel strategy. In simple terms, multichannel strategy incorporates both marketplace and digital marketing strategies. You should also optimize your website for different screen sizes, ranging from tiny phones to big screen computers. As more and more people are moving towards mobile shopping, your website should be tweaked to suit handheld screens. Further, your website should be easy to load even on slower networks. You should also work on your supply chain and it should be properly integrated with your online and offline stores.

Invest in Social Media: Most online shoppers throng to social media platforms before making any purchase. They do it to gather more information, seek advice and to find a connection with the business in question. Therefore, it is important that you bolster your online media presence. It will help you build your brand value as well as engage your target market. Social media can also be used for addressing various issues faced by your clients and for disseminating important information. Today, there are several social media sites available such as Facebook, Snapchat, Twitter,etc. You should ensure that you have a comprehensive strategy regarding the use of social media, so that all these platforms provide a cohesive image of your business.

Enhance User Experience: Millennial customers put a premium on experience, and so, you need to ensure that your business is capable of providing a holistic ambiance to them. The strategy for ensuring customer satisfaction needs to be comprehensive so that various facets of the business are involved. It may start with your online store layout where the color scheme, placement of items and curation is done with the aim of enhancing user experience. Another important aspect of excellent user experience is the integration of different services. The payment system should be simple and secure while the cart checkout system needs to be intuitive. Overall, different systems running the business should work in tandem, to ensure that the customers get a seamless experience.

Be Dynamic: Millennial shoppers quickly adapt to changes and are highly dynamic. In order to keep them interested, it is important that your online business practices the same formula. For example, you can reset your product line frequently to offer new items to your clients. You may also seek to tweak your website design to keep it looking fresh and attractive. However, you should also ensure that such frequent changes do not change the basic structure of your business. Also, these changes need to be intuitive, to help customers navigate through them easily.

To conclude, the millennial generation can prove to be an excellent customer base, provided your business is able to adopt dynamic practices to suit their changing requirements. With the above guidelines though, you can make your online store more suitable for millennial shoppers without wasting much time.

PayTabs

PayTabs-&-Zid-partner-for-integrated-e-commerce

Running an e-commerce store requires two main components – great online visibility that will attract more customers and secondly, a secure and robust payment system that will ensure that your customers can pay you easily and you can receive online payments from anywhere safely. Finding the right tools to set up your online store and finding the right payment gateway to accept payments are crucial for the success of your business. Luckily, you don’t have to worry about where to find the best of these two services.

In an effort to expand the scope of its services, PayTabs, the leading payment processor operating in the MENA market, has joined hands with Zid, which offers a complete ecosystem to build and operate an online store. Merchants will now be able to access PayTabs’ best-in-class payment offerings and global reach as well as Zid’s e-commerce solutions to enjoy better sales and online visibility.

PayTabs allows businesses to transact in 168 different currencies, helping them to expand their global footprint. It also maintains its market lead by employing cutting edge technologies and forging new alliances.

The Collaboration

This collaboration will allow PayTabs to offer its payment solutions to 4,000 online stores. Zid is focused on offering its services to retail businesses in e-commerce sphere. The service provider currently works with over 2,000 retailers, engaged in over 14 sectors in retail market. The company has developed expertise to provide specialized services to help these businesses with varied requirements. Zid provides an entire ecosystem of services to help a business enter the e-commerce segment and sustain itself.

Zid can help the businesses set up their online stores, without requiring to be familiar with coding and all the other technical stuff. It lets startups build online presence in a simple and straightforward manner. Once done with setting up an online shop, entrepreneurs can focus on forming networks and collaborations. This is yet another area where Zid’s services can be an asset to any organization looking to capture a share of the emerging online market.

The partnership between PayTabs and Zid will ensure that their customers receive a wide range of services under a single platform. With their end to end offerings, the collaboration is designed to provide seamless services to help small businesses kick start their online enterprises and then grow in a sustainable and efficient manner.

About Zid

Zid is an online solution provider which helps businesses in growing their presence online. It helps in a variety of ways with its wide range of services. Zid has completed over 500,000 orders till now while its sales volume has crossed SAR184 million. With over 850 training and consulting hours, Zid has considerable experience dealing with diverse problems and issues faced by the businesses. The firm specializes in providing services and consultancies with regard to online transition of the businesses. It also offers a variety of payment options to help your firm grow internationally by letting you accept the payments in different currencies and in different countries. Further, it also allows its partners to offer cash on delivery payment option to its clients, which is fast becoming one of the most important payment methods for online customers.

As Zid aims to become one-stop solution provider for online businesses, it arranges logistics services for the clients. With its varied collaborations, the clients can pick their preferred delivery partners for achieving efficiency and economy. Further, Zid also aids businesses in managing their inventories with the state of art tools.  Overall, Zid successfully integrates technology and business savvy to allow firms in capturing online market.

PayTabs

6 Tips to Improve Your Business’ Cash Flow

Effective management of cash flow is crucial for any business. While you may have good turnover and profit, but you may lack liquidity if you do not manage your cash flow in an efficient manner. Cash flow management essentially entails keeping proper record of money coming in and going out. The analysis of this record may let you see the gaps and fill them accordingly. Here are some tips which will let you manage your cash flow easily.

Develop a Plan and Forecast: planning and forecasting involves you looking at your finances and then draw inferences for your future. While the task may seem daunting at first but with the availability of a number of software for cash management, your task may be eased to a certain extent. You can choose to use simple spreadsheet or some sophisticated software specially designed for this purpose, the choice is yours. You will be required to record your opening cash and bank balance and all the inflows and outflows there from. When you start seeing a pattern, you will be able to forecast your future transactions. This exercise will allow you to plan your spending accordingly.

Speed up Your Inflows: businesses need to provide credit line to their customers, which may lead to delay in cash inflow. However, curtailing such terms and conditions may lead to loss of revenue as your customers may shift to another vendor with liberal credit terms. In such cases, it is essential that you reconcile your objectives of achieving higher revenue and improving cash inflow. You may offer incentives for faster payments. Such incentives may or may not be financial in nature. For example, top fast payers may receive advance information about new product arrival. You may also institute late payment fees to discourage lax customers.

Control your Outflows: managing cash inflows is one facet of cash management system. The other side is to manage your cash outflows. The best policy is to talk with your vendors and seek more relaxed terms. You may also use your impeccable payment history to make your case. If you are able to extract a few more days for payment from your vendors, then it may work wonders for your cash flows.  However, never try to take a shortcut or default on any of your payments as it may impair your relationship with your vendors on permanent basis.

Finance your Inventory: liquidity is related to cash which is often tied up in acquiring other assets such as inventory.  Take proper record of your inventory and analyze it. You may find that your funds are unnecessarily tied up in old inventory which is not moving. In such a case, you may want to liquidate the inventory and free up your cash. Further, if you have excess of any asset including tools and raw material then re-sell them to obtain cash. You may have to sell them at deep discount but some money is better than the money tied up.

Use Professional Services: for better management of your cash flow, you may want to engage the services of professionals. This is especially important if your business is growing at a fast pace and the requirement for liquidity is high. You may engage factors for the timely collection of your invoices. Factoring works by providing you cash on the basis of invoices generated by you. It can be excellent way of availing short term finance. You are also not required to take any drastic step with regard to the collection of bills. However, factors charge fee or commission, which may not be affordable to many businesses.

Take Advance Payments: you may introduce new terms to your sales whereby you require the deposit of payment before the delivery is undertaken. This arrangement is especially helpful if you are engaging in a large order. Taking advance will lower your risk of default and will also improve your liquidity. Such advance payment may also be used for funding the transaction so that you do not have to look for alternative financing arrangements.

Cash flow management does not have to be an odious task. With these pointers you may manage your cash flows in an easy manner.