Inflation has a ripple effect for both individuals and businesses, something we have all felt in the last six months. As of October 2022, the Consumer Price Index was up to 7.7% from the same time last year, with shelter, food and gas leading the top of the list. As prices continue to rise and you have to make choices on what inventory to carry for consumers, your profit margins may become slimmer and slimmer.
Even amidst the inflation today, eCommerce continues to grow at rapid rates. In 2022, eCommerce hit more than $1 trillion for the first time in the US, with the last quarter totaling close to $350 billion. Forbes also reports that the key driver to the continued growth is mobile phone use – which grew twice the rate of desktop eCommerce many years ago.
Is it possible to remain profitable and grow your eCommerce business during a recession?
Simplify Through Software
Implementation of a single software solution like OPAL allows little to no manual input, allowing your team to process 95% of orders without ever touching the computer. This also reduces the cost of doing business by increasing your team’s efficiency, as well as reducing the cost of multiple software packages needed to manage order management, warehouse management and shipping processes.
Know Your Inventory
When consumer behaviors are difficult to predict, knowing how to manage inventory is critical to get ahead of shortages or excess pieces remaining that will not sell. A software solution helps to understand the analytics behind the peaks and valleys – is there a time of year that particular products sell faster, is there a color or style that sells much quicker? All things to consider when looking through reports for purchasing in months ahead.
Eliminate All Extra Expenses
One of the biggest perks to selecting a software solution is the ability to eliminate EDI. Today’s consumers require such quick shipping that it’s challenging to bundle orders and take advantage of efficiencies in shipping, but reducing the per piece transaction will add up over time and keep profits in your pocket. With OPAL, EDI is 100% included no matter how many orders you fill, allowing your team to focus on other areas of your business to make more efficient.
Simplify with OPAL’s 4-in-1 Software Solution
EDI | Order Management | Warehouse Management | Shipping
OPAL is the innovative solution to simplify your small to mid-sized to enterprise business fulfillment needs in today’s rapidly transforming retail world.
As your business looks to be proactive to better handle this ever-increasing inflation, OPAL is here to partner with you in your season of growth.
To learn more about how your eCommerce business can thrive this new year, click here!
Click here to book your customized demo today. We are here to support you through this time of change and are here to help you innovate and thrive!