Tag: Fulfillment Warehouse

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ECommerce Growth Projections for 2023 to 2026 – What’s in Store

Fulfillment Warehouse

As you adjust your business goals for the new year, knowing what to expect can help. The Global eCommerce Sales Growth Report through 2026 shows promising trends for online businesses. Keep the following news in mind when writing your goals for 2023.

Increased Online Sales

Experts are expecting online sales to increase every year from now until 2026. For 2023, global eCommerce sales are projected to hit $6.3 trillion. Sales are expected to increase to $6.9 trillion in 2024, $7.5 trillion in 2025, and $8.1 trillion in 2026. The increase of nearly $2 trillion over the next few years is a result of more and more people turning to online stores rather than brick-and-mortar businesses.

Traditional Retail Sales vs. eCommerce Retail Sales

Online retail sales are continuing to take up a larger share of all retail sales on a global scale. As of 2022, online sales accounted for 19.7 percent of retail sales. This is expected to increase to 24 percent by 2026. With online sales making up nearly a quarter of all sales within a few years, it’s important for eCommerce business owners to make sure they’re prepared.

Boosting Your Online Business

The latest projections for global eCommerce sales mean that it’s time to make adjustments to your own business. This can help you take advantage of the increase in online purchases in order to help your company grow. With more consumers being comfortable shopping on mobile devices, make sure your online store has processes in place to provide secure transactions. Partnering with a fulfillment warehouse might also be a smart move to make, since this ensures that customers are able to get their orders on time.

If you’re looking for a dependable fulfillment warehouse to partner with your business, contact Medallion Fulfillment and Logistics.

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Be Prepared, Know the Coming Impacts in 2023 for Social Commerce

Social Commerce

Social media has become an indispensable part of marketing plans for eCommerce and other businesses. Stay ahead of the competition by incorporating the latest trends for 2023, as shared by our fulfillment warehouse staff.

What’s New in Social Commerce for 2023

1. Social media platforms move to decentralized networks.

As consumers become savvier about differentiating fact from fake news, they’re demanding a greater measure of transparency. In response, many companies are turning to decentralized networks built on the blockchain, offering protection from censorship and greater safety for user data.

2. The metaverse continues to grow.

The metaverse may seem like something out of science fiction, and components of the technology originated in the video game industry. In the metaverse, social connections link a network of 3D virtual worlds. Facebook has been renamed Meta Platforms to reflect their commitment to developing a metaverse, while Microsoft incorporated virtual avatars and virtual reality meetings in their Teams app.

3. More companies will use predictive analytics.

While predictive analytics per se are not new, studies show that less than 50 percent of marketers have access to these capabilities. Frustrated with the limitations of manual data analysis, nearly two-thirds of marketing teams are planning to implement predictive analytics in the upcoming year.

4. Cookies are on the way out … eventually.

With people more concerned about online privacy, companies are beginning to migrate to closed-loop ecosystems. Unfortunately, it looks to be a long and painful process, as many brands will be forced to continue reliance on third-party cookies during the interim.

Fulfillment Warehouse Solutions to Fit Any Needs

Don’t let concerns with order processing, shipping and customer service keep you from the important job of growing your eCommerce business. Contact us to learn how Medallion Fulfillment & Logistics can design a program just for you.

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Ecommerce Management New Year’s Resolutions – Be Better for 2023

eCommerce Tips

So, for 2023 you’ve resolved to lose weight, read more and eat your vegetables. Have you given any thought to New Year’s resolutions for your Ecommerce business? Our fulfillment warehouse team is here to offer some helpful suggestions.

1. Step up your customer service.

If December is a month of sales, January is a month of returns. People are taking stock of their gifts, sorting out which ones to keep and which ones to send back.

While no business enjoys dealing with returns, how you handle them will greatly affect how customers perceive you. Gracious and professional customer service will leave people with a favorable impression. In many cases, you may even manage to turn those refunds into sales.

2. Get creative with marketing techniques.

Post-holidays, customers go into January with a shopping hangover, leaving sales as cold as the temperatures. Dig deep into your marketing bag of tricks for creative ways to generate sales.

Consider these possibilities:

  • Review abandoned shopping carts from the last few months and send emails to gently prompt customers to complete the sale.
  • Encourage shoppers to redeem gift cards at your online storefront.
  • Make judicious use of discounts and coupons. For example, make them contingent on a minimum purchase to drive multiple sales.

3. Analyze your inventory.

After the controlled chaos of the holiday season, inventory numbers may be off. Now is the time to reconcile quantities on hand and current pricing to avoid disappointed customers.

Did you turn up some products that didn’t move as well as expected? Run a sale to help clear out those items and make room for new products.

Team Up with Our Fulfillment Warehouse

Inventory reporting and quality customer service are just two of the benefits provided by partnering with Medallion Fulfillment & Logistics. Contact us today for more information.

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Growing Your Online Business – When Do You Need a CPA or Accountant?

Figuring Out What You Need

During the early days of your online business, you wear many hats. As business expands, you need help from specialized sources to keep your focus on growing sales.

Partnering with a fulfillment warehouse is a valuable solution for operational and logistical challenges. When the financial side becomes too much to handle, turn to a CPA or accountant.

CPA vs. Accountant

Anyone who earns a bachelor’s degree in accounting or finance is qualified to serve as an accountant. A CPA, or Certified Public Accountant, is subject to stringent requirements to attain that title.

About 50 percent of accountants are also licensed to act as CPAs, which involves the following additional standards:

  • Specific amount of professional work experience
  • Passing score on the Uniform CPA Exam
  • Conforming with all licensing requirements, such as continuing education, in the state where the CPA is practicing

One important distinction between a CPA and an accountant is that the former has a fiduciary responsibility to clients. This means they must act in the best interest of their clients or risk losing their license.

Benefits of a CPA

A CPA has particular expertise in the area of taxes, and they participate in continuing education to stay current with all laws and regulations.

Here are situations where hiring a CPA is highly recommended:

  • When tax time rolls around, a CPA can prepare and file your returns as well as recommend strategies for reducing your liability.
  • A CPA can offer advice for special circumstances, such as taking out a business loan or dealing with the death of a business partner.
  • A CPA’s experience is invaluable for major operational changes, such as mergers or acquisitions.

Fulfillment Warehouse Programs for Any Needs

Our fulfillment warehouse can scale along with the needs of your growing company. Contact Medallion Fulfillment & Logistics to learn more.

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Five Tips for Planning Your eCommerce Promotions for 2023

Planning Holiday Sales

This time of year is the ideal opportunity to start planning your business goals for 2023. Whether you’re interested in improving your online store’s performance by partnering with a fulfillment warehouse or looking for ways to boost business, the following tips can help you plan your eCommerce promotions for next year.

Customer Loyalty

Focusing on customer loyalty helps ensure repeat business for your eCommerce store. Loyal customers can also bring more business to your store by telling others about what you have to offer. Consider starting a rewards program, sending out newsletters, or taking other steps to encourage customer loyalty.

Specific Incentives

Come up with specific incentives for your customers based on their shopping habits and interests. Using customer analytics can help you discover this information. Offering incentives targeted toward your customer base can help you improve your chance of running successful promotions in the new year.

Engagement

Staying engaged with customers through social media and email can help you spread the word about upcoming promotions for 2023. Set up email and social media campaigns that focus on letting customers know about promotions ahead of time and reminding them just before they start.

Cross-Selling

Offering two or more items at a discount or promotional rate can encourage customers to purchase from your store more often. Cross-selling can also help your customers learn more about different kinds of items your online store offers.

Micro-targeting

Customizing promotions for smaller groups of customers, also known as micro-targeting, can help boost business for your online store. Examining data about your customers can help you determine which groups to target and what kinds of promotions to offer.

If you’re looking for a fulfillment warehouse that offers reliable service, please contact Medallion Enterprises. We also offer other services to help your online business succeed.