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5 Practical Ways to Increase E-commerce Profitability

e-commerce customer-obsessed
Archives, Global Logistics, Global Trade Daily, Special Reports

5 Practical Ways to Increase E-commerce Profitability

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E-commerce businesses continue to be an indispensable part of the retail industry. As more and more people continue to shop online, setting up an e-commerce store is relatively easy, especially when you have platforms like Amazon or Shopify. However, growing your e-commerce business, expanding your operations, and generating more revenue proves to be a challenge in a cutthroat industry.

It becomes harder to foster customer loyalty when there are hundreds of thousands of e-commerce stores, and it doesn’t help that customers are pickier than ever.

According to the US Census Bureau, e-commerce sales will continue to grow in the United States by a whopping 20% between 2018 and 2022 and it’s expected to reach 380 million by 2022. This is exciting news for e-commerce businesses but knowing which e-commerce stores will generate the maximum revenue during this period is unpredictable.

We’ve listed five practical ways to increase e-commerce profitability to increase your chances of generating maximum income and revenue.

1. Design a Great Website

It only takes less than a second for visitors to decide if they want to continue browsing your website or not. So, if your website does not have a clear value proposition that can hold your visitor’s attention longer, your bounce rate will be sky-high.

Effective visual communication is crucial to the performance of your e-commerce store. 80% of your visitors remember what they see on your website, while 10% never forget what they read. Pay attention to how your visitors navigate your website and use this information to improve your site navigation.

Another important factor you want to remember is the presentation of your products and services. You want to present them in a way that catches their attention and piques their interest. This could be in the form of images, videos, and website design.

Your About Us page should also catch your audience’s attention. According to Marketing Sherpa, around 7% of visitors on the Home Page click on the About Us next. And among those who click on the About Us, 33% are more likely to convert into potential customers.

2. Establish Customer Loyalty

Did you know that your existing customers are more receptive to your marketing efforts? Aside from that, they are likely to spend more money, order more frequently, and recommend your store to friends and family.

Customer churn – or losing your old customers to competitors – is a major problem among e-commerce businesses, so it’s crucial to prioritize customer loyalty when creating strategies for your marketing plan.

Focus on keeping your existing customers happy by offering discounts, loyalty cards, provide exceptional customer service, ask for feedback, and strive to continually improve. Before you may significant changes to your e-commerce website, be sure to consider your existing customers first. These strategies can help establish customer loyalty and ultimately improve your bottom line.

3. Consider Offering Subscription Products

The subscription business model has gained a lot of traction over the years. We’ve seen companies like Dollar Shave Club (razors), Blue Apron (meal kits), and Birchbox (beauty) connect with influencers to market their products.

If you’re not familiar with subscription products, here’s how it works: You offer a product or a curated set of products each month and encourage people to subscribe for a fee and receive the items.

Many people love subscription products because they love being surprised by deliveries, curating “random” or “assorted” boxes allows you to offload unsold items in your inventory, and the monthly revenue stream makes it easier for you to improve your e-commerce business.

4. Stay on Top of Your Finances

Regardless of the size of your e-commerce store, it’s important to adopt proper bookkeeping strategies. Keep records of all financial transactions and receipts and keep them organized. You can also use the best debt payoff app and bookkeeping software like QuickBooks to keep your finances in order.

5. Enhance Your Website Security Measures

Keeping your website secure should be one of your priorities. A complicated checkout process can likely expose your customers’ financial information. As a business owner, it’s your responsibility to keep your customers’ information safe. Plus, a security breach scandal is something a small business cannot afford.

Invest in professional security for your website and servers. This might cost you a significant amount upfront, but consider this purchase as a long-term investment that can help you and your customers in the long run.

Professional security services are effective in preventing data losses and hacks. A security company can also help your site in case of a malfunction.

What’s Next?

The key to running a profitable e-commerce store is to keep your customers top of mind. Structure your website in a way that’s easy to navigate. If your customers need to click 300 times to purchase something, they will likely shop with your competitor.

supply chain
Archives, Global Logistics, Global Trade Daily, Warehousing

Supply Chain Executives Implementing Warehouse Visibility Solutions

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The last 18 months have truly tested the supply chain. Between a global pandemic, shipping bottlenecks, and surprising inclement weather, the impacts were felt across various industries. There’s still a shortage of microchips and other consumer goods due to the events of 2020, even as we move on from many pandemic-era consumer needs with items like sporting goods and furniture. Weather, gas line disruptions, and cyber-attacks are now affecting the production of new items, from plastics to chicken wings and meat supplies, and even cheese. Whether it’s the result of a singular event or that of multiple mini disruptors, the supply chain has been struggling to keep up with demand, which makes disruption the new normal. 

Even as experts attempt to navigate ongoing disruption, many supply chains today still have some components or areas that remain disconnected, which ultimately hinders the ability of all businesses involved (from the DC to the 3PL) to understand operations completely. To stay competitive, modern supply chain managing experts are focusing on better visibility and their use of data inside the warehouse, looking to provide better continuous improvement options to their teams as products go in and out of the warehouse – managing disruption before it becomes a transportation issue. Companies that have remained competitive during the last 18 months are turning to warehouse visibility to provide warehouse operators with valuable insights needed to turn analytics data into real-time, actionable process improvements. 

Many leading supply chain experts have found that continuous improvement processes need just that – their own continuous improvement. To that point, a recent industry survey revealed where inefficiencies are taking place within the warehouse, and where a lack of real-time, easy-to-use analytics data is still preventing operators from making integral, real-time decisions.  

Survey Results for Improved Insights 

In March 2021, Merit Mile commissioned an online survey that was presented to approximately 2,500 supply chain and warehouse executives. The survey revealed that over 75% of executives are seeing an increase in efficiency from implementing warehouse visibility technologies, with a quarter seeing between a 10% – 15% increase, and more than half seeing between a 5% – 10% increase.  

In addition, a third said they’re seeing a 10% – 15% increase in operational savings and another half said they’re experiencing a 5% – 10% operational cost savings as a result of warehouse visibility technologies that were implemented.  

Finally, nearly 70% of organizations said they need better visibility into the procurement functions of their warehouse, followed by production and labor (65%), and fulfillment (37%).   

Supply chain systems globally are feeling pressure of various types, with everything from constrained transportation systems, labor workforce challenges and supplier material shortages. What this survey shows is that thousands of supply chain executives realize that the warehouse is central to the entire supply chain operation. Incorporating better visibility regarding what data means to their operation will enable quicker decisions in real-time.  

Transitioning to New Supply Chain Strategies  

Using the data gathered, warehouse executives can now view what they need to implement and improve in order to create the best visibility for warehouse operators. With it now being made clear that almost all supply chain systems need a makeover, most companies have already begun transitioning to new and improved strategies.   

Over the next 12 – 24 months, 72% of businesses said they will be focused on aligning traditional supply chain strategies with both digital and analytics solutions. Sixty-four percent said they’ll be focused on defining an advanced supply chain systems strategy. Another 34% said their focus will be on executions and refinement of newly installed systems and solutions.  

Half of all companies polled said they plan to implement warehouse visibility technologies over the next 12 months. A third of those companies polled said they will be considering the implementation of such systems. These steps are just the first of many to come in order to perfect the supply chain systems and reduce the visibility issues of the supply chain.  

_______________________________________________________________

Sarah Caro has nearly 15 years of experience in the public relations industry working preliminarily in the agency setting. Her expertise lies in the B2B realm, garnering client media placements in top-tier outlets including Forbes, The New York Times and Bloomberg, in addition to top industry-specific outlets. To date, she has worked within the mining and manufacturing, supply chain, automotive, healthcare, technology and non-profit sectors. As Senior Account Executive for Merit Mile, Sarah regularly gets client stories into the hands of the media, making them the go-to source for news stories.   

intermodal
Archives, Executive Education, Global Trade Daily, News

UPCOMING: Intermodal Association of North America

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Intermodal Association of North America EXPO is the intermodal industry’s platform for products, services, and solutions; a classroom for new skills and know-how; and an exchange for ideas and business.

Join us in Long Beach, California, September 12– 14, 2021 for three days of breakthrough thinking and real connections with intermodal executives from across the world.

From quality exhibitors to more than 700 companies including 3PLs,  global carriers and shippers, and more, the annual event is known as the connecting force behind intermodal freight.

Leaders in the industry can attest to the event, such as South Carolina Ports Authority’s president and CEO, Jim Newsome:

“It’s to have the exposure to the movers and shakers in the intermodal industry,  to learn about trends that are occurring and how one can leverage that to make their business better.”

Visit https://www.IntermodalExpo.com to learn more about the conference, advanced discount pricing and discounted registrations for new IANA members and first-time attendees.

3PLs
Archives, Global Logistics, Global Trade Daily, Warehousing

The Tech Bet is Essential for 3PLs in 2021

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It’s now clear that consumer expectations are changing at a much faster pace than ever before, especially in the B2C arena. The pandemic has made us realize that market evolution, while already familiar to industry professionals, can be much faster and more demanding than we might think, but undoubtedly irreversible.

Companies are faced with the challenge of adapting their distribution and production models to align their operations with the changes taking place. Being equipped with greater agility, efficiency and transparency is no longer a simple competitive advantage. Every day, new competitors emerge who are well prepared in terms of technology and perfectly able to manage new challenges. Relying on a 3PL capable of offering efficient, robust, and scalable solutions becomes a primary need.

The five key tools a 3PL must have to succeed

–Warehouse Management system

-Visibility Solutions (tracking)

-Electronic data exchange

-Web portals

 

key_tools

 

What does the customer look for in a 3PL partner?

Connectivity

The 3PL must be part of a logistics ecosystem capable of ensuring integration between customers and suppliers. Only in this way can it guarantee the visibility that is essential for a supply chain capable of offering a high-quality service to the end customer.

Collaboration between different partners is an added value for the logistics chain and avoids one of the endemic evils that have always afflicted the supply chain: the interruptions in the exchange of information. Having an integration platform to manage the electronic exchange of data has become an indispensable factor for today’s logistics operators.

On the other hand, it is important that the warehouse management system be capable of integrating with external automated tools, such as sorters, automated guided vehicles (AGVs), RFID, pick-to-light, robots for automated picking, and all solutions that optimize a wide range of processes within the warehouse.

Finally, it is important to emphasize the ability of logistics to provide visibility, both internally and externally, by making use of tools such as collaborative portals, where information related to warehouse operations and shipment tracking can be consolidated. In this case, through connectivity with transportation companies or mobility apps.

Intelligence

The 3PL must have access to information about the client’s operations so that they can make thoughtful decisions and direct interventions toward improving operations based on real and accurate data.

The information also speeds up the billing process for logistics services with tools that collect billable items and issue invoices in EDI or any other format.

Scalability

The 3PL needs to focus on Software as a Service (SaaS) tools. Businesses and markets can change in a matter of months, so it is essential to be able to adapt quickly. A SaaS operating model allows for scalability, but it also reduces “time to market” by allowing various information systems to be integrated in a shorter timeframe.

Speed

The 3PL must be able to respond in moments of peak activity.

Logistics has become an increasingly short delivery time, so it is essential to react quickly, not only to manage peaks in activity, but also to be able to adapt with agility to the different ways of preparing orders. In this sector, warehouse management software is an essential tool for achieving the degree of planning and process automation necessary for the rapid and efficient execution of activities.

What technologies do customers require from a 3PL?

Technology has now been implemented within the entire supply chain, and the technology is advancing rapidly. Current logistics operators are aware of this, just as they know that present and future economic investments will have to go in that direction if they want to remain in the market and compete with new operators, who are starting with the best technology.

A bit like a race where you never reach the finish line, in the future technologies will evolve and shift to Big Data, Artificial Intelligence and Machine Learning. Technologies that will profoundly transform logistics and, more importantly, allow whoever adopts them to have an advantage in quality and an unbeatable positioning. Providing the customer with a plus in service, such that they do not have to resort to strategies based solely on prices, which are the biggest threat to the profitability of the logistics sector.

Tools that can bring tremendous value to the supply chain are the adoption of a control tower that can provide greater visibility across the chain, the use of blockchain, automated warehouses and robots to manage repetitive tasks such as warehousing, order picking, and arranging goods on the loading docks.

Investing in this type of technology will:

-Provide quick responses to the consumer.

-Take advantage of excellent customer service.

-Focus on differentiating yourself from the competition, a goal that, from a pricing strategy perspective, will allow you to provide a service that others cannot.

-Have an unprecedented amount of data that enables comprehensive supply chain analysis.

-Improve warehouse storage density.

-Increase the productivity potential of different operations.

Generix software for 3PLs who want to adapt to customer needs

The Generix Supply Chain Hub platform, which is offered in SaaS format allows logistics operators to manage the supply chain in an integrated and efficient way through its various tools, which have already been mentioned throughout the article.
Warehouse Management System

Recognized in Gartner’s Magic Quadrant, it responds precisely to the needs of the main sectors of activity (retail, eCommerce, automotive, beverages, food…) by providing the flexibility and configuration power demanded by logistics operators.

Generix WMS allows managing multi-warehouse and multi-customer operations through a tool with complete standard functionality. Thanks to its more than 30 years of experience in the market, Generix offers solutions for the management of e-commerce flows, the invoicing of logistics services or the connection with automated systems.

Technology is the bet that the most competitive 3PL companies are making to keep up with market demands and to be able to meet their customers’ expectations. We are facing a difficult but exciting change that will undoubtedly transform the logistics sector in a very short time.

Generix Group North America provides a series of solutions within our Supply Chain Hub product suite to create efficiencies across an entire supply chain. Our solutions are in use around the world and our experience is second-to-none. We invite you to contact us to learn more.

canadian
Archives, Global Logistics, Global Shippers 101, Global Trade Daily

A Founder’s Guide to Importing with Canadian Fulfillment

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Since the year 2010 when it overtook the United States, it is no longer news that China has become the world’s leading nation in terms of manufacturing. The United Nations Statistics Division (UNSD) released data that estimated China’s contribution to global manufacturing in 2019 at a massive 28.7 percent. This has turned the attention of many ambitious entrepreneurs to the East where the most populous nation on earth presents itself as an irresistible manufacturing market.

On the other hand, the trade war between the US and China – which has seen both parties slap heavy tariffs on each other’s goods has made it economically difficult to import goods directly from China, and by extension frustrating the efforts of American businesses that are trying to explore the Chinese market.

So, how can the American entrepreneurs that want to take advantage of the booming Chinese market beat the harsh economic demands of direct importation from China? The answer is in taking Canada as a smart China-to-US route and leveraging Section 321 and Canadian Fulfillment.

What is Section 321 and how does it work?

Section 321 is one of the most common US Customs and Border Protection (CBP) statutes known by ecommerce businesses. Introduced in 2019, the section authorizes low-value merchandise below the minimum of $800 to be exempted from paying custom duties or taxes.

What does Canadian fulfillment mean?

Canadian fulfillment companies are third-party companies in Canada that receive and provide warehousing and logistic services, as well as handle the shipping processes, checking in imported stock for business organizations, and helping them to deliver orders directly to their customers. Their delivery service makes sure the processing and shipping of orders to the US are carried out on the same day just as would be the case from a store in the States.

How do you take full advantage of Section 321 through Canadian fulfillment?

As mentioned above, Section 321 is a bridge for direct importation from China to the US. It is important to note, however, Section 321 alone, is not enough. There are certain conditions and best practices that could make the process tedious and difficult for business owners to ship their goods through the border. These conditions, if not complied with, may also lead to serious punishments and delays in shipment.

Here is how you as an entrepreneur that has an ecommerce business can take advantage of Canadian fulfillment, maximize the benefits of section 321 and bypass its constraints:

1. Importers are only allowed to claim Section 321 once daily. If you are going to be importing goods that are worth above the $800 value threshold (which is very likely), this means you will not be able to ship your entire goods through the US border all at once. As an entrepreneur, using the services of a Canadian fulfillment company will aid in maintaining business-to-customer and business-to-business delivery operations across the border at an economy-friendly cost, and without having to worry about the import duty and tax.

2. Apart from the daily limit, the logistic effort of receiving very large ecommerce shipments from China, shipping them to the U.S., and the cost of transporting them to your warehouse could be very overwhelming and unnecessary. E-commerce business owners have settled with using the warehousing services of Canadian fulfillment to save cost and prevent stress.

3. An entrepreneur that does not have to worry about the logistic and warehousing aspect of their business would have the opportunity of focusing on other things.

Summarily, leveraging on Section 321 through Canadian fulfillment can help entrepreneurs conveniently maximize their exploits in the Chinese market without feeling the economic heat of the trade war.

oversized loads
Archives, Global Logistics, Global Trade Daily, Trucking

6 Safety Tips for Transporting Oversized Loads

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Stepping behind the wheel of a transport vehicle is dangerous enough, but when oversized loads are added to the mix, the risks are exponentially increased. Hauling these, whether across long or short distances, is no joke. It’s difficult and stressful, and there are many elements to consider, including traffic, road hazards and weather conditions.

That’s why it’s important that every driver understands, and is armed with, some safety tips to improve the experience. Here’s what every truck operator should know before hitting the highway with an oversized load.

1. Plan the Route Ahead of Time

Planning the route is a no-brainer, and modern technologies can be used to do it smarter and better. Logistics and route-planning tools can be used to research traffic, hazards, weather conditions, construction and any other encounters one might come across on the open road. Most importantly, drivers should always have a set of contingencies handy that allows them to choose alternate routes or roadways because there’s no telling what may happen.

Whether it’s the primary choice or an alternative, every route plan should include information about travel times, delays, fueling locations, and break spots. It’s important to think about every possible factor when planning the route. Not having a stringent refueling plan in place can balloon transportation costs, as drivers are forced to go out of their way or choose fueling stations that are less than ideal or overpriced.

2. Know the Weather

It doesn’t matter whether drivers use their smartphones or listen to the radio — they should always have a beat on the local weather and any upcoming changes. The entire forecast should be referenced and recorded before the drive. Any updates or changes should also be monitored throughout the journey. Some loads cannot be exposed to inclement weather, so it’s vital to avoid rainy, overcast or muggy areas.

Hauling oversized loads should never happen in extreme weather conditions, except in rare circumstances, such as a major emergency. If possible, find a rest stop to wait out the storm and hit the road when it’s safe to travel again.

3. Reference the Laws

There are rules and regulations about hauling oversized loads or items. Drivers and their sponsors must abide by those laws at all times. Nearly every state, province, and country has custom and defined dimensions for what constitutes an oversized load. Most describe it as anything wider than 8.5 feet, which takes up a substantial portion of the driving or travel lanes on roadways. Weight and height limitations may also apply, and it’s up to the drivers to know them.

Furthermore, hauling oversized loads requires a permit, which details the origin of the shipment and its destination. Driving without one can result in severe fines and sometimes other penalties and may even come with a license suspension for the driver. It’s important to keep all documentation updated before, during and after a haul.

4. Use the Right Securement

When hauling loads of any size, it’s critical to keep the pieces, items or components locked down and secured. There are many different types of fastening devices, from ropes and straps to friction mats and binders. They’re not always interchangeable, and sometimes those devices are not ideal for certain loads or gear. It’s up to the drivers to know which securement tools are best for a particular load. Using the wrong devices can have major repercussions and may or may not lead to the heavy load falling off the trailer or transport.

What’s more, those devices should be inspected regularly to ensure they’re in proper working order and have not been damaged in any way. This should be done before and after a haul, and any broken or failing items should be replaced right away.

5. Drive Defensively

It’s important to drive defensively and safely when hauling oversized loads. This is not to be confused with going slowly. It can seem safer to maintain slower speeds, but that’s a misconception, more so on highways and major roadways. It’s best to drive at the recommended speed limit and to remain in lanes that are expressly labeled for trucks — sometimes, there are dedicated lanes you must stay in with an oversized haul.

Drivers should make a habit of checking their speed regularly during a trip. They should also maintain a safe stopping distance that’s far enough away from vehicles and other cars nearby.

6. Proactive Maintenance

The last thing anyone wants during an oversized haul is for the truck to malfunction or break down. It’s important to carry out proactive maintenance on a vehicle or fleet before a big trip to prevent that from happening. Fluids should be topped up and monitored, the tires should be checked, spare parts and gear should be added to the truck, and basic maintenance should be handled.

Another facet of this is to have a service plan at the ready if and when something does happen. Drivers should always know who to call and where to go to get their vehicles serviced or where the much-needed support is going to come from. That can be something researched when building the initial route plan, or it can be information that’s gathered and recorded over time. Either way, every driver should know what to do if their truck breaks down.

Be Safe When Hauling Oversized Loads

Proper planning is crucial to a successful trip. It’s vital to plan the route and situational factors, research local weather conditions and work around them, drive defensively, and use the correct securements. It’s also important to know and understand the laws and keep all permits and documentation up to date. Proactive maintenance should be followed to keep the trucks or fleet in tip-top shape. Every driver should have a plan of action if and when their vehicle breaks down or malfunctions.

By knowing and adhering to these safety guidelines, drivers can secure their health and success while hauling oversized loads. That assurance alone is worth its weight in gold.

__________________________________________________________________

Emily Newton is an industrial journalist. As Editor-in-Chief of Revolutionized, she regularly covers how technology is changing the industry.

trade compliance
Archives, Global Trade Daily, International Trade

If Trade Compliance Was a Soccer Team…

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The Olympics, Gold Cup, Copa América, Euro 2020: most soccer fans will have a team or two to cheer for this summer. For those, as well as for those who prefer trade compliance over soccer (so, basically everybody in global trade), here the definitive Summer of 2021 Global Trade Intelligence starting lineup (in a traditional 4-3-3 system). Pretty sure we’d beat those ERP, CRM, and (despite the overlap) TMS teams at the Software World Cup.

Goalkeeper: Export Compliance. A non-plussed, stabile, robust lock on the door is needed to stop penalties (yes, a global trade pun!) and set the standard for the team. Thoroughly, prepared for set plays (like license determination) and deflections (like transshipped exports). Nothing falls through the cracks; errors can be fatal for a compliance program.

Right Back: Origin. You want reliability in your backs plus, ideally, one that can also make progress forward and save some duties. Origin is both: the solid paperwork to verify your claims and the forward approach to benefit from the preferential rates where possible. A sometimes aggressive yet always reliable origin program can bring significant benefit to the company.

Center Back: Restricted Party Screening (RPS). It’s simple: your center back doesn’t let any opponent slip through and that’s the same for your Restricted Party Screening solution. Nothing gets through or there will be consequences. RPS sets the tone and, with a solid RPS application, everyone feels more secure doing their part.

Center Back: Brokerage. Another solution that stands or falls with reliability. Your brokerage application must be strong, solid, reliable, scalable. It bends but doesn’t burst. It’s steady when needed but can accelerate if there’s a lot to do. With just that, there is a perfect center foundation for some solid compliance work.

Left Back: Import Compliance. Completing the back four of compliance, the left-back may be where you used to stick the weak link, but no more. This includes document, permit, license requirements. Import compliance programs (think OGA/PGA requirements but also VAT registrations, packaging requirements) are gaining momentum. Ecommerce plays a role in all this as well. As for the right-back position, it is nice to have a left-back that can also create opportunities, for example, by anticipating B2C compliance requirement changes (like changes to VAT exemptions or licensing exceptions).

Right Midfield: Objectives and Key Results/Key Performance Indicators (OKRs/KPIs). The barometer is of course in midfield—making sure holes are filled, needs are met, focusing on where there is a little shortfall or supporting where things are moving along. OKR/KPI reviews keep everything balanced and ensure that attention is paid to areas where improvements can be made and that strengths are praised and leveraged.

Center Midfield: Classification. The center of it all. The core challenge according to multiple surveys, classification is the ongoing challenge of getting it right all the time and with ever-changing HS codes (hello 2022 WCO Updates!). Only a number 10, central player can figure it all out (the greats co-function as parts master as well). And, when they do, it’s a joy for the whole team. Without classification, there’s no offense or defense—only loose ends.

Left Midfield: Duty Deferral and Saving Programs. The left midfielder is creative (with that subtle left foot), somewhat looking for that through ball but still solid when it comes to defending completed work. Welcome to duty-saving options. Foreign Trade Zones, processing reliefs, drawbacks: you name it, the left midfielder has them all in the pocket and is ready to launch.

Right Forward: Valuation. Better get it correct (must be able to defend when questions are asked) but not impossible to get really creative with it. Think First Sale, non-transaction value-based valuation, the excitement when working with the transfer pricing teammate. The six valuation methods are like the six ways the right-winger can leave the opponent behind.

Center Forward: Supply Chain Resilience (SC Resilience). Arguably, if it were a 5-3-2 system, SC Resilience would be a wingback—new and fancy but still doesn’t always have a spot. But, in a 4-3-3 system, it’s great to have something fresh and sometimes unpredictable to make a good impression. SC Resilience encompasses all the exciting elements a forward-thinking operation needs: anticipating the market and logistics flow, staying ahead of the competition, and surging towards new goals.

Left Forward: Visibility. The left-wing position is made for volatile players. Sometimes everything works, sometimes nothing. The same way it sometimes feels with supply chain visibility—one day the dashboard is packed with useful information and the next there are huge gaps, but the collaboration with SC Resilience, in particular, helps to build expectations.

On the Bench: Implementations, integrations, audit support (reporting), and disaster recovery plans. What to do with the coach? For being the best trade compliance expert I have met and loads of other reasons, I’ll take Ruud Tusveld as the coach—even though he used to play goalie.

Trade compliance for the win!

global buckwheat
Archives, Global Trade Daily, News

Russian Export Ban Could Lead to a Shortage on the Global Buckwheat Market

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IndexBox has just published a new report: ‘World – Buckwheat – Market Analysis, Forecast, Size, Trends and Insights’. Here is a summary of the report’s key findings.

In the immediate term, the global buckwheat market may face a shortage due to an export ban introduced in Russia. The country, being the largest producer and exporter of buckwheat, restricted exporting unprocessed buckwheat, coarsely ground buckwheat groats, and crushed buckwheat grain from June 5, 2021, to August 31. Russia took this step to preserve the volumes of the buckwheat grain for its domestic consumption and prevent a spike in prices inside the country. China, Latvia and Ukraine featured the most prominent increases in imports from Russia in 2021. 

Global Buckwheat Imports

In 2020, overseas purchases of buckwheat decreased by -4.4% to 174K tonnes, falling for the second year in a row after two years of growth. In general, total imports indicated notable growth from 2012 to 2020: its volume increased at an average annual rate of +4.5% over the last eight years. In value terms, buckwheat imports skyrocketed to $112M in 2020.

In 2020, Ukraine (32K tonnes) and Japan (32K tonnes) represented the largest importers of buckwheat in the world, together recording approx. 37% of total imports.

In value terms, Japan ($23M), Ukraine ($15M) and Italy ($8.4M) were the countries with the highest levels of imports in 2020, together accounting for 41% of global imports.

In 2020, the average buckwheat import price amounted to $640 per tonne, growing by 23% against the previous year. There were significant differences in the average prices amongst the major importing countries. In 2020, the country with the highest price was the U.S. ($929 per tonne), while Lithuania ($309 per tonne) was amongst the lowest.

Buckwheat Exports from Russia

In 2020, shipments abroad of buckwheat decreased by -8.1% to 59K tonnes, falling for the second consecutive year after two years of growth. In value terms, buckwheat exports surged to $29M in 2020.

Ukraine (16K tonnes), Latvia (12K tonnes) and China (6.8K tonnes) were the main destinations of buckwheat exports from Russia, together comprising 58% of total exports.

In value terms, Latvia ($6.9M), Ukraine ($6.3M) and Japan ($3.7M) appeared to be the largest markets for buckwheat exported from Russia worldwide, with a combined 59% share of total exports.

The average buckwheat export price stood at $489 per tonne in 2020, picking up by 67% against the previous year.

Source: IndexBox Platform

almonds
Archives, Global Trade Daily, Imports/Exports

U.S. Almond Exports Hit Record $1.1B in Tandem with Rising Output

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IndexBox has just published a new report: ‘U.S. – Almonds – Market Analysis, Forecast, Size, Trends and Insights’. Here is a summary of the report’s key findings.

U.S. almond exports hit a record high of approx. $1.1B in 2020, which was equal to 296K tonnes. An increase in harvested area, especially in California, led to a higher almond output that enabled to propel exports. India became the main importer of American almonds, accounting for 74% of the total export volume.

U.S. Almond Exports

In 2020, U.S. shipments abroad of almonds increased by 38% to 296K tonnes (IndexBox estimates), rising for the second consecutive year after two years of decline. In value terms, almond exports totaled $1.1B in 2020.

India (218K tonnes) was the main destination for almond exports from the U.S., accounting for a 74% share of total exports. Moreover, almond exports to India exceeded the volume sent to the second major destination, China (32K tonnes), sevenfold. The third position in this ranking was occupied by Hong Kong SAR (12K tonnes), with a 4% share.

From 2007 to 2020, the average annual growth rate in terms of volume to India totaled +15.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+33.1% per year) and Hong Kong SAR (+3.0% per year).

In value terms, India ($808M) remains the key foreign market for almond exports from the U.S., comprising 74% of total exports. The second position in the ranking was occupied by China ($110M), with a 10% share of total exports. It was followed by Hong Kong SAR, with a 3.7% share.

The average almond export price stood at $3,676 per tonne in 2020, down by -24.3% against the previous year. Average prices varied noticeably for the major foreign markets. In 2020, the highest prices were recorded for prices to India ($3,708 per tonne) and the United Arab Emirates ($3,602 per tonne), while the average price for exports to Turkey ($3,248 per tonne) and Hong Kong SAR ($3,387 per tonne) was amongst the lowest.

Source: IndexBox Platform

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4 Ways Startups Can Boost Sales

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As a small business owner, finding ways to increase profit and your audience reach efficiently is key. Entrepreneurs need to understand the sales process and know the ways to manipulate it in their favor. 

Luckily, there are ways that small businesses can generate leads and boost sales on a budget, to grow and achieve business targets. In this article, we look at four ways you can boost sales for your new startup.

Create a detailed content marketing strategy

Developing an engaging content strategy will help you generate leads and also build authority in your industry, whether it’s an informative eBook, regular blog content or user-generated videos or images that can be shared easily. But beyond creating great content, you need to know how and where to distribute that content to ensure it gets seen by a wider audience. 

To get more out of the content you develop, you can find ways to repurpose it for social or email to promote it to new and existing audiences. A blog post, for example, can be turned into graphics for Instagram or made into a video for your YouTube channel.

Having a detailed content marketing strategy that has been designed with distribution in mind will make sure your brand draws the attention of the right customers and directs them back to your business.

Provide convenient payment options

The logistics of accepting card machine payments can be a hurdle for startups, but if you want your business to be a success and increase revenue, you need to provide convenient payment methods for your customers. The payment process for your business needs to be easy to use, so as not to alienate customers, and should also be multifaceted for convenience – you want to capture every sale possible, which requires choice for your audience.

Today, most consumers take it for granted that businesses will offer card payments, whether it’s in-store or online. In fact, the UK is the world’s third most cashless country, so neglecting to offer card payments could negatively impact your bottom line and result in you capturing a smaller percentage of potential sales. Being able to accept card payments is vital in order to avoid risking lost sales. 

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Cultivate a positive reputation

The internet enables us to be more informed than ever before, and this can be both a blessing and a curse for businesses trying to generate sales. Startups have the opportunity to foster a positive brand image and reputation from day one, which can be put to good use in influencing future customers. 

In prioritizing a great customer experience and encouraging customers to leave feedback and reviews, businesses can cultivate a great reputation that will serve them well in terms of sales and customer loyalty. 

There are various ways that small businesses can make a good impression, from asking customers for feedback and then taking appropriate action to improve where necessary, to asking for testimonials when a customer has a positive experience or when their expectations were exceeded. 

Entrepreneurs should take the time to respond to online reviews too, which demonstrates that the business cares about its customers and their experience with the brand. 

As consumers, we rely on reviews and testimonials to forge our own decisions when it comes to making a purchase or using a new service, so in taking the time to cultivate these types of social proof, you can increase the likelihood of bringing new customers to your business. 

Utilize social media

Social media can’t be ignored, for its ability to build a community to the different avenues it provides, and for businesses to reach a wider audience. For startups, however, the main appeal of social media is how cost-effective it is for such big rewards. So many consumers are spending a lot of their time on these channels, so it can be an enormous boost to sales when it’s used correctly. 

Most social media sites have a wealth of data on their users, which businesses can use to get their messaging in front of the right eyes. And while not everyone uses social media to buy, it can be a highly effective way to promote products and services, especially if you can offer giveaways, discounts or special deals to grab your customers’ attention for more sales. 

For startups, developing a social media marketing strategy early on can be a great way of marketing the business on a budget while still enjoying great results. 

Final thoughts

Startups often need to get creative with their strategies in order to keep budgets low while still enjoying growth as a business. Focusing on finding high-impact yet cost-effective methods to build brand awareness, and consequently, sales should be the aim. 

Startups should use a combination of these tips and then analyze how each impacts sales to determine where efforts should be placed for better results in the future. 

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Harvey Holloway is a digital marketing specialist, with a 1st class honours degree in Digital Media Design. Harvey is now looking to connect with leading publications and share his experience with a wider audience. Connect with Harvey on Twitter: @HarveyTweetsSEO.