When it comes to protecting your eCommerce company from rising inflation, you have a few options. Try some of these techniques to beat back rising consumer prices and stay ahead of your competition.
Consumer inflation may be hovering at 9.1 percent, which is its biggest hike in more than 40 years. That doesn’t mean that your eCommerce company has to suffer. You may not be able to control gasoline price increases but you can certainly protect your business.
Below are several strategies to help you weather the inflation storm. By implementing at least a few of them, you’ll position your organization to feel less of an economic brunt. Plus, you may see some indirect benefits to being innovative, like improved employee loyalty and more positive customer sentiment. So the sooner you start, the sooner you’ll see results.
1. Cut Unnecessary Expenses
This may go without saying, but companies incur plenty of “hidden” expenses that erode their profit margins.
Case in point: All those subscriptions that you’ve forgotten about. Many products and services require you to pay for them on a regular basis, such as quarterly or annually. However, it can be easy to “set and forget” the subscriptions you’ve signed up for.
Conduct an audit of your corporate spending. Look through all your business credit cards. You may spot items here and there that just aren’t providing any value. If one of them is a subscription, make sure it’s for something your employees use. Otherwise, you’re just wasting money.
2. Stock Up on Supplies
Though some experts are hopeful that supply chain worries are nearing an end, one of the largest shipping companies isn’t so sure.
DHL announced in early 2022 its prediction that supply chains would remain disrupted through 2023. Sure, that’s not something you want to hear as an eCommerce store. Nevertheless, it’s something that you need to keep in mind in terms of procurement.
Let’s say you know you’re likely to get a seasonal…
..
[ad_2]