The Covid-19 crisis has triggered an increase in online sales. With more and more businesses all over the world offering a home delivery service, it pays to focus on cost-effective logistics strategies. While boosting orders and adapting to a new way of selling is beneficial for businesses aiming to pull through the crisis, it’s critical to ensure added shipping costs are accounted for. Here are some steps to balance the books.
Plan in advance
The vast majority of businesses were caught off-guard by the outbreak of Covid-19 at the beginning of 2020. Now that we have a better understanding of what it means for global trade and consumer buying habits, companies can adjust and adapt and start to make plans in advance. One of the most important considerations when offering online shopping is crunching the numbers related to logistics. Will you be paying for warehousing and distribution? How many packages are you expecting to send or ship per day? Are you dealing with customers locally, nationally or internationally? Where possible, it pays to plan ahead. If you’re expecting a surge in orders, make sure you have the arrangements in place to deal with an influx and ensure you’re operating cost-effectively. Explore different options, get quotes and make sure you’re ready to offer new services. You don’t want to lose customers the first time they place an order because you can’t deliver on promises.
Exploring funding streams and efficiency savings
There is no doubt that the Coronavirus crisis has wreaked havoc on organizations and companies across almost every sector. With the future uncertain, it’s beneficial for business owners to explore funding streams, to keep a close eye on the books and to look into efficiency savings. Altering staffing structures, adapting to embrace and capitalize on new buying trends and automating processes can save time and money. When it comes to funding plans for growing your business and catering to an online market, businesses can consider personal investment through options like buying and selling stocks, trading share CFDs or selling real estate, external investment or borrowing. Weigh up the options open to you, compare the pros and cons and make sure you understand the risks or implications of borrowing, putting your money into an investment opportunity or giving away part of the business in return for a cash boost.
Saving on shipping
Many businesses that usually rely on in-store sales are exploring new opportunities. If you start accepting online orders, it’s hugely beneficial to look for ways to save on shipping. Consider different options, for example, free standard delivery or express services for a fee, and figure out how the costs add up and what works best for your business. Try to ensure that orders are packaged together to prevent delivering a series of separate items. You can outline order deadlines or time limits to ensure that customers have an accurate idea of when their goods will arrive, for example, offering next-day delivery on orders placed before 3 pm. It’s also essential to build strong relationships with the agents or companies you use to ship your products and to make sure you’re getting the best deal. Your performance and reputation could be affected by the delivery process.
Online sales have soared in recent months, and many consumers are happier to place orders online than leaving the house. If you’re on a mission to balance the books, it’s crucial to employ cost-effective logistics strategies.