How to Streamline Your Online Business in 2021
It’s no secret that the pandemic-filled boom of online businesses and eCommerce start-ups has completely transformed the global retail landscape. COVID-19 has accelerated eCommerce’s growth, with total online spending hitting US$82.5 billion in 2020, a 77% increase year-over-year. This trend is set to continue well into 2021, with January seeing online sales accounting for more than a third of total retail spend – the highest proportion ever.
However, while you may be concerned about the market being over-saturated, there’s no better time to start an eCommerce business than right now. But, with so many competitors, standing out is vital if you want to sustain long-term business success.
Fortunately, the rise of digital technology and automated solutions has made it easy for eCommerce businesses to streamline their processes and access a global pool of customers.
From crucial inventory management to global payment systems, here’s how you can use digital technology to keep your eCommerce business operations running like a well-oiled machine.
Smart Project Management
For new eCommerce business owners, managing multiple projects, coordinating with vendors, and delivering timely campaigns can be an overwhelming task. Using a centralised project management platform can help streamline your communication processes and achieve your business goals.
Comprehensive platforms such as Slack, Teams, Asana and Trello allow you to create detailed project briefs, set calendar timelines and communicate with team members from anywhere in the world. Using these apps from the get-go can smooth out potential bottlenecks before they even occur and significantly boost your productivity.
Automate Your Processes
With so many different tasks in your business pipeline, it’s easy to overlook one of your most valuable resources: time. From order fulfilment to sales management, it becomes pertinent to streamline each process as much as possible to save your precious hours so that they can be better spent on innovating your brand and building customer loyalty.
The best way to do this is through automation. Using software and technology, you can effectively turn manual tasks into automated processes, allowing you to seamlessly carry out essential functions like customer services, inventory management, and customer retention with little-to-no human intervention.
For example, order management software allows you to automatically manage and update your inventory levels, removing the risk of selling out-of-stock items. For customer retention, CRM software like HubSpot and Salesforce can help you schedule email marketing activities and automate follow-up emails to collect valuable customer feedback. Additionally, you can use analytic tools such as Google Analytics to collect customer behaviour and adjust your marketing efforts based on your targeted segments.
Open a Virtual Business Account
When all is said and done, the most crucial aspect of managing your online business is optimising your payment system, so that you can pay and get paid with ease. Traditional bank accounts can take several months to set up, not to mention time-consuming paperwork and hefty deposit requirements. With digital business accounts from Currenxie, you can open an account online and get started instantly, with lower barriers of entry. They can also streamline payments from major online payment gateways like Shopify, Amazon, and Paypal – allowing you to manage your transactions in one place.
As a leading virtual account provider, Currenxie offers cloud-based banking solutions that help you scale your business globally, with the ability to pay and receive in multiple currencies. With sleek and intuitive online interfaces and 24/7 account access, digital business accounts offer unparalleled advantages for new business owners and growing eCommerce startups.
Quick & Easy Set-Up
Opening a digital business account with an FI like Currenxie is equivalent to opening multiple accounts around the world at the same time thanks to them having one of the world’s largest payments networks. Additionally, opening a digital account is not bound by physical location. The account opening process can be done entirely online, with information and applications verified and approved by our client service team in as quickly as two days.
Access Global Markets
Having a digital account can maximise your growth potential and streamline payments with international vendors and supply chain partners. Moreover, the ability to accept and receive payments in multiple currencies and different countries will enable you to expand your customer base across international markets, which can protect you against adverse changes or disruptions that can occur from operating in a single market.
Just like the borderless possibilities of your eCommerce business, having a digital account means that you can access it when you want, wherever you want. You can link all your segregated accounts in one convenient place and manage your financials anywhere in the world, all while saving on traditional bank fees.
Start Scaling Your Business Today
With so many different strategies and tools available for your eCommerce business, it’s essential to carefully select one that aligns with your business functions and provides you with the best investment return. When it comes down to it, effective payment systems and virtual accounts are the cornerstone for any eCommerce business looking to stay ahead of the competition and scale their businesses globally.
Discover how Currenxie’s global accounts can get your operations up and running with ease – with zero set-up and maintenance fees. Click here to sign up for a global account today.