article thumbnail

Product Substitution: How Savvy Retailers and Manufacturers can Build Supply Chain Resiliency, Reduce Costs and Improve Customer Experiences

Retail TouchPoints

Shipping delays and stockouts lead to frustration and disappointment, especially when logistical problems impact time-sensitive purchases, such as special occasion gifts, event tickets or prescription medications. Whenever possible, retailers should price match the cost of the original item.

article thumbnail

Harnessing the Potential of Returnless Refunds to Improve Profitability and Customer Experience

Retail TouchPoints

Returns are a major cost of doing retail business of any kind, but especially online. Under ideal circumstances, reducing rampant returns is best accomplished through improving the issues that are most frequently leading to them. The list goes on, but the profit margin associated with an item is a key factor to consider.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Shipping Hacks For E-commerce Businesses To Reduce Costs

lateshipment

Shipping is one of the top expenses for e-commerce businesses. In fact, it can account for up to 25% of the total cost of an online order (only next to production at 30%). But most of the factors associated with production costs are under your control and can be easily cut down to see profits.

article thumbnail

7 Targeted Retail Strategies for Revenue Growth and Margin Improvement

Retail TouchPoints

There’s an art and science to using customer data to capture shopping behaviors and trends and activating that data along with the right shopping features. Loyalty Beyond the Price Tag In our hyper-connected world with increasing distractions, retailers and brands struggle with high acquisition costs.

article thumbnail

Master Your Stock: A retailer’s blueprint for improving inventory health

Fabric

Tim Cook, CEO at Apple For retailers, improving inventory health sounds simple enough. The balancing act involves optimizing stock levels to meet customer demand while efficiently managing costs. In retail, inventory health is about maintaining the right balance between stock levels, customer demand, and operational costs.

article thumbnail

A Generational Analysis of Today’s Home Improvement Customers

Retail TouchPoints

These homebound tendencies ignited a fervor for redecorating and DIY home improvement that, by all accounts, is continuing strong into 2022. Using the Resonate Ignite consumer intelligence platform, we recently examined home improvement trends through the lens of three key generational segments. Gen X Homeowners Making Improvements.

article thumbnail

The Essential Guide to Shopify ERP Integration [2024]

Groove

This data-driven solution brings financial, logistical, and human resource data together to save you time managing your store. Allows for Improved Decision-Making: Because you have access to real-time insights, you can make better decisions for your business, thus maximizing profitability. Set up shipping rates and methods.

Shopify 393