eCommerce Development Plan: Your Go To Guide To Start An Online Business
Indeed! No one would ever miss a word of thought from Amazon’s exemplary success. Isn’t it?
In a highly-competitive industry, you must be aware what it takes to scale up your brand and give your customers an awesome shopping experience.
StrategyeCommerce Business Models You Can Leverage Upon
Market ResearchTips To Get Started The Right Way
eCommerce PlatformsBest Of The Breed Technologies To Consider
DesignCreating A User-Centric Online Business
SalesMust-have Features To Boost Your Revenue
Payment GatewaysCreating A Secure Online Store
Not To Do’seCommerce Mistakes You Should Avoid
eCommerce InfluencersNinjas You Must Follow To Ramp Up Your Knowledge
eCommerce StatisticsAmazing Facts You Must Know
eCommerce GlossaryTerms To Improve Your Understanding
Strategy: eCommerce Business Models You Can Leverage Upon
Every business strategy includes a business model to monetize upon. That forms the very basis of any venture. To drive your eCommerce development, you need to chose one out of the 3 most popular business models for your success strategy:
This is one of the most popular models in the eCommerce ecosystem today. Under this model, you create a marketplace and enable the sales of products that are manufactured as well as shipped by a third person/party. Largely, these are products which are largely standard in nature and consumer is already educated about them before he/she makes a purchase. E.g. Large online retailers like Amazon offer multiple products in drop-shipping arrangement with 3rd party vendors.
Investments are low as compared to other business models since you are not holding any inventory.
Your major effort should go in building a marketing engine, backed by strong underlying technology and exemplary customer support.
2. Wholesaling and warehousing
These days, this model is generally followed in B2B niches. You need to have either of the 2 characteristics to follow this model:-
a) Price competitiveness resulting from bulk purchasing and selling
b) Niche product categories that can still command higher margins despite bulk purchase discounts
Businesses like AliExpress fall under this category.
This type of model typically generates higher profit margins than any other B2C eCommerce business because of higher stock turnarounds.
While marketing, technology and customer support still pay a huge role in this type of eCommerce business model, the primary factor of your success happens to be your pricing, so focus more on maintaining that cost advantage.
White-labelling is when you hold a licensed contract of labelling a product under your name even if it has been manufactured by any other 3rd party. Just think about Dollar Shave Club and you will understand where we are going.
You tend to command higher margins not just because of bulk buying of products but also the niche you are able to create. Moreover, you have more control on the overall supply chain and can deliver better customer experience.
More than the product, you are selling a concept and an idea in this model. As a result, marketing and customer engagement need to take precedence here. However, that doesn’t mean technology, customer support and supply chain don’t need any investment.
Is your ecommerce strategy following any of these 3 models? Here are some of the resources you should look forward to for detailed concepts:
- Drop Shipping: The Easiest Way to Sell Online
- Sell Wholesale to Other Retailers
- Why A White Label Solution Is Easier Than Building Your Own
Market Research: Tips To Get Started The Right Way
As you get clarity on the eCommerce business model you want to pursue, your research should also start by this time. The next step should be to dive deeper into the research and perform a thorough SWOT analysis. By the end of this analysis, you will be confident of the experience and the bottlenecks you might face once you start, and how to overcome them.
The most important information to include in your eCommerce business blueprint – Your competitors!
Yes, you can’t afford to miss it. Know your competitors even more than yourself. And in order to get started with the competitor research, start with the following data:
- Competitor Names
- Traffic Acquisition Methodologies
- Product Niche & Pricing
- Business Model
- Brand Value
- Success Stories
- Performance Benchmarks
- Conversion & Bounce Rates
- Shipping Stats
- Failure Stories (Even more important!)
- Web and Mobile Design Experience
- User Ratings and Reviews
- Sales and Marketing Tactics
- Customer Loyalty & Services
Understand what makes you different from them
1. Discover your USP
Leverage your selling proposition by highlighting how your customers will benefit from the uniqueness of your product.
Selling your product to customers who have dozens of other options to buy from is only possible if your business answers a very simple question – Why should they buy from you? What’s that extra you are offering to them?
2. Learn from your competitor stories
Keep yourself aware of the business strategies and decisions your competitors take and what consequences they face. This way, you will always make sure that you learn from their mistakes. It will also be a good primer for you to understand the challenges faced in eCommerce industry, and think about the possible stop-gap solutions in your business model.
3. Distinguish your brand
Create a consistent experience across channels so that no one will forget. Show off with an amazing product video or compelling images that define your product and differentiate your service.
4. Add the personal touch
Create a buzz in the market with a customer centric landing page or a brand story to share with your prospects. Sharing the finest of the details about your product/service will offer a personalized consumer experience.
Once you understand your USP and the areas where your eCommerce business intends to make the biggest impact, it’s time that you start investing in the nuts and bolts of your business. At Kays Harbor, we suggest you to adopt an approach to start your research on the tech platforms and map your business needs to the available technology offerings. If time is critical, our team helps you in not just making such choices but carry out the whole eCommerce software development process.
eCommerce Platforms: Best Of The Breed Technologies To Consider
Today eCommerce technologies are competing against each other to improve shopping experience for the users, whether it is for mobile or desktop platforms. Some of the major players that rule the market and have most of the stores ranked in Alexa’s top 1M are:
Roughly 28% of the online stores in the world run on the WooCommerce platform. It attributes its popularity to its simplicity and ease of use with a variety of extensions and customization options for you to choose from. Plus, it doesn’t need a dedicated server and hosting service, it runs over your WordPress website as a plugin.
Best Suited For
This technology platform is best suited for any sized business, be it a startup or a large enterprise. If your website is built with WordPress, this plugin is the preferred choice.
Owned by the eBay group, Magento is another top contender in this league. It’s growth over the years has been very impressive including the variety of features it offers. This platform accounts for 14,739 websites world-wide that rank in Alexa’s list of top 1M.
Best Suited For
If you are not planning to make a switch anytime soon and want the best solution for almost every business need, then you have a strong reason to choose Magento. Its interface is user-friendly but requires expertise in development & configuration. So, if you are ready to invest in the paid version (Magento also provides a free community edition) with a dedicated hosting and hiring a Magento resource, then you should go for it! The set of features Magento offers reduces the efforts of custom development to a large extent.
This is the most extensive and scalable platform. It wins the game when it comes to an easy setup and customization for SMBs to large enterprises with 24*7 free customer support. Many eCommerce businesses are shifting to this fast-growing technology since it includes some amazing professional simple templates, add-ons and SEO features to choose from.
Best Suited For
Shopify is the savior of all beginners as well as experts. If you are just starting up with an eCommerce business, this platform can help you validate as well as scale with its free offering of abundant templates and fresh, ready to use eCommerce designs!
Prestashop is similar to WordPress in terms of ease of use. It is an ideal match for a beginner or novice in web development and offers a plethora of modules and themes to customize your store. You can host your store on the cloud or self-host it for free.
Best Suited For
If you are just about to start, Prestashop’s admin panel is very intuitive and easy to manage. It works well for a medium and large number of products. This tech platform’s efficiency increases with the number of products you sell on it.
Bigcommerce is one of the largest eCommerce platforms known today that is best described as a hosted eCommerce solution just like Shopify. It has a template based responsive structure that makes it easy to setup with less development efforts required.
Best Suited For
Startups and businesses that are new to this industry can get their hands on using it. Also, it is a very flexible solution for those online businesses with different product variants to sell.
Market share in Alexa top 1M (As on 13th June 2017) – Courtesy: Datanyze
When it comes to selecting the underlying technology, don’t choose the best but choose the one that best fits your business needs.
Each one has its own set of pros and cons when it comes to choosing the right platform for your business. This is one of the most crucial decisions that will lay the foundations for your business growth. Make sure you choose the best fit to start your eCommerce business.
When you are done deciding this, the design phase begins.
Design: Creating A User-Centric Online Business
If you are an eCommerce business, a website/mobile app is equivalent to your physical store. Just like you would target every walk-in as a prospect who can make a purchase, you need to ensure that your digital properties also generate the same level of consumer interest so that the visitors get that confidence to make a purchase. Therefore, incorporating the design best practices in your eCommerce development process will help you increase customer engagement and consequently the conversion rates:
1. Easy and scannable content
Break your content into easy to read and skimmable parts since an average reader has very less attention span. Make sure the user isn’t lost in the details and inferences.
2. Clear typography
Keep your product and other page copies simpler to understand, with clear spacing, font size and line heights. For instance, mobile devices generally require at least 16px to render readable content.
3. Persuasive colors
Color psychology plays a key role in the consumer buying behavioral patterns. The colors you choose, form the identity of your brand that speaks volumes about your business.
4. Navigation and breadcrumbs
Break the content into headings and allow navigable content through breadcrumbs. Cards and grids help avoid cluttering of the design. This affects the entire UX of your store.
5. Mandatory sign-ups are a no-no
Avoid mandatory sign ups. Give the user an opportunity to log in as a guest or sign up through social accounts. This increases your credibility and grows your email list as well.
6. Meaningful CTAs
Similar CTAs confuse your prospects. Try to keep easily differentiable and discoverable CTAs for actionable items such as add to cart, payment options, out-of-stock or size charts. They should navigate the user to a relevant and appropriate products or landing pages.
7. Filters and sorting
Give your users an option to filter and sort collections based on different categories, color, pricing, location, shipping options, popularity, brands and relevance. This makes your store more reliable and accommodating.
8. Easy and fast checkout options
Checkout is critical to the end decision making process. Stores tend to lose valuable customers if checkout process is not simple and is distracting. Ensure transparency in online payment and shipping policies.
9. Include reviews and ratings
Seeking online reviews is considered a mandate nowadays because they add real value and trust to the product. Customer reviews help in increasing online sales by 18%. Use this area to tell your customers how well you rank for specific products.
10. Offer personalization
Make your pages personal, customizable and user-friendly with options to create wish-lists, favorites, save for later, and recommended products to keep customers engaged and capture them into the buying process.
11. Internal search option
Improve product discoverability by including internal search options at the top of the header. This is a way to increase customer satisfaction.
12. Mobile friendly
Optimize your store for mobile customers. Since mobile is going to contribute a major chunk of online buyers in the times to come. Image zooming, touch gestures, minimum loading times add to ease in the mobile usability of your store.
13. A homepage that directly talks of value proposition
Design an impressive homepage that contains sections to create a positive first impression on the users. Consider featured products, latest offers, recently viewed products etc. as a critical element of your page.
Sales: Must-have Features To Boost Your Revenue
While you are closing down the designs of your online store, also start thinking about the features that will help you sell more. These are small but very critical components of your eCommerce sales & marketing strategy and should be thought through if you want to make your mark.
To increase your sales, you should primarily focus on developing the following key features in your online store:
1.Fast and Easy Checkout
Consumers are impatient. They want it easy. They want it now. A checkout system with fewer hops and easy navigation interface can keep your customers happy. A happy customer means a returning customer.
2. Social Media Integration
Social media is omnipresent today. An eCommerce store integrated with social media gives you access to valuable consumer information. It can improve business analytics. More data can help you acquire new customers through social networks and retarget your existing customers by offering high-value offers.
The social media marketing report by SocialMediaExaminer states that more than half of marketers who’ve been using social media for at least 2 years have reported that it helped them improve sales.
3. Third Party Guest Login
Major platforms like Facebook, Google, Amazon, and Twitter provide login APIs. These third-party logins help new businesses easily gain trust. Trusted logins take away the barrier to entry. If a potential customer is required to use new signup forms to enter the site, it can create a mental roadblock. Also, these third party logins make a site more secure.
4. Augmented Reality for an Enhanced Experience
Implementing an augmented reality store, where customers can try out products like eyewear or clothes, can help promote products in a nonintrusive way. It is a cutting-edge marketing tool that can help a business stand out. Platforms like Google’s Tango are already at the forefront of this technology.
5. “Also Bought” Suggestions
People are creatures of habit, and people of similar socioeconomic background tend to like similar products. Implementing an “Also Bought” section to suggest new and related products can be an effective upselling and cross-selling strategy.
6. Reviews and Ratings
Reviews and ratings make an eCommerce website stand out from a brick and mortar retail store. In an e-store, customers don’t have a sales person. Instead, they rely on reviews and ratings of fellow customers. So, implementing such a system should be a high-priority for every online business.
7. Easy Payment Modes
In the online world, payment is the final roadblock in the closing of a sale. Efficient credit card processing, bank integrations, and payment gateways ensure that customers will not abandon a purchase in their shopping carts.
8. Notification for “Out of Stock” Products
An out of stock product is a lost sale. But it doesn’t have to be. Using personalized email notifications and alerts, buyers can be kept in the loop until the item is available. Thus, buyers will feel invested in the process and feel like the business truly cares about their needs.
Incorporating these simple tech features in your eCommerce business plan can help keep it ahead of the game.
You can also use a variety of eCommerce tools to assist your online efforts and streamline the business processes. Most businesses already have one or two of these implemented. Each feature opens new ways to serve your customers better.
Your business strategy is in place, the tech stack is final and you know the technical best practices for sales. The next major step is to bank upon a payment gateway.
Payment Gateways: Creating A Secure Online Store
Before choosing a payment gateway for your eCommerce business, consider the following key factors:
- It should match your business requirements such as currency support, consumer base, target demography etc.
- It should be financially feasible – low setup fees, less chargebacks.
- It should be PCI DSS compliant with built in fraud protection or tokenization policies.
- It should seamlessly integrate with your existing UI.
- It has an extremely competitive performance level in terms of processing times and transaction rates.
- It should have a strong customer support channel.
Here’s a list of the top payment gateway provider services:
Source: How to choose a payment gateway?
While narrowing down your choices to build an eCommerce business, it is best to avoid the most common mistakes.
eCommerce Mistakes You Should Avoid
As much as the rate at which online businesses are growing, it is harder to digest the fact that most of them don’t makeup to the road to financial success. To stay competitive, outline the following list of business mistakes to avoid in your eCommerce development plan:
1. Limited information about targeted audience
To lay the very foundations of a business that caters to consumer needs, it is important to know the needs and behavior of your ideal audience. Map your customers to the product range you plan to sell. Choosing a market that is already saturated might be of little use unless you offer some differentiation.
2. Not analyzing the investments
If you have started an eCommerce business without keeping in mind how much you will be investing in, it can potentially harm your finances.
Carefully create a list of expenses you might have to incur when you start a store. This will help you keep your finances in a check.
3. Unsuitable technology platform
Choosing the right technology for setting up an online store is crucial to your business. It should cater to all your basic business requirements. Not just that, it should also perform high across the 4 characteristics – Robustness, Scalability, Security and Performance.
4. Unimpressive design
If your e-store does not reflect good aesthetics and does not impress the users, you might lose out a major chunk of the audience. Buying impulse of a customer is affinitive to what they see. That is why a great store will have an awesome UI and UX.
5. Intrusive add-ons
Annoying your customer with intrusive add-ons and salesy actions are not rewarding. Regulate the number of pop-ups and the timing of each pop-up appearance. Also, keep in mind Google devalues stores which include these pop-ups on mobile devices.
6. Not practicing advanced technical SEO
If you are still not thinking about SEO, you are making a big mistake. A proper well defined SEO strategy can increase your discoverability on search engines. Increase your chances of conversions by giving your audience whatever they search for.
7. No marketing strategy in place
In an eCommerce business plan, marketing plays a major role for driving sales. Market your products in a way that brings your prospects on the door. If you don’t have a marketing team/skill, start investing in one. Promote latest offers, giveaways, featured products etc. through social media platforms, emails and unique content.
In 2016, the e-retail business worldwide witnessed 27.3% sales growth as compared to the previous year. [See the full report]
8. Non-customer centric value proposition
Your business is for the consumer. Here’s how you can devise a unique value proposition that draws them into buying. Make your customers realize how you can give them the best and what makes your products better.
9. Inefficient customer support
A strong customer support process generates user satisfaction and consequently improves your sales. Address customer issues smoothly via all relevant channels. Your support services should value customers.
10. Bad checkout process
Your store should not be making the user jump too many hops to the purchase, it harms the customer experience and they usually drop off. Some stores do not allow guest checkouts and promote forced sign-ups.
11. Undisclosed product or shipping costs
Firstly, if you have certain hidden costs on your product pages, expect your customer to be unhappy and this might not earn you good reviews and customer loyalty. Also, avoid charging extremely high for shipping services. It is reported, 61% people abandon their carts if the store charges high shipping and handling costs. Keep the process clean and transparent.
12. Limited product information
Include the right amount of detail that is relatively enough for the user to make a buying decision. Display proper product specifications and all the information related to the product. If your products don’t display the information a buyer needs, it is more likely for them to be disinterested in making a purchase from you.
13. Less personalization options
Stores that are not user-friendly, simply put, they do not offer personalization and customizations as per customer interests, tend to generate lesser sales. Sorting and filtering features based on color, size, price range, best-selling, favorites, wish lists etc. are a must have for any business today.
14. No trust indicators like review and ratings
It is important to show your customers what others have shared about buying from you. This makes them decide faster and better. It inculcates a sense of trust. Without such indicators, there are higher chances of leaving them confused whether to buy a product or not.
15. Limited and unsecure modes of payment
a) Limited & unsecure payment gateways
Limited options to make payments? Be ready to get lower conversions. Users tend to buy from a store where their preferred choice of payment method is offered. Payment gateways play a pivotal role in gaining that trust and engagement for your store.
Transaction success rate largely depends payment gateways available on your store. If your customers are facing failed transactions every now and then, it can cost you large customer drop offs.
b) No support for mobile payments
Since mobile is the new way of buying, if you don’t have mobile payment modes, chances are you are skipping the millennial generation that usually buys through smartphones.
To avoid these mistakes, you need to be up-to-date with the latest events in the eCommerce arena.
eCommerce Influencers: Ninjas You Must Follow To Ramp Up Your Knowledge
For the best industry advice on growth hacking, marketing, business development and sales, here is a list of the top eCommerce experts we recommend you follow regularly:
With more than 17 yrs of experience in his field, Armando is a senior contributor for Practical Ecommerce and is the Director of Marketing & eCommerce for D&B supply. His articles reflect his in-depth knowledge in the field of eCommerce.
Jay is the president of Convince and Convert, New York Times best-selling author and a keynote speaker well known in the eCommerce industry. His experience in content marketing and digital marketing is commendable and worth reading.
Known as the Wizard of the popular Moz, his whiteboard Fridays and articles share a lot of SEO and marketing strategies for online businesses. He is one of the best SEO advisors in the world of search today.
One of the finest resource in the field of SEO, Brian is the brain behind Backlinko. His twitter feed features exemplary step by step expert strategies, tactics for SEO, link building and content marketing.
Andrew owns the most popular eCommerceFuel blog. An expert entrepreneur, his growth hacking and eCommerce strategy skills will help you scale up your online businesses.
Linda is tops the list of eCommerce enthusiasts. She is the co-founder of Edgacent and author of the Ecommerce Illustrated. She writes and shares amazing stuff related to eCommerce on her blog.
Responsible for Marketing at Shopify, you should not miss Corey’s updates on eCommerce. He curates a variety of articles on Shopify to build a social brand and incorporate excellent marketing skills in this domain.
Tracy is a gem for the BigCommerce team. She is presently the Managing Editor of the eCommerce giant and contributes noteworthy content on the official blog. She actively contributes for big names like Hubspot and Entrepreneur.
Richard is the founder of online business incubator – A Better Lemonade Stand which helps businesses, entrepreneurs launch and grow their online businesses. He reviews different tools eCommerce stores can use to make the best choice of the resources available.
Joanna is amongst the list of best copywriters in the eCommerce industry. To get awesome updates on improving writing skills subscribe to Copy Hackers.
One of the top-notch retail strategy experts, Kunle runs the popular retail blog and podcasts – 2x eCommerce that covers wide ranging topics on customer acquisition, retail business development.
This guy needs no introduction. He is the owner of the one fastest growing eCommerce platforms – Shopify. He shares interesting content in his feed on eCommerce, growth & entrepreneurship.
Matt is a pioneer in growth hacking. Designated as the Global Head of Growth & SEO at Hubspot – the colossal inbound marketing resource. His influence in the eCommerce digital industry as an SEO writer, audience generator, startup advisor is beyond comparison.
Founder of Adore Beauty, Kate has well established herself as Australia’s most influential and a top businesswoman. As an eCommerce connoisseur, this beauty junkie shares interesting insights for entrepreneurs.
Dave is the Co-Founder and CEO of the popular online publication – Smart Insights. He enjoys sharing latest tools and tips for Digital marketing and is one of the smartest retail marketing experts in the UK.
Tucker is one of the youngest eCommerce experts today. Apart from managing the product department at Shopify, he has successfully found over 4 eCommerce companies and writes innovative content for online retail.
Whitney is the Director of International Content Strategy at Ecommerce Nation, one of the fastest growing eCommerce site for entrepreneurs, businesses, marketing and sales. She plays a major role in amalgamating a plethora of quality content from international contributors on this platform.
Ben is the best resource for anything related to Magento – one of the top eCommerce platforms in this industry. He is the brand evangelist for Magento and has expert practical and technical knowledge of the platform.
He is one of the best persons you should be following in the Digital Marketing domain. He is the Managing Director of OPTIM-EYEZ and hardworking, growth driven entrepreneur. Sam has helped small companies to corporates achieve whopping success. He contributes amazing stuff on his social media handles – something you should not be missing out on!
CIO at NDTV eCommerce, Aneesh is one of the most followed Indian CIOs on twitter. He shares insightful content actively on social media. Currently handling tech, eCommerce operations, customer care and digital marketing, his knowledge and experience is definitely lot to learn from.
Ajeet is the former CEO of the Society for Innovation and Entrepreneurship (SINE) — the business incubator at IIT Bombay. Ajeet is a startup connoisseur, angel investor, author & speaker known for his sound entrepreneur advice. His mentorship has helped early age startups grow. He has contributed to eCommerce consulting for a variety of business projects. Follow his updates for the best guidance in this domain.
Establishing an eCommerce brand might be one of the most competitive tasks today, but you can sail through this if you are investing in all the aspects of eCommerce development.
It’s not the end. We would love to share with you some of our favorite facts on it:
eCommerce Statistics You Must Know
Did you know?
- Worldwide B2C sales are estimated to reach $2.35 trillion by 2018. – Statista
- 42% of eCommerce revenue is driven by Google organic search and 26% from AdWords. – Wolfgang Digital
- Two-thirds of millennials prefer shopping online than in-store. – eMarketer
- Amazon – the largest online retailer in the U.S is even growing faster than eCommerce as a whole. – Internet Retailer
- 90% of people buying on Amazon wouldn’t make a purchase if an item has less than 3-star rating. – Feedvisor
- 60% of the people shop because of good prices wherever they do. – PWC
- It is 7 times more expensive to get a new customer than to retain an existing one. – Invespcro
eCommerce Glossary: Terms To Improve Your Understanding
|APIs||Application Program Interface (API) is a set of protocols, routines and tools and define how software application interact with each other.|
|B2B||Buying and selling of goods or services and subsequent exchange of money between 2 businesses.|
|B2C||Buying and selling of goods or services and subsequent exchange of money between a business and a consumer.|
|Breadcrumbs||A series of connected pieces of information so that a user can easily browse through a website.|
|Brick and Mortar||Refers to a physical presence of a business in a building, most commonly used for physical retail stores.|
|Business Analytics||It refers to the technology, skills and practices of continuous exploration and analysis of past business performance to fuel your decision making and drive business planning.|
|Cart Abandonment||An eCommerce term used to describe a situation when an online buyer places an item in a shopping website cart but leaves before completing the purchase.|
|Checkout||A point during the sales process in which payment happens|
|Conversion||A scenario in which an online user performs a desired action on your website.|
|Cross Selling||To sell a different product or service to an existing customer.|
|CTAs||A Call-to-Action in a marketing message directs the user for an action.|
|Customer Loyalty||Attitude and behavioral tendency of a customer to favor one brand over the other.|
|Drop Shipping||Enabling delivery of goods to the consumer directly from manufacturer/trader.|
|eCommerce||Buying and selling of goods or services and subsequent exchange of funds electronically over the internet.|
|Landing Page||A web page which serves as an entry point for a website or a particular section of website.|
|Margins||A difference between a product & service’s selling price and its cost of production.|
|mCommerce||Mobile commerce is the buying and selling of goods and services through wireless handheld devices like mobile phones, tablets and pads.|
|Payment Gateway||It’s an eCommerce service that processes payments for an online store|
|PCI DSS Compliance||The Payment Card Industry Data Security Standard (PCI DSS) is a widely-accepted set of practices intended to protect the security of credit, debit and cash card transactions and protect cardholders against misuse of their personal information.|
|SEO||Search Engine Optimization is the process of generating traffic by ranking high up in search engine results.|
|Shipping||Shipping: The process of transporting good from seller to buyer.|
|Shopping Cart||Module of an eCommerce software that enables users to select items for eventual purchase.|
|Stock Turnaround||Number of times inventory is sold or used in a given time period.|
|Supply Chain||It refers to the sequence of events involved in production and distribution of goods or service.|
|Upselling||To convince a customer to buy something additional or expensive.|
|USP||Factors that differentiate your product/service from that of your competitors.|
|White Labelling||A practice in which a product is manufactured by one party but rebranded by another company to make it appear to be their own.|