Blog

4 Reasons All eCommerce Stores Should Consider Accepting Cryptocurrencies

One recent study found that around 67% of cryptocurrency owners believe that there aren't enough businesses that accept crypto, and if more merchants truly understood the demand for businesses that can accept cryptocurrencies, more of them would probably do it. Accepting crypto allows you to stand out as a business, and with the increasing number of people holding crypto, accepting it now will allow you to get ahead of the curve. Let's take a look at a few reasons why all eCommerce stores should consider accepting crypto.

Instant Publicity

Accepting crypto is a great way to get word-of-mouth publicity, and it can get you visibility in many other ways. You might be featured on lists or directories of businesses that accept crypto, for instance. Or you could release a well-crafted press release and have it picked up by news outlets. 

You never know who might stumble across your website and decide to sing its praises. Some influencers may decide to talk about you, or someone on Reddit may recommend you to a person looking for a store like yours, so don't underestimate how much free exposure simply accepting crypto could give you.

Fast Access to Funds

Another benefit of accepting cryptocurrencies is that you'll have immediate access to your funds. There will be no need to wait for funds to be transferred to your bank account and no barriers to spending the money you receive. Your funds will be in your wallet the minute the payment is cleared leaving you free to do what you want with it.

You can always choose to have the funds converted directly to fiat dollars if you’d rather hold money. This helps avoid some of the volatility issues that come with certain cryptos. However, sites like OKX will allow you to get the price of ETH and other cryptocurrencies in real-time and decide if you'd like to hold or convert your funds depending on the price action. You could also decide to convert payment into stablecoins and get the best of both fiat and crypto, so look at your options.

It Helps Solidify Your Brand Image

If you're in a field that is seen as avant-garde or you're in tech, accepting crypto could help fortify your brand image. People will love the fact that you do it, and it will make your business look even more advanced. If you want maximum benefits, try to make it clear that you accept crypto by adding icons on your front page and checkout if you can, and remind clients every time you get the chance.

Increase Conversion Rates

Unless you survey every person that goes through your site, you will never know how many of them own crypto. And you don't know how many people would've made a purchase it if you accepted it. Don't let these potentially very lucrative sales slip away because of your limited payment options and consider adding crypto to the mix.

Accepting cryptocurrency payments could benefit your business in so many ways and you should consider the option today if you haven't already. Make sure that you know how cryptocurrencies work first, however, and that you have all the pieces in place to accept them safely.

 

Using QR Codes In Your Ecommerce Strategy

Nowadays, you can't take a stroll down the street without seeing a QR code on a billboard or storefront. From restaurant menus to business cards to employee uniforms, QR codes are becoming a common fixture in the modern consumer landscape.

Safe to say, their usage in the brick-and-mortar businesses is well established. But QR codes' potential extends far beyond physical locations – they can also prove to be a valuable tool in your eCommerce arsenal.

In this article, we'll explore how incorporating QR codes into your eCommerce strategy can benefit your eCommerce store, and offer some tips on the best practices for using them.

What is a QR code?

At first glance, QR Codes may appear to be a random collection of black and white squares. But these codes can hold a significant amount of information, from  links to landing pages with product details to payment options and promotions. All customers need is a smartphone with a QR Code scanner, and they can quickly access the information without typing lengthy URLs or handling physical materials.

For example, say you own an online clothing store and want to provide customers with additional product information, such as fabric content or care instructions. Instead of making them search for this information on your website, you can add a QR code to the physical clothing tag that, when scanned, brings them directly to the relevant page.

How do QR codes work?

A QR code uses a visual encoding system that can store thousands of alphanumeric characters. When scanned, this information is converted into readable text for the user to access. This transaction takes place in a matter of seconds, making it an incredibly efficient and convenient form of sharing information.

Due to QR codes' widespread use, most smartphone users already have a QR code scanner built into their device's camera app. But for those who don't, plenty of free QR code scanner apps are available for download.

Benefits of QR codes

Sure, QR codes may seem like a small addition to your eCommerce strategy, but they can be extremely beneficial to both you and your customers. How? Let’s look at a few ways integrating QR codes into your eCommerce strategy can benefit your business:

  • Provide instant access. As mentioned earlier, customers can use QR codes to gain instant access to product details, size charts, promotional offers, and more. This streamlines the customer's experience and eliminates any frustration they may encounter searching for this information on their own.

  • Collect data. QR codes can also serve as a tool for gathering customer data and insights. Most QR code generators offer the option to track how many times a code is scanned, where it was scanned, and even what type of device it was scanned with. This information can be valuable in determining the success of your QR code campaigns and making changes for future strategies.

  • Save marketing dollars. Two of the best things about QR codes are that they are affordable and easy to generate. Many generators offer free options, and even upgraded versions are typically much less expensive than traditional advertising methods. So not only are QR codes convenient and efficient, but they can also save your business money.

How to use QR codes in your eCommerce business

Now that the basics are covered, let's get down to the practical ways you can incorporate QR codes into your eCommerce strategy. 

To increase social media engagement

Few customers will actively seek out a business's social media pages unless they have a particularly strong affinity for the brand. A QR code offers a seamless way to direct customers to your various social media platforms and encourage them to follow and engage with your pages.

Include a QR code on product packaging, cards enclosed in online orders, or other printed materials (like invoice receipts) that leads customers to your social media pages. You can also use a unified QR code to link customers to multiple social media channels, rather than creating separate codes for each platform.

To promote product transparency

Green. Sustainable. Fair-trade. These buzzwords have become important for customers in recent years, with many seeking to support businesses that align with their values. 

However, with limited real estate on product packaging, a brand can’t possibly convey all of its affiliations and beliefs. Until now, customers may have had to visit the company's website or contact customer service for this information. 

But with a QR code, all this information can be readily available to the customer at their fingertips. Midwest Dairy, for example, uses QR codes on their milk cartons to link customers to information about their dairy farm and animal care practices. This allows customers to make informed decisions and feel confident in their purchases.

To offer discounts and coupons

Of course, we can't talk about QR codes in eCommerce without mentioning their usefulness in offering discounts and coupons. Rather than sharing a lengthy url or link, customers can easily access coupons by scanning a QR code displayed on promotional materials or product packaging.

This method of offering discounts also helps to limit usage to recent customers or target demographic, as the code can only be accessed and used by those who have made a purchase or fit the desired criteria. For example, a QR code displayed on the receipt of a recent purchase can offer customers a discount on their next purchase, only redeemable by first -time customers. 

What's more, you can also track the success of specific promotions and campaigns by simply seeing how many customers have scanned and redeemed the code. That way, you can also gather insights into what kind of offers, discounts or other incentive offers are most popular with your audience.

To provide a unique experience

The Darling in West Loop provides a leading example of how QR codes can enhance the customer experience in unique and memorable ways. The restaurant uses QR codes on their to-go menus to bring the in-restaurant experience to patrons dining at home, with live stream cabaret performances and looped footage from the bar.

Consider how you could bring a similar level of engagement to your online business. For example, a beauty company may use QR codes on product packaging to link customers to video tutorials or virtual makeup consultations. Or a furniture retailer may use QR codes to link customers to assembly demonstrations or interior design inspiration.

By providing value in the form of entertainment or education, you can create a more engaging and immersive brand experience for your customers.

To streamline inventory management

QR codes can also be applied to more logistical purposes, like inventory management. After all, they started as a way to track automotive parts in the manufacturing industry. 

Generally, barcodes have been the go-to choice for inventory management. But QR codes offer several advantages over traditional barcodes. Unlike barcodes, QR codes can be edited and updated with new information, making them a more efficient and flexible tool. In an eCommerce setting, this means the ability to easily update product information and track the real-time availability of inventory.

Additionally, QR codes can hold much more data than traditional barcodes, allowing for more specific and detailed inventory tracking. And since QR codes can be read with a smartphone, there's no need to invest in dedicated scanners.

Steps to create a QR code campaign

Itching to get started on your own QR code campaigns for your eCommerce business? Fortunately, the process is fairly straightforward. If you need a little guidance, follow these steps:

#1: Determine the type of information you want to share.

Depending on the data you want to share, you'll select the corresponding QR code type. Suppose you want to share a coupon code for your online store. In this case, you'll create a Coupon QR code. If you want customers to download your mobile app, you'll create an App Store QR code. 

#2: Choose between a static or dynamic QR code.

Static QR codes can only contain fixed information, while dynamic QR codes can be edited and tracked. If you want to frequently update the information or track how many people are accessing it, you may want to go with a dynamic QR code. But if the information will remain constant, a static QR code might be more appropriate. 

#3: Generate and design your QR code.

You'll find plenty of free QR code generators online. These tools will allow you to input your chosen information and even customize the design of your QR code. 

#4: Test and implement your QR code.

Test the QR code with a scanner before using it in your eCommerce strategy. Then, you can start incorporating it into your marketing materials and product packaging to offer your shoppers a more streamlined experience.

#5: Track and analyze QR code performance.

If you opted for a dynamic QR code, you'll be able to track how many people have scanned your code and view metrics such as location and scanning device. This data can give you insight into the effectiveness of your QR code campaign and inform future strategies.

Tips to get the most out of your QR campaigns

Here are a few key tips to keep in mind as you start incorporating QR codes into your eCommerce strategy:

Figure out if using QR codes is a good idea

Not every campaign or brand will benefit from using QR codes. Consider your target audience and the purpose of your campaign before deciding if incorporating a QR code is the best approach. 

If your target audience skews older or isn't as tech-savvy, they may not be as likely to use a QR code. In that case, sticking to more traditional marketing tactics may be a better fit. However, if your target audience is technologically adept, incorporating a QR code can add an element of novelty and innovation to your campaign. 

Keep it simple and mobile-friendly

When designing your QR code, bear in mind that most people will scan it with their smartphones. Make sure the landing page or content it leads to is mobile-friendly and easy to navigate. Additionally, try not to cram too much information into a single code. Keep it simple and direct, with one clear call to action or message.

Organize your resources ahead of time

QR codes may be cost-effective marketing tools, but if you're new to using them, you may want to start small and test their effectiveness before fully committing to a full-scale campaign. Just like any other marketing project, it's important to have a clear plan and budget in place before you get started. 

Also, if you aren't particularly tech-savvy and data tracking isn't your strength, you may have to allocate resources to train employees or outsource some tasks. Before launching your first QR code campaign, make a resource schedule outlining who will be responsible for each stage of the project. That way, you can ensure that everything runs smoothly and avoid any last-minute scrambling.

Choose the right printing material

The material you print your QR code on can greatly influence its scannability. Choose a material that won't reflect too much light or distort the image, and avoid uneven surfaces like ribbed cardboard. Always test your QR code before fully committing to a printing material to ensure it can be easily scanned.

Pick the right size and placement

Avoid making your QR code too small or placing it in an area where it may blend in with other designs or graphics. Your code should stand out to catch the attention of potential scanners. A good rule of thumb is to make your code at least 2x2 inches and consider placing it in a prominent location such as the center or top corner of your packaging or advertisement.

Use QR codes to your advantage

Ecommerce is one sector that's constantly evolving. What worked five years ago may not work today, and what works today may be obsolete in five years. That's why eCommerce leaders always have to be on the lookout for new trends that could potentially disrupt the status quo.

QR code is one such trend that's been gaining momentum in recent years. And rightly so! By providing value and an interactive customer experience, QR codes can boost brand engagement, drive traffic to your website, and potentially increase sales. So, if you're ready to shake up your marketing game, give QR codes a try and see the results for yourself.

Why Investing in an Omnichannel Point-of-sale System Means Business Success?

In the increasingly competitive retail sector, providing a consistent and smooth customer experience across the consumer journey is a huge advantage. As a result, some companies are using their retail POS system as both a payment instrument and a practical means of providing high-quality service.

What is an omnichannel POS?

In order to make sales, take payments, and check out customers, you need a point-of-sale (POS) system, which is a combination of hardware and software. A POS system is required if you wish to accept payments and conduct in-person sales, regardless of whether you want to build a physical store, pop-up shop, sell at events, or do it from the trunk of your vehicle.

Integrating your physical and digital channels seamlessly is known as "omnichannel retailing". Your customers will be able to connect with your online, in-person, and mobile purchase platforms with ease if you deploy a solid omnichannel retail solution.

The point of sale is the place of retail transactions (POS). Picture it as a cash register-like device. POS consists of hardware and software that is used to process transactions, such as a cash register, credit card reader, barcode scanner, receipt printer, and others.

Every business that sells things, whether online or in a physical location, needs a point-of-sale system. However, a good point-of-sale system does more than just ring up the customer. Additionally, connecting POS systems with other technology today contributes to the success of your business.

Why can omnichannel POS support rapid business growth?

Omnichannel POS allows for this by centralizing all of your sales channels. It provides a way to track and manage their clients' items and sales in real time on a single platform, regardless of how they like to shop. Let's now explore how omnichannel POS can benefit your company.

Maximize efficiency

One of the biggest POS benefits in retail is the multiple ways that POS systems may boost employee confidence. Each transaction takes less time to complete. As a result, you might service more consumers at your checkout counter each hour.

Your staff won't be forced to memorize product names and pricing any longer. Smart categories make it simple for your personnel to find products and add them to the shopping cart.

You can integrate and sync all data, including purchases, customers, and sales orders, from several locations in the Magento backend with the help of an innovative and dependable solution like Magestore omnichannel retail software. Additionally, data management frees up staff time and makes it possible for them to stay up to date on news regarding products.

Resolve inventory issues

Out-of-stock items cause customer irritation and lower a company's expected revenue. Customers who don't purchase the item they desire also have a non-recalling POS experience, which increases the likelihood that they won't come back.

POS systems can easily resolve this issue when connected smoothly with inventory management software. The solution ensures that stores are always stocked, and real-time inventory tracking, reconciling, and inventory levels are used. It utilizes a low stock alarm, auto-replenishment, and restocking mechanism to guarantee item availability.

Secure payments

Retailers can record and group all receipts for purchases, sales, fixes, rentals, consignments, and other items using point-of-sale software so that they can readily distinguish them during consolidation and audit.

A typical retail invoice includes crucial details for the buyer, such as the total transaction value, the number of goods purchased, the goods' descriptions, etc. Following up would be difficult if this information were to be supplied manually or insufficiently.

A point of sale facilitates quicker payment processing. The technology automatically determines the appropriate discounts and the effective pricing after the employee chooses the things the customer wishes to purchase. The invoice can be delivered via email or immediately printed using a receipt printer.

Improve in-store sales

With the correct POS functionality, you can serve clients through several channels and increase sales. A POS system enables store workers to send interested-product-featured follow-up emails to hesitant in-store customers, which functions similarly to abandoned cart emails for retail establishments.

Even when the buyer ultimately purchases the goods online, the retailer is still given credit for the sale. In order to turn showrooming into sales, this aids retailers in quantifying the vital role that storefronts play in product discovery.

Offering adaptable shipping and fulfillment choices is one more method to use your POS system to boost customer traffic and revenue. A POS that provides flexible shipping options can reduce the need for returns and exchanges while maintaining high sales.

Enhance loyalty program

With a contemporary and flexible point-of-sale system, you can process more clients while cutting down on wait times, while also enhancing customer satisfaction.

When customers are happy, they are more likely to stick with your company. Due to the fact that it is generally easier to keep existing customers than to get new ones, this can have a significant positive impact on your business. As a result, by building a happy and loyal clientele, you may reduce your chance of losing customers and money.

Your omnichannel POS should be set up with a variety of payment alternatives as well. Cash, cashier's checks, PayPal, virtual wallets, and credit cards are just a few of the different payment methods available to customers.

Conclusion

A POS system is involved in numerous regular tasks in a retail business. Therefore, selecting a suitable one will needrequire streamlining your business processes. Additionally, by synchronizing omnichannel POS systems with one another, businesses may quickly streamline all customer-facing services and backend operations to produce a high-quality omnichannel retail solution.

Everything you need to know about Small Business Insurance

Introduction

Businesses, big and small, are at constant risk of financial loss. Certain losses are unpredictable, making small businesses vulnerable to permanent damages. It is very hard for them to bounce back from such unforeseen risks and get back to shape. Therefore, every small business should invest in Business Insurance.

Business Insurances is a form of risk management that protects against uncertain losses. But before opting for a Business Insurance Policy, you must understand the various insurance types based on your needs. This article provides you with the essential information you need before making a Business Insurance decision.

What is Small Business Insurance?

Business owners use Small Business Insurance Premium to protect themselves, their business, and their business assets. It helps you to protect your business against bodily injury or property damage. It can help cover losses incurred if your company damages someone else’s property or your property and income. 

Small Business Insurance can protect the business's Financial, Physical, and Intellectual property. It can be a natural disaster, lawsuit, theft, injury or loss of income.

Things you need to Know about Small Business Insurance

Before choosing the right policy to insure your small businesses,you need to try new marketing strategy to increase your business sales and you must understand its various aspects.You can use several recruitment software to hire people to make it easy for you to run your business.  It would be best if you also were vigilant while selecting the Insurance Provider. Make sure you buy your policy from a reputed company that provides maximum coverage at minimum cost. Choosing the right policy from the right Insurer might be overwhelming. Read through the following factors that should be considered before finalising your Small Business Insurance. 

1. Types of Business Insurance

Based on the needs and requirements of your business, you have to choose the best type of insurance. The insurance you select depends on the type of industry and what the insurance covers.

  • General Liability Insurance

Covers lawsuits over

  • Third-party injuries

  • Third-party property damage

  • Defamation lawsuits

  • Copyright Infringement

  • Business Owner’s Policy

It combines General Liability Insurance with Commercial Property Insurance at a lower cost than purchasing them separately.

  • Commercial Property Insurance

Covers for repair or replacement of stolen, lost, or damaged business property, including,

  • Office or workspace equipment

  • Inventory equipment

  • Furnishings

  • Business Interruption Insurance

It covers your business's operating cost in case of a temporary emergency closure due to fire, storm, or other happenings. It can be included in a Business Owner's Insurance or Commercial Property Policy.

  • Professional Liability Insurance

Also known as Errors and Omissions Insurance, it is opted by professional services offering companies. Covers lawsuits due to

  • Work mistakes

  • Negligence

  • Cyber Liability Insurance

Covers lawsuits over

  • Data Breach

  • Other cyber issues

  • Client’s data breach

  • Workers’ Compensation Insurance

    • Medical expenses for employees due to work-related injuries or illness

    • Pay for lost wages due to work-related injuries

    • Covers employees’ lawsuits for negligence

  • Commercial Auto Insurance

Covers for damages caused due to company vehicle, like

  • Medical expenses

  • Property damages

  • Legal bills

  • Hired and Non-owned Auto Insurance

Covers damage caused by personal, hired or leased vehicles while being used for business purposes.

2. Assess the Industry Risks

Each industry requires different Business insurance depending on its industry type. Before buying a policy, businesses should study the risks associated with their industry. They should opt for Cyber Liability Insurance if they are a data-based company. But, in the case of firms offering professional services, they should opt for Professional Liability Insurance.

3. Insurance Cost Vs Coverage

The cost of Business Insurance is essential to consider when choosing the right Insurance Policy. The budget of the firm should be considered while making the decision. But, it would be best if you also considered the fact that risk management is important. The insurance will protect your business from severe financial implications due to unforeseen losses. 

While weighing the cost implications, you must consider

  • Risk coverage

  • Claim processing time

  • The credibility of the insurance provider

  • Premium hike policy

You should choose a policy that does not compromise the above criteria to avoid future vulnerabilities. 

4. Factors affecting your Insurance Rates

Apart from the risks associated with each industry, some factors will affect the premium amount payable. These factors are listed below. 

  • Size of your business

  • Location

  • Assets to be covered

  • History of claims

  • History of Insurance lapses

  • Security systems installed in your firm

  • Safety of the work environment

  • Deductibles, etc.

Apart from uncontrollable factors, make sure to follow good business practices to reduce the cost implications. 

5. Insurance Providers

Trust is a significant criterion in evaluating an Insurance Provider. Go with reputable companies by verifying the ratings and financial stability. There are various platforms where you can assess the credibility of the insurance providers. Compare and rate them on multiple criteria. Choosing a reliable and consistent Insurance Provider is important.

6. Read the Policy Documents thoroughly

Every firm is different in its insurance offerings. You have to read through the Policy Documents before choosing one. The deductibles, coverage, premium, and exclusions differ from one Insurer to another. So, make it a point to read through the documents to have a hassle-free experience.

Final Words

Small and Medium Businesses need to get their businesses insured. Stay prepared for any unforeseen losses or disasters. Specific policies also cover legal expenses. Learn in detail about all your options, and compare the policies offered by different Insurers before choosing one.