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How to Use Digital Technology in Your E-Commerce Business

May 10, 2022 by Paul Edwards Leave a Comment

By Courtney Rosenfeld

E-commerce is a great way to make money online, but it’s not going to work if you don’t fully integrate it into your business strategy. The Digital Marketing Institute notes that this means taking time to plan your digital strategy and determining the role that digital technology will play in your overall strategy.

If you decide to start your e-commerce business on a whim, you’re likely to fail as soon as your first customers start placing orders. That’s because you won’t have fully integrated your digital strategy into your business strategy.

Planning for success involves determining what digital strategies you’ll employ in your e-commerce business. Local Marketing Center explores some of the most successful that other businesses have used. We’ll also discuss their place in the hierarchy of your strategy.

Integrate Wholesale and Drop-shipping Platforms

Now that you’ve fully integrated your digital strategy, it’s time to integrate your wholesale and drop-shipping strategies.

Wholesale partners can help your business reduce its operating costs. That’s because they can negotiate lower rates for you, allowing you to pass those savings on to your customers.

In addition, working with a wholesale partner can allow you to diversify your product offering. That’s because you can supplement your inventory with products that you don’t produce yourself.

When you’re partnered with a third-party drop-shipping platform, you can also take advantage of their marketing resources. That can help you promote your business, drive sales, and achieve deeper penetration into your target market.

Batch Processes and Data

One of the most effective ways to integrate your digital strategy is to use batch processes and data. Techopedia explains that batch processes are basically functions that you can run over and over again without human interaction. That way, you don’t waste time, money, or resources on non-essential tasks.

Batch processes can be extremely useful for integrating your digital strategy because they enable you to automate certain processes. That gives you more time to focus on other tasks, like product design or marketing.

Batch processes can also be used to collect data. That’s because every time you run a batch process, you collect data about the process. From there, you can use that data to analyze your business and identify areas that need improvement.

Remote Employees

It is a good idea to allow some members of your staff to work remotely. But in doing so, you must ensure effective communication among your team. A process template map is a great way to achieve this.

This tool will keep your team current with all the expected goals, thereby keeping productivity at its peak.

Be sure to spend your time and effort on big-data analysis in addition to your process mapping template. You will be able to discover, validate, and improve your workflows through process mining.

Process Mining

Process mining can help increase sales, reduce costs, and mitigate risk. You can also look forward to discovering hidden opportunities to expand your e-commerce company. Begin by identifying data sources. Next, identify potential data sources and create a timeline. Then determine your key stakeholders.

Keep in mind that there’s a difference between process mining vs process discovery. The latter is actually one step beyond process mining, as the discovery aspect is used to identify areas in need of improvement in the “white spaces” between data input and gathering that would otherwise go unnoticed. Then, reports are generated to share with all the team members to use for improvement and optimization of those areas. Once implemented, these automated processes allow you to respond faster to customer demands. They also reduce human oversight while allowing you to concentrate on more strategic tasks, like product development.

Mobile Apps

Another important feature you should consider is mobile apps for your business. If you don’t provide your customers with an easy way for them to pay online, you are missing significant revenue.

It is crucial to protect your mobile payment app, which is where authentication API comes into play. Customers can instantly verify routing numbers and bank account details by paying with ACH. All ACH processors are compatible with the app, meaning that customers will find the app easy to use, accessible, and intuitive.

With these digital strategies now in your hands, you’re better able to approach e-commerce in a new, more profitable light. Understanding how to effectively integrate drop-shipping and use the latest tech tools like process mining and mobile apps can springboard you toward long-term growth and sustainability.

Paul Edwards of Local Marketing Center with his wife, Sarah Edwards, are award-winning authors of 17 books with over 2,000,000 books in print. Paul provides local marketing consulting through the Small Business Development Center. Read more informative articles today!

How to Incorporate Data Analytics Into Your Business

March 3, 2022 by Paul Edwards Leave a Comment

From Unsplash If you run a business then you need to know about data. After all, these essential numbers and facts tell you how your business is improving, where fixes should be made, and how you can best market your products, amongst other benefits. If you aren’t incorporating analytics already, then this is the time to start. Here at the Local Marketing Center, we consult small businesses on how they can succeed and extend their reach, so we have some tips for how you can incorporate analytics into many areas of your company.

Use Data to Manage Your Inventory

Companies that sell and move physical products need to have data analytics as part of their inventory system. It is really the most accurate way that you can verify what you have, what you need, and what you have sold. Analytics is even more important if you have multiple sales channels because analytic systems can handle these complex situations without the potential of error. Your analytics can also tell you which of your products are flying out the door faster so you can restock or think of other ways that you can capitalize or expand that product line.

Plus, when you always have the products that you advertise available for purchase then you will not only make more money but your customer satisfaction will likely increase as well because you will be a company they can depend upon.

Data for Risk Management

As our world continues to evolve so do the threats posed by cybercriminals, so it is important that you are always analyzing data so you can catch potential threats before they happen. Even if you are not an exclusively online business, if you have any digital components as part of your company, then you are at risk.

However, even with the best data analytics, you cannot catch everything, so it is important to also have an IT security recovery plan in place in the case that you are hacked. This plan should detail what should happen immediately after a threat is identified, including which programs need to be recovered first when each deadline should be met, and who on the team will be responsible for each task.

Data for Marketing

One of the most important places to use data analytics is with your marketing and advertising campaigns. By crunching the numbers, you can determine what type of people are buying your products including where they live, what else they like, and more. Once you have built a profile for your primary demographic, you can begin to focus all of your attention on that audience for maximum profitability.

Data analytics can also help you to understand the best ways to market to your audience. For instance, analytics may tell you that direct mailing is not the best strategy because those customers are not responding, and at the same time, the data could tell you that social media marketing is firing on all cylinders. You don’t want to waste too much time on an unsuccessful marketing tactic, so you need analytics to find the right answers.

Analytics for Retention

While you may be able to sell your products, if customers are returning what they buy and not coming back then you have an issue. The answer is to use data analytics to follow the patterns, so you can see who is sticking around, which products customers are not so fond of, and an alternative strategy to reach a wider audience.

You can also use data to determine why you are unable to retain employees. Whether it is the length of the commute, the pay rate, management style, or anything in between, there are many ways that an employee might not stick around. By looking at the data, you can see why people are leaving and fix those areas so you can show your employees that they are valued. They will work twice as hard because of it.

As you can see, data analytics is an essential part of a successful company, so consider the advantages above and incorporate this strategy into your business. If you have other questions about how to market to your employees, then give Local Marketing Center a call at paul@localmarketing.center.

Written by Courtney Rosenfeld

Great Cities for Gig Economy Nomads

February 19, 2022 by Paul Edwards Leave a Comment

Although leaving you free to travel anywhere, living the solopreneur lifestyle doesn’t require you to surf on a different couch every night. In fact, settling in for a few weeks or months in a digital nomad-friendly community is a much more rewarding way to make the most of your untethered lifestyle. Here are four top places to hang your hat as a wandering worker.

Sacramento

Located less than a day’s drive from beaches, mountains, major metropolises, and natural wonders, California’s capital city is the perfect jumping-off point for exploring the west coast. It boasts a favorable business environment, mild climate, and fast internet speeds, and the city even provides free Wi-Fi in 27 local parks.

According to PayScale, housing costs in Sacramento are nearly 40% lower than in Los Angeles, making it a more affordable option for wanderers looking to enjoy all the Golden State has to offer. Try using search filters to find a Sacramento apartment that meets your needs in terms of budget, pet-friendliness, and a number of rooms; you can even set parameters for various amenities, so you won’t waste time looking at incompatible options.

Kansas City

Earning a cost of living rating nearly 14 points below the U.S. average, Kansas City is a top spot for cost-conscious roamers. This affordable Missouri town offers a growing number of co-working spaces along with high Wi-Fi speeds, making it a great choice for nomads who want big perks on a small budget.

Check out the city’s visitor website to get a feel for which of Kansas City’s 240 neighborhoods is the right fit for you. You’ll find short-term rentals available in most areas, whether you prefer being close to the town’s eclectic dining and shopping or its world-class museums.

Seattle

The US northwest’s largest city is an excellent place to make your stay as a digital nomad. The scenic views of nearby nature and the many tech industry companies are equally compelling draws to the city on Puget Sound. It may be a pricey destination, but who can argue with the view and the vibe.

When it comes to housing, rentals in Seattle, WA, certainly aren’t cheap. A one bedroom apartment can average more than $2,300, so don’t expect to be building a nest egg unless you’re pulling down a pretty penny. But a beautiful, vibrant city that’s the destination in the Pacific northwest is worth it.

New York City

First things first: New York City isn’t the place for roamers with small budgets. However, what it lacks in affordability it makes up for with its accessibility to international commerce and its cultural and culinary diversity. If you want to take a bite out of the Big Apple, you can still find ways to economize, like taking advantage of New York’s extensive bus and subway systems to get around on the cheap.

While you need a realistic outlook when it comes to housing prices in New York, if you’re open to co-living you can keep costs down. Some neighborhoods are more affordable and signing weekly leases can keep you from getting in over your head with a longer commitment.

Although each of these cities is unique, they all have something to offer those living the solopreneur lifestyle. Any one of them can be the perfect next step in your nomadic lifestyle. Take advantage of your freedom to roam and explore one or more of these digital nomad-friendly U.S. destinations.

This article was written by Courtney Rosenfeld, For more information about the Gig Economy, contact Paul Edwards!

Immigrants: Consider Opening a Business

April 16, 2021 by Paul Edwards Leave a Comment

By Vivek Mukherjee

Image via Pixabay

Immigrants to the United States come with many questions, not least of which is: “How will I earn a living?” While jump-starting a career in a new country can take a lot of extra effort, many immigrants are clearly meeting the challenge, given that they make up a significant percentage of the workforce. In fact, according to recent research, the number of immigrants filling high-skilled jobs is rising.

Immigrants also are well represented in the entrepreneur demographic, so if you are an immigrant arriving here and thinking about a career path, don’t rule out business ownership. Of course, getting a business off the ground while also working to integrate into a new community isn’t easy, but the statistics show that it is eminently possible.

If you’re planning to take the leap into entrepreneurship, we hope the following guidelines can help you start your own business as an immigrant to the United States.

Choose a business that suits your aptitude.

Immigrant-run businesses are exceedingly diverse — restaurants, IT companies, franchises, and construction are just a few of the business ventures that work well for immigrants. Whatever you opt to do, make sure you have the skills for it or the aptitude to train for them easily. Pick a field you will enjoy and one in which you know you have much to offer.

Research available visas and choose the right one.

Not every visa that will allow you to reside and work in the U.S. will also allow you to launch a business, so take your time, do your research, and make sure you are applying for the visa that will give you the freedom you need to pursue your venture. Several visas have been created specifically for immigrants who demonstrate exceptional talent or are highly educated. You may also look into one of the investment visas if you have considerable capital to start your business.

Secure funding.

Even if you are unable to finance a business project, there are many loans and grants that will help you do so. Grants are available from the government on a federal, state, and local level. Some of these grants exist to help businesses enrich the community, while others are created for specific types of businesses or to serve immigrants from particular regions.

Put together a business plan.

A business plan is important if you intend to woo investors or enter collaborations. But it is also useful for you to make sure you have planned for every aspect of your business so you can stay organized and on target. A good business plan, at its most fundamental level, will include an executive summary, a financial overview, and a marketing plan.

Register your business.

Business formation is the process of making your business a legal entity and registering it for tax and other official purposes. Depending on the size and scope of your business, you will want to form it according to one of several structures common in the U.S. economy. Owners of smaller businesses may want to choose a limited liability company format, while those with larger stakes might look into forming a corporation. To register your business, consider using a SAAS formation service so you can make sure you’ve checked all the boxes.

Though starting a business is a lot of work, especially for an immigrant, it is also incredibly rewarding. If you think running your own business is right for you, start planning and attending to all the steps toward entrepreneurship as soon as possible because you have it in you to be a success story.

For more insight into marketing and navigating life as an entrepreneur, be sure to subscribe to Local Marketing Center today.

How to Hire Top-Notch Freelancers for Your Small Business

April 8, 2021 by Paul Edwards Leave a Comment

By Courtney Rosenfeld

When the time comes to hire help for your business, freelancers may be the perfect solution. According to Business Wire, there are over 50 million people in the U.S. who freelance, and other countries are quickly catching up. Tap into this extensive talent pool to find the expertise you need at a price you can afford.

When you’re ready to start looking for quality freelance candidates, consider the following tips and tricks from Local Marketing Center to flesh out the best talent and help your company thrive.

Develop a Solid Communication System

Communication is vital in any team environment. When your team includes people who work remotely, it’s critical to develop a great communication system so that everyone is always on the same page. Miscommunication can cause all kinds of business problems, from missed deadlines to low morale. Avoid these issues by taking advantage of team collaboration apps like Slack and Trello. You can also keep your freelancers in the loop by having call notes transcribed and sent out to everyone on your team.

Know Where to Find Freelancers

There are several ways to find freelancers online, from classified ad sites like Craigslist to freelancer platforms like Upwork. Message people on LinkedIn, create posts on remote job boards, and peruse industry-specific sites. Online job boards help you connect with expert freelancers, whether you’re looking for help in sales, SEO and marketing, web development, or customer service. You can even look for freelancers on social media or ask for recommendations from other business owners in your industry. You don’t have to limit yourself to the U.S. either. There are plenty of freelancers around the world in countries like India, the Philippines or Serbia who can provide the expertise you need.

Make Your Expectations Clear

In your job ad, make your expectations extremely clear. Ensure that your freelancers know exactly what you aim to accomplish with their help. Give potential candidates context by explaining the big picture—not just the specific scope of work and time frame. Also, make sure you detail the skills you’re looking for and how you intend to apply these to your business.

You may also want to let your freelancers know what kind of availability you expect from them. Should they be able to hop on calls at any time? Do you require tight turnarounds, or can they complete work at their leisure? When your applicants know what you expect, they will be better prepared to meet your needs.

Lastly, clearly state how you will pay your freelancers, whether it’s through your payroll system, online payment platforms or remittance services. If you opt to hire foreign workers, you’ll need to have a plan for how to send their payments, which may not work with your payroll setup. For example, if you have a freelancer from the Philippines, using a transfer service can be more affordable and easier than Paypal.

Screen Your Applicants Thoroughly

Screen your initial applicants based on their education, skills, work experience, or portfolio samples. As you go through your candidates, select your top picks and schedule an interview. The interview is important for avoiding incompetent freelancers who sound good on paper.

Ask your candidates tough questions about how they approach deadlines, how they respond to criticism, and what they think quality work looks like. Be sure to also ask about their availability. Many freelancers have more than one client and may not be able to dedicate all of their time to your company. Finally, request a paid test project so you can get a feel for the freelancer’s work quality, communication skills, and ability to meet deadlines.

It may take time to build the perfect team of freelancers for your business. It’s a good idea to start looking for candidates well before you need them to do any work. Be picky and don’t stop searching until you find freelancers with the expertise necessary to help your business prosper.

How Artificial Intelligence Is Shaping the Future

March 27, 2021 by Paul Edwards Leave a Comment

When we talk about artificial intelligence, we usually speak as if it was a futuristic technology or as if it was sci-fi. However, AI has been in our world for quite a while. In fact, the term AI was coined in 1955. John McCarthy was the first one to talk about artificial intelligence. We’ve been dealing with artificial intelligence for a long time; yet, we would have never imagined the impact of AI in incumbent industries.

AI is taking over, and most industries are using this technology for their benefit. Artificial intelligence is the main ingredient of automation. Companies can automate their processes and make them more efficient. Today we’ll explore how artificial intelligence is making a significant impact in most industries.

Digital Marketing

Digital marketing leverages artificial intelligence to automate the customer service system. Instead of spending hours picking up calls and replying to emails, digital marketers can work on something more relevant such as creating strategies. Chatbots reply to users’ queries in a matter of seconds without human intervention. Therefore, users have an immediate response and digital marketers optimize their time.

Financial Industry

AI also disrupts the financial industry. Today, the most accurate form of artificial intelligence in the financial sector is biometric payments. In the past, it was something that we could only dream of, but it is happening today. Biometric payments help the financial industry be safer and simpler.

Therefore, many banking companies are now implementing this trend; from eyeballs recognition to fingertips and even face recognition. Some companies have even used this AI application in their mobile apps. Companies like PayPal or Payoneer use fingertips recognition for mobile payments.

Automobile Industry

The automobile industry is also using AI. Autonomous cars are the future of our roads. These cars are expected to make roads safer and more efficient. Although they’re still in the early stages, experts predict they will be part of our lives very soon. Autonomous cars might also work with IoT along with traffic lights so they can detect any changes in the traffic lights. With the rapid development of autonomous vehicles, the role of human drivers is less relevant every day. Therefore, autonomous vehicles have the power to disrupt the logistics industry, as well.

Education

If you look at today’s education system, you’ll notice that we use technology more than we think. Kids today depend on tablets and computers, and they even get an education through interactive boards. But how do teachers leverage artificial intelligence? Administrative tasks require a lot of time and effort. Therefore by using AI software, they can automate these tasks.

Things like assigning tasks or evaluating exams take a lot of time. By using machine learning-powered programs, teachers can assess and assign tasks more efficiently.

But we can expect more from artificial intelligence and education. In Elon Musk’s city of the future, he believes that studying will be as easy as downloading files to your brain. By that time, artificial superintelligence (when computers are smarter than us) will already be a thing.

Gaming

The gaming industry uses artificial intelligence to create a more personalized experience. AI is used to create adaptive and responsive behaviors in non-player characters (NPCs). This way, players have a more human-like experience.

However, this isn’t the only implementation of AI in the gaming industry. Machine learning is now disrupting the animation industry, and the role of humans animators has been reduced. With machine learning animation software, animators only have to give instructions on how they’d like their characters to look. You may be thinking that these designs are not as realistic as the ones human animators generate, but you’d be wrong.

Conclusion

Artificial intelligence is a powerful tool that helps any industry automate its tasks. Therefore, it is no surprise to see that most companies use it for their benefit. However, it won’t stop there. Due to the rapid growth of artificial intelligence, we can expect to see more advanced tools powered by artificial intelligence.

Commute Time Grows Longer

October 7, 2019 by Paul Edwards Leave a Comment

The Answer for America’s Energy Future

January 4, 2019 by Paul Edwards Leave a Comment

The United States can solve its own energy problem now that the productivity of American farmers and entrepreneurs has been unchained by legalizing the growing of hemp in the United States with the Farm Bill of 2018 for the first time since the 1930’s.

Hemp is essentially a weed but it is an exceptional plant because it is easy to grow in all states. Every part of the plants is usable. It can be grown in poor soil not suitable for growing food. It leaches toxins, like heavy metals, uranium, and arsenic from the soil and metabolizes them, revitalizing spoiled lands, as where coal has been mined and gas extracted. The Midwest has more than 11 million acres of poor land not being used for crops.

Hemp has a short growing season, which means it can be harvested 3 times a year. Or it can be planted after other crops, requiring no fertilizer, herbicides, or pesticides. It can be used as a rotational crop or planted after other plants are harvested. Because of its deep roots and dense leaves, it chokes out weeds.

Because the hemp plant has so little THC, not enough to get anyone high, the commercial growing of hemp should face fewer regulatory problems from the Food & Drug Administration.

The oil pressed from hemp seed can be converted into biodiesel and fermenting the stalks results in either ethanol or methanol or both. Of all the plant sources of energy that have been tried, hemp is superior to alternatives include algae, Carrizo cane, switchgrass, and food plants like corn, soybeans, olives, peanuts, and rapeseed.

Hemp produces nearly four times as much oil per acre as soybeans, which is currently the only crop grown on a large enough scale for biodiesel in the U.S. and ten times more wood pulp than trees per acre. While hemp has been used and can be used for canvas, rope, and clothing, it can also replace some plastics and its seeds, rich in omega-3 fatty acids vitamin E and minerals like potassium, magnesium, calcium, iron, and zinc, can be used as food, its unique properties lend themselves to producing energy.

Farmers need to be made aware of the benefits to them of growing hemp.

A national association, such as the National Hemp Association or Vote Hemp, needs to launch a campaign “Providing America’s Energy Future” to create a favorable climate for farmers to be aware of hemp’s benefit with the assurance they will enjoy long-term markets. The timing is good as the oil and gas industry’s stock prices are down. A recent article is entitled “Bloodbath in Oil & Gas Stocks Could Continue.”

Critical masses of growers can be organized by county, multi-county or state to help them market their hemp, establish standards and provide a knowledge base for obtaining optimum yields.

Hemp can’t be beat as a cash crop. It turns out to be the most cost-efficient and valuable of all the fuel crops we could grow on a scale that will enable America to become energy independent on a sustainable basis.

Do you need a resale license if you sell over the web from your own home?

September 13, 2014 by Paul Edwards 5 Comments

“I want to start a resale business out of my house, do I need a resale license? What is this and where do I get one?” Also what about a federal ID number and a business license?

A resale license or permit, which may have a different name depending on your state, enables you to buy products for resale without paying sales tax on them until you resell them to a purchaser, from whom you collect the tax. You may also have suppliers who will sell to you only if you have a resale number, which indicates to them that you are a legitimate merchant. You can find the name of the tax agency in your state responsible for sales taxes on your state’s web site or from sites like www.govengine.com and http://www.lexisone.com/legalresearch/legalguide/states/states_resources_index.htm. From your state’s tax agency site, you can also get the forms you’ll need for reporting your sales. The states are quite interested in collecting all the taxes they can and have compliance officers.

If your sales are going to be on the web, such as on eBay, you’re obligated to collect and pay tax on sales to buyers from your own state. The Supreme Court reversed the Quill decision with the Wayfair decision that enables states to require collecting sales tax to residents of their states. Usually, states provide a threshold before a small seller is required to collect the tax. You need to check this out for your business.

You only need to get a federal employer ’s tax ID number if you have employees, are a partnership, or are incorporated. You do this with Form SS-4, which you can get at www.irs.gov. It’s one of IRS’s most requested documents and reachable from the home page.

Usually, you get your business license from a county office but check with your state’s agency or office that provides assistance to small businesses. Links to such state agencies and offices can be found at http://www.irs.gov/businesses/small/article/0,,id=99021,00.html.

If you think we can help you, we offer webinars and consulting. mail://paul@elmstreeteconomy

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Adapted from a prior column in BYOB

Take Off the Badge of Exhaustion

August 12, 2014 by Paul Edwards 1 Comment

Everything worth doing takes energy. A passionate desire for a better life can keep our dreams alive, but it won’t keep us alive. We’ve got to do that. But we can’t do much of anything for long if we’re exhausted. To live our dreams we need to be good energy managers. We need to pace ourselves so we have the energy we need to do what needs to be done. Yet, exhaustion seems to be a badge of honor these days.

Author and seminar leader Chellie Campbell does a lot of networking with other professionals and business owners and she’s observed an interesting pattern you also may have noticed. “I went to meetings with colleagues and found that everyone was competing to see who was the most exhausted, overworked and stressed out.” Campbell fell into this routine herself for a while, but quickly realized that the more she talked about how overworked and stressed she was, the more worn out she felt. “What we focus on expands,” she concluded. “If we focus on how tired and exhausted are, we just become all the more tired and exhausted.”

Now when Campbell goes to such meetings and people start trading war stories of how overscheduled and burned out they are she pops in to point out how relaxed and rested she feels. Next thing she knows everyone’s talking about how energized and relaxed they are too.

So, when you hear yourself saying “I’m so tired,” take a moment to think about the things in life that bring you joy and excitement. Unless you’ve really been overdoing, you’ll find a wellspring of energy awaits you and you can tell yourself with confidence “I have plenty of energy.” Should you find you’re so tired that no wellspring awaits, don’t talk about it; take a break and get some sleep, You owe it to yourself … and to your dreams.

Comments and questions on the substance of this blogs are welcome. If you have other questions about this website, please contact me mail://paul@elmstreeteconomy directly for a consulting appointment or book an appointment through Google Helpouts.

If you think we can help you, we offer webinars and consulting.

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Adapted from a prior column in Connection Connection.

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Adapted from a prior column in Connection Connection. http://www.costcoconnection.com/connection/