How Conversions are Killing Your Business
QuickBox Fulfillment CEO, Stephen Adele, Presents HowConversionsareKillingYour Ecommerce Business
An ADSUM Panel Discussion with Brad Weimert, DarrylHicks and StephenAdele focuses on the unknown key metrics driving successful ecommerce companies
Denver, CO – 02/27/2018 — The ADSUM event hosted in Aspen, Colorado featured hundreds of digital marketing business professionals sharing their inside industry knowledge to all that participated in the three-day event. How Conversions are Killing Your Business panel featured three leading industry specialists who shared their combined knowledge about several leading indicators and key metrics a business can utilize to prevent issues with ordering processing before they happen.
Those there to lead the panel discussion were Brad Weimert, the founder and CEO of Easy Pay Direct.Darryl Hicks, the CEO and founder of Flex Pay. Last to speak on the panel was Stephen Adele, whose experience in the health and beauty space stands 20 years from founding iSatori, leading the company public and through a merger with FitLife brands and now, as the CEO and co-owner ofQuickBox Fulfillment, which is revolutionizing the way fulfillment isconducted for e-commercemarketing companies.
Mr. Weimar opened the discussion up by describing how the metrics a business needs to track will change as the business grows. Failure to change what a business tracks will increase their likelihood to fail. One of his suggestions introduced the idea of changing the payment model. Mr. Hicks then discussed three key concepts thatmarketers who are doing a hundred million plus in revenue in their companies use to reduce their chargeback ratios. One, getting your company into a proper MCC. Two, more focus on customerservice. Three, using the right gateway and keeping data fields clean.
Stephen Adele takes a completely different approach, the same approach that has made his clients so successful through his new business endeavor, QuickBox Fulfillment.
“We look at things on the backend (post production), and how it intersects with the end consumer, which I feel is equally as important as front-end metrics [like AOV and LTV], and what I found for most of our clients is they’re not normally looking at this, but they should.”
Adele highlights three ‘back-end’ metrics that are important to track. The first metric being time-to-home. With nearly 70% of most consumer orders coming from California, Texas, Florida and New York making it very important to have one’s business equidistant from those locations. Choosing a fulfillment center located in a place like Denver, Colorado allows businesses to get their orders [packages] to their customers in a matter or 3 to 4 business days or less, allowing them to compete with eCommerce companies like Amazon, at a fraction of the cost.
The next metric is back orders, which he believes doesn’t get talked about enough as there are a lot of consequential damages to having them. The collateral damages thatare caused by that back order being created in the customers mind can be incredibly damaging for their loyalty to a business and their brand equity.
“There’s a number of ways to lessen backorders in your order supply chain, but ideally you want to have zero backorders, that’s usually unrealistic, sometimes you can’t always gauge the volumeof your campaigns or what’s actually going to happen in driving order volume,but you want to try to generate enough safety stock to prevent yourself fromgoing in a back order situation.”
One way to do this is a service QuickBox Fulfillment provides its clients; it’s called OnDemand Product Inventory. This service provides clients with just-in-time product inventory – in nutritional supplements and cosmetics. They do this by putting one week of advanceinventory in front of order needs which helps minimize the possibility of a backorder. This service eliminates the hassle of managing manufacturing and product supply and preserves cash from the need for excess inventory build up.
The final metric Adele goes over is return processing time. He stresses that all returns need to happen immediately. If returns are not being processed within 24 hours customers are either calling in or emailing to your customer service department, or worse, issuing achargeback. QuickBox is known for its fast, 24-hour weekday return service.
In the end, Mr. Adele professed, “success in ecommerce is more than about building an exceptional product, it’s about taking the best possible care of the end customer, in such a way that eliminate unnecessary dispositions and builds long term equity and loyalty into the brand.” He went on to finish his lecture by saying, “…once we stop focusing on chasing dollars, and instead focus on building a business, everything changes.”
QuickBox Fulfillment is a third-party logistics provider who specializes in direct-to-consumer order fulfillment, based in Denver, Colorado. The company is designed to save it’s clients time, hassle and money while minimizing other costly functions of running a business, such as inventory control and customer service inquiries. QuickBox also offers reliable, compliant and effective products through its OnDemand Product Inventory service, catering to the online direct response and DRTV markets. To learn more about QuickBox or request a free quote go online to www.QuickBox.com, email email@example.com or call (720) 458-1440.
ADSUM is the preeminent performance marketing gathering, hosted by industry icon Nate Lind. ADSUM is a three-day event that provides in-depth sessions and workshops, from brilliant speakers and thought leaders,that will not only help you stay ahead of the latest digital trends but also provide you with tons practical, game-changing takeaways you can immediately apply to your marketing strategy. In 2017, ADSUM was held at the beautiful St. Regis Resort & Spa in Aspen, Colorado. You can find ADSUM at www.ADSUM.net