Business

As a business owner or a high-level manager, it’s important to strategize carefully in order to manage your materials effectively and to ensure that your business’s inventory is adequately optimized. As examples, you’ll learn how to transport your materials more efficiently and how to keep track of your materials digitally. You’ll even discover how to keep your stockroom well organized and how to get rid of items that aren’t moving quickly.

A guide to materials management and inventory optimization:

Think about transporting your materials efficiently:

Pay attention to the journey which your materials take. For example, if a third party supplies raw materials which are used in a factory to create your business’ products, make sure that your business selects the most trustworthy yet cost-effective method of shipping your raw materials from their original source to your factory and from your factory to your stores or distribution centers. As if you’re able to decrease the transportation costs which are associated with transporting your raw materials, you’ll be able to decrease your production costs which will allow you to increase your business’ profits.

It may be a wise idea to ring other transportation companies for a no-obligation quote, to ensure that the prices that you are currently paying to transport your materials is a fair, competitive price. As you can always decide to swap the transport companies which your business deals with.

Make sure that you’re able to track your materials digitally:

Throughout every step of your materials’ journey with your business, you should be able to track the exact whereabouts of all of your business materials. For example, if you look up the reference number for a shipment of raw materials, you should be able to find out exactly where your shipment is at any point in time. Even if your shipment is on the road from one facility to another.

Make sure to clean out your inventory on a regular basis:

If you notice on your systems that there is particular inventory that isn’t moving and has been sitting in your stores or warehouses for far longer than you originally estimated, it may be a good idea to either run an online sale to get rid of your excess stock. Or to simply get rid of your stock, in order to free up valuable storage room for products that sell quickly and won’t be a liability to your business.

Market your items so that they fly off the shelves:

One way to ensure that items don’t stay on your shelves or in your supply room for too long is to invest time, money, and energy into promoting new products and collections. So that your potential customers are well aware of the new products which your business is offering.

So if you’re always looking for fresh new ways to increase your business’ profits, it’s well worth taking a look at how you manage your materials and your business’ inventory. In order to streamline both processes for the betterment of your business.

Infographic created by WSI, a fulfillment logistics company

If you’re currently working on coming up with an effective digital marketing plan for your eCommerce business, it’s important to understand what your business’ customer lifetime value is and how it can affect your business.

Marketing and Customer Lifetime Value:

What is customer acquisition cost formula:

Your customer acquisition cost is the total amount, on average that it costs your business to obtain a brand new customer. Keep in mind that this cost should include any applicable agency fees.

Why is your customer acquisition cost important:

If you discover that your customer acquisition cost is fairly high, you should work out your customer lifetime value in order to ensure that you get as much money out of each of your customers as possible.

What is your customer lifetime value:

If you’ve never heard of your customer lifetime value, simply put it’s the number of revenue that your business will obtain from a single customer throughout their lifetime. In general, you should try to increase your customer lifetime value so that you’ll be able to increase your profits without having to pay a high overhead in order to obtain brand new customers. As it’s a whole lot easier to retain customers who have already made a purchase through your business than to try and obtain brand new customers who have no history with your brand, business, products, or services.

How to convince your customers to continue dealing with your business:

If you’re curious as to how to retain your past and current customers, one answer is to focus your efforts on digital marketing techniques. For example, it’s well worth concentrating on creating effective marketing emails which you can send to individuals who have placed an order with your business in the past. As these individuals already have shown an interest in your business and its products and services and are highly likely to be tempted to make future orders with your eCommerce business.

Remember that in order to send highly effective marketing emails it’s important to personalize your emails using automated email software as if potential customers see their real first name in the subject area of your emails, they’ll be far more likely to make a purchase through your website. Also make sure that your marketing emails contain attractive, eye-catching photos as humans are visual creatures and will be far more interested in your brand new products, than if you were simply to write about your new products.

Use email analytics to see how well your marketing emails perform:

Don’t make the mistake of sending out your marketing emails only to forget about them. As if you use email analytics software in order to see how successful your emails are, you’ll be able to see which email techniques work and have a high click-through rate and conversion rate and which of your email marketing tips are ineffective and should be forgotten.

So if you’re interested in increasing your customer lifetime value and retaining as many of your current eCommerce customers as possible, it’s a great idea to action all of the tips which are listed above!

Infographic created by Fiserv, an omnichannel commerce company

China’s e-commerce and omni channel retail giant JD.Com has made sustainability a core value of the way it operates. Company officials say that every step of procuring, handling, packaging, selling and distributing products must be done with taking into account the carbon footprint of each activity.

In a company that has grown as vast and complex as JD.Com, integrating eco-friendly practices into every facet of the company requires highly focused attention to detail. One might describe it as a kind of industrial mindfulness. That is, whenever an action is taken or a function performed at any point within the supply chain and logistics network, that activity must be evaluated for energy efficiency. That includes other values as well, such are the critically important element of waste reduction.

To make itself one of the most sustainably operating companies in the world, JD.Com has implemented numerous initiatives. One of them is the construction of “green data centers.”

Zhou Xiaobin is in charge of data center construction at JD Technology. He speaks of something called PUE design. PUE stands for “power usage effectiveness.” Zhou said PUE starts at the very beginning of a data center construction process and is carried over into operations. He explained further that PUE is the ratio of the total amount of energy used by the computers of a data center to the energy that is used by the actual computing equipment itself.

This ratio is measured by a numbered scale in which the most efficient system is as close to the value of 1 as possible. For example, the recent data center completed and located in Suqian is rated at the lowest PUE value of any system operating in east China. The Suqian facility has a PUE rating of 1.28.

Helping to achieve that goal involves the use of machine learning and experience technology. This enables Zhou’s tram to monitor relevant data points such as the temperature and humidity of the equipment. When all data is gathered, a power management strategy can be applied with accuracy because the maintenance team has the vital information it needs to execute the most effective efficiency plan.

The Suqian facility went online in 2016. It represents a milestone for JD, according to the JD news sources. That’s because it’s the company’s first self-built data center. An average temperature of 14.2 Celsius is recorded in the area. This level can be cooled almost entirely using outdoor sources of air for about five months of each year. Using Mother Nature’s natural source of cooling means that it does not have to be generated artificially with air conditioners. That’s a good way to keep the carbon footprint small.

Other ways the Suqian facility saves energy are through recycling and the addition of solar panels. The latter is now supplying power to office buildings and other support facilities.

JD.Com is embracing solar energy in a large way throughout its buildings, warehouses and facilities across the vast landscape of China. JD news reports that the company is partnering with global partners to create the largest ecosystem of rooftop photovoltaic power generation systems in the world. It plans to have this infrastructure in place by 2030. When all is said and done, JD’s solar array will comprise an impressive 200 million square meters.

For any company, the vehicles it uses for delivery and other transportation needs are a nexus point for reducing its carbon footprint. To that end, JD has recently deployed 3,000 new energy-efficient vehicles in several cities. The company plans to upgrade all its national fleet of direct-sale delivery trucks to energy-efficient models.

JD officials say that each 4.2-meter energy van will reduce carbon emissions by 20 tons per year. For more business articles from Bbeing Cool, click here!

 

If you want to succeed in the world of business while maintaining your ethics and values, you’ve come to the right place. Simply continue reading to discover a list of valuable business tips for cool people.

Business Tips For Cool People:

 

Hire individuals who are passionate about your business’s mission:

Instead of placing all of your focus on a potential candidate’s qualifications and previous work experience, it’s a great idea to prioritize passion. As if a job applicant is just as passionate about your business’s vision as you are, they’ll be an asset to your team. As skills can be taught, unlike passion and with a bit of mentoring, an individual without a graduate degree from an Ivy League college or 10 years of relevant work experience, may become one of your business’s biggest assets. As a bonus, if you nurture their innate abilities, they’ll be likely to stay with your business for the long term out of loyalty.

 

Show your staff that you appreciate their efforts:

If your workforce is well aware that you appreciate their efforts, they’ll be far more likely to work diligently to ensure that your business reaches its potential. There is a multitude of ways that you can show your appreciation for your employees. As an example, when your business reaches its annual targets, it’s a great idea to provide your high-performing employees with bonuses. As a token of your appreciation. Alternatively, you may want to give out small rewards for your employee of the month, in order to congratulate your high-performing employees.

 

Use social media platforms in order to communicate with your target audience:

As most individuals are signed up to multiple social media platforms, a great way to market your business is through managing various social media accounts for your business. Just make sure that each account features regular posts and that someone from your business responds to all of the questions and comments which are left on your business’s social media accounts. As in today’s social savvy society, clients and potential clients expect speedy replies to questions and comments.

 

Celebrate your wins:

When you succeed in business it’s uplifting for your morale to celebrate your wins, instead of quickly disregarding your successes and moving on to your next goal. As an example, if you sign a critical contract for your business, you may want to celebrate by going out for dinner with a few key members of your team.

 

Make sure that your goals are achievable:

If you set goals that are not obtainable you may quickly become discouraged by your failures. Instead, if you make an effort to set goals for yourself or your business that are realistic, you’ll be spurred one from each goal that you accomplish. So while it’s fine to aim high, make sure that your goals are still realistic in your given time frame.

 

So if you want to retain your cool personality and to hold on to your values and morals in business, it’s well worth following all of the invaluable tips which are listed in the article above.

While each successful individual has a unique success story there are a few distinct personality traits which most successful individuals seem to share. In order to discover some qualities that help individuals reach their goals, simply continue reading. Especially if you want to write your own success story someday.

 

Qualities Of Successful People:

 

Resilence:

Successful people don’t reach the level of success which they achieve through sheer luck, instead, they become successful as they are resilient and are able to overcome any challenge which they are faced with. If you want to become more successful, in every area of your life, it’s important to be resilient and to find creative solutions to overcome the obstacles which you’re faced with. The good news is that the more often that you practice being resilient and determined, the easier it will be to tackle new hurdles.

 

Creativity:

Most successful individuals are creative and are able to come with innovative, new ideas that can make a difference in the world. Instead of being content to follow the lead of others, creative individuals find better, more effective solutions. For example, while an average individual may look for their dream job by applying to virtual job listings, creative individuals may go into business for themselves or may find a job through networking with individuals who work for their dream company. So don’t worry, being creative has nothing to do with being artistic and has more to do with being willing and able to think outside of the box.

 

Genuine:

Successful people have a tendency to be genuine. As an example, many successful people treat everyone who they meet with kindness, compassion and empathy as you never know what connections each individual has and whether their opinion of you may one day limit or expand your opportunities. For example, it pays to be friendly to low-level staff members as they may later be in positions of power. If you make an effort to be as genuine as possible, people will remember you in a positive light and will be happy to provide you with opportunities in the future.

 

Focused:

While most individuals are capable of coming up with game-changing ideas, individuals who have a habit of procrastinating don’t reach their potential. So if you want to reach your potential, it’s a great idea to work on training yourself to become more focused. As the more actions which you take towards your goals on a day-to-day basis, the quicker you’re likely to achieve your goals.

 

Methodical:

Successful people are aware that to achieve your goals you have to follow a step-by-step process and that there are no shortcuts to success. Although it’s possible to work smarter instead of harder.

 

Free thinking:

Successful individuals also are free thinkers and don’t let other people’s opinions determine what they think they are capable of achieving. So if individuals like your family members or friends tell you that your dreams are far-fetched or that you don’t have what it takes to become a success story. Don’t listen to them, they’re only projecting their own insecurities onto you.

 

So if you want to write your own success story, if you learn to adopt the qualities listed above, you’ll quickly increase your chances of obtaining the success which you desire.