Redefining the online buying experience through e-commerce account management services is the new cool – a trend you should hop on right away!
The e-commerce industry earned about $1.119 trillion from its sales in 2023, a 7.6% growth from its previous year, exhibiting no signs of slowing down any time soon.
The revolution of the digital landscape has paved the way for online retailers, helping them improve their interactions with customers, secure financial transactions, and manage data effectively.
While you can handle your e-commerce account on your own during the initial stages of your business, getting e-commerce account management services would become necessary once you start scaling.
Let me break it down and help you understand the pivotal role of ecommerce account management so that you can decide what services your business needs.
Key Takeaways
- Ecommerce account management can be summarized as the holistic online buying experience you create for your customers.
- By getting account management services you can access data to create personalized experiences for your customers.
- Data is key in running an online business – it helps you make informed financial and marketing decisions.
- To expedite sales and improve customer satisfaction, try to understand who your customers are and identify their buying patterns.
A Quick Run Through Ecommerce Account Management
Ecommerce account management is everything you need to do to sell your products online.
So, any service that handles your e-commerce account takes care of all the tasks necessary to sell your products.
Now you might wonder why you need help from an e-commerce account management service.
The answer is simple: When you’re running an e-commerce business, you don’t have time to figure it out alone. You want answers, and on bad days, an extra set of hands.
The rapidly growing industry demands you to be on top of your game to become noticeable – the inability causes you to get lost in the sea of e-commerce giants.
And this is exactly why most businesses leverage advanced account management tools and services.
This helps you improve how you interact with your audience, facilitating their experience, and ultimately, enhancing customer satisfaction.
Ecommerce account management services help you automate processes using robust tools and software to meet diverse business needs, like purchasing, shipment tracking, and order fulfillment.
An ideal e-commerce account management service understands ERP systems and their role in meeting your business needs, such as data centralization, inventory management, and order processing.
The purpose is to improve business workflow and efficiency.
Top Ecommerce Account Management Services To Catapult Your Business To Success
So when you think about the services you need to carry your e-commerce business forward, consider all the possible barriers you face from start to finish.
Ask yourself the following questions:
- Is my inventory constantly out of stock?
- Do I know the real-time impact of all the sales on my business finances?
- Are my customers satisfied?
- Am I getting enough sales to meet my expenses?
If you are struggling with any of these problems, it’s time to hire an e-commerce account management service.
1. Product Management to Improve User Experience
Product management is the most important part of your e-commerce business as it ties your product, brand, and audience together.
How you present your product is crucial, given it is the primary reason why your customers engage with your brand in the first place.
But here’s what you should know: Online buyers aren’t only interested in your product.
They are clicking on your website for an experience – from browsing your website to adding products to their carts to checkouts and receiving deliveries at their doorsteps.
Now there are two parts to product management.
1.1. Product Listing
Product listing means creating a visual display of your product on your online store.
This display includes visual graphics, product descriptions, prices, and all essential specifications a customer would want to know about before purchasing.
In addition, it includes other details such as their availability, customer reviews, and discounts.
Categorization of each product is also important to ensure an organized experience.
Present your product in the best possible way by getting account management services.
They can use tools to automate product listing and boost user experience.
1.2. Track Inventory for Stock Update
Inventory management is the other side of the coin. How do you ensure the customer visiting your online store gets accurate information?
You do that by monitoring your inventory levels.
Keep a regular count of all the stock available. This way, you can plan and prepare when the stock is running low.
When you have information on dead stock, stock out, and overstocking, you can make informed decisions and avoid unnecessary costs.
By getting account management services, you can track and manage your inventory levels to the best of your ability.
2. Order Management for Order Fulfilment
Order management is the receiving, processing, and delivery of orders.
It involves the following steps:
- buying and storing inventory
- picking and packing the products
- preparing them for dispatch
- processing returns or exchanges
The process begins once the customer places an order on your website and continues as you receive it from your merchant account.
The next step is to process the order and prepare it for shipment till it reaches its final destination.
Usually, this is where your job ends. But sometimes, you have to deal with returns and order exchanges.
Whatever the reason – whether they’ve ordered the wrong size or are not satisfied with the quality – they are now demanding a refund.
This is where things get complicated.
On one hand, you have an angry customer, demanding a refund, while on the other hand, your accountant is frustrated.
All this chaos could be avoided by automating these tasks.
And you can do this by integrating an ERP solution.
But here’s the thing about ERP systems – they are complex and require technical expertise.
In fact, 99% of companies experience data-related challenges with their complex navigation.
This is where an ecommerce account management service can help you. They would have access to knowledge and hands-on experience with ERP systems.
Accounting software with all-inclusive inventory management features can also help you see the real-time impact of sales on your inventory levels and your books.
In essence, by automating order management, you can free yourself from the day-to-day tasks to focus on strategizing and scaling your business.
3. Customer Relationship Management for Customer Satisfaction
The motivation behind product management is one – it is to serve your customers and elevate their experience.
All your business processes and day-to-day operations are aimed at this one goal.
And this is when the role of CRM becomes prominent.
A CRM is responsible for tracking sales and customer experience on your website.
In fact, the primary expectation of a CRM is to help you with data management and personalization.
So how does it do that?
3.1. Data Management
With CRM, you can monitor customer behavior on your website, and analyze their information and buying patterns.
This stored data can be used to highlight and understand patterns and trends.
You would have answers to simple questions like:
- Who are your customers?
- Which age bracket is your product more popular with?
- Which region are your sales mostly coming from?
3.2. Personalization
When you have all of this information in one place, you can easily personalize your customer experience.
Make them feel special by showing them products they might be interested in – an effective way to build and strengthen your relationship with them.
Moreover, it is a great way to not only retain existing customers but attract new ones.
4. Business Analytics and Financial Reporting
Accounting for ecommerce is different from traditional accounting.
You have several considerations to ensure informed decision-making and the smooth sailing of your business operations.
From day-to-day tracking of financial transactions to monthly and quarterly analysis of your comprehensive financial reports, accounting for e-commerce is essential for your growth.
While the role of bookkeeping and accounting is unquestionably strong, outsourcing this responsibility is in your best interest. Especially, if you are planning to scale or if you’re facing irregular reports and tax penalties.
Your business will flourish in the following domains if you opt for professional e-commerce account management services.
4.1. Tracking Sales Channels
The thing with e-commerce accounting is that you have money coming in and going out from different channels.
This includes your sales channels, e-commerce platform, and various payment processors.
Now getting all of this information in one place is challenging.
In addition to gathering all of this information, you need to reconcile and consider various deductions, like e-commerce platform fees or sales compliance.
Keeping the necessity of data accuracy in mind, it may be in your best interest to get an e-commerce account management service on board.
This way, you would be able to focus on your core business activities without getting distracted or overwhelmed.
4.2.Gaining Customer Insights
If you’re struggling to develop a relationship with your customers, it’s possible that you’re not understanding your customer persona properly.
Get insights into customer behavior through advanced analytical tools and techniques like Google Analytics.
You can cater to their needs more effectively by understanding who they are and what they like.
These insights can also help you in your marketing efforts and personalizing customer experience on your website.
4.3. Evaluating Online Store Performance
An important part of running an e-commerce business is the tracking of its KPIs.
You can track and monitor your key performance indicators with Google Analytics and other tools that provide real-time information about your business.
Access to real-time information empowers you to make data-driven decisions and support your strategic initiatives.
Imagine waiting for days to get access to your sales or inventory data.
How would you run your business?
It will impact every aspect of your e-commerce business.
This is why, hiring someone to handle your account ensures operational efficiency and data-driven decision-making.
The Bottom Line
An ecommerce account management service can help you grow your business in more ways than one.
From leveraging data to improve user experience to processing orders for order fulfillment, e-commerce account management services extend beyond just selling online.
The digital sphere is constantly changing and you need every help that you can get.
And Ledger Labs can offer comprehensive support in this department.
We have over a decade of experience in handling e-commerce accounting requirements for businesses.
Having access to advanced tools and technologies, we can provide you with information that will move your business on an upward trajectory.
Book an appointment with us today!
