Maximize your e-commerce profits and ROIs with asset tracking technology.
The introduction of e-commerce platforms has permanently changed the ways retailers react to consumer behavior. E-commerce has removed the need or dependence on brick and mortar stores – providing consumers diversity when interacting with retailers. E-commerce has also introduced modern conveniences to the shopping experience, allowing e-commerce entrepreneurs opportunities to compete against retail titans.
Adopting the latest asset tracking technology has allowed the retail landscape to be a lot more competitive than ever before. Below, we look at what asset tracking technology is and how e-commerce entrepreneurs can use them to their advantage to maximize their profits and increase their returns on investments.
Defining Asset Tracking Technology
Asset tracking technology allows your company to keep track of your business assets through the employment of various methods to track workforce allocations, locate lost physical assets, and provide real-time responses to the demands of your business.
The benefits of asset tracking technology is that it cuts on overall costs to the business, simplifies and improves the business’s performance and ROI, and saves time by providing cost-effective savings. All of these benefits are crucial for any e-commerce entrepreneur to remain competitive.
Let’s take a look at five ways that asset tracking technology can help e-commerce entrepreneurs.
1. Building Brand Trust
Being authentic is a great way to build a sincere connection with consumers. Consumers are smart individuals – they have many tools at their disposal to determine if a brand aligns with their values and if they can build an emotional connection with the business. E-commerce entrepreneurs can build brand trust by fostering the relationship with consumers, which in turn can provide a foundation for genuine loyalty to your business.
How does one build brand trust? Delivering on the promises your brand makes.
Asset tracking technology allows you to deliver on your promise, the first time, every time. This can mean delivering your assets or allocating your workforce in a timely manner, when the customer expects it — optimizing your returns and investments.
2. Personalizing Your Shopping Experience
While asset tracking technology grants e-commerce entrepreneurs ambitious opportunities to succeed, it also creates avenues to provide bespoke experiences. Asset tracking technology is powerful technology and a progressively necessary marketing tool, creating personalized shopping experiences for your consumers. With such tracking technology, entrepreneurs can geofence locations of interest, allowing entrepreneurs the opportunities to upsell their brand or collaborate with like-minded businesses to deliver a unique retail experience, all in real-time.
Asset tracking also provides inventory tracking, allowing your businesses to better understand consumer behavior and giving your business the freedom to personalize shopping experiences according to specific consumers and demographics.
3. Location Tracking
The success of any e-commerce business relies on a dependable logistics system. In a progressively crowded industry, the success of an e-commerce entrepreneur must be built on the foundation of prompt delivery and exceptional service. Asset tracking technology provides entrepreneurs the tools for workforce tracking, giving up-to-date, real-time data and eliminating opportunities for human error. Real-time location tracking also provides map-based live views of your personnel’s movements, cutting down on the cost of locating lost or forgotten assets.
Asset technology provides clear communication between your business and the consumer. Technology tracking minimizes the stress and uncertainty of when packages will be delivered and arrive at the customer’s doorstep. Asset tracking also eliminates time wasted waiting for deliveries or lost and forgotten packages. Modern technology provides real-time data for consumers and the entrepreneur’s e-commerce business, allowing both parties to track the workforce and assets.
This gives consumers ease of mind while building brand loyalty.
5. Mobile App
The most beneficial aspect of asset tracking technology is that they are accessible, affording businesses opportunities to connect with consumers through a mobile app that requires simple setup. This allows your entrepreneurial business considerable reach, providing affordable assets and a smooth customer journey, prompting your consumers to engage with your brand and products.
A mobile app also works with personalizing the customer experience, utilizing resources such as location trackers creates convenient and non-cost inhibitive experiences.
E-commerce has permanently altered the retail landscape. Consumers (now, more than ever) are progressively tech-savvy, and this demand requires a forward-thinking approach for entrepreneurs. Luckily, with tools and resources such as asset tracking technology, entrepreneurs can discover the opportunities to succeeding in an immensely crowded market.
It is for these reasons that asset tracking is powerful technology – eliminating barriers between your business and the consumer.
Oliver Threlfall is the CEO of TechLoc, a provider of innovative assets and workforce management technology for businesses. TechLoc asset tracking and business systems now has three international offices in the US, Canada and Australia and continues to roll out all over the globe. A biology major at Deakin University and a born entrepreneur, Oliver also founded Steamatic Australia, a leading cleaning and restoration firm servicing Australian businesses and families.