The internet business blast of 2020 was a remarkable reminder for warehouse teams that volume is prevailing in tasks. Top season brought an extra $183 billion U.S.D. in web based business spending, which is comparable to an extra Christmas season around the same time! The speed of online ordering accelerated permanently.

This appeared to be perfect for organizations, however for the person managing a warehouse’s unexpected spike in demands with old bookkeeping sheets, or ERP systems, the “new normal” feels like Black Friday the entire year round.

This significant shift in purchasing habits is evidenced by the fact that modern commerce is expanding at a rate faster than most warehouse operations were ever designed to handle.

Many businesses have a record number of orders, but they lack the executional agility they need to grow sustainably. Current supply chain difficulties, including inefficient supply chain management software, present a significant challenge that requires rising above obsolete methodologies.

Software for warehouse management gets rid of the binds 

Warehouses need a more sensible approach to inventory management that doesn’t just focus on getting orders filled “no matter what.” There is no longer a need to hire more employees, spend more money on overtime, pay for expensive shipping for last-minute orders, or simply lose a sale because of problems with execution.

Let’s take a look at the reasons and methods by which businesses are planning to grow by incorporating cloud-based warehouse management systems.

The productivity, cost reduction, accuracy and human error reduction, speed and agility, enterprise visibility, and significant throughput enhancements of these solutions generate long-term value.

WMS programming: what is it?

A warehouse management system is, in the words of Gartner, “a software application that helps manage the operations of a warehouse.”

These systems make use of mobile devices, barcodes, and RFID scanning and sensing to streamline warehouse operations and workflows, such as:

• Receiving, put-away, stock locating
• Inventory management, cycle counting, task interleaving
• Wave planning and order allocation
• Order picking packing, replenishment and shipping
• Labor management and performance tracking
• Automated materials-handling equipment interfaces

Extended capacities, as parts of a WMS system, may integrate labour management, slotting, yard management, voice picking, parcel manifesting, value-added services, light manufacturing/kitting and integrated billing for third-party logistics (3PL) companies. 

Utilizing a warehouse management software solution with coordinated order handling, businesses can generally achieve a 25% increase in efficiency, a 20% increase in available space, and a 30% increase in stock use proficiency.

A cloud-based WMS system’s return on initial capital investment is accomplished in five essential development regions:

1. WMS on the floor – automated order picking, packing, shipping
2. Warehouse data collection – centralized order tracking, customer insights, replenishment
3. Value-added services – kitting, self-serve billing integrated with tracking and fulfillment, SKU proliferation, personalization
4. Scale the sales footprint – introduce multi-location, multi-channel, omnichannel, Direct-to-Consumer (D2C)
5. Customer relations – full transparency to order tracking, accurate available-to-sell/promise inventory, real-time delivery estimates on website

On the warehouse floor: maximize labor and improve accuracy 

The contentious issue of labor costs and shortages is one of the most important aspects of warehouse management’s return on investment.

Based solely on order picking tasks, the cost of labor in a warehouse is roughly 50%. A warehouse management system automates order picking, thereby lowering overhead costs.

Additionally, warehouse management software virtually eliminates human error, the most common cause of fulfillment issues for the majority of businesses.

This implies an enormous decrease in fulfillment times, as well as enabling warehouse supervisors to definitively evaluate employee performance. This ensures the best utilization of labor investments through optimal workflows and complete accountability at all points.

Data collection

WMS solutions enable businesses to quickly analyze and track orders, locate the most recent customer insights, and prepare for upcoming trends earlier. track, synchronize, analyze, and improve Because these solutions centralized this data, they make it possible for all teams to make the best decisions by providing timely and excellent customer insights.

Data analytics in warehouse management also improve restocking by closing costly gaps between Available-to-Sell and Available-to-Promise inventory.

Teams can quickly figure out which products are selling well and which ones are just sitting there gathering dust.

Overselling and late deliveries, which can diminish benefits by $15 to $20 per delay, will be virtually eliminated once the warehouse is equipped with the right software.

Added-value services: differentiation 

The WMS software lets you compete in new areas. empowering you with self-service billing and kitting, two services that add value and are part of order tracking and fulfillment. Additionally, it positions your company to offer a more appealing product combination.

 

Increase the number of clients: scale omnichannel 

As 55% of consumers will pay more for a guaranteed good experience, focusing on flawless inventory execution regardless of where the products are coming from is a key growth strategy.

On the software’s scalable foundation, new growth strategies like multi-location, multi-channel, omnichannel, and Direct-to-Consumer (D2C) can be built.

An organization can accelerate, scale, and unequivocally speed up new benefit sources and limit the developing torments with cloud-based undertaking perceivability and joint effort.

Enhance customer relationships: trust and transparency 

Customers expect more. Another business will give it to them if you don’t.

Best-of-breed warehouse management systems make warehouse operations more organized and efficient. This means that you can enable instant tracking, that orders can be filled more quickly, that customer service responses and visibility can be made more quickly, and that you can guarantee that every delivery is exactly what you want.

Customers can view full transparency regarding inventory tracking and real-time delivery estimates on your website thanks to advanced WMS solutions. Giving this degree of straightforwardness further creates brand trust, attracts and holds clients, and makes top-line improvement.

Businesses want to scale that formula and leverage their return on investment in these five areas in order to propel future expansion. This can be seen in the substantial investments made in both the warehouse itself and the technology stack that will be used to support warehouse expansions.

Because it provides full visibility into what takes place in the warehouse and opens up endless opportunities for growth, modern warehouse management software is the best way for a business to grow right now.

 

Introduction

Are you a Shopify merchant looking to supercharge your business growth? If so, let’s talk about the game-changer you’ve been waiting for: Shopify Capital Loan.

Picture this: a tailored financing solution designed exclusively for Shopify entrepreneurs like you, providing a swift injection of funds to fuel your ambitions. In this article, we’ll delve into the exciting benefits of Shopify Capital Loan and explore how it can propel your business to new heights. Let’s dive in!

Overview of Shopify Capital Loan

When it comes to scaling your Shopify business, having access to the right financing solution can make all the difference. That’s where Shopify Capital Loan comes into play. As an exclusive funding opportunity available only to Shopify merchants, it offers a unique way to secure the capital you need to take your business to the next level.

Benefits of Shopify Capital Loan

The benefits of a Shopify capital loan are as follows: 

• Increased Cash Flow

Shopify Capital Loan offers a significant advantage by boosting your cash flow. This infusion of capital unlocks countless possibilities for your business. Whether you want to replenish inventory, launch a captivating marketing campaign, or expand your operations, the loan provides the financial flexibility you need. Bid farewell to limitations and embrace the empowering impact of increased cash flow on your entrepreneurial journey. Let Shopify Capital Loan propel your business towards new heights of success.

• Simplified Application Process

Applying for a Shopify Capital Loan is hassle-free and tailored exclusively for Shopify merchants. The straightforward application process saves you valuable time and energy. Once approved, repayments are seamlessly automated, and effortlessly deducted from your daily sales. Say goodbye to cumbersome paperwork and embrace the simplicity of funding your business with Shopify Capital Loan. Enjoy a stress-free and convenient financing journey tailored to your needs.

• Flexible Repayment Options

With Shopify Capital Loan, you’ll experience the benefit of flexible repayment options. The loan allows you to repay a portion of your sales, ensuring repayment aligns with your business’s performance. Say goodbye to the burden of fixed monthly payments and welcome a repayment structure that adapts to your business’s ebbs and flows. Enjoy the financial freedom and flexibility to manage your cash flow effectively, all thanks to Shopify Capital Loan.

• Quick Approval and Funding

Shopify Capital Loan stands out with its swift approval and funding process. Unlike traditional loans that can take weeks, the streamlined procedure ensures a faster turnaround time. Gain peace of mind knowing that you can swiftly access the funds you need to seize business opportunities as they arise. With Shopify Capital Loan, you won’t miss a beat – act promptly and propel your business forward with agility and confidence.

• No Personal Guarantee or Credit Check

With Shopify Capital Loan, you can secure funding without the burden of a personal guarantee or collateral. This opens up opportunities for entrepreneurs who may not have extensive assets to offer as security. Additionally, the loan is accessible to new or small businesses, providing a valuable resource for their growth. Say goodbye to barriers and embrace the accessibility of Shopify Capital Loan, empowering your business journey towards success.

• Business Growth Opportunities

Shopify Capital Loan is a catalyst for business expansion and growth. The capital injection enables you to invest in critical areas like inventory, marketing, and operational enhancements, propelling your business forward. Learn from the experiences of entrepreneurs who have harnessed the power of Shopify Capital Loan to fuel their business success. These stories showcase how businesses have thrived and achieved remarkable milestones with the support of this funding solution. Get inspired by their journeys and discover how Shopify Capital Loan can unlock the true potential of your own business. 

Conclusion

Shopify Capital Loan emerges as a game-changer for ambitious Shopify merchants seeking to propel their businesses to new heights. With its benefits such as increased cash flow, simplified application process, flexible repayment options, quick approval and funding, no personal guarantee or credit check requirement, and the potential for business growth, Shopify Capital Loan presents an invaluable opportunity. By providing accessible funding, empowering success stories, and enabling entrepreneurs to unlock their business’s true potential, Shopify Capital Loan solidifies its position as a vital tool for driving entrepreneurial success. Embrace this opportunity and elevate your business to unprecedented levels of growth and prosperity.

 

More than half of all American workers have unused PTO time in 2018, according to the U.S. Travel Association. That year, almost 768 million vacation days were unused PTO, according to the same survey.

Using PTO is feared by some employees. This is due to the possibility that human resources does not understand the formal and etiquette-related procedures of each department. When someone takes a vacation, it can make managers and peers feel even more overworked. Even when a worker needs a break, societal pressure may make them give an excuse, such as a medical condition, for their absence.

Since employee burnout reduces productivity and raises attrition, unused PTO is not at all advantageous to businesses. Employees’ performance at work can be enhanced and their mental health can be protected by being encouraged to take PTO.

Benefits of PTO to the business

Many of us take for granted the fact that employees receive benefits, but how does paid time off benefit the business? Why should a business pay its employees to not work?

Retention

Work-life balance is better for employees who get holidays and time with their families. Employees who regularly miss their vacations will demand raises and other benefits, which you might not be able to afford. Family-oriented employees will search for a less demanding company in order to attain their desired work/life balance if bonuses are not offered or cannot make up for lost time in an employee’s life.

Productivity

After burnout or not getting enough sleep, everyone has experienced a decline in productivity. To recharge and maintain motivation, workers require breaks from time to time.

According to one study, for every additional 10 hours of vacation time an employee used, their performance assessments improved by 8%. Worker creativity and problem-solving skills suffer from a never-ending grind. A worker or a leader can be rejuvenated and given a fresh, possibly inventive perspective on their work by taking time off from work while on vacation.

Company culture

Many employees are unsure of how they will be perceived if they use all of their paid time off. Particularly during the busiest time of the year, some coworkers don’t want the added responsibility of covering for someone else while they are away. Some people are concerned that their taking a vacation might be used against them during the next employee review process. Unused PTO ultimately breeds unwarranted animosity and conflict within the workplace atmosphere.

Save money

You are spending more than a worker’s annual salary if your organization pays employees for unused PTO. There may still be long-term consequences in areas like attrition and deteriorating employee health even if your state permits PTO to vanish under “use it or lose it” laws. The company’s general morale may suffer as a result of the accumulated tension and annoyance.

Keep an eye out for these issues with solutions like HRM software with payroll.

How to motivate staff to take PTO

There is a distinction between “giving” employees paid time off and ensuring that they are free to utilise it. The quantity of unused PTO can be decreased with a little encouragement.

Talk about the advantages of taking a break from work

Discuss the advantages of both shorter and longer breaks with the employees. Talk about work-life balance at work and emphasize it in your company’s culture. Track personal motivation levels and burnout through employee engagement surveys.

Clear up PTO and time off policies communication

Your employee handbook must have explicit PTO policies. Employees should find it simple to request time off, and managers should try their utmost to grant justifiable requests.

Set a precise, realistic due date for PTO requests

Managers need ample time to fill up the gaps if the company is to maintain productivity. Consistency will be simpler to maintain if there is a clear deadline in the manual.

Discourage vacation resentment

Make certain that managers and team captains talk positively about PTO. Employees who have accumulated a specific amount of PTO can receive reminders from HR.

Allow some (but not all) vacation rollovers

Those dedicated workers may be encouraged to utilize their surplus if there is a cap on rollover. Because they view it as a way to ensure that Family Medical Leave won’t reduce their salary, employees with dependents may store up their PTO.

Permit workers to completely unplug

Nobody should be treated like an on-call remote worker while they are on vacation. Try to prepare the required information and materials in advance. Make your system more resilient by cross-training employees with learning management software to get them ready for a colleague’s vacation.

HR and managers set the bar high.

You must be explicit that everyone is encouraged to use their time off because ambitious employees could worry that doing so will harm their prospects of receiving future promotions. Managers and team leaders should lead by example by alerting their team and making sure that crucial tasks are completed. With a dedicated HR and payroll management solution, leaders can schedule, plan around, and fully enjoy their vacations, while keeping their teams in the know, and on task.

For subscription and SaaS businesses, metrics like the customer retention rate and the closely related churn rate are essential for tracking how much revenue you’re losing and identifying possible trends.

The fact of the matter is that long-term business expansion requires reducing customer churn and increasing customer retention.

We’ll talk about five ways to keep customers coming back to your SaaS business and how to accurately track customer retention and churn in this post.

What exactly is retention of customers?

“Customer retention” is a metric that measures how many customers stay with a company for a predetermined amount of time.

The churn rate, on the other hand, is the percentage of subscribers who cancel within a predetermined amount of time. Monthly recurring revenue (MRR), arguably the most important indicator of future business success, is significantly influenced by both of these metrics.

A good customer retention rate is typically greater than 90% on a monthly basis, though the higher the number, the better. A low rate of customer retention indicates a problem for your business, even though it is obvious that you will never be able to keep every customer.

Your customer retention rate and other metrics can be compared to those of other SaaS and subscription businesses.

Because it costs more to acquire new customers than it does to retain existing ones, investing in customer retention is a more sustainable growth strategy for the majority of businesses.

Thus, prior to executing techniques to increment client maintenance after some time, directing an analysis is fundamental.

Strategies for Retaining Customers Now that we have discussed the effects of customer retention on SaaS and subscription businesses, let’s take a look at some ways to enhance this metric.

1. Excellent customer service

The level of customer service provided by your business can make or break a customer’s experience. Give excellent service to customers.

Whether a problem with the product, a failed payment, or the network, customers want to know that you will be able to assist them.

Quick responses to customer inquiries, assistance with onboarding (more on this later), and prompt troubleshooting are all components of good customer support.

Investing in proactive outreach can have a significant impact in addition to providing reactive customer support.

Routinely checking in with your clients can build the open doors for commitment and worth from your item, regardless of whether they aren’t wanting to leave.

2. Establish a procedure for the onboarding of new customers

Because the onboarding procedure is a crucial component of the overall customer experience, it is essential to get it right to avoid losing customers early.

Demonstrating customers how to use your product to achieve their goals is an essential part of a successful onboarding process.

A straightforward signup procedure, a persuasive welcome email, and assistance during the initial login are all components of an efficient customer onboarding process.

You can also learn about new users’ initial perceptions of your business, product, and onboarding process by monitoring the results of your trials.

Using these insights, you can avoid losing customers before they sign up.

3. Produce useful educational materials

Customers won’t stick around for long if your product doesn’t provide enough value. You can accelerate the rate at which customers reap the benefits of your product’s ROI by providing educational materials and training courses of high quality.

Using getting started guides and a help center, which are excellent resources for resolving any additional issues that may arise, customers can also obtain answers to many of their initial questions.

You should provide resources and start a community for your product in the same way that you want to create an excellent onboarding experience.

Workshops and webinars are resources that give subscribers even more value out of their subscriptions and motivate them to stay for a longer period of time.

4. Track and Measure Churn

By figuring out which customers are leaving and why, you can come up with an informed plan to keep them.

You can, for instance, ascertain the reasons why some customers may churn more frequently than others by carrying out cohort analysis and tracking and measuring churn for various customer segments.

You can address customer expectations that are not met, bad onboarding experiences, unsuccessful acquisition strategies, and other broader business issues using this information.

If you delve into the information regarding abrogations, minimize, canceled installments, and other related topics, you will also be able to identify generally customer conduct deviations that are causing agitation.

These insights may reveal whether additional factors are to blame for voluntary or involuntary turnover. Over time, customer retention will rise as a result of reduced churn and its measurement.

5. Make it simple for your customers to provide feedback to you

Getting feedback from your customers is a great way to identify issues with your product or interactions that cause customers to cancel.

To take this one step further, getting cancellation data and acting on it helps keep customers loyal over time and prevent disloyalty.

A quick email or in-app notification is a convenient way to get feedback from customers who decide to cancel their subscription.

You will be able to identify and address issues with pricing, a lack of certain features, poor customer service, and any other factors that cause customer churn using cancellation insights.

Calculating customer retention and churn

Customer retention and churn are calculated by dividing the number of new customers by the total number of customers at the end of the period to determine the retention rate.

This tells you how many customers stayed with you over that time period. The retention rate is then calculated by dividing this number by the total number of customers at the beginning of the period.

Depending on whether you really want to follow revenue churn or customer churn, there are a few different ways to look at churn rate.

To calculate customer churn, divide the number of canceled customers by the number of active customers over a given time period. After that, multiply by 100 to obtain a percentage.