Many entrepreneurs franchise their business to proliferate it in every nook and cranny of the world. What’s the main objective behind selling franchises? Obviously, to maximize profits. For this, franchisors need to provide ongoing training to their franchisees. But, do you think training is enough? Savvy franchisors flex their mind every day to generate creative ideas and implement it. Also, they encourage franchisees to share their ideas for improving business operations. Franchises can easily earn high profits when there is proper coordination between franchisor and franchisee. In this article, we have shared some suggestions that can help you earn whopping profits out of your franchise business.
To establish a thriving franchise business, franchisors need to link with individuals who have business acumen. Active participation of your franchisees can help your business grow in less time. For instance: To earn high profits from an education franchise in India, you need to associate with franchisees who know the nitty-gritty of running a business. Moreover, as a franchisor you need to be cognizant of some profit making ideas.
Franchisors can choose to implement the following things to supercharge profits of their franchise:
To offer you a helping hand, we have shared some of our ideas with you.
- Stop discounting
Yes you read it right! You need to stop giving heavy discounts, if you want to earn high profits. No doubt, giving discounts is the best way to attract and retain customers. But, if you are discounting without a clear sales, then probably you are giving more than what you are earning. For sure, you don’t want your business to shut down in the coming years. So, make sure your franchises are earning enough profits to survive in the market. Therefore, you can stop giving discounts to your customers if it’s not in the favour of your business.
- Increase your prices
The law of competition clearly states pricing for similar products and services should be around the same range. However, it is not mandatory to follow this rule. If the quality of your goods and services is higher than your competitors, then you can put high price tags. According to Mckinsey’s theory, just after raising 1% price your profits can increase by 8%. Many business entrepreneurs show reluctance in implementing this model with the fear to lose their customers. We would suggest you to test this theory for once in your business. There are high chances you’ll be able to earn high profits.
- Start selling online
After the havoc of coronavirus, customers are more comfortable with buying products online. So, if you have an online presence, it can widen your reach and help you attract customers from every corner of the world. More customers means more profit. To sell your products online, your business needs to have a well-designed website. Also, you need to create pages of your business on social media. It can help you earn a wide market share. This is how the online presence of your franchise can benefit you.
- Know about the performance of your franchisees
It is important for a franchisor to know how their franchisees are doing business. They can ask for a sales report from their franchisee. This way they’ll get to know how much profit each franchise unit is making. Also, a franchisor can offer some suggestions to increase the sales and profits. Additionally, a franchisor needs to check the customer satisfaction rate of the franchisee’s unit. When you know how your franchisees are performing, you can easily make suitable business plans and communicate to them.
- Replace under-performing franchisees
There are many franchisees who, despite your efforts to train and support them, perform at a lower level. You will have three options: replace them, give them a chance, do nothing. First, give them a chance to improve. If they are unable to meet your expectations, then it’s better to replace them with better ones. When you replace them, make sure you are not making the same mistake again. Check the potential of prospective franchisees. Also, judge if they can easily coordinate and cooperate with you. Note that you need to associate with individuals who can easily gel up with you.
- Focus on effective marketing
To make your customers aware about your products and services, it is essential to do effective marketing. Help your franchisees for doing effective marketing of goods and services. Also, you can provide them material for marketing. This is the only way through which you can capture the attention of numerous customers.
- Keep a close check on your customers
You need to check regularly whether your customers are happy with you or not. Make sure your every franchise unit is providing high quality services and products to your customers. Note that your best customers are those who generate you the most money. So, ask your best existing customers for referrals. It can aid in increasing the volume of customers for your franchise business.
- Train and support your franchisees
If you want your franchise to operate well, train your franchisees regularly. You can share some strategic ideas with them for running a business smoothly. Also, it is your duty to offer them support when required. This thing can help in fostering cordial relations with the franchisees. Do you want your coaching franchise to grow? If yes, then provide regular training and support to your franchisees.
These are some of the ways through which you can easily earn whacking profits from your franchise business. Nevertheless, it is not mandatory to implement all the afore-mentioned suggestions. In this article, we have provided some ideas based on our research. If you think it can aid in increasing profits of your franchise, then follow any of the above suggestions.
Multivendor Marketplace Software Development: Cost + Complete Process
Are you looking to create a multi-vendor marketplace store like eBay or Walmart? As you know, these marketplaces have succeeded and inspired many entrepreneurs to explore this lucrative business model.
So, this is the right time to invest in online B2B multi-vendor marketplace development. If you are an entrepreneur who is looking to develop a customized B2B online store, then you surely would have the following questions in your head.
- What is a multi-vendor marketplace?
- How to build a multi-vendor marketplace software?
- How much does it cost to create such a platform?
- Where to hire developers for developing this platform?
- What are the different types of multi-vendor marketplace software?
As a leading ecommerce development company, we know the complete process and everything around marketplace development. So, we decided to write a complete article on it to clear your doubts. Let’s get started.
A multi-vendor marketplace software is an application that allows multiple vendors to sell their products and services within a single platform. So, customers get a large variety of products and services from a single platform. It is a kind of website that has a large product catalogue and multiple sellers.
The business model of this marketplace software is the mode of a certain commission between third-party sellers and customers.
Moving further, let’s know about the process of eCommerce marketplace software development.
As you see, developing a multi-vendor marketplace software is huge task. First, you need to define the exact requirements. Therefore, you must document your requirements so it becomes easy for you to describe them to an eCommerce development company in the future. You also need to define the market niche in which you want to create an eCommerce store.
To give you brief information about features, here is the list of features.
- Bulk order management
- User management
- Vendor management
- Search and filter
- Reports and analytics
- End-to-end transactions
- Delivery management
- Shipping management
- Product management
- Invoice management
These are the basic and core features of any multi-vendor marketplace software. To get detailed information about features, check our blog on features of multi-vendor marketplace software.
To develop multi-vendor marketplace software, you need help from an experienced solution development company. As the company is aware of the complete procedure of multi-vendor marketplace software development, so you get customized solutions as per your requirements with high quality.
Also, developing such a solution is a complex process and to sustain the competitive market you need unique software. So, an eCommerce developer who has experienced previously can help you here. And, his expertise can create solutions that are unique as well as feature-rich.
According to your requirements, developers create your eCommerce multi-vendor marketplace. They code the decided features of your eCommerce platform and add functionalities as required. In addition, integration of third-party software according to your requirements.
Once the development is done, testers conduct several types of testing like black-box, white-box, and unit testing. So, it becomes easy to find and note down the bugs. Then developers can solve them and at last, the software is launched successfully in the market without any bugs.
The average cost of creating an online customized B2B store depends on several factors. These factors directly decided the cost of development. The different development factors are as follows.
- Technology stack
- Hourly rates of developers
- Third-party integrations
Depending upon the above factors, the development cost of an eCommerce platform ranges from $20,000 to $1,00,000. However, the cost can vary depending upon complexity, features, no. of pages, functionalities, third-party integrations, developers’ rate, and more.
There are various platforms available to hire software development for your project. We have listed a few popular platforms from where you can hire experienced developers.
Hiring from the above platform ensures you get quality developers who have previously worked on the same type of project. So, you get a top-quality product for yourself.
What are the Different Types of Multi-vendor eCommerce Marketplace?
If you are wondering about different types of marketplace and want to know which are they, then this section will help you. In addition, if you are creating your own marketplace software, knowing these varieties will help you choose the most suitable niche for your business. Check the following types of multi-vendor marketplace software.
Products Marketplaces: This is an online eCommerce marketplace where only physical products are sold to customers. It is an example of Amazon, Etsy, and Walmart.
Service Marketplaces: This type of marketplace are famous for offering on-demand services like transportation, repair, beauty, and medical. These are the platforms on the business model of Airbnb.
Hybrid Marketplaces: This type of marketplace where often both products and services are sold. For example, Craigslist and Oodle are two examples of hybrid marketplaces.
Additionally, you can categorize these marketplaces as participants.
Business-to-Business: You can opt for business 2 business eCommerce software development where businesses as buyers and sellers work together.
Business-to-Customer: You can opt for business as a customer where businesses sell products and services to customers. This type of platform facilities easy purchasing from the customers.
Peer-to-Peer: This type of platform works as classified websites like Craigslist where customers interact with other customers. It allows users to sell and purchase from the platform with ease.
We hope this guide helped you to learn about the process, cost, and types of B2B multivendor marketplace software. In case, if you still have doubts, or are not sure whether to develop a multi-vendor marketplace software, contact us with your requirements. As a leading eCommerce software solution development company, we will help you develop software.
How SAFe certifications will give a boost to your career?
If you want to ameliorate your career to a managerial and high post then SAFe certification is for you. The SAFe acronym means Scaled Agile Framework.
Almost 70% of global recruiters look for certified SAFe professionals across the world. The demand is highly increased as it makes you well versed in project-related tasks or product managing. SAFe training courses can bring a lot of Agile benefits to your organization. Being a certified professional will prove your ability to adapt Agile frameworks and transformation in your company.
How will SAFe certifications help to enhance your career prospects?
There are various benefits of SAFe certifications that will give your career a boost. Let us know some of them.
1. SAFe certifications will raise your productivity level:
- Leading SAFe certification is known for enhancing the zeal of a candidate to increase his performance. It offers the best level of education and training in developing an Agile mindset. The candidate becomes a competitor to himself.
- You will see a measurable enhancement in your productivity. The Agile approach will give you more consistency in delivering your projects on time with excellent efficiency.
- It makes you learn all the roles, Agile principles, and responsibilities required to collaborate and maintain a development team. Gaining an Agile project certification is the best choice if you want to improve your productivity.
2. You will acquire knowledge about new responsibilities and how to switch to Agile techniques:
- In an organization, sometimes even the product owners and project managers are confused about their roles and responsibilities. Scaled Agile knowledge is what helps them to understand Agile transformations that are to be considered.
- Imbibing a new set of Agile methodologies amplifies your organization’s growth as well. It is essential to quickly revamp the procedures using new Agile techniques.
- SAFe Scrum Master Certification is best known to offer you all the credentials required to become a Scaled Agilest in your industry.
- You will gain the ability to make smarter decisions with Agile technology. As such, your demand will increase based on your skills and knowledge.
3. It will evolve your Future scope and high-position job opportunities.
- The job market in the IT industry is a competitive field with continuous growth. Even government sectors also require Scaled Agilest to manage their work efficiently. Being SAFe certified will make you stand out from the crowd and help you in the advancement of your career.
- According to a few surveys, professionals earning such credentials in their resumes tend to survive way better than others. It gives you a badge of honor and speaks of your ability.
- Earning any of the leading SAFe certifications will land you in high-paying jobs. It will further strengthen your professional image and make you an asset to the organization.
4. You will be trained to improve product quality by removing obstacles and managing your team.
- In an organization, when multiple teams work and collaborate, views clash and obstacles become a part of it. This training gives you the right understanding of how to tackle such situations.
- Removing and handling out-of-line Agile practices is a must for the betterment of an organization. If not controlled on time, they can be a huge hindrance to product quality and delivery.
- Training your development team to be customer-centric and managing your team members with carrying out further tasks is an art. Certifications like Leading SAFe, CSPO, PSPO, CSM, and others will guide you with every necessary skill.
5. Increase employee engagement by maintaining relationships with stakeholders and customers.
- Organizations that practice SAFe are often better at managing clients’ relationships with your company’s employees. You can take advantage of your certification skills in properly dealing with customers.
- Ensure your customers have the best product quality and consider their needs. Building a healthy relationship with customers can be beneficial for your brand. As such, building long-term customers is very difficult without properly communicating with them.
- Gaining the trust of your customers will turn into loyalty over time. This relationship is the key to your company’s growth.
The IT sector is one of the major ones to call for advanced skills and Agile methodologies. If you have an interest in taking SAFe certifications to boost your career, some top-Scaled Agile certifications are there depending on your designation. These Scaled Agile frameworks will give you full-fledged knowledge which will be very beneficial for your advancement in this career.
Why Does Ecommerce Need Product Videos and How To Add Them In Magento 2?
Product videos are a compelling form of marketing. They’re the perfect medium for demonstrating and detailing a product or service in many ways. In addition, they provide prospective customers with what they want to know before they buy a Magento 2 product video – comparison information, details, and proof of quality; in short: all the things that standard marketing doesn’t usually tell them about.
If you are a merchant looking to sell your products on the web, you need to consider adding a product video to increase conversions.
Also, when looking for the best web hosting provider for your online presence or business, there are thousands of options to explore on the internet. Most of them are providing Magento hosting that has high value to the business. You can choose from VPS hosting to shared hosting and cloud hosting. Go check out Siteground Alternative to have a better view.
On the other side of things, if you are an eCommerce shop owner, you must be wondering why Ecommerce needs product videos for it to succeed.
To increase sales and increase conversions
One thing that many sellers forget about is that videos are a type of content. As you know, article content can go viral because of its quality. Videos aren’t any different.
They must be made to produce the results you want to get the most viewers’ attention. Otherwise, they will stop watching them.
Suppose you are a business owner and want to increase your sales to get more customers. In that case, you need to think about creating videos using an online video editor that will make the audience interested in your products.
To build trust and credibility
Video content is not just a form of media that people share on the internet. Rather, it is a form of communication. Therefore, it must be handled with the utmost care since it is a tool used for building trust and credibility with clients or customers. Furthermore, video content is also very effective for retaining customers for the long term, which makes it ideal for eCommerce businesses looking to build lasting relationships with their clients or prospects on an ongoing basis. Check out eCommerce starter bundle by Cloudways.
Use a high-quality online video editor to create a video. It can tell your audiences what you believe about your products or services, so you need to develop an interesting and engaging topic. Furthermore, each product video should tell a story, especially if it is intended for social sharing purposes.
To connect with customers
Video content is not just restricted to social media platforms; it can be extensively used in other forms of marketing and advertising, including email marketing. As a result, video marketing is becoming more popular every single day.
Video is one of the best ways for E-commerce business owners to interact with customers. Using an online video editor to create informative videos can be very beneficial if you want your buyers to get to know more about your products before purchasing them. It can also provide prospective customers information about the product they may want or need, so make sure that you play your cards right by choosing the best videos available today.
To get quick feedback from customers
When you need to find out which of your products can be improved, video marketing is your best bet. If you have buyers afraid to give positive feedback about their experience with your products, why don’t you try reaching out to them via video? You’ll be able to know how they think about your products in a very short time. In addition, this can improve the overall experience you want your customers or clients to have while shopping with you.
To show how the product works in real life
People can buy any product that they see online, but if they want something that works best for them, they want something proven to work better than their other options. Video content is an effective tool to get people interested in your products. They can see how a product works in real life, so they can look for it online and purchase it from you, knowing that it will work like the video.
If you think about it, using a video editor to create video content can help you execute better conversion strategies.
How To Add a Magento 2 Product video?
Adding product videos in Magento 2 is not hard at all. You can easily do it for your products with a little bit of tweaking and extra work.
First of all, you need to install the Videos Module, which can help you add videos for the products you want to promote the most. The Magento 2 product video module allows you to add HTML5 and Flash video files directly from the administration panel.
You need to follow these steps:
Step 1:- Go to the “Videos” section under “Product Attribute”, choose the type of attribute which will be used for adding video files, and press the “Save Attribute” button on the right side of the section name
Step 2:- In the next step, you need to look at the filename section and add them with the product name. Here is how to add videos for your products:
Step 3:- Go to the product “Attachments” section, click on the “Add” button, and choose the type of attachment you want to add there.
Step 4:- Look at the “File Name” area and insert the filename there.
Step 5:-. Look at “Video Content Area”, where you need to insert your video files with the product video URL ( Click on the video link, which has a red arrow ).
Step 6:- Press the Save button at the top right side of the Attachment Settings area after finished inserting all the necessary parameters
Step 7:- Refine your product description and modify the price, stock, and other necessary product attributes.
Step 8:- After finishing adding videos for your products, look at your Category page. You will see that each product has an attached video file which is automatically added from the default database.
Product Video Tip
Customer expectations of your product will increase if you add product videos. First, however, you must choose the right videos. As mentioned above, the video content needs to be engaging so that the viewer watches it. This means that your videos should not be 4-5 minutes long, making viewers lose interest easily. You can use this tip to set a maximum duration for your video, which is an hour at maximum. The ideal length of your video is between 2 and 5 minutes, as long as it can hold focal points for viewers.
Videos are a great way to attract buyers. If you want your customers to buy your products online, then videos are the best way to create an emotional connection with them. Making a Magento 2 product video is not as hard as you can do it in a short period. The video content should be engaging and interesting for viewers so that they watch it and come back to check out your product pages again.
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