Issue 111: Who Covers Inventory Insurance?
Hello, MyFBAPrep Sellers!
In our latest interview, learn all about inventory insurance, why it’s important, and what it covers. Then we dive into customer-first data and why it’s better than third-party cookies, and important KPIs to track.
Inventory Insurance Is the Brand’s Responsibility: A Chat With Tim DiPietro of StartSure
In this video, Rachel Go chats with StartSure CEO and founder Tim DiPietro about some common points of confusion when it comes to inventory insurance. They also discuss what inventory insurance covers, who is responsible for insuring goods in the warehouse, and much more.
First-Party Customer Data: Gaining Customer Insights Without Relying on Third-Party Data
Although it’s becoming harder and harder to access, the good news is third-party data isn’t the totality of consumer information. You can instead acquire and use zero-, first-party customer data-, and second-party data to supercharge your advertising and marketing decisions.
- Ask for feedback
- Use session monitoring tools
- Leverage content marketing and newsletters
- Incorporate pop-ups, surveys, and quizzes
- Loyalty or rewards programs in new customer onboarding
- Watch for cart abandonment trends
- Utilize NPS
- Leverage customer service integrations
- Analyze your CRM for insights
Get the full details and how to gather customer-first data on the blog.
Delight your customers with a seamless post-purchase experience
Work with MyFBAPrep to ensure items are boxed beautifully and securely, and arrive accurately and on-time at your customers’ doorsteps.
KPIs for eCommerce: What Are the Most Critical Analytics To Look At?
Selling online constantly inundates you with data, so you have to decide what’s important and why tracking it will benefit your business. This is where KPIs are key — they gauge company performance by monitoring goal progression and the effectiveness of optimization strategies. Additionally, these metrics help you:
- Get and stay on track: Gain clarity on whether the actions you’re taking are edging you closer to your goals.
- Spot rising issues: If there’s a problem in your business or potential troubles on the horizon, tracking metrics will enable you to pinpoint and course correct early, in turn minimizing losses and disruptions.
- Improve store profitability and efficiency: Measuring KPIs for eCommerce helps you refine your business operations for optimal efficiency, which drives higher profits.
Learn which KPIs to track and how on the blog.
Top Industry News
The Top eCommerce Trends From Record-Breaking Amazon Prime Day 2024 (Martech)
Helped by some deep discounts, Amazon Prime Day, an annual two-day ecommerce event that ran July 16 and 17, generated a record $14.2 billion in U.S. online sales this year. That’s 11% more than last year, according to Adobe Analytics, which pulled data from 1 trillion visits to U.S. retail sites across 18 product categories.
Shoppers Find Better Deals This Year as Prime Day Fuels Record $14.2B Across eCommerce (RetailDive)
This year during the event, more consumers avoided big-ticket items, and fewer made multiple purchases, according to Numerator data. Discounts were steep, according to Adobe: Over the two days, electronics peaked at 23% off list price, compared to 14% off last year; apparel was 20% off compared to 12% last year; home goods and furniture were 16% off compared to 9% last year; televisions were 16% off compared to 5% last year and computers were 11% off compared to 8% last year.
The Mindset, Technology and Tools That are Stopping eCommerce in its Tracks (VentureBeat)
While we all know the pandemic fueled a boom in digitalization in 2020, the ecommerce landscape has been evolving ever since. Ecommerce in the U.S. is expected to surpass $1.3 trillion U.S. by the end of this year. Along with that kind of growth and revenue comes a major uptick in fraud — businesses lost an estimated $100 billion last year alone.
Prime Day 2024: What We Don’t Know (Practical eCommerce)
Less clear, too, is the bottom-line effect of Prime Day discounts on third-party merchants who tell Practical Ecommerce that Amazon takes roughly 50% of every transaction with sales commissions, FBA fees, and advertising costs. Certainly Prime Day is good for consumers and Amazon, which carries little inventory risk and earns fees and commissions no matter the selling price. Amazon is mostly a service provider, after all, and most of that is from its cloud computing division, not marketplace activity.
Online Spending in June Grows Past Inflation (Chain Store Age)
E-commerce retailers had a happy start to the summer. According to the latest Signifyd E-commerce Pulse data for June 2024, e-commerce sales were up 8% year-over-year, driven by strong performance in the grocery and general merchandise categories leading the way.
Cracking The Code Of Cross-Border E-Commerce Returns (Forbes)
McKinsey reports that cross-border e-commerce is set to skyrocket to about $1 trillion in merchandise value by 2030, up from today’s $300 billion. Plus, international deliveries are now growing twice as fast as domestic ones. That’s a massive opportunity waiting for e-commerce merchants.
Until next time,
Rachel Andrea Go
Marketing Director, MyFBAPrep