The ever-changing yet ever-growing landscape of e-commerce is scary and exciting at the same time for entrepreneurs. If you're thinking of taking your business prowess on e-commerce, then your bet is about to pay up big time.
Now, you’ll need a team to work behind you to realize this dream. One thing successful e-commerce business owners swear to is to respect and value time. That’s why many use time tracking programs in their daily operations.
The global sales from eCommerce are expected to grow to $4.9 trillion mainly because of efficiency. Time tracking for consultants is critical to the success of an e-commerce enterprise, and here’s why.
Charge clients effectively
No matter what product or service you’ll choose to sell online, your customer will probably make purchase decisions based on price. As a rule of thumb, you’ll need to know how much you are putting in to produce a single product unit.
That's where time tracking tools come in first in the eCommerce startup lifecycle. Once you have a clear view of how much time went into a product or service, you can leverage this data as a touchstone for billing clients and providing excellent customer service.
Such insights are critical variables that will allow you to steer your company to profitability over time. Price your product or service correctly, and you can improve the sales and create the foundation for your company to thrive.
Identify productivity and efficiency bottlenecks
To turn your e-commerce idea into a bank account balance, manage your time effectively, and you'll get things done much better. Jeff Bezos, the most successful e-commerce entrepreneur of this era, is known to take a keen interest in his time. The time management routine of Mr. Bezos is admired by many for its effectiveness.
While there’s no time tracking software on the planet that can earn your hundreds of billions of dollars, they are your best bet to become successful. Once you hit the ground running, you'll find yourself in charge of a lot. It's a juggling act you must do and one you'll get good at with time tracking.
With proper utilization of time tracking programs, you can easily monitor how you use your time. That way, you can eliminate time-wasting tasks, enhance productive activities, and effectively use your energy. In the end, the quality of your work will improve, and your business will be poised for success.
Identify the true cost of doing business
There is an unavoidable relationship between the time allocated for a particular project and the cost you’ll incur for these activities. For a high growth sector like e-commerce, the relationship is in direct proportion. Meaning, the cost of your business rises with every minute spent on a project.
With that in mind, now you have a clear idea about the importance of time management to a small business. Amazon, for instance, has found success in tracking employee’s time to the last detail. This corporate giant has a well-deserved reputation for understanding the relationship between time management, productivity, and business success.
To bolster efficiency, you can use time tracking data to streamline time-consuming tasks like packaging and shipping orders. If success is what you desire in eCommerce, you have to recognize that there is no time to go low. By now, you should have an understanding of the value of data to your business.
Improve employee satisfaction
Zappos, one of the largest eCommerce sites, has consistently ranked among Fortune's list of 100 best companies to work for since 2008. For a good reason, employing time tracking with a focus on employee happiness has allowed the brand to rise to higher levels of happiness.
You can also replicate the Zappos model into your eCommerce venture. Their programs are designed to see the relationship between people and numbers. They deliver a greater sense of autonomy by eliminating the need for constant supervision.
Time tracking enables employees to put the company’s core values into practice. Good time management and a great idea are the forces that power the success of every business. As an entrepreneur, you need to find a balance between the success you are pursuing and your employees' well-being.
Track resources
One thing small business owners grapple with is tracking how company resources are used. Keep in mind that the most precious resource - time is quite elusive. Beyond the arbitrary numbers that make up time, it’s a life currency you can never gain back.
Those who have accomplished eCommerce success understand the concept of time tracking better than any other industry. The eCommerce industry is constantly changing, carrying forward nothing from year to year. Success will be highly dependent on your ability to keep up with the change.
Fast delivery is the new front in the battle against brick-and-mortar stores. If you fail to invest a second into good purpose, then you will burn the remains of your business. Amazon, which is known for implementing time tracking, is moving fast to deliver orders in a matter of hours rather than days.
Final words
Time tracking tools have become somewhat normal in the business environment. They’re critical for keeping employees on task, enhancing and tracking productivity, and offers insights that shape decision-making.
Author’s Bio: Lori Wade is a journalist from Louisville. She is a content writer who has experience in small editions, Lori is now engaged in news and conceptual articles on the topic of business. If you are interested in an entrepreneur or lifestyle, you can find her on Twitter & LinkedIn. She has good experience and knowledge in the field.
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