Why SOPs are Inevitable for Your E-Commerce Business |

E-Commerce Healthometer: https://mindamend.net/tools/ecommerce...

SOPs are Standard Operating Procedures that shall help you streamline your operations

But is the impact limited to operations?

Based on the research conducted on various geographies, the data shows that SOPs have helped increase revenues by 5 x in the 1st year & 20x within a span of 02 years

Client Satisfaction or NPS score has improvised by 50% over a period of 06 months, which has in turn increased repeat buying by 28%
A company with an average of 25 employees, saves approximately $20,000 a year if every employee becomes productive by an additional 15 mins each working day!

These stats show that SOPs are not only to streamline operations but also to increase revenues, increase customer satisfaction and thereby increase profits.

“Why SOPs are inevitable for your E-Commerce business”

SOPs are helping E-commerce businesses win the competitive game

I have listed down 05 reasons which shall help you understand this

Reason 05
Streamline Order Management and Inventory operations
With the help of SOPs and Order Management Software, E-commerce companies are able to scale easily and handle orders at every scale without human intervention and the use of excel.
It has reduced situations that lead to unhappy customers like Achieving delivery SLAs by 98%, avoiding out-of-stock situation purchases by 100%, reducing fast movers going out-of-stock by 74%, achieving 100% same-day deliveries on local orders and re-order of inventory at the right time in the right quantities

Reason 04
Increase employee satisfaction and productivity
SOP Manuals act as guiding managers for employees. Employees are able to perform their work independently without the intervention of seniors.
Human error rates have reduced by 48% and with regular SOP Audits this has further reduced to 85%
In the survey of 3,000 workers, 82% told GoodHire that they would consider quitting their job because of their managers
SOPs have helped to maintain a healthy relationship between the managers and their reporting team members as friction due to errors in daily work is reduced by their silent manager i.e. SOP Manual.

Reason 03
Invest in creativity and a bigger picture
E-commerce brands have 02 sides to their business: Operations & Creativity
Creativity helps e-commerce brands to stand out from their competition
As per a survey conducted on 1000 CXOs, involvement in daily hassles or daily operations does not let you think creatively.
With help of SOPs, e-commerce brand's Top Level Management were able to streamline daily operations and increase their focus on time investment, & mental peace. and creativity

Reason 02
Expanding to cross-border operations
With the help of SOP's E-commerce brands were not only able to master their operations in their home countries but also made it easy to scale up for cross-border or international sales.
After adopting best-fit practices, replicating and scaling becomes very easy with SOPs. It gives the snowball effect.

Reason 01
Customer Experience
E-commerce success revolves around customer experience
Startups who are able to master this art, have proven to be successful even in a highly competitive e-commerce market ruled by major brands
According to another research by 1st Financial Training services, 91% of unhappy customers leave and never come back due to:
Late or wrong product deliveries
Slow website
Late response from customer care
Inappropriate response from customer care
Discount code failure
Misleading Product Pricing

Thus, customer service software and SOP manuals for the team interacting with customers via call, chat, and email has helped reduce customer dissatisfaction & have reduced the customer query resolution TAT to just a few hours of raising a complaint.
An angry customer, if handled appropriately and on time, can be retained as a happy customer

Thank you!
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__MUSIC USED__
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Time:
0:00 - Intro
1:01 - Reason 5
1:37 - Reason 4
2:13 - Reason 3
2:41 - Reason 2
3:06 - Reason 1