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Lowering warehouse business costs is one way to increase your profitability and/or offer competitive pricing. But, this can only be achieved if you can effectively reduce overhead without sacrificing the value of your product or service so as to maintain your sales revenue figures.
The key to lowering costs well is defeating the value–cost tradeoff with innovative cost-reducing solutions. Such solutions allow you to simultaneously create value for your clients and warehouse business while developing a powerful advantage over the competition.
Find some of the different solutions to lower costs below.
Increasing productivity is one factor that leads to a business’s success. By maximizing your resources to produce the most amount of output, you can reduce costs while improving your competitiveness.
Implementing the right warehouse technology to increase your business productivity will allow you to automate processes, reduce errors, and increase efficiency. These warehouse business gains will then let you meet customer demands, increase profitability, and achieve business growth.
Find some of the different solutions to increase productivity below.
Customers nowadays have zero tolerance for any kind of error. Mistakes are not only costly to remedy for a business but can tarnish a brand’s credibility. Additionally, warehouse businesses are heavily reliant on human resources, which makes them very prone to error.
Even though errors are unavoidable, they can certainly be reduced. Automating as many manual processes as you can will help you reduce errors and accelerate processes. This in turn will help you to increase customer satisfaction and customer retention while achieving higher profitability.
Find some of the different solutions to reduce errors below.
A long-term customer is of more value than a single-transaction customer because they bring in more revenue over time and have better conversion rates based on the trust and reputation you have built. Additionally, it also costs an average of 6 to 8 times more to acquire a new customer versus selling to an existing customer.
Keeping a large percentage of your customer base with a longer life cycle will help you build a revenue stream that is more profitable and predictable. A statistic from Gartner says that on average, 80% of your company’s future revenue will come from just 20% of your existing customers.
Find some of the different solutions to retain customers below.
The more technology continues to be the main component of innovation in today’s market, the more reason you should modernize your warehouse business’s technology. New competitors are disrupting industries by using state-of the-art technology while customers are expecting to have the most advanced, hyperconnected, and seamless experience.
Modernizing your hardware and software solutions in favor of more automated and innovative warehouse solutions will allow your business to increase agility and meet expanding customer demands. Digitalization allows you to solve some of your current business problems and offers a potential market differentiator.
Find some of the different solutions to technology modernization below.
For the warehouse industry, time and accuracy is essential. But, the warehouse business involves an abundance of manual labor while calling for very little to no room for error. Without automation, a business can struggle with costly delays, data errors, and inefficient warehouse operations that could result in customer loss and lower profits.
Business automation will streamline many of your manual and repetitive warehouse tasks to increase productivity, minimize error rate, and reduce costs. This will allow you to meet the increasing demands of the market and boost your profit margins.
Find some of the different solutions to business automation below.
See How We Helped Others
Our customers and partners were able to overcome challenges and build competitive advantage by partnering with us to build custom warehouse technologies. Each case study below will explore the problems of each company’s situation, the solutions we have implemented, and the results they achieved. Learn more by clicking through each case study.
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