The Founder’s Zodiac – How to Find a Business Partner Based on Your Sign

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The Founder’s Zodiac – How to Find a Business Partner Based on Your Sign

This installment of The Founder’s Zodiac is about business partnerships. Should you start your idea by yourself or with a cofounder? What’s the best way to find a business partner if you are the latter? What is your Founder Sign? Who would be the best partner to help you realize your dream? Take our compatibility quiz and find your perfect match. The stars are aligning.

Because of their optimism and growth mindset, mountaineers are ideal business partners for many signs.

The Mountaineer is our feature sign for this month. This natural extravert thrives in company with others. Mountaineers are ideal partners for all signs, even other Mountaineers, due to their optimism, social nature, and growth mindset.

What to look out for in a business partner

Before you start your search for a great business partner, consider the advantages of having a partner instead of launching and growing your business on your own. Are you able to do the work of growing your business alone? Do you lack experience in certain areas or perspective? Are you able to work with others? It is important to understand the level of partner you are looking for. Do you want an equal collaborator? Or someone who plays a more behind-the scenes role?

Respect, trust, and communication are the foundation of business partnerships

Respect, trust, and communication are the foundations of a business partnership. This foundation is essential for building a partnership that can withstand the inevitable bumps along the way to success. There are many business partners available. However, it is important not to rush the process. The difference between a successful business or struggling to build a company is often in choosing the right business partner.

This is true even for romantic relationships. The partner you choose will have an impact on every area of your life. And while

Opposites attracted

Advantages: Possibility for complementary skill sets, viewpoints, greater coverage over various aspects of the business.

Cons: Possible disagreements over the direction or vision of the brand. Friction caused by opposing views on how the business should operate day-to-day.

Birds of feathers flock together

Advantages: Higher chances of agreement on the overall plan and vision, common working styles and communication styles, and similar motivations.

Cons : There are potential for missed opportunities. Not enough “devil’s advocate” to identify flaws in the plan, skills gaps, and strengths.

 

 

 

How to find a business partner

1. Meetup groups and conferences based on business interests and location are available

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For potential co-founders in your industry, attend events both digitally and in person. This is the ideal place for you if you are a Mountaineer or Trailblazer personality type. You will find a partner who can complement your skills and help you achieve the goals and visions that you have for your business.

2. Find the right business partner by searching your professional network

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Are you familiar with someone who has the same qualities as you? To show that you are open to networking opportunities, reach out to people proactively. You can find potential business partners anywhere. Keep your mind open.

3. Talk to your friends about finding a business partner.

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Take a step beyond your professional and personal networks. Are there people you would like to meet? Ask for an introduction. Ask for an introduction.

4. Register for networking apps

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This is a great way to meet potential partners and co-founders outside of your current networks. It’s also great news for introverts Outsiders. There are many social media platforms that allow you to find business partners, such as Facebook groups for entrepreneurs. It’s a great place for entrepreneurs to meet and discuss business ideas. You should also consider joining LinkedIn and Facebook groups that are focused on small businesses.

5. Take into consideration your classmates

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It could be a sign of how compatible you are to co-founders if you have a working relationship with former classmates. School is an ideal place to start small businesses if you are still in school. What is the best way to test your ideas and partners compatibility in a group project.

Test of compatibility between business partners

Which signs make you the most compatible for co-founders or business partners? We need to get to know you a bit better. To find your perfect match, take our 2-minute compatibility test. Then, read on to learn how to make a partnership work based on your personality type.

Before entering into a partnership, here are 10 questions you should ask

How can you assess the compatibility of a potential business partner once you have met them? These are 10 questions to ask about the person and your relationship.

  1. Are they able to bring new ideas to the table? Do they listen to you and take into consideration your ideas?
  2. Are you familiar with them?
  3. Have you already established boundaries with someone in a friendship or non-business relationship?
  4. Do they have the same investment in the business idea as you (time, money and hard work)
  5. Are you able to share the same goals and have a similar vision for your business?
  6. Are your skills complementary?
  7. Are you both happy to share the roles in the partnership?
  8. Did you reach a reasonable compromise or solution if you had a conflict with them in the past?
  9. Have you discussed the consequences for the partnership or the business if it fails?
  10. Do you and your partner agree to share the details and set expectations on paper in order to protect yourself financially and legally?

You have a greater chance of creating a mutually beneficial partnership if you answer yes to all of these questions. This is not an ideal test. However, it’s important to discuss every possibility and communicate frequently with a lawyer to create an agreement that protects the business and partnership.

It doesn’t necessarily signify that you are incompatible if you answer no to all of the questions. These results are a sign that you need to do more research before you start writing.

Partner ideas based on the Zodiac sign of your Founder

Is it better to work with a cofounder or solo when you are looking to start your own business? Is it better to find a business partner who can help you transform your business into something great? Your personality type may play a role in your answer. Based on your Founder Sign, learn more about your potential partnership.

Jump to your Sign:

The Mountaineer is the Feature Sign

Illustration of the Mountaineer sign  You’re Mountaineer’s sign of honor for this month. You are a lover of attention, and feel most at ease when you’re in the middle of it. This is your chance!

Why Mountaineers are great partners

As a Mountaineer and a team player, you are a valuable asset for any entrepreneur looking to partner in the growth or launch of a business. You’re most at your best when you are surrounded by ideas and the energy of others. Even though you prefer to be the driver, you can thrive in some form of partnership. You are a natural leader , and a social butterfly . Your strength is growth-mindedness. You can complement others with innovative ideas (like Trailblazers), or strong business plan (like Cartographers).

What Mountaineers should be looking for in a co-founder or business partner

Mountaineer is known for his attention to details. Mountaineer, your great ambitions don’t allow you to take the time to focus and stop. We think you are an ideal partner because of this. A Cartographer is the perfect personality type to balance your partnership.

Mountaineers might also be compatible with Firestarters and Outsiders. The former is more open-minded, motivated by ideas, but also knows when to stop looking for rainbows. Mountaineers have the ability to find opportunities and take them on. If you can both learn to keep your feet on the ground, outsiders may be a good business partner. The serious Outsider isn’t usually interested in ideas or growth. You can leave those tasks to Mountaineer. However, respect their privacy and process.

Partnership Potential: 5/5

Recommendation: These Friends Created a Beauty Brand To Help The World’s Water Crisis. Meet two friends-turned-business-partners in our story about Vitaclean.

Mountaineer of Note:Q&A With Renata Pappin (Co-founder of Vagaband).

Renata took Walker, Renata’s son from high school to Asia with her childhood friend Eddie. This trip helped them to solidify their plans to start their own business, which was inspired by a friend who died while on vacation. The Vagaband is a waterproof wristband for travel that records personal information such as medications and emergency contact numbers.

Although the global pandemic caused some difficulties for the partners, they have not lost their determination to continue production. They plan to continue expanding the award-winning business over the next few months. Renata says, “We’ll be launching a whole array of digital, physical and experiential products, all designed for travel safety.”

Renata spoke with us about running a business and how it feels to have two partners, including her son.

Shopify Tell us about starting a family business.

Renata There are ups and downs but it has made our team dynamic stronger. Sometimes, the lines between work and home can blurred. Walker will sometimes wake up to talk about Vagaband ideas that he had the night before. Walker and I share many of the same challenges, but we also have our successes.

Shopify What is your role in the company?

Renata : Walker has always been a storyteller, strategist, and Eddie has a very practical mind. The guys joke that they are always on some sort of mission to save…something.

Shopify What makes you three compatible as partners?

Renata isWalker like me, a Mountaineer and Eddie’s a cartographer. Although sharing a sign with someone may sound like a dream pairing it is a lot of dreaming when there are two dreamers in a group of three founders. We would still be sitting at the same kitchen table, surrounded by half-finished ideas and fantasies, if Eddie wasn’t there to keep us connected to the real world. Although it’s not a common trope to talk about balance, this is the key to making things productive, enthusiastic, and energetic.

The Trailblazer

Illustration of the Trailblazer signWhy trailblazers are great partners

We have nothing to say. People love you. You are loved by others because of your passion for a project. You may be sought out by an Outsider or Cartographer to help them fill in the gaps in their business, particularly when it comes down to the front-facing aspects of the business. You are great at communicating ideas and connecting with people.

What should Trailblazers look for in a co-founder or business partner?

You are a trailblazer, and you can be caught up in the excitement of an invention without having to do the necessary research or find a market. It’s obvious that it will work. Passion and gut instincts are great, but you will benefit from a partner who has financial acumen or pragmatism. You should look for Firestarters who are able to turn ideas into cash or Cartographers who can crunch the numbers.

For most signs, Mountaineers are great partners. Your mutual energy and enthusiasm will be a benefit to you, and the future-thinking Mountaineer may help you see the bigger picture. Can your idea become something better?

Partnership Potential: 5/5

Recommendation: These Perfect Strangers Got Together. Find out how two women met randomly and became partners to solve a common fashion issue.

The Cartographer

Illustration of the Cartographer sign Take a moment to look up from your notes, Cartographer. You may be so far down the rabbit hole that you have missed an opportunity. Although we know that you are happy on your own, there are business relationships that can work even for a single flier.

Why cartographers are great partners

Even great ideas are not always successful. You know the details behind successful businesses. Other signs like Trailblazers and Mountaineers are more interested in the details. They are looking for someone who is reliable, productive, detailed, and like them. You can anchor your wild ideas and make them real.

How one-minded cartographers can work in business partnerships

Let’s face facts: Taking on more responsibility and letting go of certain parts of the process is scary. Cartographer, you are a solopreneur and are very good at it. You have the organizational traits that allow you to manage the many tasks of a solopreneur easily. You’re multi-talented and business-savvy–others may seek you out as a partner because of this. Consider what partnerships may work for you before you say no instinctively.

Trailblazers share the same passion and bring complementary skills. While they thrive as brand ambassadors, you might be reluctant to attend community events or network with others. A Mountaineer or Firestarter could be a good partner if you are looking to expand your brand, but don’t have the courage to take risks.

A full-fledged partnership might not be the right fit for you. You can augment your self-respect with “partners”, who are arms-length and bring specific skills to the table. These include PR agencies, marketers, influencers, or consultants.

source https://www.shopify.com/blog/business-partners

Debunking 5 Popular Myths Around Ethereum’s Merge

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Debunking 5 Popular Myths Around Ethereum’s Merge

The Merge, Ethereum’s latest upgrade, has generated a lot of excitement in the last few months. There has been much speculation and false claims about the Merge, despite all the excitement. We’ll be busting five of the most popular myths today.

Let’s start by briefly summarizing what’s going on.

The Merge will take place between September 10-20, barring any unforeseen circumstances. It will replace Ethereum’s current proof-of work (PoW), consensus mechanism, with a proof of stake (PoS). Anyone can become an Ethereum network validater by taking instead of mining Ethereum (ETH) once the move is completed.

Myth 2: The Merge Will Produce a New Token

The Merge is an upgrade of the Ethereum network and not the start of a new token or network. The Ethereum blockchain’s native asset ether will continue to exist after The Merge is completed.

The Ethereum Foundation’s 2018 roadmap was initially called “Ethereum 2.0.” This could have led to some people believing that the project team was building a new blockchain. The Ethereum Foundation issued a January statement clarifying the situation. It stated that it would be phasing out terms like “Eth2”, and “Ethereum 2.”

  • Eth1 was officially designated the “consensus level”.
  • Eth2 was officially designated the “execution level.”
  • The Merge refers to the event in which these layers combine.

Users should be cautious about anyone offering “ETH2” tokens as we near the date for The Merge. For more information about what will happen to ETH holders during and after the Merge, please refer to our guide.

Myth 2 – Gas Fees Will Decline

Many Ethereum users hoped that the transition to a new consensus mechanism would lower the network’s notoriously high fees. However, the Ethereum Foundation states that The Merge will not increase network capacity and gas fees will not change.

This is the next major upgrade to Ethereum. It will launch in 2023. Sharding aims to reduce gas fees and break down the network traffic to make it more manageable.

Myth #3: Transactions will become faster

Transaction speed will see a slight increase, with block publishing times going down from Ethereum Mainnet’s 13 seconds to Beacon Chain’s 12.2 seconds. The 10% speed increase will not be noticeable to most users.

Myth #4: Stakers May Withdraw Their Reward After The Merge

You can withdraw staked Ethereum ETH from your holder, but your funds will remain locked for 6-12 months until The Merge is completed. Ethereum will rate-limit stake withdrawals until they are enabled.

Beacon Chain’s ETH rewards are still locked and illiquid. However, validators will be able to immediately access tip rewards for Ethereum-based transactions. Those holding BETH will be able swap to ETH after The Merge.

Myth 5 – Ethereum Will Suspend Its Network

If everything goes smoothly during the transition from PoW into PoS, there will be no downtime. The upgrade will simply occur and Ethereum will continue to work smoothly during The Merge.

Please plan ahead if you are holding ETH on Binance. There will be a temporary pause in withdrawals and deposits of ETH and ERC-20 tokens.

Get Ready for the Merge with Binance

Visit our Ethereum Merge landing site to learn more about the Merge. Follow us on Twitter and our blog to keep up-to-date with all things Ethereum and The Merge. Binance’s team will do everything possible to make sure that users of ETH have a seamless transition. Start by creating an account on Binance and verifying your identity.

source https://www.binance.com/en/blog/markets/debunking-5-popular-myths-around-ethereums-merge-8519350389037633835

A Guide for Beginners to Fantom (FTM Ecosystem)

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A Guide for Beginners to Fantom (FTM Ecosystem)

A thriving Defi sector is based in Ethereum-compatible Layer 1. It is a favourite among many of the most productive developers in cryptocurrency, allowing blockchain development.

 

Fantom is a Layer 1 Proof-of-Stake blockchain with low financing costs and quick completion. Fantom also has a substantial Defi ecosystem that includes both native and Ethereum-native services since its inception in 2019.

What does Fantom mean?

Fantom, one of the Layer1 blockchain alternatives, gained momentum in 2021. Due to its high gas costs, many developers and consumers have now discovered the network. Fantom’s base chain uses Directed Acyclic graphs to establish agreement.

Fantom Opera is an additional layer of implementation that protects the blockchain platform. It performs more complex and specific operations. Fantom Opera is often referred to when discussing Fantom. It is also the home of the blockchain’s Defi network.

Opera is the first Fantom-in-built execution layer compatible with the Ethereum Virtual Machine. Programmers can build, deploy and manage solidity-based smart contract on Fantom just like they could on Ethereum. Fantom’s interoperability to Ethereum has helped growth as developers can quickly transfer apps from Ethereum to Fantom using minimal changes to the core technology. Fantom has, along with other Layer 1 blockchains a Proof of-of-Stake process.

There is no initial wager: players can collect incentives with one FTM. Participants who stake less must transfer their coins to a verified participant. The minimum stake required to run a network is currently 500,000 FTM.

Fantom’s Lachesis agreement process makes the validation process fast and easy to manage. Fantom doesn’t rely on a single verifier to determine the legitimacy of each operation in each block. Instead, it relies upon the network-wide agreement.

The bulk of transactions are no longer dependent on the verifiers who have the most coins. This is also the case with other Proof of Stake chains like Solana or Avalanche. Fantom’s decentralization is promoted and, as such, the reliability of transactions is increased by requiring that all verifiers perform the appropriate position in the consensus mechanism.

Fantom can be used with prominent Web3 wallets like MetaMask, because it is Ethereum-compatible. Users simply need to add Fantom Opera to MetaMask to connect to Fantom.

What does FTM stand for?

FTM is the principal cryptocurrency of Fantom, and it is used to pay out, manage governance, stake, and make charges as well as for network security.

Payments

Transactions are processed in a fraction of a second thanks to the Fantom network’s fast finality. The FTM token’s speed and low expenses (approximately $0.00001) make it ideal for money exchange.

Governance

FTM is vital for on-chain administration. Participants can suggest and vote on governance improvements and changes. Fantom is completely permissionless decentralized ecosystem. All system decisions are made online. FTM, the governance coin should be involved in the voting process.

Staking

FTM can be used without the need for additional hardware or software to stake FTM to protect Fantom’s system and to receive FTM coins as a reward. It’s so simple to understand. It is possible to do this from your smartphone or laptop.

Network fees

FTM can be used to pay network costs, such as the cost of implementing Fantom smart contract or setting up new systems.

This charge ensures that spam is not obvious in the system and that bad operators cannot slow down or clog it with irrelevant information.

Fantom’s service costs are low but they can deter hackers. They make it prohibitively costly for malicious attackers to get into the network.

Network safety

FTM coins are designed to protect the network using a proof of stake method. Holders must lock their coins and verifiers need to have at least 3,175,000 FTM in order to function. Approvers and stakers are paid with epochs and charges for their actions.

Fantom Decentralized Markets

Fantom currently offers two decentralized exchanges that allow consumers to trade commodities and provide cash flow. SpookySwap has been the most popular of the two. SpookySwap is the most popular native Defi protocol on Fantom, having a combined value of approximately $1 billion. SpookySwap’s interface is simple, making it an ideal place to start exploring the platform’s Defini marketplace.

Swapping works in the same way as other automated market makers (AMMs). Customers select the assets they wish to swap and then exchange them. The SpookySwap exchange interface provides valuable information such as pricing effect and slippage before you submit transactions. Advanced consumers can also set trade limits for asset pairings.

SpookySwap customers can earn incentive points such as the BOO coin or transaction costs by offering credit. BOO stakers make 0.03 percent of the exchange fees. Therefore, the amount of incentives given outgrows with protocol participation.

SpookySwap is more than just a trading platform. It also provides a user-friendly interface to the Multichains Fantom Bridge, which seamlessly integrates with the exchange.

Participants can send assets to and from Fantom and many other Ethereum-compatible Layer 1 or Layer 2 platforms via the bridge.

SpiritSwap is Fantom’s second largest exchange. It has similar capabilities to SpookySwap but has also incorporated Multichain’s Fantom bridge. SpritSwap is known for its inSPIRIT token mechanism.

Liquidity providers who acquire the native SPIRIT token can freeze it on exchange and receive inSPIRIT coins. InSPIRIT investors receive a portion of the exchange’s fees, similar to SpookySwap’s BOO coin. Voting is available for consumers to vote on which liquidity funds will yield higher yields.

SpiritSwap’s vesting method is similar to Curve Finance’s, Ethereum’s largest Defi mechanism. Investors who keep their SPIRIT coin assets safe will get more inSPIRIT coins, which will give them additional voting power. SPIRIT owners want to be able to control which produce farms get higher payouts so they are more motivated to keep their coins locked up for longer periods.

Lending and Borrowing

After trades, Fantom’s next crucial component is its lending and borrowing platform. Geist Finance is Fantom’s largest “Defi Bank.” Geist Finance debuted in October 2021 and has quickly gained significant attention.

Geist functions in a similar way to Aave and Compound, which are both Ethereum-native lending technology. It has also grown to be Fantom’s third largest protocol due to its innovative token incentive program.

Geist has managed to provide attractive returns for its customers by rewarding them with its native cryptocurrency, GEIST. Geist tokens are subject to a three month vesting period, unlike other protocols that allow liquidity miners instant trade token prizes. Owners begin to receive a share of the protocol’s income, as though their tokens had been staked.

You can redeem your coins at any time during the three month vesting period. Investors will lose half their original coins after that period. Customers who choose to keep their GEIST locked up for three months are eligible to receive the forfeited coins. This further benefits long-term owners.

Geist Finance is also home to Scream, a loan and borrowing platform. Scream is a tribute to the horror series of the same title and functions almost identical to Geist Finance. However, the protocol allows you to borrow and lend for a wider range of assets such as many minor stablecoins such as FRAX, DOLA and TUSD. In its token award mechanism, Scream differs from Geist.

It is improving its SCREAM token-staking system to funnel 70% of net income to token holders, and 30% to a newly launched DAO. As insurance against catastrophic events such as a hack or token flaw, approximately half of DAO’s assets are kept in reserve. Depending on community approval, the remaining half can be used to finance new goods, reward members, or conduct token buybacks.

Fantom’s 14th-ranked network mechanism, Tarot is another important lending platform. Tarot’s specialty lies in leveraged yield farming. This allows liquidity suppliers to rent assets from creditors to increase their returns. This approach can generate substantial returns but it could also lead to members losing their holdings.

Tarot allows individuals to deposit their funds to be used by others in leveraged strategies. Account holders can make substantial profits on certain assets and not be subject to liquidation if the market turns against their account. However, it is possible to delay withdrawing assets if the lent coins are used heavily. People who need quick access to their investments may be at risk by locking up their coins.

Storing FTM

Custodial concerns should not prevent you from removing your FTM from exchanges. You will also lose out on stake incentives if you rely upon custodial services. Instead, wallets such as MetaMask and Ledger (Fantom wallet), MetaMask and Ledger (other popular mobile wallets) can store FTM and Fantom currencies like USD Coin and fUSDT.

You can use fWallet to receive, transfer, stake and access Fantom DeFi. MetaMask allows you to communicate with Fantom DeApps and store FTM on the mainnet.

The Ledger Nano hardware wallet is the most popular and safest. It allows you to keep your mainnet FTM, interact with Fantom DApps and more. Coinbase wallet is used by more than 1,000,000 people to store FTM, and connect to the Fantom network.

Is Fantom an investment worth making?

No stake will bring the expected returns due to the volatility of the cryptocurrency market. Before you commit your finances, do thorough research about the process, organization, sponsors, as well as relationships. Never spend more than you can afford.

Fantom is not a secure investment but it is a highly efficient platform for corporate apps and cryptocurrency DApps. Should you invest in Fantom (FTM). The unregulated cryptocurrency market is vulnerable to hacks, frauds and cyberattacks. FTM, as with many other financial assets, can be considered an unsafe investment. You must accept the risk.

Stay up-to-date on cryptocurrency thefts and protect yourself by using different security methods like 2FA, limiting custodial accounts, and so forth.

The Future of Defi – Fantom

Fantom’s ecosystem is expanding rapidly, and there are many new initiatives that will bring more cash flow to the chain. Fantom will soon get the popular degenbox technique from Daniele Sestagalli’s Abracadabra.

This allows consumers to invest in Terra’s UST stable currency in order to borrow Abracadabra’s MIM stable cryptocurrency. MIM and UST are both stable securities so borrowing can be increased with a lower risk of liquidation than borrowing against unpredicted holdings. However, the degenbox approach is dependent on UST maintaining its $1 peg – if UST drops below $1, any leveraged holdings on Abracadabra are terminated.

Degenbox has been a success with Ethereum DeFi users despite the risks.

The leverage used can result in profits of 40 to 110 percent on stablecoins. Abracadabra, although it is available on Fantom, allows consumers to borrow MIM in exchange of FTM coins. However, Abracadabra is expected to continue the degenbox technique once Terra combines UST and the Fantom network.

With the help of Sestagalli, Andre Cronje is working on a new DeFi system for Fantom. This proposal will include many prominent DeFi elements taken from other protocols. It includes a token vesting scheme similar to Curve Finance as well as an anonymous provision for protocol corruption, which Convex Finance popularized.

Cronje recently revealed that the proposed framework will function as an automated professional trader of techniques. This allows them to kickstart volatility, and just give coins rewards to create a more efficient DeFi system on Fantom. The 20 largest Fantom DeFi companies with the highest combined value will receive the first allocation to ensure fair implementation of the technology. To ensure that coins are chosen by DeFi consumers who are most committed and engaged, each protocol will decide how and where coins should be allocated.

Conclusion

Fantom already has over $8 billion in borrowings and coin markets. A growing number of manufacturers and consumers are choosing Fantom to design, deploy, and maintain their commodities and protocols, thanks to its Ethereum interoperability. This trend is confirmed by the network’s recent growth. Fantom’s total secure worth has risen 109 percent over the past month, and there are no signs of slowing down.

source https://www.blockchain-council.org/blockchain/fantom-ftm-ecosystem/

9 Real-World Use Cases of Blockchain

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9 Real-World Use Cases of Blockchain

Contracts, monetary transactions and record-keeping are the core of any economic infrastructure. People rushed to see if Bitcoin could meet the above criteria when it was first introduced. It took a lot of trials and rigorous tests to bring attention to the underlying principle behind cryptocurrency, called “Blockchain Technology.” Blockchain was not a new project. Experts were able to uncover the immense potential of the decentralized ledger network through deeper research.

 

Blockchain technology quickly expanded its reach to other industrial fields. This is how blockchain revolutionized the working paradigms in both financial and non-financial industries. The core ecosystem was transformed from a centralized structure to a fully-fletched, decentralized cluster with Decentralized Ledger Technology. The top non-financial domains that have welcomed blockchain technology into core systems include education, healthcare, supply chain management, logistics, media, entertainment, and sports. These sectors currently have a strong cluster of blockchain platforms that offer unprecedented services to their users.

Blockchain is a new technology that transcends the limitations of traditional working channels. It is about freedom, ownership, creativity. Blockchain is decentralization. It allows users full freedom to create, own and earn their own blockchain. Blockchain technology adds high-end security, transparency and immutability into an economic system’s essence.

To encourage Blockchain development within their work ecosystems, large-scale investments are being made by firms. This article highlights the most promising uses of blockchain technology in real life. Let’s now see how blockchain technology empowers real-world companies through its decentralized structure.

What’s Blockchain?

Blockchain is a distributed, shared and decentralized ledger that allows for the systematic recording of transactions. Each transaction is stored in blocks interconnected to form a chain of transactions. The data is not subject to validation by a central authority, as in a centralized network. They are verified and maintained by node operators, who oversee the entire decentralized ledger. To ensure transparency, transactions are encrypted and time-stamped. All participating nodes have full access to all data on the blockchain. Hackers cannot hack the data because there is not one point of attack, but a whole chain of nodes. Transactions cannot be altered, deleted or modified by anyone once they are entered. This makes blockchain impervious to hackers. One of the most important characteristics of a blockchain network is its immutability. This decentralized technology is packed with many unique features that make it an excellent resource for industrial expansion and use.

Top Cases of Blockchain Use

Finance

  • Trusted Crowdfunding

Accountability is a major obstacle to crowdfunding. Each project has its own set benefits and limitations. Investors often don’t have all the information they need about the project in which they want to invest their money.

Blockchain can be an ideal partner for less-informed investors. Blockchain provides transparency and high security by storing the data in blocks. It is easy to find the most important information about the company, their team and their future plans. smart contract works like an escrow account for creators and investors. Contracts lock a portion of the funds and release it only after the work goal is met. To earn more support, project developers can use blockchain to make minimal expenditures.

Wefunder and Coinstarter are just a few of the well-known crowdfunding platforms that use blockchain technology.

  • Cross-border Transactions

It can be costly to transfer money internationally. Customers pay fees to Western Union and Visa for their payment services. Blockchain allows cross-border transactions for a lower fee than other payment options.

Ripple is one the most used blockchain platforms to wire money all over the world at minimal cost. Market cap is the top metric for Ripple’s native currency XRP. The network aims to make crypto more easily accessible for all.

  • Easy Money Lending

It can be difficult and costly to borrow money from banks or other financial institutions. Many countries that are less developed do not have an adequate banking system from which they can lend money. By allowing everyone to have access to a secure payment system, blockchain empowers them all. An excellent blockchain course will help you understand all the infrastructure required to process money in a blockchain network.

Decentralized lending is possible without the involvement of central banks. Blockchain allows users to transact anonymously in a decentralized marketplace. To ensure that funds are safe, all transactions are made via digital wallets. Banks and intermediaries are not exempted from the interest rate.

AAVE, Binance and MakerDAO are some of the most popular blockchain-based lending platforms.

  • Secured insurance

Insurance is one of most vulnerable sectors. Insurance scams cost thousands of dollars every year. This occurs when the insurance company doesn’t have enough information or security breaches. Blockchain technology can help reduce insurance fraud. The technology can be used by firms to create smart contracts that automate and speed up payment processes and manage insurance claims.

Blocks of data are time stamped and irrevocable. This ensures that the applicant’s source of information is reliable and prevents data manipulations. In the case of health insurance, the blockchain records medical information like reports and hospital bills. This allows for verification at the time payment is made.

IBM, a tech giant, partnered with Cateina Technologies to create a blockchain solution in the insurance industry.

  • Stock Trading

Blockchain for stock trading is a possible use case. Top-tier stock exchanges, such as the London Stock Exchange, are now using blockchain to facilitate stock trading. Blockchain simplifies stock investment processes, including registration, issuance and trading. Transparency is possible at every step. Blockchain Council offers courses on blockchain technology that will teach you how to trade stock using blockchain.

Tourism

  • Cooler Incentives

Many rewards and loyalty incentives are offered by tourism companies to customers. These promotions keep customers coming back to them. Although getting coupons for free food or discounts on shopping may sound appealing, they lose their appeal over time. People prefer long-term rewards. The popularity of blockchain loyalty tokens is rapidly growing in the tourism industry. These tokens allow token owners to gain access to many privileges, and also offer passive income.

Sandblock, a France-based travel company, allows customers to design their own loyalty tokens that can be exchanged for tasty rewards. Owners have the option to exchange their coins for fiat currency or use them as real coins.

  • Simple Payments

Many travel enthusiasts are obsessed with hotel and travel bookings. Although making payments for expeditions is the most important, it can also be the most exhausting. With blockchain, things will be easier. With the help of crypto and other blockchain-supported payment channels, it is possible to quickly transfer funds without worrying about data theft. Hotels sometimes offer reward points to customers who make crypto payments. This can be a great perk.

Winding Tree uses blockchain technology to connect travelers with airlines, hotels, and guides. LIF is the currency used by the portal.

Real Estate

  • Record Keeping

Real estate needs a transparent interface that allows records to be stored, maintained, and used as needed. The process of document verification is essential. The blockchain technology provides a transparent, secure, and verifiable platform for real estate businesses. It grants land buyers full ownership rights and ensures integrity and security for all forms. The information can be traced by all parties as it is stored on the blockchain. The fairness of the locked deal can be assured by smart contracts and digital signatures.

Ubitquity is the first SaaS provider for the real-estate industry. It runs on the blockchain network and is highly secure. The trade is conducted without the involvement of any central authority and users are granted full ownership.

  • Buy and Sell Land

Property transactions can involve large sums of money. It requires a transparent and fair ecosystem that meets all verification standards. The blockchain is secure because it records data and can be accessed without intrusions. The blockchain network allows for the purchase and sale of properties. This provides security and traceability to both parties. Once the transactions are made public on the blockchain network, no one can alter the data or make dwindling payments. You can also use blockchain technology to facilitate cross-border transactions.

Propy, a blockchain-powered platform, allows users to sell and buy properties. It aims to eradicate frauds in payment and documentation that are common in real estate.

  • Public Registry

Blockchain can be used to create a secure, decentralized network that allows land owners to store digital assets and properties with full control. You can register your property and make it an asset on the ledger. Cryptography, smart contracts and digital signatures can be used to support the asset.

Personal Data Security

Cyberspace has become a common place for identity theft and identity hacking. These well-planned scams are affecting people all over the globe every day. Over the years, identity theft, document forgery, and data alterations have resulted in huge losses. Blockchain can solve this problem by storing personal information on an immutable ledger. Some platforms allow users to save their most important information on a blockchain network.

Civic, a blockchain-based portal with a reputation for its digital wallet and digital ID card, is well-known. It allows identity verification, health status and P2P cryptocurrency transfers. Users have full control of their digital identities. Customers can share their IDs and data with other users at will.

Logistics

The logistics industry is dependent on a continuous and transparent supply flow. It can be disrupted by lack of communication, data siloing or theft. Blockchain technology is a great tool to help this sector thrive. Blockchain technology can verify data sources, automate processes, and store large amounts of data. It can help build trust, assure transparency, and achieve maximum output at minimal cost.

DHL, a global shipping company, uses blockchain-support logistics to access the data. The blockchain network stores all records relating to shipment. Blockchain ensures transactions are secure, immutable, and inviolable.

Media and Entertainment

Digital media is a multi-billion dollar industrial sector. There are many loopholes in this sector due to the constant growth. Data privacy, copyright theft and fraud related to IP rights are all becoming more common. Integrating blockchain technology into entertainment and media can help to address security and privacy concerns. Blockchain technology makes it easy to track royalty payments for artists.

Steem is a social media platform that uses a blockchain network. Users can earn crypto rewards for uploading their creations to the platform. Steem’s creators are now shareholders and receive tokens in exchange for their contributions.

Healthcare

Blockchain technology can be used to improve the healthcare sector’s functionality and make it more affordable. The blockchain can be used to store and access our medical records and allow us to view them online from any location. They are protected by smart contracts that prevent unauthorized access. The patient can easily share digital files with their doctor at any time. Because everything is tamper-proof there’s no chance that documents could be stolen or mixed up by another patient. Users can access their medical records online and share them with professionals using digital signatures.

Blockverify uses blockchain technology to keep an eye on the supply chain for medical products. Customers can track the supply chain of products and verify their authenticity through the portal.

Market

It can be difficult and expensive to sell and buy space for advertisements and promotions. This problem can be solved with blockchain technology. Thrive, a blockchain platform, allows buyers and sellers to buy advertising space at minimal costs. Users can also earn passive income by sharing data or reviewing websites.

Customers can also see behind the veil with this technology. They can track the product from its beginning through the end of the supply chain. The blockchain network stores data that allows owners to verify the authenticity of the product and provide information about the creator.

Openbazaar, an online marketplace that deals in crypto and blockchain, offers customers a P2P trading platform. Sellers don’t have to pay any fees for placing their products. The sellers have full control over their collections and there are no middlemen.

Transport

Blockchain technology can be used by firms to gain access to location data. This is very important for rental companies and airline operators. XYO Network, a well-known service provider, provides accurate location data via several interconnected resources. This service allows car rental companies to locate lost products and airlines to locate luggage. It also allows e-commerce businesses to deliver products to remote areas.

Parkgene is another platform that allows you to rent temporary parking spaces. This allows people to rent out their parking spaces to those in need. Users can use the website to track these places.

LaZooz, a community-managed ridesharing platform, uses blockchain technology for a more efficient rental experience. This interface connects empty seats with travelers and matches them up with people who share similar interests. As rewards, both drivers and passengers can earn digital tokens.

Conclusion

Technology evolution is accompanied by innovation, development, and a change in working practices. We made a significant step towards a more liberal economy by moving to a decentralized system that uses blockchain technology. This technology opens up new opportunities for individuals and firms. Blockchain is rapidly growing. If recent reports are any indication, blockchain will be more common than any other resource in a few years. This technology holds immense potential to revolutionize our thinking and we should expect its expansion into more complex areas of industry and economy.

source https://www.blockchain-council.org/blockchain/blockchain-real-world-use-cases/

Restaurants can succeed by balancing profitability and occupancy.

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Restaurants can succeed by balancing profitability and occupancy.

DISCLAIMER – This content is intended for informational purposes only. It is not intended to be legal, accounting, tax or HR advice. It is your responsibility to ensure compliance with all laws and regulations. For advice specific to your situation, you should consult your attorney or another relevant advisor.

New challenges are continuing to impact the restaurant industry after a turbulent two-year period for operators.

Managing food inflation and Continuing restaurant labor shortages have operators constantly putting out fires — but that’s only metaphorically.

Operators must contend with a dense tech ecosystem that includes apps, tools and services competing for their attention.

In an already Seated allows restaurants to manage their daily occupancy.

Restaurant operators now need to consider the new key metric of occupancy

Once you realize that you have complete control over increasing the restaurant’s occupancy, and maximising your current occupancy, this simple metric will become more important.

Your main asset is your tables. It is important to turn as many tables and serve as many guests as possible because of the high cost of opening your restaurant every day.

It can make a huge difference to increase occupancy by filling just one more empty seat each night.

RESOURCE

Restaurant Marketing Plan

This interactive calendar and customizable marketing playbook template will help you create a marketing plan that will drive repeat business.

DOWNLOAD

 

Seated operators can fill empty seats every day.

How can you get more from each seat and less butts?

How to maximize your restaurant’s occupancy

For decades, the restaurant industry relied on the same marketing strategies. Many of these strategies are neither practical nor efficient for most operators.

  • Paid Ads: Hard to track and requires substantial financial investment
  • Email marketing It is time-intensive and requires a large number of subscribers
  • Happy Hours: focuses on slow times, but doesn’t target new customers.

How can you get more people to your doors if you don’t have dedicated marketing staff with large budget?

Restaurant owners can use modern strategies to increase their seats in slower times.

1. Use an Occupancy Management tool like Seated

Seated is an Occupancy Management tool that allows operators to target empty tables and fill them with no operational changes, staff training or new technology.

These tools allow restaurant owners to quickly identify slow times and market empty tables to diners in the area.

To see the potential profits you are missing by not filling up your tables with food, use a tool such as the Restaurant Occupancy calculator. Then fill those empty tables with food and grow your profits using a tool such as Seated.

2. Remarketing: Capture guest data

It’s much easier to get someone back to dine with your restaurant than to gain a new customer. Therefore, it is crucial that you capture basic information such as email address and name for each guest who comes through your doors.

One of the most important developments in restaurant marketing is to know your customers and be able to market dynamically to them after they have left.

  • QR codes can be used for contactless ordering and menus. Guests can order from your menu and place orders. They can also opt in to receive marketing emails.
  • To collect emails from customers who did not opt in, use QR codes to pay at the end of your meal to collect more email addresses
  • You should ensure that your online ordering and reservations systems allow you to opt in for email notifications
  • To manage all guest email addresses in one place, you can use a simple CRM such as Toast.

3. Invest in a loyalty platform to market creatively

After you have started gathering guest data, use a simple marketing tool such as Toast Loyalty for automated email marketing campaigns that engage and reward customers.

Loyalty programs for restaurant customers are in high demand by all ages. It is therefore essential to create your.

  • To encourage people to book on slower days, schedule automated emails each week.
  • Targeted emails with incentives for online customers to dine-in at your restaurant will encourage them to do so.
  • Offer special deals (e.g., discounts, free menu items). Existing customers who return to dine with you on slower days will be eligible for special offers

4. Incentives to increase occupancy in slower times

Inflation is making it harder for consumers to eat out, so it is important to offer them an incentive to go out on those days.

  • For guests who are visiting on slow days, focus on time-specific deals like free drinks and special menus. These should be promoted heavily via social media and email.
  • Offer limited-time menus that can only be available on slower days (Toast Menus allows you to easily create time-specific menus. This could include anything from a vegetarian-focused menu to a high-margin prix fixede menu
  • Hosting special events that are entertaining enough to get people outside their homes on weekdays (live music, etc.

 

Revenue can be increased by using simple tools such as Toast and Seated to fill empty seats.

Here’s how you can maximize the value of each seat once you have filled all your tables.

How to optimize your restaurant’s occupancy

Two ways restaurant operators can maximize the value of each guest are available to them:

1. Each occupant earns more revenue

2. Reduce the cost of serving each occupant

You can increase your revenue by raising the menu price, increasing the average item per ticket and serving more customers.

Lowering your food and labor costs is the first step to reducing your costs. These are your prime costs, which are highly variable and easily controllable costs.

Let’s dive deeper into the strategies and systems that can be used to increase revenue and lower costs in restaurants.

Revenue boosting guest-driven experiences

Smartphones are everywhere. Restaurant workers aren’t…

This is why it would be a good idea for restaurant owners to:

1. Some staffing challenges can be overcome

2. Increase sales by giving guests more control over their dining experience and giving them more control.

It sounds too good to be true, until you get into Toast’s NEW STEPS of SERVICE. The New Steps of Service are simple in concept. Old steps of service don’t cut it.

It’s not necessary to make a server-centric experience too burdensome. A server must be physically present at every table, and each order or tab that is placed or tabs paid.

It’s archaic. It is difficult to staff. It may also be difficult to maximize revenue from each occupant.

The New Steps of Services allows guests to control their dining experience via:

  • QR codes to mobile ordering and payment
  • Kiosks available for self-service customizations and ordering (modifier upsells)
  • The power of a terminal in your pocket! Handhelds allow you to send orders, complete payments and take them wherever you are.

The New Steps of Service from a hospitality perspective can increase guest interaction.

Instead of trying to remember the orders, they are chatting about the specials and menu. Because they are on the ground, they can touch each table as many times as necessary without having to hustle back and forth to a computer terminal.

The guest can choose to pace their order, order more drinks, or close the door immediately. They have access to the entire menu, as well as the add-ons and modifiers that allow them to personalize their order and raise the bill.

Our new video course teaches you how to take a deeper dive into Toast’s New Steps of Service. Our New steps of Service ROI Calculator will help you quantify the potential impact on your labor costs as well as operational efficiency.

Increase margins by implementing consistent, data-driven cost control

Profits can be boosted by increasing overall revenue. But that’s only half the story. Nina Quincy is the director of operations at Underbelly Hospitality.

“Revenue buys forgiveness. A $6 million restaurant is a lot of forgiveness. But if you’re now $1.8 million, all your flaws will be glaring em>

Cost control is another lever that you have to increase your profits. We are primarily concerned with restaurant prime costs or food and labor cost. Here are some ways to control food costs.

Make sure you are precise and intentional about what’s on your plate

How do you determine the price of your menu items? What menu items drive the most profit?

Restaurant operators can zoom in on the cost and profit margins of individual menu items using Plate Cost Calculations . The plate costs are often the result of multiple recipe costing exercise, which provides a breakdown of each item on the plate. This makes it easier for restaurant operators to reach profit targets by balancing ingredients and portion.

Make the tough decisions to optimize your menu

Restaurant operators may face some difficult decisions as they continue to navigate the ongoing food inflation.

Underbelly Hotel was a huge success with their wings. They offer traditional buffalo wings as well as PB&J, tiger and nuoc cham chicken wings. Famous!

The wings became unsustainable due to rising food prices. Nina Quincy and UBH saw chicken prices fluctuate between 30-40 percent. The UBH team decided to remove the wings from the menu, rather than sacrificing wing size or quality.

We initially increased the price to $20 per dozen. The prices rose again and for a dozen we were charging upwards of $20.

Although it is possible to drill down into individual ingredient prices, this can be a time-consuming process that must be done manually and costly to outsource to bookkeepers. Restaurant invoice automation will cut down on manual data entry and reduce processing costs.

Invoice automation is an automated tool that digitizes important invoice line-item information . Restaurants can easily scan, snap, upload ingredient pricing data to enable actionable analysis via COGS, price fluctuations and ongoing restaurant costs breakdowns.

There are other similar actions and technologies that you can use to control labor costs:

Schedule more efficiently

It doesn’t necessarily mean that you will receive better service if there are more employees.

Complacency can be caused by too many team members and too little work. This is dangerous for everyone: staff, their tips and employee engagement all go. Customers also lose great experiences and the labor costs are rising.

Restaurant scheduling software can be integrated with payroll software to help you manage your staff and associated costs.

Use granular reporting in your payroll software

A simple-to-use payroll software and team management program gives you visibility and transparency into fluctuations in weekly labor costs, tip pooling breakdowns and payroll taxes.

Your managers and you don’t have the time or patience to manually calculate payrolls. You also don’t know how to add it all up to figure your labor costs. This is an essential step to reducing your labor costs.

source https://pos.toasttab.com/blog/on-the-line/boost-restaurant-occupancy

For Enterprise Hotel Brands, Big Content Reaps Big Rewards

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For Enterprise Hotel Brands, Big Content Reaps Big Rewards

Marriott has restructured its content strategy. This led industry publications and others to question whether Marriott is now more of a media company rather than a hotel brand. Perhaps the time has come for them to merge.

Not content, but content experiences.

Redefining SaaS as “storytelling-as-a-service,” AdWeek recently highlighted how Marriott and other enterprise hotels are leveraging the voices and experiences of customers from every brand under their umbrellas. The brand tells a unique story by incorporating real customer experiences into content experiences.

Marriott has produced content at every scale of production. Each brand attracts new customers by using authentic customer content as the foundation. Scott Weisenthal (VP of Global Creative and Content Marketing, Marriott) says that the story is centered around the members. That’s really, really crucial. We are all about enriching lives by telling their stories. In essence, our goal is to make our guests and members brand advocates.

Marriott, an enterprise hotel brand, takes ownership of the entire experience and not just the accommodation. This means that consumers can trust hotels to provide everything they need to have a successful holiday.

Marriott’s content strategy consists of four overarching channels: a real-time social media marketing center called M Live, the Marriott Bonvoy Traveler inspiration hub, a content studio producing high-level films and content, and an in-house creative agency for branded content.

Marriott is constantly in search of engaging, fresh content through so many channels. Marriott, along with all brands that it owns, can efficiently fuel their content strategies by tapping into authentic content from travelers around the world every day. Travelers are looking for relevant content. 86% of people and 92 percent in Gen Z say they have become interested in a particular location because of visual social evidence from their peers.

A well-rounded strategy such as Marriott’s ensures that consumers get value from every visual they see. Stock images are not an option. Marriott shares a wide range of content with customers to create lasting impressions.

High-quality creative content such as documentary short films provides viewers with an unforgettable viewing experience. This is a valuable commodity in today’s streaming video age. The Marriott Bonvoy Traveler Inspiration Hub features real, user-generated content that gives potential travelers visual proof of all the possibilities for Marriott stays. M Live, the social command centre, ensures that there is always a social conversation. Marriott can source the best content by monitoring the content being produced in real time. This allows them to find content that their customers have already created.

“We never ask members or anyone to post for us. Ever,” Weisenthal says. This is about their experience, journey, and what they are comfortable with. We will often see them sharing their experiences with their followers by tagging or talking about us. This is a content mechanism, or a content lever, that requires zero media spending. We always consider our engagement rates. Usually, 2% is the benchmark. The engagement rate in this case was 15%.

AI-powered UCG platforms are able to intelligently sort through the mountains of content to find the most relevant pieces. They can then publish these pieces across all channels.

Marriott is able to get more from every touchpoint with the help of this customer-created content.

Personalization of every brand for each customer, for every stay

Experiences are the most important thing for hotel brands. A successful hotel brand doesn’t just sell a comfortable stay; it also sells the amenities, excursions and personal treatment that make each guest’s stay truly memorable.

Consumer expectations are increasing when it comes to travel. According to 87 per cent of consumers prefer travel brands that offer personalized experiences. Because everyone is different, it is important to tailor the content to each customer.

Customers who visit a site directly need to be aware that they can get a stay that suits their needs and preferences. If visitors to the site are part of a loyalty program they should receive tailored messaging that explains what perks they have.

Hilton is paying attention to consumers’ desire for unique experiences. It encourages each of its 17 sub-brands promote direct reservations on its site to its 90+million loyalty members and all prospective travelers looking for a customized, well-rounded trip. Hilton’s Price Match Guarantee Rewards for Direct Bookings can be used to get perks like free WiFi, digital keys, and the option to choose their room. These are three desires that all travelers agree is essential to a pleasant stay.

Personalization is not just about the booking stage. Guests can share their experiences during their staya href=”https://hoteltechnologynews.com/2019/02/who’s-the-hotel-guest?infographic >, not just after they check out their rooms. Particularly younger generations are turning to digital feedback methods. 15% of Millennials would like to text their hotel and 17% of those between 35-54 years old want an email survey from their hotel.

You can provide a channel for guests to communicate their concerns, needs, and thoughts. They can rest assured that they will be heard. It doesn’t matter if it’s a website or a function on the brand’s mobile application. But, you can provide a simple, efficient internal process that caters to your guests (especially loyalty members!) A guest doesn’t feel like they have to leave a negative review on the internet if they don’t have any needs. This allows your brand to respond immediately and remember the guest’s needs for the next stay.

Better processes enable better content

Enterprise hotel brands are always looking for new ways to innovate. Bigger and better content experiences provide the foundation for loyal customers. Debika Sihi is Associate Professor of Economics at Southwestern University. She says that the focus in both the Hilton-Marriott campaigns is on building long-lasting relationships between the brand and the traveler.

These are the relationships that last.

source https://www.nosto.com/blog/hotel-marketing-channels/

In 13 Easy Steps, How to Start A Jewelry Business

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In 13 Easy Steps, How to Start A Jewelry Business

Online jewelry sales are increasing by 5 to 6 percent each year . By 2025, the global jewelry industry will be worth $4480.5 billion.

These stats show that selling jewelry online and starting a home business are great ways to make extra money. There are low entry levels for getting a piece of this huge spending. You can make handmade jewelry at home, and your online shop will reach customers around the globe.

How do you start a online jewelry business

01. Your online store

Websites are essential for every business, including your soon-to-launch jewel store. Why? A website can open your small business to thousands of potential customers. Even if you live thousands of miles away, people can still find your jewelry and place orders. You can expand your customer base beyond the city or town you live in.

You don’t have to spend hours opening an online store at this stage. Wix is an eCommerce platform that will help you get your jewelry store online.

Next, you can start creating your store using an eCommerce template. These premade websites have been professionally designed to increase sales.

The templates are customizable, so don’t be alarmed. Edit page layouts, modify colors, add or remove features, pages and images, as well as upload custom imagery to the site. These are the features to be aware of when selecting the best eCommerce template .

  • A homepage featuring a large image of a hero that grabs the attention of visitors
  • A navigation bar that allows shoppers to browse different categories
  • Large product images zoom in when the visitor hovers over them
  • The purchase process is simplified with one-click add-to-cart buttons
  • There are prominent call to actions buttons (CTAs), that encourage shoppers to convert such as Shop Now and Add to Cart
  • Templates for information pages about your about section, shipping policies, returns policies, and payment methods
  • Take a look at Linkedge Jewelry’s homepage. The Wix template they use has a hero image that highlights their jewelry line and styles. The homepage also features a navigation bar with a call to action and a call to actions that direct people to the product catalog.

02. Source your materials

When you start an online jewelry shop, the next thing you should consider is what pieces you will be selling. Consider the materials that you will need to make each piece of jewelry. You can think of items such as:

  • Stud earrings
  • Pearls
  • Diamonds
  • Precious metals
  • Gemstones and beads

A plan of action will be needed to determine where your materials will come from. Small businesses can start with local craft shops and online marketplaces such as Amazon or eBay. You can also search the internet for other options. You’ll find good quality materials at a reasonable price almost all the time.

It’s important to estimate the cost of manufacturing your jewelry. To get an estimate of the total manufacturing cost, price each element individually. Then shop around to find the best deal. You have more profit margin if you have lower manufacturing costs.

03. Choose a business model

The online business model for your jewelry store describes how you source and sell products.

You have a lot of options in the jewelry industry.

  • Custom jewelry making company: Find materials and make your own handmade jewelry to sell online.
  • Sourcing fine jewellery: Find the styles that you like from different jewelry designers and suppliers. You can build a brand around the quality and style of jewelry you love, and then sell their products to your clients at a profit. Customers can visit your store to search for a particular type of jewelry or designer.
  • Start Dropshipping – Work with a wholesaler or jeweler who picks up, packs and delivers the item to customers whenever they place orders through your website.

Make a business plan that describes the model you will use. This document will outline how you plan to source, manufacture and sell your jewelry. It also includes information about the person to whom you are selling it.

Need assistance creating a business plan for your company? This template is free and can be used to help you plan how you will manage your new jewelry company.

04. Brainstorm a name for your jewelry business

A strong business name is essential for every business. It is how customers get to know you and will be prominent for all your business assets, including your website, invoices and bank statements.

When you are brainstorming your business name, there are two options. One option is to choose a name that’s not related to jewelry, and then create a separate brand that’s recognized in the jewelry market. Your business name could also imply that your jewelry is sold, as in Goldsmiths or The Diamond Shop.

If you are looking for the best place to begin, our jewelry business name generator can help. Enter the product type you want to sell, such as necklaces or earrings. There are many options for jewelry business names.

 

Brand names should be short and simple to remember. Avoid words that are hard to spell. It’s easier for customers to remember your brand name than it is for you. This will make it easier for them to find you online.

Also, it’s a good idea to verify that your chosen business name has the domain and any social media handles. This information is displayed by Wix along with other domain extensions beyond the “.com” format.

The consistency of your brand across platforms can help increase brand consistency. This has been proven to help businesses increase their revenue by up to 33%. Your domain name should match your business name. Customers will be more likely to visit your jewelry brand’s website if it is easy to remember.

05. Any issues that may arise should be resolved.

This stage will give you a brand name to use for your jewelry business. Before you sell your jewelry online, make sure you check with the trademark office that you aren’t infringing on any other business.

After you have received your all clear, register your jewelry business. You can register as an LLC and avoid being held responsible for any problems that arise as your jewelry business grows. A registered business can often offer tax benefits. This is especially important if your goal is to grow your jewelry business beyond a side-hustle to a full-time career.

It is also important to open a new bank account. This will allow you to keep track of business income and expenses without having it mixed in with personal transactions. Make sure you choose an accounting program that is compatible with your business bank account. When it comes time to pay taxes, knowing exactly what is coming in and out will be a huge help.

You should also consider the legal requirements for jewelry sales. To avoid getting in trouble, it is important to follow jewelry rules. To prove that your jewelry is authentic, some countries require that you obtain a certificate . To be able sell your jewelry at its highest value, others may require that it have a mark.

06. Understand your audience

You need to understand your customers, regardless of the products you sell online. These buyer personas will help you create products and pricing they will love, as well as a marketing plan to position them in front of your products.

Before starting your own business, do some market research to determine who would purchase the jewelry that you are selling. Do you sell low-cost fashion jewelry that teens will wear? For women over 30 years old, do you offer customized jewelry? Your target audience lives where?

This is best done by doing some competitive research. Look for jewelry stores that sell similar items to yours and take a look at who they are marketing to. Your potential customers are likely to be similar.

Show your jewelry to different people to see how they react. Do they want to buy it for themselves? What are the qualities of the person who will be receiving your jewelry?

Your goal at this stage is to learn as much information as possible about the people most likely buy your jewelry. Do not be afraid to interview family members and to organize focus groups for feedback. Focus groups can be facilitated by video conferencing tools such as Zoom or Google Meet, without the need to meet in person.

As you sell, you will collect more data. This is where you can get a better idea of your customers. At this point, it is important to identify your ideal customer. You can go backwards to fine-tune the business strategy, to create content, market your jewelry using their language, show photos of their target audience, and create a product that they will buy.

07. Your pricing

Knowing your target audience is key to knowing their price range for jewelry. It’s as easy as asking them what price they are willing to pay for this kind of jewelry while you research.

You can also check out what jewelry products are selling online for similar prices. You need to price your jewelry competitively. Too high will alienate people, too low will not make you enough money to sustain your new business.

No matter where you decide to set the price, be sure to include production and material costs. If a bracelet’s materials cost $15, and it’s being sold for $20, then you won’t make much profit if at all.

Begin by calculating your cost. This includes:

  • Manufacturing
  • Labor
  • Shipping
  • Website
  • Marketing

Add between 5-20% profit margin depending on your item’s overall price. This will ensure that you make a profit on every item, regardless of your overheads.

Keep in mind that the prices you set up for your jewelry business may not be the same ones you sell at months later. Research is key when you are just starting out. You might consider dropping prices if you discover that customers are reluctant to buy your jewelry due to feedback. Soon, you’ll find a price point that customers will pay for your jewelry.

08. Find the right place to sell your jewelry

As a small business owner, one of your most important decisions will be where to sell your products.

For jewelry sellers, marketplaces such as Amazon and Etsy are a great way to reach a global audience. There are many benefits to opening your own online shop.

  • Do not pay fees to the marketplace for transactions.
  • You have complete control over the design and experience of your users.
  • Every marketing effort you make for your jewelry website will benefit your brand, not the marketplace.

You don’t have to do one or the other. Wix allows you to easily connect your store to marketplaces such as Amazon and eBay. This allows you to list all your catalogs on these online marketplaces. Integrating with eBay allows you to manage all of your inventory through your website’s dashboard.

allows customers to shop your products via social media.

09. Create a logo and brand for jewelry

We mentioned earlier that the name of your jewelry company is the foundation of your brand. This is the stage where you will create other assets that help enforce brand consistency such as a logo.

This can be done by a professional designer, or you can do it yourself if you are just starting out. You can use tools such as the Wix Logo Maker to choose a color scheme. So that your customers can recognize you, it is important to maintain consistent branding at all touch points with your jewelry store.

This is why you should also make other brand assets during this stage.

  • Headers for social media
  • Letterheads
  • Business cards
  • Invoice templates
  • Email signatures

Your brand may take time to become ingrained in the minds of potential customers. But strong eCommerce branding has tenfold value: 60% millennials expect consistency across all channels. This loyalty is 10x greater than one purchase.

10. Photograph your jewelry in large, clear images

Did you know that 83% US smartphone users believe product photography has “very” or “extremely” influence on purchasing decisions?

High-quality photography is essential for taking pictures of your jewelry. High-quality cameras are essential to capture photos of your jewelry.

A variety of product photos is a smart idea for an online jewelry shop. It’s easier for potential customers see jewelry pieces clearly when they are photographed against a clean background. You might also consider taking photos and close-ups of the jewelry in action.

Flair Accessory shows, for instance, how their necklace looks on a model.

It’s important that shoppers are able to see the item with reference to something familiar. This will allow them to gauge the size, depth and color of the jewelry. This helps to reduce returns 22% because the product is different in person.

11. Optimize category and product pages on your website

A homepage should welcome visitors to your jewelry website. Bright, clear images that make it easy for customers to find the right jewelry are the keys to increasing the number of people who visit the homepage.

To make it even easier to shop, you can create category pages for each style or type of jewelry. You can categorize your jewelry by types such as rings, bracelets, necklaces and rings, or costume, antique, or fine jewelry. These categories can be linked from the main navigation bar of your site.

This is Reva Grey, who shows it in action.

These categories could be used in a variety of ways. Consider the conditions that people might be purchasing products. Do they want to buy a gift for their spouse? Are you looking for personalized jewelry Looking for a particular material? These categories make it easier to locate the product you are looking for.

You will be able to link to individual product webpages within your categories. These pages must contain a product description for each item in your jewelry collection. A product page that sells jewelry should include everything that a customer might need to know.

These are the essentials:

  • Price
  • Images of high quality
  • Product dimensions
  • Click on the Add to Cart button

These are other elements we recommend for product pages:

Include a guideline on how to measure the ring size if you feel it would be useful. Link your customers to a guide if they are unsure about the type of material they should buy. This is a method Medusa Label uses to inspire confidence in potential customers’ purchasing decisions.

12. Create a free marketing strategy

Now that you have created beautiful jewelry, it is time to find the right customers to sell your products. Make a plan for how you’ll drive customers to your online store, and get them to purchase your products.

The good news is: To get customers to your doors, you don’t need to spend money on a marketing strategy. These are some free marketing strategies that you can use to start a jewelry business.

Word of mouth

The overwhelming majority (92%%) of people trust recommendations from their friends and families more than advertisements. Ask your friends and family to share your website on their social media networks or in jewelry-related conversations. Even better, you could create a template that they can cut and paste.

Ask your customers to do the exact same thing. You could offer them incentives such as a discount on their next order.

It’s a win-win situation for all parties. This allows the customer to purchase another product at a lower price, while the jewelry store earns a repeat client and visibility through personal recommendations that could lead to more customers.

Social media

Pinterest and Instagram are great visual platforms for jewelry retailers as they allow customers to see the product in different settings. Facebook is also a must-have. People use brand pages to search for information such as reviews and website links.

To promote your online jewel store, you can create social media pages on these two sites. You can build a following by:

  • Regular posting
  • Interacting and learning from other jewelry-related profiles
  • Monitor influencers who work with other jewelry retailers. You could offer free products in exchange for a shoutout on the page.
  • Use relevant hashtags such as #jewelry and #handmadejewelry in your content to reach people that don’t already follow you.
  • Use the Shop features. Integrating your business with Facebook or Instagram will result in a Shop section on your page that highlights products from your product catalogue.
  • Encourage customers to post images of their jewelry on Facebook and tag your company. This is a great way to get free publicity and to get content to repost on your profile, as Brilliance In Diamonds does.

Search Engine Optimization (SEO).

Although this takes longer to pay off, it is well worth it. Google will show you in the results page for terms that your audience is searching for, such as “women’s diamond jewelry” and “men’s wedding bands”.

Here are some ways to optimize your jewelry site for search.

  • Use keyword search to determine which terms your target customers are searching for when shopping to purchase jewelry
  • Avoid keyword stuffing. Sites that use keywords naturally are more likely to be rewarded by search engines than those who stuff them in every sentence.
  • For people who are part of the sales funnel, create blog articles. These articles could include tutorials on how you measure rings or “How to choose a jewelry gift to your mom” You can even jump on fashion trends such as this guide to fall jewelry from Brilliance In Diamonds.

Email marketing

To encourage site visitors to enter their email address, use a popup form to do this or add the form to your website’s footer. You might offer something in exchange for their email address such as a discount code, or access to exclusive content.

You can see how Linkedge Jewelry makes use of a pop-up and the promise to offer a discount in order to attract new subscribers via email:

Once you have a mailing list, then use email Marketing to promote holiday sales and new products as well as business updates.

13. Online advertising is a viable option

It’s clear that free marketing strategies can help customers find your site. It might take some time for organic marketing campaigns and to start driving significant amounts of traffic.

Facebook ads can be used to quickly increase awareness and sales. Facebook offers very precise targeting. With specific targeting settings, you can select the people most likely to purchase your jewelry. This is an example of how that might look:

  • Aged between 30-50
  • Female
  • Are you interested in jewelry?
  • An upcoming birthday

Budgets are important when you first start using Facebook Ads. Your campaigns should be optimized to make more than what you spend on them.

source https://www.wix.com/blog/ecommerce/2020/12/how-to-start-jewelry-business

How to turn your Wix website into a sales bomb

Online shops often have more potential to make sales than brick-and mortar locations when it comes down to selling. Online sales allow you to reach a larger audience and reduce costs.

Online shops are simple to set up. Wix’s eCommerce platform makes it easy to set up an online shop. Wix also offers a wide range of features and apps that will help you increase sales and profit.

A professional eCommerce website is essential if you want to sell like a pro. We have the tools to help you do that. This is the ultimate list of tasks to make your Wix website profitable.

01. Select an Effective Domain

Your website’s domain is the backbone of your business. Your website will not be able pick up if it doesn’t have a clear and intuitive domain name. It is important to choose a domain name you can easily type, understand, and speak out loud. Choose something simple, catchy and clever. The more concise, the better

You can buy your domain name right from your Wix account. You can even get the domain name as an offer if you purchase a yearly eCommerce Package. You just need to make sure that it is available.

02. Start an Online Ad Campaign

Advertising your online shop is one of the best ways to increase traffic to it. You can activate the “Get Traffic” app in your Wix Business Apps section. This allows you to target ad campaigns across large networks of locations. “Get Traffic” makes it easy to set up your ads online.

These are the questions to ask before you launch your first advertising campaign.

  • Targeting – Who are your target markets?
  • Keywords – What are the most effective key words to attract your audience to your website?
  • Call to Action: What can you do to encourage viewers click and shop?

03. Monitor Your Website’s Performance

Professional marketers will tell you that statistics and numbers are critical to your online success. Understanding your customers’ shopping habits is key to increasing sales. Your customers’ browsing habits on your website can give you valuable insight into your marketing strategy.

Google Analytics is one of the most powerful tools for measuring and tracking online performance. Google Analytics gives you amazing information about your visitors, their demographics, and how they arrived at your site. It also provides insight into what they like or don’t like. You can integrate Analytics with your Wix online store.

04. Optimize Your Shopping Experience

Your online shop must offer customers a simple and convenient shopping experience to ensure a steady stream of new purchases. This is why the Wix eCommerce platform was designed and built.

Shopping Cart is a great solution for both shop owners and shoppers. It turns any Wix website into an online shop. It’s easy to set-up and customize. You have full control over all important eCommerce elements such as product customization, inventory management, check out settings, and so on. ).

05. Increase brand awareness

Your online shop should be taken seriously. Brands are sought out by people who trust their service and quality. You can build a loyal customer base by increasing your brand awareness.

These are some ways to make people aware of your brand:

  • Favicon can be added to your website.
  • To ensure that your website title and logo are always visible to your customers, use the fixed feature.
  • You can post frequent updates to your website’s news feed, blog, Facebook page, Instagram account, or other platforms that work for you. This is a great way for followers to stay engaged.
  • Use consistent design layout for your website, packaging, advertising material, business cards, etc.
  • Optimize your online store for mobile browsing to ensure your branding and messaging work well on all devices.

source https://www.wix.com/blog/ecommerce/2014/01/get-more-sales-online

23 Great Templates for Taking Your Business Online During COVID-19

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23 Great Templates for Taking Your Business Online During COVID-19

While COVID-19 has certainly presented challenges for business owners, it has also opened up creative options. Many businesses are moving online in response to this changing world. Online delivery is becoming more popular as restaurants and fitness studios broadcast classes and online stores sell and promote their products.

Do you want to be a follower? Get started with a professional and sleek website template.

There’s an eCommerce template that will work for any type of business: events, service businesses, restaurants, or stores. It also includes a set of professional tools.

These website templates will help you transition your business smoothly.

  1. Fitness
  2. Health & Wellness
  3. Online Stores
  4. Restaurants
  5. Coaching Consulting & Training
  6. Events
  7. Education

Fitness

Online classes and workouts are a great option for clients who can’t make it to class. You can offer Zoom classes live on your fitness website. Also, you can offer exercise videos subscriptions and take secure online payments. Your clients may be in quarantine. meet their needs and create a blog with tips for indoor fitness. Your clients can communicate with you through your website using Wix Chat and the Wix owner app.

Yoga on Demand

Fitness Coach

Fitness Coach

Online Fitness Video Course

All Fitness Website Templates

Health & Wellness

Your clients’ mental and physical health are paramount in these times. A professional website can help you guide clients through social distancing or staying at home. Allow clients to book appointments online 24/7. You can also accept online payments and send links for video conferences in your confirmation emails. Email marketing campaign to showcase your expertise in health advice

Psychologist

Health Coach

View All Health & Wellness Templates

Online Stores

Sell online and take secure online payments from customers. Marketing tools such as abandoned cart emails or a Facebook advertising campaign can help you increase your sales. COVID-19 may be affecting your inventory. You can source new products with dropshipping or print on demand. Your website allows you to ship your orders and generate shipping labels. You can also offer curbside pickup at your storefront.

Plant Boutique

T-Shirt Store

Fresh Produce Farm

Online Bookstore

Browse All Online Store Templates

Restaurants & Food

Online ordering is possible with beautiful menus and a complete restaurant system. Wixchat allows you to collect special requests, food preferences, and make dish recommendations. Orders can be accepted on the phone or on your website, so you can manage all orders from one place. You can create delivery zones to set up unique minimum order quantities or fees depending on where you are located. Customers are able to pay online, and even tip online.

Restaurant Site

Vegetarian Restaurant

Burger Corner

Discover All Restaurants & Food Recipes

Coaching Consulting & Training

Book calls with clients or stream live webinars from your website. Your website can be used to promote your services, and gain new clients. Allow visitors to book introduction calls and feature real customer testimonials. A blog can be used to showcase your expertise and provide advice on COVID-19.

Virtual Assistant

Finance Consulting

Success Coach

View All Coaching & Consulting Templates

Events

Your guests may not be able to attend your events. Your website can host lectures, concerts and meetups. Invite your fans to listen online to your music or to attend drive-ins. To track and manage attendance, collect detailed RSVPs. You can stream live from your virtual event by connecting to Zoom, Facebook, or YouTube Live. Keep your community involved by creating a Members Area or a Wix Forum discussion board.

Webinar Landing Page

Meetup Event

Drive in Movie Theater

Rap Artist

Explore all Events Website Template

Education

Live-streamed lectures allow you to keep in touch with students and clients. Create a video library that includes courses and classes. Visitors can choose to sign up or log in. Keep all student resources, including registration forms, online if you manage a school. Display testimonials from tutors and allow parents to schedule sessions whenever.

Online Education Lectures

Private Tutor

Online Courses

https://www.wix.com/blog/ecommerce/2020/04/templates-to-take-your-business-online-during-covid-19

How to make a professional invoice: Expert tips and a step-by-step guide

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How to make a professional invoice: Expert tips and a step-by-step guide

Now that you have sold a product or rendered a service through your online shop, it is time to get paid. This is great news! This is great news!

What is an invoice? How do you make one? And what information should you include? This step-by-step guide will help you create an invoice.

What’s an invoice?

An invoice (also known as a sales invoice) is a document that bills a customer for your services or products. An invoice is an account receivable, which obligates the buyer to pay. It is a written agreement between you, the seller, and your client or customer (the buyer).

Invoices can also be a great way for your business to track its earnings. Written invoices are a great way to keep your finances organized. They also simplify accounting for tax season.

What is the difference between a bill or an invoice?

Technically, nothing. Bill and invoice are both terms used to inform customers or clients how much they owe on a product or service. The main difference is in who refers to the document.

Let’s first define each word:

Invoice definition

An invoice will be issued by your business to the purchaser detailing the sale of products and services, as well as the amount owed. An invoice is used to:

  • Document a business transaction that involves payment from a customer
  • You must request payment from the customer within a specified time frame
  • Maintains a list of products and services sold to assist with bookkeeping

Bill definition

A document is sent to your customer by you that details the amount of money due in exchange for goods or services. A bill

  • Let a customer know how much they must pay.
  • Provide a detailed record of your customer’s expenses for use in bookkeeping

The document is often referred to by the business as an “invoice”, while buyers get “a bill” which details the amount they owe. This is how it works:

Step 1 – Your company sends an invoicing to your customer

Step 2 The bill is delivered to the customer

Step 3 The customer repays the amount owing

Step 4 – Your business will issue an invoice receipt to prove that payment has been made.

What are some of the most important legal requirements for invoicing?

If you want to create a professional invoice, there are many details that you should include. These are the essential details that your invoice should contain:

  • Your company name: This is your official business name and tax ID number. To make your business look more professional, include your logo.
  • Name of your customer: Identify your customers, including their name or business name and tax ID number.
  • Contact details Enter your address, phone number and customer contact information. This information is particularly useful in the event that either party needs to contact you.
  • Invoice number An invoicing number is a way to keep track of your invoices so they don’t get mixed up. Pro tip Track your invoices easily with an abbreviated version your customer’s name followed by a dash and the month/year. For example: Invoice WIX-0520)
  • A list of costs and services: Invoices generally include the items purchased, whether they are products or services. Prices and quantities can also be included. To avoid confusion, enter as much detail as you can. If you offer a service by the hour, describe the time it took to complete the task. If applicable, include a separate line to account for wire transfer fees or VAT.
  • Dates Your invoice should include all relevant dates such as the date the invoice was issued, when the sale or service occurred, and the time that the invoice covers (for periodic bills).
  • Total amount Draw a line showing all the amounts your customer owes to you. All products and services should be included in the total amount. Before you calculate your total, don’t forget about any additional fees.
  • Payment information Provide your bank information to help your customers pay you. Third-party payment processors like PayPal and Transferwise are also used by many customers. They only need an email address and not sensitive information such as your bank details.
  • Terms & Conditions: On every invoice, write the terms and conditions that you and your customer have agreed to. These could include your rates, return/refund policy, product warranties, shipping information, and privacy policies.
  • Due Date: Avoid confusion later by clearly stating when you expect payment. Write “May 31, 2021” and not “Due within 30 days.”

Tip: Set a time frame for all invoices so that you know when to expect your payment. Your customer should pay you within 30 business days of the invoice’s date. However, it is possible to make this shorter or longer depending upon the nature of your business and how much you owe.

5 tips to keep an invoice looking professional

An invoice is another aspect of your business. Invoices are a professional way of building brand trust and letting customers know that they must pay on time. These are 5 tips to keep in mind.

01. Include branding

To keep your branding consistent, add your logo to your invoice. You don’t yet have one? Use a Logo Maker to create a logo for your company.

02. Use an invoice template to create or modify

You can either create your own template, or you can use one already created. Keep your invoices consistent in appearance and structure so that your clients or customers can recognize them easily and find the information they need. An invoice generator can also achieve the same result.

03. Make sure to check spellings and find any mistakes

Although it may seem obvious, you’d be amazed at how many businesses fail to do this. Customers can see through your business if you have to correct or resend invoices. Before you send your invoices, double- and triple-check them for errors.

04. Multiple payment options available

It can be helpful to offer customers a range of secure payment options such as digital wallet, credit card, or wire transfer if you want to ensure that they pay promptly and on time.

05. Thank you

It is a good idea to say “Thanks for your business” at the end of your invoice. You can be genuine and let your customers know what you mean to them. This can increase the probability of payment by 5%.

How can I create an invoice?

Invoice generator

It’s now easier than ever to create an invoicing. You can actually create a professional invoice within minutes with a HTML3_ free invoice generator HTML3_. These are the steps to follow:

Step 1 – Add your information

Include key details that will benefit both you and your customer/client.

  • Name of the business
  • Website for businesses
  • Contact information, such as email or phone number
  • Mailing address

Step 2 – Describe the services or products you are charging

Invoice settings will include the invoice number, issue date and due date. Include a description and a line for each product. Then add:

  • Hourly rate or price
  • Quantity (or the number of hours worked)
  • Discount (if applicable).
  • Total
  • Additional terms or notes

Step 3 – Finalize and Send!

Wix’s Invoice Generator will calculate your total automatically. Make sure you have all of the necessary information before you send. You can either email it directly to your client, or download it.

Step 4 – Issue an invoice receipt

After your customer has paid, you can send an invoice receipt to follow up. This will help you keep track all payments received.

Invoice from Scratch

These steps will help you create an invoice directly from scratch if you don’t have a generator.

Step 1 – Open a blank sheet

Use a program such as Google Sheets, Microsoft Excel to open a blank spreadsheet.

Step 2 – Create a branded invoice head

Invoices should include a header with the brand details and billing information.

  • Your logo
  • Contact information for businesses
  • Invoice date
  • Invoice number

Step 3 – Add the information of your client

Include the contact information of your client, such as company name, address, phone number, and name of relevant contact. You can use this example:

The Bill To:

Name of the Company

Address Rd.

State 55555, City

Step 4 – Add the due date

At the top of your invoice, write the date, month, and year due.

Step 5 – Add an itemized sales list

You can then create a table by adding columns that detail the services and/or goods provided, date of order and the cost per unit. Be sure to indicate the currency. Example:

Step 6 – Calculate the total

To calculate the total amount due on the invoice, add a last column. Excel’s SUM function and many other spreadsheets can do the math. Remember to include any applicable discounts, fees, or tax rates in your total.

Step 7: Add payment details

Include relevant payment information such as your PayPal ID. Include your name, account number and SWIFT code, bank and address, as well as the bank wire transfer information. Add a personal note at the bottom such as “Thanks for doing business with me!”

source https://www.wix.com/blog/ecommerce/2020/08/what-is-an-invoice

What is recurring revenue and why does it matter?

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We will share everything you need about recurring income and how to cash in — literally.

While acquiring new customers via the virtual door will always be a priority for eCommerce businesses, it is only half of the battle. Businesses are constantly looking for innovative, scalable ways of increasing sales with rising acquisition costs.

We’ve noticed a significant rise in advertising costs in recent months, thanks to iOS 15. But maybe this was the push that we needed to start considering retention as a key component of our marketing strategies.

While recurring revenue business models are not new, more DTC brands are realizing how stable and predictable they can be. It is important to understand what recurring revenues are, their benefits, and why you might consider adding one to your business.

What is recurring income?

What is recurring revenue, you ask? We’d love to answer your question. Recurring revenue, in its simplest form is the percentage of revenue expected to continue for months. Recurring revenue, unlike one-time sales is predictable and stable. It can be counted upon to occur at regular intervals with high levels of certainty.

All industries can see examples of recurring income. It is often seen in membership programs, subscriptions, and service agreements. We saw a massive shift towards online shopping after the pandemic. Businesses across industries started to adapt to the recurring revenue model. However, there are many types of businesses that can do this best.

  • Content-based – Content-based businesses offering access to content digitally and physically have had great success with recurring revenue models. It is evident in magazine subscriptions, audiobooks and digital books, as well as news outlets, photo libraries, streaming services, and news outlets.
  • Service-based – Instead of having to make a single transaction to buy a service, service-based companies will allow access on a regular basis to their platform. This is starting to appear all over the place in the form educational courses and language learning applications.
  • Product-based – This is the most popular of all three. These recurring revenue models, which are product-based, are becoming more and more common. Customers can subscribe to many products, including clothing and cleaning supplies, and have them delivered on a regular basis to their homes.

What does recurring revenue in eCommerce mean?

Stability. Stability. Stability.

An eCommerce business can establish a monthly revenue stream that is predictable. This allows them to plan for future growth. There are many ways that brands can benefit from structuring their recurring revenue streams using subscriptions.

Predictability

Predictability is the most important benefit. While subscriptions provide a predictable, recurring revenue stream, they can also help to predict inventory needs. Merchants can manage their inventory better because they are subscription-based. This allows them to satisfy consumer demand and reduce the risk of overstocking.

Potential investors and stakeholders can find predictability attractive. Brands that can generate regular revenue are more stable investments.

Cash flow

Cash flow, or the money that flows in and out of a business on a daily basis, is the second benefit. Cash flows in whenever consumers make purchases and when investors add funds. When the brand spends money such as on marketing and employees, cash flows out.

Subscription models can help brands keep a positive cash flow since they are recurring. With predictable revenue, brands have the freedom to invest in product development, marketing and testing. Positive cash flow allows brands to pay off debts and return money back to shareholders.

Acquisition costs

Marketing in today’s economy is focused on lowering acquisition costs. It’s not only the economy that brands need to be concerned about. It’s five times more costly to acquire a new customer than it is to retain an existing one. This alone should motivate marketers to focus on their retention strategy. Brands who focus on existing customers increase their customer lifetime or CLTV, which in turn will increase their return on customer acquisition.

Insights

You will gain valuable insights from your customers, which is the final benefit. It is impossible to underestimate the power of having a conversation with your customers. Subscriptions offer brands the unique opportunity to understand their customers and to provide them with relevant information.

You might consider adding a recurring revenue stream to your business.

According to Frederick Reichheld, Bain & Company’s research, increasing customer retention by 5% increases profits in the range of 25% to 95%. Subscriptions can be a great way of increasing your retention and cashing in on those profits increases literally.

Today’s tech solutions make it much easier to add a subscription channel to increase your recurring revenues than you might think. Subscriptions are easy to set up without the need for a web development team or deep pockets. This means that you can focus on customer retention and increase your profits today.

Yotpo Subscribes is an example of this easy-to-use app that merchants can use to get up and running in as little as 8 minutes. You can be sure that your customers will have a seamless experience with Shopify’s native integration.

Subscriptions can be a great way to build strong relationships with your customers. But subscriptions don’t just make money. It all boils down to the customer experience. We cannot create engagement as a brand; customers will choose when, where and how they interact with us. However, we can focus on the experience that leads into engagement.

Subscriptions are a recurring revenue source that allows you to offer a unique experience for your customers. When customers and brands optimize their subscription experience, then both win.

source https://www.yotpo.com/blog/what-is-recurring-revenue-and-why-does-it-matter/

Use On-Site Popups to Collect More Email Subscribers

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Pop-ups can be a great way to engage site visitors and turn them into subscribers. This is how they work and how Yotpo SMSBump Dynamic Pop-Up could help you grow your subscriber list.

Your website visitors are likely to be interested in your brand or at least curious and may even consider purchasing. Your website is a natural place to engage them and to get them to sign up for your marketing communications. How? How?

Pop-Ups are a great way to collect subscribers

Pop-up subscriptions, also known as on-site forms, allow you to quickly expand your mobile audience and increase your subscriber base month-over-month. Once a visitor arrives on your site, they can browse your website and you can grab their attention by promoting your SMS marketing or email marketing programs. Yotpo SMSBump’s popups enable you to collect both email addresses and phone numbers simultaneously.

You can set this pop-up so that it appears at the right time — whether it’s immediately upon arrival, ten second after they arrive on site or when they exit the page.

 

You can customize pop-ups to match your brand’s look and feel. They can also be optimized to target mobile shoppers and desktop shoppers.

These pop-ups on-site are essential to a strong SMS and email marketing strategy . They are 4x more likely to collect subscribers than brands that only use checkout opt-in. However, you can improve your collection rates by using one that cannot be closed out.

Yotpo SMSBump’s dynamic pop-up can supercharge subscriber collection

Yotpo SMSBump’s Dynamic pop-up allows site visitors to access your brand’s popup at any time during a browsing session , even if it is closed. Dynamic pop-ups don’t disappear, but can be minimized into a floating button that can be easily reopened for 2x greater subscriber collection than regular on-site popups.

What does it do? When your customer visits your website, a pop-up will appear. The pop-up will disappear if they submit their details. The pop-up will disappear if they close it without subscribing. A floating button at the bottom of the screen will allow them to opt in later. Your customer will still be presented with the popup if they do not subscribe during their browsing session.

 

No marketing channel is successful without subscribers. Yotpo SMSBump Dynamic Pop-Up allows you to engage every visitor to your website and collects more than ever.

Get customers at the right moment: Stop loosing subscribers to closed windows. The Dynamic Pop-Up allows shoppers to opt in at any time during their browsing session. This makes signing up easier, more convenient, as well as more profitable.

Convert to mobile customers to increase revenue and your ROI. To generate the highest revenue, you must grow your audience. You can encourage more sales via text.

Create two lists simultaneously: Get more out of your Dynamic pop-up by collecting consent for email and SMS marketing from one point. You can customize this multi-channel collection option to increase your mobile audience.

No complicated setup: Popups can be set up in just a few steps. Yotpo SMSBump Customer Success Managers and customer support agents are always available to help.

Dynamic pop-ups are delivering real results for brands

Dynamic pop-ups are being used by eCommerce companies to expand their customer base, programs, and businesses. This is what the subscribers are saying about this new subscription collection tool .

Savannah Sevens increased SMS subscriber by 67%, and total subscribers by 39%

The Dynamic Pop Up allows us to capture sign ups and still maintain our brand image. This seamless integration gives our website a cleaner look and enhances its look. The flexibility of the placement on desktop, especially mobile, is a great feature. It keeps it in the forefront but does not distract from the customer experience. This feature is highly recommended by us! — Peyton Jones, Marketing Manager, Savannah Sevens

 

EM Cosmetics increased subscriber numbers by 66%

By keeping our discount text visible, the Dynamic Pop-Up makes it easy to collect email and SMS subscribers. This banner does not distract from the user’s shopping experience, and maintains a clean aesthetic. — Lauren Dills, Digital Marketing & eCommerce Specialist, EM Cosmetics

 

Increased subscriber growth of 18%

In the past week, we have seen an incredible increase in subscribers. Our monthly subscribers are expected to grow by nearly 23% this month. This is crucial for our program growth. This is a great addition to our website. I can’t wait for the results and to see how they improve our program. Bubble’s Head of Customer Experience and eCommerce, Emma Standing

source https://www.yotpo.com/blog/collect-more-sms-and-email-subscribers-with-on-site-pop-ups/

Data Reporting: Unlock the Power of Customer Insights

Get to know your customers – the role of data analytics in customer insights.

E-commerce brands are moving towards a personalized shopping experience that is powered by data-driven insights, despite increasing competition via digital channels. Due to the loss of data from third-party sources, eCommerce brands are moving towards gaining customer insight through zero-party information.

Furthermore, we see that data-driven eCommerce strategies will continue to be popular due to the many innovations in mobile commerce and social commerce. Mobile commerce is growing in click to-buy SMS and new social commerce channels like Shops in Facebook and Instagram continue to grow. These innovations are based on data which is relevant to better understanding customer experience, including purchase history, open rates for SMS and email, etc.

A trend towards data-driven eCommerce solutions may seem daunting for any brand. eCommerce solutions powered by data are easier to implement than you might think. We’ll explore the role and significance of consumer data in eCommerce, and discuss benefits and practices for understanding customer insight and data reporting.

Further definition of data: What is data analytics?

Let’s first look at the best practices and benefits of data analytics for generating actionable insights through data reporting and customer insight. Data analytics is the process of interpreting data. It’s defined by Investopedia. Data analytics’ ultimate goal is to uncover trends and provide actionable insights for businesses, as well as providing more context and clarity for large data sets.

What does this all mean for brands?

Data analysis and data reporting give brands deep customer insight. This allows them to turn actionable insights into meaningful product and site messaging improvements. Analyzing customer data (i.e. Customer analytics enables you to get to know your customers better and provide more customized experiences.

What is customer analytics?

Customer analytics is synonymous with data analytics, but it is specific to eCommerce brands. It involves analysing customer data at every stage of the customer lifecycle. Dossier, for example, can leverage customer data to trigger personalized offers. According to Gartner, customer analytics is about leveraging data to gain a better understanding of customers (i.e. satisfaction, needs and wants). Customer analytics is essential for eCommerce brands whose customers interact with their brand via digital and remote channels. Data reporting is also an option.

What’s data reporting?

Data reporting refers to the process of transforming data into usable information. Data reporting is often visually appealing and converts large amounts of data into easily digestible graphs, charts and diagrams. Data reporting allows brands to answer questions about customers, and helps tell a bigger story about audiences.

Data reporting solutions provide easy-to-read formats that allow customers to gain insight and customer analytics. eCommerce brands now have the ability to use data to identify trends and quantify potential weaknesses, and create solutions with greater certainty.

Email dashboard, with customer insights collected from Yotpo Reviews.

Companies can then unlock new opportunities that may not be obvious at first glance. For example, creating strategies to drive customer engagement, retention and increase conversion. Brands can transform customer feedback from Reviews and Q&A into actionable insights through data reporting. Let’s now look at the many benefits that brands can reap from data and analytics.

Predictive Analytics — Customer behavior and trends

Customer data allows you to understand customers’ sentiments better, and predictive analytics helps brands predict customer behavior. Predictive analytics is the process of analysing data over time to identify trends.

Brands can track customer insights over time to discover trends and forecast behavior. This allows them to make better decisions and remain competitive. Companies can use advanced data reporting capabilities such as the trends in Yotpo’s Reviews dashboards to track new campaigns’ success, customer sentiment over time and product lifetime success.

Yotpo’s Insights dashboard, with customer sentiment scores.

5 data analytics benefits for eCommerce brands

These are the top benefits of data analytics. Yotpo’s data reporting capabilities highlight how data can be used to provide brands with the information they need in order to understand customers and make timely and cost-effective decisions.

1. Improve product development

Brands can use trends to make product decisions and address customer complaints. Brands can filter customer reviews to see keywords and recurring products that are mentioned.

Yotpo’s Insights tool, for example, allows you to see sentiment scores by topic or product to get a better understanding of customer sentiment on topics such as fit and quality. Brands can identify the problems with different products and reach out to their manufacturers to make improvements.

2. Brand messaging should be improved

Brands can gain valuable insights from customers to improve their messaging. Brands can gain insight from customer feedback, site reviews, and user generated content to understand how customers feel about their products and help them improve their product descriptions and messaging. You can improve your brand’s identity and brand trust by refining product and brand messaging.

3. Customer sentiment can be improved

Businesses can track customer sentiment trends using predictive analytics tools such as Review Tagging and filtering. With Yotpo’s Review Tagging, brands can classify reviews by various categories, such as “top customer,” “needs to follow up,” “shipping problems,” and many more. You can organize your insights by categorizing reviews and creating custom reports based upon reviews tags. This allows you to easily identify happy customers or target problem areas for the appropriate adjustments.

4. Follow product launches

Yotpo’s reviews reporting capabilities enable brands to filter reviews according to product. You can filter new products and track the success of their releases to make timely adjustments. You can quickly make changes to messaging and product descriptions. A launch’s success can be greatly affected by the speed at which you make changes to messaging, product descriptions, etc.

5. Campaign messaging insights

Data reporting can help brands gain insight into their campaigns’ success. Tracking reviews data over time and comparing them against campaign messaging, email or SMS, can help you pinpoint the success of your communication with shoppers.

Top practices for data reporting and insights

Advanced data reporting capabilities can do the bulk of the heavy lifting for brands. However, it is important to remember a few key points when leveraging customer insights or analytics. Here are some tips to help you maximize customer data’s potential and preserve the quality of your data.

  • Data organization and maintenance should be prioritized. As you scale, use tools like Reviews Tagging to organize and manage customer insight.
  • Track product milestones and goals. To track product success and customer insights over time, you might consider using filters, scheduled reporting, or templates.
  • You can share your insights with sales, marketing and design teams. You can use custom reports to highlight specific insights that you want to share with certain teams.
  • Data connections can be made throughout your tech stack. By leveraging connected solutions using a platform approach to data sharing, you can reduce siloing customer insight across solutions by increasing the connectivity of your tech stack.

Brands can gain in-depth customer insight with advanced data reporting capabilities.

Leveraging data and customer insights is essential in today’s rapidly-growing post-cookie landscape. Companies must remain competitive in data collection and data management as we see an increase in zero-party data online. Yotpo’s data reporting allows brands to get to know their customers better and help them anticipate what they want.

source https://www.yotpo.com/blog/unlocking-customer-insights-with-data-reporting/

Laravel Development Trends That Will Inspire You to Hire Laravel Development Company

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Laravel is a popular framework used in IT, finance, and other industries. Let’s take a look at the top trends in Laravel Development that will inspire us to hire a Laravel Development company.

We have faced many hurdles and obstacles in web application development since the beginning. However, if you look at it closely, you will see that Laravel has successfully solved these problems with great care and expertise.

Laravel has many trends that are outpacing the best competitors and are winning over the app developers’ world. The online industry is dominated by mobile and web apps.

Let’s look at the following trends which are driving people to hire the Laravel Development Company.

Multiple Experiences

The Laravel Development Services allows end-users to view the files on various devices such as tablets, smartphones, and laptops.

Laravel Development Company’s main goal is to provide users with a pleasant visualisation of the apps. This is a very popular and trendy requirement.

Testing Environment Automation

Laravel Development Services provides an automated testing environment which is a better alternative to manual testing. Its primary goal is to provide a unique experience for users.

Laravel still includes PHP unit testing. It also transports various partner techniques to test the application.

Microservices

Microservices has been the best architecture for developers in the last few years. They often join the massive Laravel Applicationsin an modular manner.

https://microservices.io/

It allows you to divide your application into smaller pieces that each have a different importance. Laravel Development Company is the main reason for adapting it and making it easy.

Concentrate on Product Base Libraries

Laravel will be focusing on existing libraries that allow for better project management and avoid any hindrances in the current situation.

Users can also use this component to help promote the framework.

Amazing User Interfaces

Good design will attract more customers. We mean that the end-users are engaged with the website’s design. This keeps them interested in the site and increases sales.

It is responsive and won’t affect users’ behavior. Laravel Development Services provides a user-friendly UI.

Explore the Innovations

Laravel, just like any other framework, also adds functions to the data in order to get the desired functionality for the website or application development.

It continues to add data to websites and modify elements so that customers can achieve their diverse needs. Laravel continues to innovate and keep this trend alive by adding new functionality.

Provide Security Level

Laravel Development Company guarantees you a high level security for your web/applications. Laravel’s built-in library is responsible for providing such great security features.

Laravel can protect websites and applications from CSRF attacks by using the Form Classes Token method. It will create a unique token for each form.

You can see a hidden field called CSRF token when you check the source code of your website/application. This will confirm that the request came from your application and not another.

Applications already built

Laravel also offers pre-designed applications. They can be used by developers to create a new app or as a template.

The application can be downloaded quickly by the end users and they can then enjoy its benefits.

Conclusion

It’s time to close the deal. We hope you have gained a better understanding of Laravel Development’s trends and that it will help you choose it over other frameworks.

You can make the process easier by hiring any Laravel Development Company. They can help you with your project and provide great service.

There will be many developers around the globe who will convince you that your project will be delivered on time. It’s up to you to decide how you will judge your developers, and give your project over to them.

 

Source : https://webkul.com/blog/trending-things-for-laravel-development-that-inspires-to-hire-laravel-development-company/