February 26, 2024

Boosting the visibility of your online store is crucial for enhancing sales and generating more income. Modern brands have realized that direct selling doesn’t always work with customers. They prefer to be informed and engaged regarding the products and services offered. Retailers need to merge their commerce with a content-based approach. By doing so, they can craft eCommerce experiences that are rich in content, leading to higher conversion rates and improved customer retention What is content commerce? Content commerce is more than the buzzword; it’s an innovative approach to eCommerce that integrates relevant, engaging content with product offerings to deliver an immersive, informative shopping experience. It’s about providing your audience with value beyond the products or services you sell. Content commerce means creating and sharing content to boost online sales. It’s like content marketing but for online stores. Brands mix this content with their sales strategies to improve the shopping experience, aiming to get more customers and sales. The key lies in thinking of your content less as a marketing tool and more as a product that you’re offering your customers.  By effectively communicating the benefits of your product through engaging content, you can drive customer engagement, build trust, and ultimately drive sales. Think of a lifestyle blog by a clothing brand that seamlessly features their products in their posts – that’s Content Commerce. Maximizing the benefits of content commerce Content commerce aligns with customer preferences, doubling down on active engagement. Customers no longer passively consume content; they interact, share, and initiate meaningful dialogues. It’s about creating a two-way street that fosters consumer participation and strengthens brand relationships. Driving customer engagement with content commerce Product videos, interactive quizzes, and user-generated content are some of the many tools used in content commerce. Videos, in particular, are growing in importance – with over $78.5 billion being spent on digital video advertising alone in 2023, These elements not only highlight a product’s benefits but also increase time spent on site and foster a sense of community amongst users. This interaction isn’t purely transactional – it enables customers to feel an emotional connection to the product and the brand. Using content commerce, you bring the customer’s focus onto the value proposition. Their purchasing decision is based not just on the product itself but also on the material surrounding it. This newfound customer engagement isn’t just a buzzword; it’s a proven method to increase customer retention and build loyalty. The power of user-generated content User-generated content (UGC) is a powerful ingredient in the content commerce mix. Featuring consumer testimonials, partnered content, or user-made videos, UGC guides potential buyers toward a purchase decision. It furthers trust and credibility, a clear example of consumers advocating for a product they believe in. By integrating UGC into your content commerce strategy, you’re enabling a higher level of customer buy-in and fostering an engaged community. Boosting sales with content commerce Content commerce provides a conversion-friendly ecosystem. It merges editorial content and eCommerce, providing educational and entertaining material that directs the customer’s purchase journey. In other words, your product becomes part of an enjoyable content experience rather than being a standalone entity. The result: increased conversion rates.Personalized content is an essential aspect of content commerce that directly impacts sales. By analyzing customer behavior, you can tailor content to suit their needs and interests better. This personalized experience fosters closer relationships with customers, transforming them into loyal, return customers. Remember, content commerce is not about hard selling; it’s about subtly guiding users toward making a purchase decision while delivering the content they enjoy. Role of analytics in boosting sales Understanding the correlation between content and sales is crucial. The use of analytics can help with this, providing invaluable data that enables you to fine-tune your content strategy. Performance metrics like click-through rates and conversion rates can clearly demonstrate the impact of your content. It’s about steering your strategy based on what has worked best – and remembering that what works best is what resonates with your audience. FAQs What types of content are effective for content-to-commerce strategies? Various types of content can be effective, including product tutorials, reviews, blog posts, social media updates, video content, and user-generated content. The key is to create content that aligns with the target audience’s interests and needs. Can content-to-commerce be applied to both B2C and B2B businesses? Yes, the content-to-commerce approach can be adapted for both B2C and B2B contexts. In B2B, it may involve creating educational content, case studies, and thought leadership pieces to support the purchasing decision-making process. How can personalization enhance content-to-commerce strategies? Personalization involves tailoring content and product recommendations based on individual user preferences and behaviors. It can be implemented through data analysis, AI-driven algorithms, and customer segmentation to provide a more customized shopping experience. 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The Permanent Account Number or PAN is a 10-digit number issued to every individual residing in India. It is an important and mandatory document that a person should have. It helps a person to carry out important work like opening a bank account and tax filing, and it also works as an identity proof. However, there can be situations where a person may wish to opt for PAN Card cancellation. Some reasons among them can be wrong details in the PAN card, loss of the previous card, etc. PAN Card cancellation has become hassle-free and does not require an individual to invest a lot of time in the process. When an individual has more than a single PAN card, it may lead to that person being heavily penalised, or worse, could even be jailed. Since the Government of India has made it mandatory to link one’s Aadhaar with their PAN card, every individual and business entity with more than one PAN issued in their name have been compelled to cancel or surrender their addition PAN cards. This article talks about PAN Card Cancellation with respect to individuals and entities who have more than a one Permanent Account Number (PAN). Consequences of Additional PAN When an individual is in possession of more than one PAN card, they may be penalised as per the law set by the Government of India. According to Section 139A of the Income Tax Act of 1961, an individual is only permitted to hold one single PAN card. This section of the Act talks about the eligibility for obtaining a PAN card. Therefore, an Income Tax Officer has the power to impose a penalty of INR 10,000 on any individual who has more than one PAN card as per Section 272B of the Income Tax Act. However, individuals have been given the opportunity to cancel/ surrender the additional PAN cards by merely visiting the NSDL online portal and complete the Form for PAN corrections. The individual would receive a notification once the Form and payment have been successfully processed. Additionally, one may even surrender/ cancel their additional PAN card by submitting the PAN Correction Form at their nearest NSDL Collection Centre. Once the Form is duly completed, the same may be sent and paid for to the Assessing Officer of the respective jurisdiction. Online Cancellation Process Step 1: Visit the official NSDL web portal. Step 2: Click on the Services tab and select the option of PAN. Step 3: Under the Change/ Correction in PAN data, click on the option to Apply. Step 4: Click on Application Type. From the drop-down menu, click on the Changes or Correction in existing PAN Data/ Reprint of PAN Card (No changes in existing PAN Data) option. Step 5: From the Category drop-down menu, click on Individual. Step 6: Fill the given Form with appropriate details and click on the Submit icon. After the Form has been submitted successfully, the request will be registered, and a token number would be generated. This token number would be sent on the Email Address that was provided in the application. Step 7: It is recommended to take a note of the token number for future references. Continue further by clicking on the Continue with PAN Application Form icon given below the page. Step 8: The user would be re-directed to a new webpage. On the top of the displayed page, click on the Submit scanned images through e-Sign option. Step 9: On the bottom left corner of the page, the user will be required to mention the PAN number that they want to retain. Step 10: Then, the user has to fill the Form with personal details including their contact number. Step 11: Below the next page, the user would be required to mention the additional PAN cards and the details that they want to surrender. After doing so, click on the Next icon. Step 12: On the next page, select the appropriate Proof of Identity along with Residence Address and Date of Birth as required. Step 13: The user would then be required to upload scanned images of their photograph along with authorising signatures and relevant documents. The individual must sign the acknowledgement receipt or must be approved by authorised signatories in order to request for surrender of PAN. For example, a Director is an authorised signatory in the case of surrender of PAN by a Company. On the other hand, for a Partnership Firm/ LLP, an authorised signatory would be a partner. Step 14: The user will be able to preview their application form once they have submitted their details successfully. The user is required to verify the details and make corrections, if necessary, and proceed to make the payment. Step 15: The user has to make the necessary payment via Debit Card, Credit Card, Internet Banking or Demand Draft. Step 16: Once the payment has been successful, the user will be able to download a soft copy of the payment acknowledgement. This payment receipt has to be saved and printed for future references and also, stands as a proof of payment. Step 17: The user has to send a printed copy of the acknowledgement to the National Securities Depository Limited eGovernment along with two attached photographs of the user. Step 18: Before the receipt is sent out; the envelope has to be labelled under Application for PAN Cancellation along with the Acknowledgment Number. Step 19: Post the signed acknowledgement (along with the Demand Draft if that payment option was chosen) to the address below. NSDL e-Gov at ‘Income Tax PAN Services Unit,NSDL e-Governance Infrastructure Limited,5th Floor, Mantri Sterling,Plot No. 341, Survey No. 997/8,Model Colony, Near Deep Bungalow Chowk,Pune – 411 016 Surrendering PAN of Deceased Once a PAN card holder passes away, the relatives of the deceased individual are required to write a letter to the Income Tax Officer who presides over the respective jurisdiction. The letter must comprise of the reason for surrender (here, it is the death of the PAN card holder)  and the death certificate of the deceased. Other vital information such as the Name, PAN Card Number, Date of Birth and so on are to be mentioned in the letter. The same process of surrendering PAN card is applicable in the case of the demise of

Customer Acquisition Cost, or CAC, measures how much an organization spends to acquire new customers. CAC – an important business metric – is the total cost of sales and marketing efforts, as well as property or equipment, needed to convince a customer to buy a product or service. Analyzing CAC in conjunction with Lifetime Value (an estimate of how much revenue an account will bring in over its lifetime by continuing to purchase or subscribe for a longer period of time) or Monthly Recurring Revenue (the measurement of revenue generation by month) is a common way to discover whether or not a company is operating efficiently. What is Customer Acquisition Cost (CAC)? Customer acquisition cost (CAC) is the cost related to acquiring a new customer. In other words, CAC refers to the resources and costs incurred to acquire an additional customer. Customer acquisition cost is a key business metric that is commonly used alongside the customer lifetime value (LTV) metric to measure value generated by a new customer. CAC, meaning customer acquisition cost, known in marketing circles as CAC, describes how much a company has to spend to get a new customer. The use of CAC marketing has risen in popularity as organizations use web analytics to make data-driven decisions. Whether they’re paying to have potential customers click on banners or investing in articles and graphic content, measuring their CAC helps companies figure out if they’re getting their money’s worth as they invest in growing their clientele. Internet marketing methods can target specific groups of customers on a granular level. This is relatively new. Traditionally, companies had to cast a wide net with advertising, which involved aiming their marketing content at a broad segment of potential customers. The hope was that this would bring in at least some new customers. Because this approach lacks specificity, it was common for companies to see undersized returns on their marketing investments. However, modern, targeted campaigns combined with CAC metrics can not only home in on specific groups of people but they can also tell you how much you’re spending per each new prospect to bring them on board and convert them to paying customers. Formula for Customer Acquisition Cost The formula for customer acquisition cost is as follows: Where: Sales and marketing expenses are the advertising and marketing spend, commissions and bonuses paid, salaries of marketers and sales managers, and overhead costs related to sales and marketing over the measurement period. Number of new customers is the total number of acquired customers over the measurement period. Why does CAC matter? CAC reflects the success of your marketing and sales campaign performance. Your marketing and sales teams spend a lot of time, effort, and resources trying to find new customers and improve customer retention. Customer acquisition cost is just one important key performance metric your business must track to determine how effective your campaigns are. Once you understand how much it costs to acquire a customer, you can begin strategizing to reduce those costs, ultimately boosting your return on investment (ROI.) For example, if you want to write a sales email that converts, you may measure the effectiveness of your campaign and A/B test different factors to identify ways to reduce that cost.It costs less to retain customers than it does to find new ones. So, while CAC is an important metric, you must take into account other factors that may contribute to your bottom line, like customer retention. Importance of Customer Acquisition Cost CAC is a key business metric that many businesses and investors look at. In fact, many companies end up failing due to not fully understanding their customer acquisition cost. 1. Improving return on investment- Understanding the cost to acquire new customers is crucial to analyzing marketing return on investment. For example, consider a company that uses several channels to acquire customers:By using CAC, a company is able to determine the most cost-effective way to acquire customers. In the table above, we can see that Social Media provides the lowest acquisition cost while Social Events cost the most. A company presented with this data may consider using social media marketing more to generate more customers. 2. Improving profitability and profit margin- Understanding its CAC provides a business with the ability to fully analyze the value per customer and improve its profit margins. For example, assume that the value of each customer to a business is $60. Relating it to the example above, which channel would you choose to use? A business that does not understand CAC would adversely affect profitability by choosing to use Social Events as a channel. The channels Social Media and Posters would improve profitability for the company as the CAC is lower than the value per customer. How customer lifetime value affects customer acquisition cost Customer lifetime value (CLV, or sometimes LTV) is the amount your company makes from each customer during the customer’s “lifetime” of making purchases from you. Of course, the amount of time a person remains a customer and how much they spend varies greatly among businesses and sectors, so you have to consider the factors that impact your company specifically. However, some elements of CLV are pertinent to most organizations. Average customer life span: This is how long the individual remains a customer. Rate of customer retention: The percentage of customers who buy again. Profit margin per customer: Expressed as a percentage, this may take into account CAC as well as other expenditures such as the overall cost of goods sold, which includes production and marketing costs, and how much it costs to run the company. To calculate the profit margin per customer, take your net income per customer, which is what each customer spends minus the CAC, then divide that number by your revenue from the customer over their lifetime with you. Multiply by 100 to get the percentage. Average amount each person spends over their lifetime as a customer: This is a simple calculation: Add up what each customer spends over their lifetime and divide it by the number of