Time is money. We heard this sentence so many times we are now used to its sound and hardly stop and think about its meaning.
Actually time is way more valuable then money, since it’s not possible to have it back once you have spent it.
Well, this article is not about philosophy or spirituality, it’s about marketing. However, I don’t need to remind you that psychology and marketing walk hand in hand.
Since time is so precious to us, we need to do all we can to speed up the browsing process for our customers. If they feel like they are wasting too much time, they will likely leave the store before buying what they were after.
That’s why I used some of the previous articles to talk about ways to make navigation easier and make the checkout process quick and simple.
But time is also very important for sellers
I’m not going to list every aspect of an e-commerce store that owners should keep in mind, but it’s often important to make a choice at the expense of other ones.
83 hours of work
In order to better understand how a simple aspect can eat away your time, let’s have a practical example.
Imagine a huge e-commerce store that deals in handcrafting materials and tools.
Whether this store deals in production or distribution only, it doesn’t change the fact that its prices vary according to market fluctuations.
Let’s say for instance this store sells 10000 different steel models. Once the production prices go up, the only way to gain some profit from these products is to rise the price of every single item by 1$.
Now let’s calculate how long it would take if you were to to this manually:
- If it takes 30 seconds to change each object (you need to search for it in the item list, open it up, change it and save it) than this would result in:
10’0000 x 30 = 300’000 seconds
300’000 seconds = 83 hours
83 working hours wasted changing the price of your products. Almost four days of non-stop work, which means it would take longer then a week to update them all.
And a lot can change during the week you spent updating these prices, you might find yourself having to update them again.
This is clearly an extreme case, imagine having to change the price for 500 products (a much more reasonable amount of items for an online store), in this case it would take you more than 4 hours to change the price of all of these products.
4 hours sounds acceptable, right? Well, that depends: given that the price of an item is subject to a number of variables (fuel price, materials prices, suppliers, taxes, domestic and foreign politics, etc…) then it’s easy to understand one might risk taking way too long after every single change.
So what then?
- You might handle this yourself, wasting precious time an e-commerce store owners cannot afford to waste, or
- You can delegate someone else to do this in your place (say it would take 16 hours per week, on 40$ per hour that would cost you almost 2560$ each month just to update your products).
Luckily you have a third chance: you can use a WooCommerce tool to perform bulk changes to your product, such as WooCommerce Bulk Product Editing.
This WooCommerce plugin allows you to quickly change the most important aspects of a bulk of items, such as price, categories, shipment, short description, etc…
This way you can quickly update each aspect of the products you loaded on your WooCommerce store using bulk changes, in order to follow market fluctuations and set specific prices during the holiday season.