IN THIS ISSUE

• More Deposits, Less Drama 💰

• Who's That Clicking On Your Store? 🚦

• New! Unlimited Product Variants & Options 🤯

• Inside Jaeger Lumber: Lumberyard Tour 🤳

DEEP DIVE

Order Deposits: How to Secure Cash Flow Without Breaking a Sweat

Special order deposits—every dealer's mixed blessing. On one hand, they secure commitments and boost cash flow; on the other, they can be a logistical headache.

But what if we told you there's a way to make this process seamless and secure?

What are special order deposits?

Special order deposits are essential in the LBM industry. These are advance payments collected to secure custom orders—think unique dimensions, bespoke finishes, or materials not typically in stock. Custom millwork, specialty lumber, and unique building components often fall into this category.

These deposits not only ensure customer commitment but also provide upfront cash to cover material costs or operating expenses. Given the custom nature of these orders, deposits can be substantial, ranging from 50% to 100% of the order value.

The challenges with order deposits

Managing these deposits isn't always straightforward.

Ensuring collected deposits are accurately recorded can be a financial minefield, leading to discrepancies if not handled properly.

Traditionally, customers have to visit the store in-person or make a payment over the phone—which isn’t PCI compliant. Offline payments lack the robust fraud protection that you get with online payments, which can provide peace of mind when fulfilling special orders; especially from first-time customers.

How can payment links improve deposit collection?

Imagine this scenario:

A customer visits your showroom and is intrigued by several door or window styles. The sales rep promises to send a quote or creates one on the spot. Whether it’s sent the same day or a few days later, the quote arrives in the customer's inbox. After reviewing the pricing, the customer decides to proceed. A digital signature option at the bottom of the quote allows them to confirm the order instantly.

Here's where the rubber meets the road: Once signed, a payment link is texted to them, enabling them to complete a deposit payment with just a few clicks.

With this unique payment link, the customer pays online, sparing them a return trip to the store and ensures PCI compliance by eliminating the need to take an over-the-phone payment. Online payments also undergo fraud protection, mitigating risks.

The bottom line

Customers can pay deposits anytime, anywhere. 🌎

Online payments are PCI compliant and fraud-protected. 🔐

Payment links directly tie deposits to specific orders, simplifying your AR process. 😌

Special order deposits don’t have to be a hassle.

Implementing a digital payment solution can transform a once cumbersome task into a streamlined, secure process, enhancing both customer experience and operational efficiency.

The (other) use cases of digital payments

Erik, Chris, and Brad share their insight on the most impactful use cases for digital payments they hear every day from dealers utilizing an online payment system.

BY THE NUMBERS

Where do your online shoppers come from?

Welcome to "By The Numbers," our latest addition where we turn the spotlight on the data driving the LBM industry. Each issue, we'll feature a key graph or chart that sheds light on trends, behaviors, and strategies, transforming raw numbers into actionable insights.

Ever wondered who's browsing through your online shelves? Let's dive into the numbers of your virtual foot traffic.

• Organic Search (60%): Clearly, the lion's share. Most people find you by typing something related to what you sell into a search engine or browser search bar.

• Direct (18%): These folks either have a really good memory or your URL saved somewhere handy.

• Organic Shopping (10%): This slice might seem smaller at 10%, but don't overlook these savvy shoppers. They come via organic product listings in Google Search, which you get by submitting your catalog to Google Shopping.

• Everyone Else: Paid search picks up a modest 4%, while referrals (other websites linking to your store) and social media add a few more single-digit contributions. They might not be the heavy hitters, but hey, every bit helps right?

What’s our takeaway from this? Organic search might be pulling most of the weight when it comes to last-click attribution, but that doesn’t mean you should pull the plug on your new Social Media manager.

High intent channels like Google capture the final click, but what about the journey there? Social media, though seldom leading directly to a purchase, builds brand recall that subtly steers consumers back to your store when they're ready to purchase. Think of it as seeing the brand name ‘RAM’ when considering buying a truck and suddenly noticing RAM trucks more frequently. Sound familiar?

This isn't coincidence; brand familiarity influences behavior and fosters trust, which in turn boosts the likelihood of searchers clicking and converting when your brand pops up in their search queries.

Plus, a significant portion—anywhere from 10% to 50%—of the traffic from Organic Search is likely to have come from branded terms, i.e. someone searching specifically for your brand name. This is often as a result of marketing efforts, or word-of-mouth, that customers were exposed to elsewhere.

Moreover, remember that this is aggregate data spanning multiple stores—your specific context might tell a different story. If your local competitors are shying away from paid ads, that might be your cue to step in. With less competition, your advertising dollars can stretch further, allowing you to potentially dominate this space and maximize returns. In marketing, it’s about finding your niche; sometimes, you need to zig where others zag.

WORTH READING

• The practical use cases of AI in LBM: 🤖 Learn how AI is shaking up the LBM industry from the ground up with practical applications. From cutting-edge logistics optimizations that sound like they’re straight out of a sci-fi novel to AI chatbots that could give your customer service team a run for their money, this article breaks down the nitty-gritty of AI’s real-world impact.

FROM OUR PRODUCT TEAM

More powerful variants management

In our latest release, we've enhanced the variants feature, bringing you greater flexibility and control over product customization. Here's a quick rundown of what's new:

• Self-service management: Create and manage variant products directly in Dealer Admin, enabling both individual and bulk variant creation.

• New "Options" schema: Define product attributes like color and size to differentiate parent products from their variants, supporting unlimited options and values.

• Effortless variant creation: Add options to existing products and generate customizable variant SKUs, with inherited details like name and description.

• Precise attribute control: Store-specific attributes like price and availability are not inherited, allowing for tailored settings per location.

• Product assignment: Convert or assign existing products as variants of others, preserving unique attributes like Name and SKU.

• Enhanced catalog management: Update, add, or delete options and values via the Catalog Manager, with comprehensive access to variant details.

• Storefront display options: Choose between Core View and Variant View, offering flexible presentation and purchase options directly from the storefront.

To manage variants, navigate to Dealer Admin > Products and select the product you want to manage variants for.

NAIL THE TREND

We’re pumped to share a recent lumberyard tour with our customer @jaegerlumber! Get an inside look at two of their eight incredible locations, guided by none other than owner Brian Jaeger.

A helpful video from @advantagelumber educating customers on how to calculate board feet so they order the right amount for their project.

@risingerbuild with a tour of a BMF lumberyard, showcasing their windows & doors showroom! If you have customers with a sizeable following on Social Media, why not invite them to tour your lumberyard?

UPCOMING EVENTS

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