Whether you are looking for exclusive deals and promotion for your customers or discounts on products and services, we connect you to the things that matter most with Rhbus promotion functionality.
Why you should run promotions?
At first, it might look like offering coupons and deals is a non-profitable behavior that eats into profits from your business. If it were true it would be a terrible mistake. In reality, what really happens is, your business gains from sales promotions just as much as your customers.
What considerations you should make before running promotions?
- Lower your risk & make a profit: A balanced approach to promotions taking into account the profits, revenue the company is making, minimizes risk to your company. In other terms, as long as you’re not offering, outrageous deals that is not sustainable for your business, your promos are likely to create profits due to volume of goods sold.
- Retain customers : You could use sales promotions to retain your customers and increase their satisfaction in your business.
- Eliminates dead stock: Promotions are great way to reduce dead stock, and free up working capital.
If promotional strategies are played right there is no doubt that Rhbus-promotion-functionality Will Make You Tons Of Cash.
Today, we are introducing the next feature update to the RHBUS web app, Version 2.1.55. As people continue to rely on RHBUS more than ever to simplify their business process, we understand the importance of providing the best possible update experience to help people and their organizations stay protected and efficient in their business processes. It is a responsibility we do not take lightly). In today’s blog, I will cover details on the release, its scope.
Faster and better
Based on feedback and learnings during the past year from our customers, we have improved the speed, security, and remote access quality in this feature update. We have changed the domain name from https://rhbus.shop to https://rhbus.tech to signify the massive improvement that has happened within the application.
New features introduced in version 2.1.55
- Eway bill generation within the RHBUS web app.
- SSL-based authentication.
- E-invoice generation within the RHBUS web app.
- Barcode integration in the picking process.
- Option for bulk Sales Order import.
- Eway+EInvoice combined generation within the web app.
- Option for automatic assignment of pickers in large-scale organizations following best methodologies.
- New shipping providers integrated within the application for one-stop AWB number generation.
Feature update Conclusions:
Our layered approach to the development within the organization and launch of new features continues and we constantly improve by obtaining user feedback and data on performance and quality.
Strategic plan in a pandemic for retail, wholesale, and distribution industries is a must in-order to the face the unexpected and survive in the long term.
The following are the methods one can adopt to plan for the unexpected
- Create contingency plans: This can be done by listing the key risks and prioritizing them based on their impact.
- Mitigate supply chain shock: We need to establish links with new suppliers to diversifying the suppliers base, in order to mitigate the supply shock.
- Manage demand volatility: We need to keep in mind the human behavior, the demand will increase sharply when restrictions placed and demand will decrease when cases of infection will peak.
- Make work environment safe: Invest in protective equipment for supply-chain workers and as far as possible limit human to human contact.
Let us analyze a case study
In this paragraph, we will explore the case study of lockdown in India. India as we all know is one of the densely populated countries in the world. Covid-19 has been spreading like wild fire rapidly and becoming worse day by day. Many countries have identified the only way to contain the situation by introducing intense periods of Lockdown, however, due to the lockdown economy is taking the toll.
Some businesses are closing permanently, some of them are laying off their employees, some of them are changing their locations, etc. A tough lockdown may have been successful in breaking the COVID chain, however it has taken toll on the economy. Some business experts mention that it would take 1-2 years for the economy to come back to pre-pandemic levels .
Are the start-ups & small businesses are saying goodbye, how they can survive in the world market or with leading tycoons?
There were rumors spreading that start-ups are shutting down but looking deeper and researching we found that’s not true. They are adapting and coming up with new innovative ideas. They are the ones who can change the insights on the market. For example, people were not aware of the online money transfers before demonetization however, looks now almost everyone is using the UPI’s from maid salaries to grocery shops.
What this pandemic has done to the world is that it changed the perspectives. The business world changed the traditional way of sales and marketing adopting strategic plan in a pandemic for retail, wholesale and distribution industries!
Will a small change in the Sales strategies can change their falling sales curves?
Absolutely Yes. Business strategic planners should start thinking about going online & tying up with delivery partners, payment gateway. Social distancing is a must in this pandemic situation. Use the applications which are built on the latest technologies that help you in connecting with omnichannel (Multi-channel sales operations), logistic companies, payment gateways in one single platform & these outbound business strategies will help you to increase the sales and reduce credits accounts in the balance sheet.
Our insights from analysis of current market scenario.
Retail, wholesale, and distribution Industries are pursuing their business in a more traditional way which might have been alright in the previous normal but not relevant in the current situation & they should start adopting for technological changes such as –
- Starting online advertisement campaigns.
- Creating web stores. SEO on web pages.
- local market, or partnering with leading marketplaces.
As a result of these little changes you can catch the buyer’s attention but this does not mean that they will buy the products soon they notice the ads. For making the customers clicking on the checkout button, you will need to spend some time on the rendering of proper information i.e. in the detail product description on the website page, Pros of your product, Pricing on the product.
Not only the above-mentioned points, but one can also try retargeting campaigns and follow the same set of customers who were the website visitors by introducing more intriguing offers by following their social and online trails.
These may not take you heavy investments. Think about it! You just need time to rearrange the way you operate.
In conclusion retailers should immediately implement a digital supply chain management solution to reduce disruptions.
A based cloud ERP can help mitigate the impact of the coronavirus in the following ways:
- Allows adoption of omni cannel sales it as a result it cushions the impact of sales during low demand.
- A cloud based ERP solution will help in monitoring of inventory remotely without the need of additional personal Above all making following social distance easier.
- RHBUS ERP solution helps in managing multiple suppliers at one place making sending & receiving quotation easier.
In conclusion Gear up now unless it’s too late. Your competitors are already on board for this. All every business needs to do is take the actions now.
Setting up the SOP for a business at the beginning is a fun and interesting activity, but after a few months or even within days we give up the process.
There are many ways to overcome these situations
follow a simple workaround with employees
Make a blueprint of complete Business Operations, the stakeholders of the company will have to work with real-world problems and use their prior experience to explain what occurs in day-to-day operations.
After deep discussions and understanding with keys operators in a company, the SOP “Standard Operating Procedure” will be prepared and set.
The Big Question, Is How To Make Sure This SOP Been Followed?
The factors and assumptions considered while setting the SOP for a Business will differ from the reality, this may be
- Consideration of actual scenarios.
- The constant change in management decisions.
- Employees fail to understand the process.
- Regular auditing on follow up of the processes
- The discipline of the business owner.
To successfully implement SOP, the following steps need to be considered:
a) Try to follow the process in real-time even before implementing the standard process and be practical in analyzing it.
b) Any new employee who is on board, should be able to understand his role and start performing as per the SOP.
c) Ensure you have an application (Software for Retail) that captures the User and the time stamp for an audit trail.
d) Set up an approval process for 2 critical areas.
i) Purchase Order
ii) Sales order
Ensure to have a check on the process been followed across the organization.
SOP is not just a procedure specific to your operation that describes the activities necessary to perform tasks following industry standards, it is a set of rules and guidelines to ensure the efficiency of business is improved.
Setting up a standard operating procedure not only helps in streamlining the process but also helps in building Discipline in the business.
Business should continue building, even in the absence of the Business Owner.
A retail shop software helps in knowing the real time stock availability across the channels of your organization leading to lucrative profits.
The excess inventory is an issue faced by most SMEs due to the non-visibility of stock in real-time, but retailers & distributors have some other unique challenges not as common at other businesses a retail shop software can address all such issues by showing real-time stock and making stock predictions.
Based on a research
- Over 60% of the customers were willing to seek another retailer if a brand isn’t able to offer their preferred products fulfillment.
- 2/3rd of the customers reported that they are less likely to buy from retailers who are unable to confirm product availability.
- Studies have shown that the annual additional cost of holding excess inventory can be 25% to 32% of gross margin.
As a result, this lowers operating profits. When there is no real-time inventory visibility, you may hold more inventory than you need, consider for instance we cannot identify the availability or SKU of the products when it’s needed for sales.
Your Income Statement suffers in two ways
- Lower gross margin due to lack of effective conversion of potential prospects to customers&
- Increased Operating Expenses for additional space, labor to manage, excess investment on the stock, and taxes.
How can poor stock visibility negatively affect a brand?
There is no mercy for bad stock visibility, if you have a product it would need that bringing to the customer’s attention at the very start of the shop, or either at the very end it should be arranged as such.
Brick and mortar stores can be at risk of bad stock visibility, primarily due to not changing their layouts often enough and not considering external environments.
For example, it is summer outside and you find the store is pushing heavy on raincoats, it does not work, does it?
You would want your shorts, t-shirts, sunscreens, cooling glasses, and flip-flops at the very front of your store.
How retailers handle this problem?
As a result many large-scale retailers usually hire expert retail installation companies that usually take care of stock merchandising, store layout design, and attractive signage installation.
Therefore, Hiring a Retail Installation company will also provide real-time insights and performance indicators through store audits and surveys which will further help in future planning and regular reshuffling initiatives, like updating customer-facing shelves and stock movement activities. Above all, helping in getting a positive return on investment through maximized sales and customer engagement.
In the coming years, inventory visibility will become very important to omnichannel retail strategies therefore, we need to choose the right inventory management software such as RHBUS to improve real-time stock visibility.
Inventory is meant to be sold. Any unsold inventory can pile up over time eating into space in your stockroom or warehouse. Let us take a luggage store as an example, you have an inventory of a boy’s handbag in your luggage store that doesn’t sell and doesn’t have a high likelihood of selling in the future. We refer to that inventory of the boy’s handbags as dead stock.
Deadstock by definition is a stock of products that are not likely to ever leave the shelves in your shop.
A common error of your retail businesses is not taking any action to obviate their stock, meaning these products still occupy space within the warehouse and slowly drain valuable finances which might be allocated towards business growth.
How software for shop management can avoid dead stock?
RHBUS shop management software has features such as demand forecasting and inventory forecasting to help find that balance. Sellers can stock accordingly by predicting product demand and certain sales. This will change in complexity counting on your business age, the capital, and your existing data, but taking the time to forecast sales will help you to streamline your inventory management and reduce costs. The shop management software can also automate process flows to avoid human error and oversight.
How to Clear Dead Stock Inventory?
Give out massive discounts keeping in mind this unwanted stock is draining resources, this sort of discount usually helps you in giving you a fresh start in terms of acquiring or getting a new set of products that are more suitable for the present market and your business and customers.
Bundle your product with other fast-selling products, in case of bundling products we need to make sure that the cost of the package is such that the cost of the bundle is lower than if products are purchased individually. This would help you get customer satisfaction and also help you get rid of dead stock from your inventory.
Treat Your Staff
This is one the easiest way to get rid of dead stock, you may give the dead stock to your staff as a performance bonus, festival bonus, or just as a sign of gratitude.
This would help in boosting the employee morals and employee satisfaction along with the added benefit of getting rid of dead stock.
Give it off for free to Charity
If your dead stock is such that it cannot be given in discount, bundled, given to staff due to reasons such as the product is made for an event and the event is canceled, the product degraded or damaged in storage and the refurbishing cost is high. We can give it to charity, this would help us in creating a positive brand image in the society.
Well, if you follow all of those tactics, will your dead stock get away completely? Nope, there’s no certain answer thereto, but the above steps can assist you to identify loopholes and keep dead stock in restraint or check. You’ll have to revisit these strategies on an endless basis and adjust them to support your business needs and market conditions.