Retail Industry in Mumbai & Omnichannel Insights

The retail industry in Mumbai has great potential in holding up the newest trends in fashion and bringing out the greatest and high-quality merchandise for a wide array of customers in India. Mumbai has been rated best city among the retail companies in India. It aims to maximize local sourcing from Maharashtra in the long term to make the products more affordable. It has its own production facility. It introduced the concept of lifestyle furniture in India.

Retail Industry in Mumbai & Omnichannel Insights | Marine Drive Mumbai | RHBUS
Marine Drive – quay Mumbai (Mumbai).

The retail business is going through a huge quantity of change. The Indian retail industry is just one of the quickest growing market in the world. Thus, retail industry or retail businesses play particularly a critical role bring about the change in the shopping of the assorted customers all around the country in at varied price range depending on the high quality and amount of the commodity.

Many varieties of retailers concentrate on a few high-volume periods each year to boost their profits. Due to such changes, they have been forced to meet the demand and stay ahead of the competition. Therefore, to better thrive in the industry, they must ensure that they provide flexible payment methods such as mobile payments. Top retailers will need to comprehend how to draw in more customers and among the top trends is to create a memorable shopping experience for customers. So as we are into 2020 , retail industry in Mumbai looks very promising.

Omnichannel Insights Mumbai | Retail ERP Mumbai | RHBUS
Bright and fashionable interior of shoe store in modern mall – Mumbai

When it comes to providing Customers the best experience and also having complete control over each and every aspects of business operations , that is where choosing and implementing any modern technology plays an important part in deciding the organization’s future .

Each implementation is about improving the retailer’s operation so that it runs more effectively.

This is where our experience counts. At RHBUS , our people are immersed in the reality of retail project implementations. It is where we come from. It is our common language. And it is how we help businesses attain success.

RHBUS Retail provides the fundamental product for running a store or stores by addressing every corner of your business with a notation of ‘No Application is an Island’

RHBUS Retail has 4 main components or parts

1. RHBUS Retail -Back office (Business Application For Retailers)

2. RHBUS Retail – Store Management (or Hospitality for Restaurants)

3. RHBUS Retail Smart POS solutions

4. E-commerce or may know as omni channel for sales

Rhbus provide the retails not just a tool which help is operating the business, but it provides the new channels to increase the traction to meet more potential customers. With it’s omni channel approach.

RHBUS is a subscription-based application, designed and developed to address the real-world problem for Retail, Wholesale & Distribution industry, that provides end-to-end solutions for businesses with the following modules:

1. Supply Chain Management (SCM)
2. Warehouse Management (Android hand held device)
3. Finance Management
4. Wholesale and Distribution

5. Retail module with POS system (Offline)

6. Integrated E-Commerce with payment gateway, shipping companies and 7. Management Dashboards with Big Data analytics.

Rhbus help in driving all the channel sales data to one inventory system. This gives a great control to the retail, wholesale and distribution company on there stock level and dead stock, which results huge impact on the costing.   

As the , retail industry in Mumbai grows in 2020 there will be more focus on Omnichannel and its Insights . At RHBUS we can help you with the implementation of the necessary technologies and stay relevant in the rapidly evolving retail industry , stay close to the customers.

Retail ERP for Bangalore and Retail Insights

We have witnessed how the Retail industry has been through test of times and was challenged by digital innovation and disruptive forces, changing customer behavior and their preferences, integrated omnichannel delivery , intuitive customer experiences, and the list goes on.

The Retail market in Bangalore has always been the pioneer to bring the new wave of changes through adoption of modern technologies and infrastructure to accommodate the fully functional processes according to the current demand of changing times.In fact we all know that the country’s first shopping mall came up in Bangalore,the city is simply great and shows tremendous growth displaying higher buying power of the consumers.

Retail ERP for Bngalore - RHBUS ERP

So who are we ?

We are RHBUS –  Retail ERP

Operating and serving clients from India, Thailand & Singapore  for the Retail Industry. In India we are providing Retail ERP for Bangalore and other cities as well.

Rhbus provide the retails not just a tool which help is operating the business, but it provides the new channels to increase the traction to meet more potential customers. With it’s omni channel approach.

RHBUS is a subscription-based application, designed and developed to address the real-world problem for Retail, Wholesale & Distribution industry, that provides end-to-end solutions for businesses

Each implementation is about improving the retailer’s operation so that it runs more effectively.

This is where our experience counts. At RHBUS Erp, our people are immersed in the reality of retail project implementations. It is where we come from. It is our common language. And it is how we help attain success.

RHBUS Retail Insights provides the fundamental product for running a store or stores by addressing every corner of your business with a notation of ‘No Application is an Island’

RHBUS Retail has 4 main components or parts

1. RHBUS Retail -Back office (Business Application For Retailers)

2. RHBUS Retail – Store Management (or Hospitality for Restaurants)

3. RHBUS Retail Smart POS solutions

4. E-commerce or may know as omni channel for sales

Rhbus provide the retails not just a tool which help is operating the business, but it provides the new channels to increase the traction to meet more potential customers. With it’s omni channel approach.

RHBUS has the following modules:

1. Supply Chain Management (SCM)
2. Warehouse Management (Android hand held device)
3. Finance Management
4. Wholesale and Distribution

5. Retail module with POS system (Offline)

6. Integrated E-Commerce with payment gateway, shipping companies and

7. Management Dashboards with Big Data analytics.

Be in touch with us to implement Retail Insights , Retail ERP for Bangalore and other cities as well.

Rhbus help in driving all the channel sales data to one inventory system. This gives a great control to the retail, wholesale and distribution company on there stock level and dead stock, which results huge impact on the costing.   

Cloud based ERP for SME’s

The acronym ERP stands for Enterprise resource planning – which indeed acts as support for the day to day business operations. It includes Procurement, Warehouse management, SCM, Manufacturing, Accounting in the basket of ERP. ERP systems tie together and define business processes and enable the flow of data between them. By collecting an organization’s shared transnational data from multiple departments, which helps the management to take up the decisions based on the real time accurate data.

ERP systems eliminate data duplication and provide data integrity with a “single source of truth”

Cloud based ERP for SME , need to have stronger technology-based ERP. Because, SME’s face many problems related with Marketing, Communication within organization, Opportunity Cost etc. that may lead to inefficiency at additional cost

Advantages of having ERP in SMEs:

1.      Efficiency – will be increased when company adopts the ERP in the organization, it reduces or eliminates the human interactions to the least possible point, Errors will be reduced and speed will be increased in the operations. Indeed, the efficiency of the workers will also increase as the burden is reduced from the manual worker.

2.      Lack of communication within organization – which intern leads lots of redundant of data entry, miscommunication of reports, customer dissatisfaction etc. ERP gives them a open and integrated communication which results in duplication and increase of accuracy of data.

3.      Collaboration – different departments in a company will act as one. ERP collaborates with each departments and gives the real time reports to management to know the business position at any point of time.

4.      Operating Cost – ERP software reduces administrative and operations costs. It allows organizations to proactively manage operations, prevents disruptions and delays, breaks up information logjams and helps users make decisions more quickly. If chosen the right solution for the business, and the right vendor who meets the needs, bound to see a powerful ROI

5.      Process flow across the organization – which streamlines the operations of the business process flow in the company. This give the management team to actively involve in all the process of the organization before shipped or purchase by approving the transactions. This Improves accounting control and shorter sales to cash cycle.

6. Mobility of work – is done by anywhere in the world at any point of time

Problems while opting the ERP in SME’s:

1.      Technology – insufficient knowledge on ERP technologies can also end up electing wrong ERP for the organization. Which intern lead to change of ERP in shorter time phases.

2.      Trust factor – ERP implementation partner should be trusted person and should have the consulting skills with industry specific experience to analysis the pain points of the company.

3.      Return on investment – most of the SME will think of cost of licenses & implementing of ERP in the company but, the real deal is in the ROI of after implementation. ROI calculations needs consultation and time to arrive at the expected result. 

Conclusion:

Although Cloud based ERP for SME provides many advantages, its implementation is a strategic decision, involving significant resources (both financial and human), proper evaluation and business process re-engineering. There must be a commitment from all levels of the organization. SME’s should not think of investment for immediate ROI, but they need to make a clear concept and vision of the organization. ERP which is designed for SME’s will support to increase the functional speed of the organization. 

The Importance of Real-Time stock visibility

Knowing the real time stock availability across the channels of your organization leads to lucrative profit

Excess inventory is an issue faced by most of the SME s due to non-visibility of stock on real time, but retailers & distributors have some other unique challenges not as common at other businesses.

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.

This results in lower operating profits. When there is no real time inventory visibility, you may hold more inventory than you need, but cannot identify the availability or SKU of the products when it’s needed for sales.

Your Income Statement suffers in two ways,

  1.  Lower gross margin due to lack of effective conversion of potential prospects to customers&
  2. Increased Operating Expenses for additional space, labor to manage, excess investment on the stock and taxes.

Does Dead Stock or Slow-moving stocks affect the Business?

Dead stock or Slow-Moving Stocks are referred as stocks which are not moved or laid for long term in warehouse and over the period of time those stocks will be become obsolete and useless.

“According to the studies the well-run companies are also have anywhere from 20-30% of inventory as dead stock. These dead stocks can affect in the business profitability in long term”.

#Reasons for dead stock:

1.      Low Demand in market – When demand is less in market & stocks are more in Warehouse, the stocks will become slow-moving or dead stock.

2.      Inaccurate Forecasting of demand & supply – while purchasing the products from the vendor, know the sales trend of the product in stores. If anything is ordered excess that may become obsolete in warehouse

3.      Communication between Warehouse team & Sales team – if the company doesn’t have livestock reports with the sales team, that may cause in under the utilization of the items in warehouse.

4.      Lacking Inventory Management systems – inventory systems are very much important in a company to know the stock in hand, procurement of stocks & sales trends in the market. These 3 aspects will give the clear knowledge on the company inventory costing. These 3 things may go out of reach when there is no inventory management in an organization.

#Impact on business by dead stock:

1.      Cost of Warehouse & Space utilization: if the cost of the warehouse is increasing that means the working capital /return on investment Cash held up in non-selling inventory is what we call non-working capital. The investment should be working to bring profits which can be re-invested to buy fast-moving stock that will generate even more profit.

2.      Offers on old products – This will reduce the profit of the company by giving offers on the product. These costs are often hidden cost for the company.

3.      Opportunity Cost or Carry cost – the company is spending money on a dead inventory item & the held-up money that can’t be used to procure an item that will sell and gain profit. This will indeed make loss to company by reducing the sales by not procuring the fast-moving products.

4.      Lost sales cost of inventory – when there is high demand for product & low inventory levels in a company that will directly affect the Gross profit of the company as the products can’t be sold when there is high demand in the market.

#Liquidating the dead stock:

1.      Bundle it with other products. Combine and sell it with related products at a discount

2.      Purchase Return – By returning the stocks to the vendor will circulate the stocks to others who can make use of it.

3.      Promotions & discounts on Product- apply discounts on outdated products, combo offers with fast moving products & higher loyalty points can be given to slow moving product.

4.      Organised the stock in warehouse where staff can easily find the slow-moving product easily. So, that the items can be disposed after the certain time of doing purchase & also, by adopting the inventory management system in the organization can help making of it.