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Today’s businesses are aware of how critical effective supply chain management is. Nonetheless, it is equally crucial to comprehend how outbound and inbound logistics procedures affect the supply chain as a whole. Your Logistics and Supply Chain Management play a huge role in how your inbound and outbound will turn out to be. Inbound logistics entails tasks like the delivery of goods and raw materials from suppliers to a business as well as the storage and transit of those materials. To prevent production line delays, coordinating transportation from many suppliers and ongoing communication are crucial. While outbound logistics concentrates on procedures necessary to transport finished items to final consumers. Some of the difficulties encountered when carrying out outbound logistics procedures include preparing cargo for tracking deliveries, distribution of goods, and enhancing routes for quick delivery. The effectiveness of the supply chain depends on the success of both outbound and inbound logistics. If handled manually, these operations can be laborious and complicated. Logistics and Supply Chain Management technology can be used in this situation. To effectively manage both inbound and outbound logistics and easily meet consumer expectations, modern logistics systems that combine AI, machine learning, and numerous algorithms have become essential. How Inbound Logistics and Outbound Logistics Different? The movement of raw materials into the company’s manufacturing facility from various suppliers is a part of the inbound logistics process. It may also involve managing inventories as well as tasks like locating raw materials and storing and delivering materials that will be used in the production process. The flow of the finished product from the company to its customers is referred to as outbound logistics. It comprises tasks related to packaging, shipping and delivery, and customer support. While outbound logistics concentrates on the interaction between the company and its clients, inbound logistics is more concerned with the relationship between the company and its suppliers. Outbound logistics is primarily focused on customer service and distribution of finished goods, whereas inbound logistics is more concerned with material management and production. Overall, inbound logistics have a direct effect on the company’s manufacturing processes. Since the final product depends on the raw materials that are used, it also affects the finished product that is offered to the clients. Any inefficiency in the incoming logistics processes would result in delays in the delivery of goods and a halt in production, increasing losses and resource waste for the company. The best way to deal with the delay is to engage a Logistics and Supply Chain Management software such as D365 Transport Management were the How to Optimize Your Inbound and Outbound Logistics? Businesses may now more easily improve their outbound and inbound logistics operations thanks to Logistics and Supply Chain Management technology such as ERP for Logistics and the variety of possibilities it provides. The objectives are to improve productivity, reduce costs, and make processes run more smoothly. The following strategies can be used to optimize inbound logistics: Encourage Logistics and Supply Chain Management Automation The procedure can be automated by choosing ERP for Transportation that tells the best delivery routes utilizing intelligent route optimization software that uses analytics, machine learning, dynamic routing, and GPS tracking to give you the best options. Monitoring inbound delivery fleets, product unloading, and in-plant activities can assist in increasing efficiency and saving the company a ton of time and money by following schedules. Using Logistics and Supply Chain Management Software A company can keep up with the market environment for freight costs and other dynamic aspects that can negatively impact inbound operations with the use of Software for Transport Company. Businesses can save a lot of money by keeping up with the dynamic changes in the logistics sector and by having an appropriate awareness about the going rates as opposed to only adhering to the prices given by various suppliers. Boosting Customer Experience Today’s customers want complete transparency of the transportation processes involved in their deliveries. Businesses may give their customers pertinent information and track the progress of their orders at every stage by streamlining the inbound logistics operations. An innovative, cutting-edge Logistics and Supply Chain Management software would enable the company to plan its production and ETAs properly, ensuring that there are no inconsistencies in their customer communications. Build Strategic Relationships with the Third-party Vendors To maintain effective logistics operations, it’s critical to develop strategic connections with ERP for Logistics Company providers, carriers, and suppliers. This can be accomplished by evaluating each company’s performance concerning important factors including on-time, complete deliveries, pricing schemes, the number of goods, business requirements, and other shipping activities. Businesses may keep track of these elements, identify which third-party providers are having what effects on their operations, and negotiate shipping rates using sophisticated logistics management software. Enhance Communication Effective communication techniques must be implemented since outbound logistics procedures include numerous stakeholders to guarantee that the movement of products proceeds as planned. Constant communication with delivery drivers and warehouse management enables quicker decision-making and explains any ambiguities along the way. Logistics and Supply Chain Management systems also enable companies to track the locations of delivery vehicles and improve routes, ensuring greater transparency. Logistics is one of the heaviest and most impactful assets a company has. They keep the supply chain flowing. Disruptions in logistics can cause delivery delays, unhappy customers, and an overall slowdown of a business. To prevent this, businesses must employ Logistics and Supply Chain Management software like Dynamics 365 for Finance and Operations. If you are looking to get TMS Software, Contact Trident. We are a D365 Gold Implementation Partner and LS Retail Diamond Partner.
5 Foolproof Methods to Optimize Logistics instantly! Read More »
One of the main problems facing the hospitality sector right now is high staff turnover. The National Restaurant Association’s most recent State of the Restaurant Industry Report found that 78% of restaurant owners claimed they didn’t have enough workers to meet customer demand and 75% indicated they were more than 10% understaffed. In addition to lowering the restaurant’s average level of service, a high staff turnover rate increases the costs associated with finding, hiring, and training new workers. Although there are many other factors contributing to this issue, including a high proportion of students employed in the sector and high levels of seasonality, it is also true that many business owners in the sector might be doing more to retain talent. There are many ways to retain your staff. The most basic thing you can do is employ an agile Restaurant Application. Hospitality Management Software like LS Retail Restaurant Management System provides a unified platform consisting of robust tools and centralized data. It impacts the productivity of your staff and adds to the smoothness of your operations. Here are five suggestions to assist you in keeping your restaurant’s personnel motivated to work there. 5 Ways to Keep Your Staff Happy Teamwork Plays an important role in maintaining a healthy flow of operations in a business environment. Given below are some tips to keep your staff happy and motivated. Built Team Spirit from Top to Bottom Having a team spirit is very important to avoid unnecessary mistakes, bottlenecks, and disputes. If your staff doesn’t feel happy with where they are right now, they will probably switch to a better environment. There are a lot of steps you can take to improve the situation like organizing a team spirit day where your staff plays fun games, enhancing team spirit, and most importantly, getting to know each other better. Or you can organize a trip for everyone to do some activities together. Or celebrate a milestone achieved by the employees. You can either throw a party or at least cut a cake to cherish their success. Before adding a new dish to the menu, you can ask them to taste it first and ask for their opinion about the same. There are many ways you can boost their team spirit. Reinforce Employees with Modern Restaurant Application If you believe that not upgrading the outdated Restaurant Application will save you money, you are gravely mistaken. Nothing is more annoying than trying to do a task quickly and to a high standard while using broken instruments. An antiquated point-of-sale system that gets stuck or creates tickets slowly may reduce table turns while also irritating guests who are in a rush. An ancient fryer that the kitchen crew can’t rely on may wreck the lunch rush. Invest money in the newest Point of Sale System and constantly check with your employees to see if any of the tools they are using, both in the front and in the back of the house, are insufficient or outdated. Just keep in mind that any money you spend on a Restaurant Application to assist your staff—such as a Restaurant POS System that can swiftly take orders at the table—should be considered an investment in enhancing the quality of your customer service. Appreciate them for a good job Studies have shown that people are more driven at work when they feel valued and appreciated. Teams with the highest levels of engagement experienced 59% less turnover, according to a recent survey from an organization that has earned the Great Place to Work certification. Constructive feedback makes employees happier, more motivated, and more willing to put in the extra effort. Many workers genuinely believe that having a sense of value at work is more effective than getting money! You can also save their progress in your Restaurant Application where you can even manage their talent and assign them jobs as per their interests. Furthermore, there are numerous ways to express your appreciation to your staff: Consistently express your appreciation to your team for a job well done, such as when a hectic shift has gone very well, when sales targets have been met, or when a worker has handled a challenging issue with professionalism. Thanks are important. Has a waiter agreed to a last-minute shift change to meet the demands of your company? Did anyone forgo a break to assist in the rush? Be sure to recognize their effort and express your gratitude for going above and above. Give them room and time to unwind. Establish a break room with a coffee maker, complimentary light snacks, and a water dispenser so that your team can recharge and rest before heading back to work. This will make them more motivated and at ease. Provide Ongoing Training Make sure to instruct new employees on your company’s values, rules, and policies. There should be no end to the training. Even though the onboarding process is crucial, you shouldn’t let your employees’ education end there. Give your employees access to professional development opportunities; they’ll feel appreciated as part of the team, understand that you care about their development, and, as a bonus, they’ll bring new skills to your company. Nine out of ten restaurant managers, according to NRA data, began their careers as entry-level employees; therefore, investing in the professional development of your staff is an investment in the long-term success of your company. Furthermore, training is even more important for existing employees if there is a new update in your Restaurant Application. Thus, keep them updated with the latest technology. Allow Your Staff to Officially Communicate Via a Common Channel Professional boundaries and morale can be easily destroyed by unclear communication and misconceptions. Why does he constantly get overtime assignments? I requested a vacation two weeks in advance, so why did she get time off when she only requested it yesterday? By putting in place systems that allow for direct, open communication between staff and management, you can reduce the likelihood of complaints
Happy Staff Is the Secret Ingredient for High-Profit Businesses Read More »
Restaurant Businesses are thriving around the world. However, only a certain percentage of them make it to the top. Have you wondered why? What different do they do to reach that level? How did a once-newborn business reach the pinnacle? Of course, the quality of food matters, but is that it? Is it enough for a restaurant to touch the sky? No. Their strategies, Restaurant Management Software, business environment, the attitude of staff, etc. are all that make a difference. The hospitality industry has been among us for several decades and is expected to stick around and grow. Therefore, there are exponential opportunities for a restaurant to grow. You just need to know where you are lacking and what these top 10% of restaurants do that you don’t. Study their journey and implement whatever you can in your business. This blog is all about the top 5 factors you underlook but can boost your business and make you one of the top 10% of restaurants making the most money. Get a Suitable Restaurant Management Software This is the most obvious and basic thing that successful businesses do but many businesses overlook it. To save a few bucks, several restaurants choose to work in silos which adds to their complexities instead. They do not realize how much of their potential is at stake if they work on disparate systems instead of Restaurant Management Software. It is recommended to choose a unified Restaurant Application that provides all the basic and advanced necessities on the same platform. Make sure your Hospitality Management System uses the same data center, so you don’t spend hours finding the relevant data. A unified system can do wonders for your business. Restaurants such as Hard Rock Cafe, KFC, Haldiram’s, Tokyo Sushi, etc. use a unified Restaurant Management Software called LS Retail, an extension to Microsoft Dynamics 365. Investing in the Latest Technology Implementing the latest technology is one of the most common things the top ten percent of successful businesses always consider. Since they must manage many tasks while cutting costs, they prefer automation. They installed a Restaurant Management System which updates automatically where no maintenance and upgrade is required by the team. Instead, everything is managed by a third-party service provider. For instance, KFC has implemented LS Retail which is a unified Restaurant Management Software providing a set of tools customized to target their needs. The upgrade and maintenance are managed by the implementation partner and the data security is taken care of by Microsoft Itself. Being hosted on Microsoft Cloud Azure, they do not have to worry about viruses, threats, and malware. Contactless ordering and Billing The contactless trend increased during COVID which encouraged contactless technology such as Point of Sale Software. Businesses such as Haldiram’s (with a net worth of $100 million) offer faster and more accurate services using this Restaurant Management Software. A POS is not just limited to taking orders and bills, but also managing their inventory, purchasing and supplier management, and managing customer loyalty. Many businesses don’t realize it, but it can help them in the long run, just like Haldiram’s. Getting Accurate Insights This is one of the most undervalued aspects of most businesses, but enterprises make full use of it. They rely on analytics tools such as Power BI, which collects customer interactions from all the touchpoints to turn them into actionable reports. These reports help them to make master strategies such as loyalty programs, deals, offers, coupons, changes in restaurant policies, etc. These insights also help in connecting with the customers emotionally; when you remind them what they ordered last time and how much they appreciated their feedback, the customer feels being cared for. This is when it becomes a great opportunity for restaurants to drive the most reliable promotion tactic i.e., word of mouth by their customer. Empowering Staff with Devices It is no shock that the hospitality industry faces the highest employee turnover rates. A successful business retains its staff and keeps them motivated. Giving them handheld devices connected with your Restaurant Management Software will save a lot of their time and keep them motivated. They can work to their full capacity and will have enough energy to greet each customer with enthusiasm. There is a reason why some restaurants make it to the top 10% and the rest don’t. They just don’t ignore the underlooked aspects of the business. They get the best technology in their reach, utilize their data, avoid silos, invest in the right Restaurant Management Software, and so on. Successful businesses such as KFC, Barbeque Nation, and GO Grill use Microsoft Restaurant ERP Software, which is also known as LS Retail. If you wish to implement LS Retail Software Solution, Contact Trident Information Systems, a Diamond LS Retail Partner and Gold D365 Partner.
5 Guaranteed Business Suggestions 90% Restaurants Underlook but the Top 10% Don’t Read More »
Cloud-driven industries have boosted growth up to 380% in the past decade. Considering that up to 90% of the world’s data was generated between 2011 and 2012, we need more space for data storage. There is plenty of cloud-based Retail Management Software available in the market however, it is recommended to pick a unified secured commerce solution to save time, money and cut complications with all real time data visibility, security & reliability. There are many challenges that non-cloud retail management systems face. In this blog, we will discuss such challenges and how Cloud-Based ERP for Retailers can combat them. A Comparison Between Non-Cloud and Secured Cloud Services Some retailers prefer the Cloud whereas some prefer a non-cloud approach, let us see which one more growth is friendly. Data Security Data is as important as profit for a business, everything in retail runs on data. Be it inventory data, customer data, balance sheet and so. Such data needs to be preserved specifically otherwise losing them can cause some serious business losses. Non-cloud approaches are prone to such issues. As compared to on-premises storage, cloud data storage is always more effective as it prevents the loss of enormous amounts of data; it is easily accessible and recoverable. Upgrading to the cloud you are promised data security and data protection strategies. Since retail businesses deal with a great deal of confidential data, it is recommended to upgrade to a highly secured data security plan to prevent unauthorized penetration. Inventory Management Non-Cloud businesses face some factual issues in this area since Customers these days are becoming very impatient. They do not care how you manage your inventory. If they do not find what they need right away, they leave your store quickly and find it in another store. You can access supply chain visibility with a cloud-based POS (point of sale) and allows you to actively manage stock anytime anywhere. As Retail Management Software, they can check up on their inventory anytime virtually. Also, they can access the status of their fresh inventory shipments. This way the retailers can ensure the availability of stock all the time. Customer Experience Once the customer finds what they need, waiting in a long check-out queue is certainly not in their mind. A quick and seamless check-out experience can impact your customer count significantly. The secret to any business growth is delighted customers. An ideal unified solution that offers retail CRM (Customer Relationship Manager) software can benefit your business’s customer service. It helps retain and draw more customers, generates deals, offers, discounts, and other loyalty programs. Customers tend to avoid services that do take customer services seriously. Thus, it is a must-have feature every retail business should take care of. Business Insight One of the greatest challenges of all time is maintaining profit inflow in this cutthroat competitive era. You need better business insight to cut unnecessary costs and increase profit margin. Also, you need to make new strategies to retain existing customers and draw new ones. a cloud-based approach enhances profitability as such business solutions are ideal for rapidly growing businesses that go through fluctuations. Cloud ERP for Retail Industry helps to scale your business with the least or no adjustments. Having a unified software solution helps you minimize wastage and cut costs, you do not have to spend extra money on different software’s which you can get under a unified platform. Cost Cutting Many retailers do not realize how their traditional business operating methods are causing them vague expenses, for example sticking excel sheets to manage finances is prone to more harm than good. Not having real-time data can shake you as soon as there is a sudden trend change. This is not likely to happen with cloud-based software solutions. One of the top benefits of upgrading to the cloud is its low-cost implementation. On-premises, systems can eat up a lot of your funds. Kicking off with getting it, implementing hardware, and ongoing management. However, with cloud-based Retail Management Software, you can get all the IT functionalities with no added costs. Plus, you can stay connected with market trend shifts and customer demands accordingly. Business Expansion Most businesses need to wish to expand their businesses and spread their chain to various locations. However, the greatest concern, in this case, is data synchronization which is extremely hard to maintain in a non-cloud-based approach. On the other hand, having Retail Management Software can reap tremendous benefits. Primarily, you can centrally manage your business and data synchronization is a thing from the past. Have real-time data at hand and use it to make necessary modifications, cut unnecessary expenses, create strategies to draw more customers, and much more. Point of Sale Traditional point of sale is an on-premises system that stores data on a local server. Traditionally used printing KOTs and restaurant billing processing. These systems are prone to the risk of data loss, data security breach, great up-front costs, data accessibility issues and need ongoing upgrades. Besides, cloud POS systems help to pull sales reports and transactional details in the blink of an eye. Having your sales, customer data, and inventory within a unified cloud solution, you can manage your business operations more smoothly. Unlike the traditional POS method, you can have an upper hand on effortless business operations maintenance. Why Does Your Retail Business Need Cloud-Based Retail Management Software? Managing, storing, and computing data is an exhaustive job. Therefore, businesses are shifting their approaches from non-cloud-based technology to cloud-based. To beat this nip and tuck competition, retailers need to extend their resources via various stores and more efficient supply chain management. Levels Up Inventory Management Managing, maintaining, and tracking inventory has been one of the most daunting challenges in the retail industry. Real-time data can help you evacuate erroneous information to influence your business. You can trace your stocks, manage your warehouse, integrate the supply chain to the cloud, and get real-time POS updates. Avoid overstocking or understocking and eliminate similar budget-killing
6 benefits of Upgrading Your Retail Business to Secured Cloud Read More »
With intense competition all around the market, various businesses are scaling and trying to expand their boundaries outside their current country. It not only gives exposure to your business but also helps engage new customers with your business. It is best to implement a Retail ERP Software from suitable Retail ERP Implementation Partner. With the correct information, technology, and tactics, you can thrive in the international market. Having a unified commerce solution can open doors you did not even know existed. With Artificial intelligence, you can data, based on which the future of your venture depends. This is especially complex for small businesses to go global. Getting deep insights into their business, targeted market, and consumer behavior are necessary. We have compiled a few tips to help you establish your business internationally with more ease. Understand Your Market If you have noticed tourists demand more for your services or products, you may first understand the driving factors of this behavior, also if your business would flourish in their home countries. Thoroughly research your target market, see if there is a gap between your product and the market. What is the demand like, also check the factors causing lack of demand? You may also want to look up to the trends impacting demand for your product. Identify your target customers and understand their engagement with their favorite brands. Visit the county if possible and gain first-hand insights into how the market may impact your business. Create Localized Strategies As soon as you figure out the country you want to expand to, it is time to create relevant strategies. You have to be very strategic since this might become a more complicated process due to differences in location, currency, culture, regulations, and so on. You might have to tweak your offer a little to suit your international target audience. You may as well connect with the local advisors and listen to their sayings in this. Let them help you create the best fit for your brand with your target audience. Employ local talent familiar with your culture, and then present their ideas to find the best ways to engage more customers with your brand. You may also consider if partnering with the local brand would help you gain a foothold in the market. Pick Your Location After picking the preferred country, creating strategies, now it is time to choose the ideal location. Conduct thorough research to completely understand the locality and look at the area from the user’s eye. Now, what does “looking through the user’s eye” mean? Identify if it is easy for your audience to reach you? If you are thinking of establishing a store, explore how many people pass through the preferred location in a day and whether they fit your demographic. In the case of deliveries, check if it is easy for you to deliver easily, or do you have to push an extra to get it done? If you run home deliveries, go through the road maps and check if the routes are favorable, i.e., make sure the routes follow an effortless network with your warehouse, store, and target areas. Make Sure Your Software Favors Your Business You are thinking of expanding your business to international boundaries, in the near future, you may see yourself expanding even further. You need the right software to support your current and future business needs in every country. Make sure your technology delivers the product in detail in the customer’s language and lets them pay in their currency. You may also want to boost your employee efficiency. The best way is with a unified commerce solution that unifies every business aspect under the same umbrella, i.e., financials, POS (point of sale), inventory, or kitchen, it connects everything under the same platform. Your technology must help you adhere to the regulatory requirements of the locality. For instance, if you want to expand your company to a fiscal country like Russia, you need your equipment to adhere to the country’s certification standards. Engage Locally You may already have access to the digital tool to expose your product across the globe. Mobile apps, the internet, and social media provide an excellent platform for your product to read different customers internationally. Create loyalty programs, think of new activities to engage more customers in your brand. Present your product complementing the local aesthetics, in the local language, currency, culture. Develop a hunger for your brand among the targeted audience. Extract their data from the social media platform to understand their engagement and the factors drawing them. Expanding your business to different borders brings excitement, thrill as well as challenges along. You need the right data, technology, and strategies to thrive in the international market. A Retail ERP Software like LS Retail can tremendously help your business in the journey. If you are looking for a Retail ERP Implementation Partner, you may contact Trident, we are the gold implementation partner.
Consider this Before Expanding Your Business Boundaries to a Different Country Read More »
According to Grant Thorton, e-commerce in India is expected to be worth US$ 188 billion by 2025. Despite having e-commerce contributing to a large part of our economy, there are still masses who prefer to purchase products offline in India. Many seek assistance of ERP Software for Retail from suitable Retail ERP Partner. According to the Economic Times, Nykaa has decided to triple store count in retail expansion. It operates as an e-commerce platform selling everything from global cosmetic brands to jewelry. However, Indian consumers still want to purchase products offline. Certain issues come along with offline stores. Customers might visit the shop and find the item they want missing. Managing an offline establishment requires more labor. Standing in long queues can infuriate customers. Digital disruptions might hamper operations. Inability to meet evolving customer expectations. Poor internal communication. Brick and Mortar stores need a lot more labor than e-commerce. Therefore, rapidly expanding businesses need to seek technological assistance. It is recommended to implement a ERP Software for Retail Like LS Retail. It offers a suite of all the tools required to run a retail business. Integrating everything under the same platform boosts synchronicities and a smoother business flow. For instance, integrating your website with CRM (Customer Relationship Manager) can help you understand trends better. Allow Customers to Check Product Availability Online Consumers are drawn where convenience is more prominent. Just imagine how frustrated a consumer can get if he drives all the way to a shop and finds the essentials he wants missing? It is important to enabling product information and availability online, so your customers save themselves time and labor. Additionally, retailers may integrate all touchpoints and allow customers to place orders online while collecting the item right on their way. Enable Contactless Payments Allow your consumers various payment options like debit, credit, mobile payments, and so on. Enable quicker and easy payment options to shorten queues while making cash handling the lead of their concern while checking out. And such transactions are even safer. Retailers may also enable self-check-out services at the counter and help themselves while freeing store staff. This way customers unburden the staff allowing them to focus on other activities like helping other consumers find a product or guiding them through product instructions or simply greeting them at the entrance. Personalized Services for Customers Track each transaction with customers, understand their spending pattern, and create customized services for them. You will need AI-based technology like the one LS Retail ERP Software for Retail offers to extract data from different touchpoints and generate comprehensive and actionable reports. This data is essential for creating personalized offers, deals, and promotions while making it one of the best ways to penetrate customers’ emotions. Delighted customers refer businesses or products to their friends, families, and acquaintances thus driving a robust referral promotion. Word of mouth is the most effective and cost-efficient promotion method; studies have shown that a person is most likely to purchase a product referred to by someone known rather than following an advertisement. Enable product Information on handhelds Enabling product information on handheld devices empowers store staff and extracts all their efficiency. They can locate each item anywhere in the store without having to hunt for it. They can organize item placements according to demand, size, and other features. Targeting and discarding expired products becomes a piece of cake. Since the staff is less burdened, they can shift their focus on other prominent tasks such as helping customers out, organizing inventory, and other manual tasks. Avoid Overstocking / Understocking Having an integrated system that offers a 360-degree view on inventory in the shape of insightful reports. With ERP Software for Retailers, you can track each item, its durability and easily discard the expired products. Additionally, they may also predict demands and make purchases accordingly. These insights can work wonders for inventory planning. Adopt a Unified Communication Platform One thing that bothers them most in multi-chain businesses is communication. LS Retail, ERP Software for Retailers ensures a unified platform that connects all the departments in an organization, such as sales, marketing, and IT, etc. Allowing your employees free flow of communication is not only time-consuming and labor efficient but also saves a lot of confusion in an organization. Since the competition in the retail industry is cutthroat, retailers have to find a solution that covers all their business needs while optimizing their resources. LS Retail is one of the most prominent B2B ERP Software for Retail having eligible implementation partners such as Trident Information Systems, the Gold Retail ERP Partner of LS Retail. Contact us for further information.
Tips For Rapidly Expanding Brick and Mortar Retail Businesses Read More »
Festive seasons bring great sales opportunities: every industry is packed with customers. Nevertheless, one industry that collects the most candies from the basket is retail. With ERP Software for the Retail industry, businesses are thriving in the market, if they are supported by the right Retail ERP Partner. Consumers shop extra, get drawn towards exciting deals, offers and promos. Businesses feel abundant and exploit as much profit as possible. However, the issue starts the post-festive season, when the surge in festive shopping ends, best-selling smartphone models go out of stock, and lower-than-expected wedding-related purchases off-take. According to Bizcom, a sales automation firm that transacts with 7.5 million retail stores, revealed that sales fell 14% in November 2021 for fast-moving consumer products. Industry executives quoted “sales of smartphones, television, refrigerators and washing machines fell 15-20% sequentially in November.” This crisis comes up every year. However, pandemics, travel restrictions, and other prohibitions made it even harder. Even though everything seems to be coming on track, retailers have to exploit the latent opportunities to stay ahead in the competition. They may implement a ERP Software for the Retail industry specifically designed to handle retail businesses while making their operations even more seamless and staying ahead of competitors. Forecast Demand and Stock-Up The first step is to forecast demands and order inventory accordingly: carefully research different items in demand and purchase inventory accordingly. On the other way around, you can also get an AI-based system extracting inputs and generating insightful and actionable reports. Organize inventory in-store according to the demand. Place the most demanded items in the most visible and accessible area. Having demand forecasted you may ditch items unworthy of investment. Figure Out the Right Offer for the Target Audience One of the most efficient ways to boost demand is to offer the right offer to the right audience segment. But how would you section your customers? First, divide your frequent and infrequent customers, then deliver exclusive deals and attractive offers designed especially for your loyal customers. You may create deals according to their shopping frequency and preferences. Integrate all the channels and extract customer data to get insights. A Unified AI-based technology can do this job perfectly. It attracts customer-related transactions and turns them into insightful reports. Make No Space for Long Queues Make sure you do not let your customers stand in long queues at the check-out counter. Enable more secure cashless payments to make the transactions quicker and keep the traffic smooth. Additionally, you may as well allow self-check-out ports and empower customers to make quick checkouts and leave the store soon. This way you can also free up the floor space and save other customers from feeling all congested. Adopt Retail POS Software like the one LS Retail offers to bust long queues. Quickly Give your Customers What they Want Customers are impatient and making them wait for their desired product/ service is a risky affair. Make sure they get what they want right away, connect all the touchpoints, and let them place orders from whatever platform they want. If they want to place an order while sitting in a metro while listening to the latest songs, so be it. Deliver their orders quickly or let them collect them from the store, the choice is theirs. As soon as they enter the store, make sure they do not struggle to find their item. Reinforce your staff with handheld devices containing product information, so they can quickly find the item and guide customers to the same. Encourage Referral Promotion Delighted customers might refer your business to others. A WOM (word of mouth) promotion is the most effective promotion. Encourage customers to share referrals with their friends. Enable social share buttons on your website, promote post-purchase messaging, feature referral programs on your home page, promote referrals on high traffic pages, and so on. Additionally, customers might even post your brand’s products on their social media and allow free promotion. Otherwise, you may also contact different influencers and pay them to sponsor your product to their audience. Businesses must combine innovation with technology and work with “Technovation” to thrive in this sales shortage. We recommend implementing ERP Software for the Retail industry. LS Retail is an ideal solution in this situation. If you are looking for an implementation partner, contact Trident, the Gold Partner of LS Retail.
Cope with Post-Festive Sales Decline Successfully Read More »
In the era of technology that amalgamates with the cut-throat competition among retailers, shoppers these days expect a blend of digital evolution with physical shops. This has impacted their mindsets as well. They have become even more impatient and expect stores to complement the same. ERP Software for Retailers like LS Retail can help shop owners comply with the dynamics. It is one of the best ERP Software for Retail. Retailers these days are also burning their candles at both ends to not only meet their customers’ current expectations but to provide even better services and beat their competitors. Proving contactless payment options, self-check-out, and much more are some of the initiatives retail businesses take to boost the customer satisfaction level. Retail Businesses prefer to integrate their front-office to the back while integrating every operation on a single platform. This helps them avoid multiple integration complexities as well as issues such as: Information duplicity Lack of coordination Managers are unaware of immediate initiatives to be taken Risk of losing important data Wastage of resources Over-stocking/ under-stocking Blend Physical with Digital This blend transforms how you see your business. You can explore aspects you never knew, ever existed. Operations become more streamlined and ensure maximum employee optimization. An ERP Software for Retailers like LS Retail can help you blend digital innovations into the physical store. Integrate Back-Office and The Front Office Even if your front-end and the back end in silos are the strongest, still finding ways to streamline these two cohesive units into the one is a whole new ball game. The data held by each section can be critical for the other. Just imagine how easy operations would become if you integrated your website data to your CRM (Customer Relationship Manager) and then to your billing or invoicing system. It will put an end to complications caused by data duplication. If integrated properly, it can create a bi-directional interface that supports your current customers as-well-as your future customers as well. Avoid Overstocking / Understocking with a 360 Degree View on Inventory With the right technology at service that can deliver a 360-degree view on inventory activities and forecast demands, the retailers are most likely to make smart inventory purchases. Insights on current trends and consumer buying patterns help businesses to stock up accordingly. For instance, during Durga Puja, some businesses in Kolkata could make a profit of 20-30% as they forecasted demands already, while other businesses that failed to forecast demands ran out of stock. Additionally, they can manage warehouses better with the data on most selling and underselling products. With these insights, retailers can negotiate with the vendors better. Track Each Customer and Offer Unique Deals Using AI-based technology can help you track every customer transaction and provide you with better insights into what customers are demanding individually or collectively. Retailers can create deals and offers accordingly. They can decide the best time to launch 50% off sales or customized coupons for individual customers. According to their habits and spending patterns, shoppers can be classified accordingly and offered exclusive deals on specific products they would prefer to buy the most. Make Your Staff Quicker, More Enthusiastic, and Efficient Having a staff that could work to their full efficiency without having to burden them is something several retail businesses are gradually adopting. Imagine how easy it would become for them if they could locate any product at the store in just one click, how much time they save while greeting customers with more enthusiasm. Apart from this, allowing the customers with self-checkout services again frees your staff from billing overloads. Having these technologies fills the efficiency gaps and boosts output. Streamline Communication Among Different Departments Since the time spent communicating through a chain of departments cuts down, businesses can save themselves plenty of time. With ERP Software for Retailers like the one LS Retail provides, retailers can get a single platform connecting different departments. A person for the sales department can contact the inventory manager to inform them about the current inventory requirements. It becomes easier to share ppts and feedback at the same time. Integrate All the Channels Under the Same Platform Shoppers demand more convenience in their shopping experience. In such a busy world, many customers are unable to make time to get into a store. Instead, they look for online alternatives for order placements, such as their website, applications, and third-party applications. They require the convenience of ordering their favorite shoes online while computing to their office or asking Alexa to order groceries while cleaning the living room. Integrating all the channels under the same platform allows enough space for sales to grow. Data Security and Business Continuity In any business, data plays a huge role in making critical decisions, let alone retail. Hence, data security is one of the major concerns for any organization, especially those working in silos, or on-premises. Losing and then the inability to lose financial or important customer data can ruin a business. Cloud-like Azure ensures data security, anti-theft features, and automatic and expandable backups. Azure backup services provide simple, cost-efficient, and security services to back up and recover data from the cloud. It has become a necessity to combine physical stores to offer better customer services while streamlining business operations. LS Retail is an ERP Software for Retail offering a suite of tools and functionalities covering every business aspect. If you are looking for an implementation partner, contact Trident. We are a Microsoft D365 and LS Retail Gold Implementation Partner with a capacity of 150+ technical resources. Contact us for further information.
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