How to Grow your Retail Business:
5 Ideas to Increase Profitability.
Remember the time when you opened your store! You managed your stock well, you were the favourite shop in your neighbourhood, your business was growing, you were running in profits and suddenly one day came and you started facing challenges from online shopping, big-budget companies, technology changes, taxation laws and mistakes in inventory management.
Now it’s time to challenge those challenges.
Given below are 5 ideas to start growing your retail store again:
1. Manage your Inventory better – It’s very important to track your stock regularly. For this, an inventory management software can help in classifying and grouping the complete stock correctly for multiple products & SKUs. Automating your inventory would make sure that you know the best-selling products, least selling products and current stock status.
Example – Peddle Plus helps you track your inventory and automatically places orders with your supplier in case of low stock units. This software also helps you to check reports for a better understanding of your inventory.
2. Start selling online – The local retail market is facing high competition with big-budget e-commerce stores. Your customers now order from their phones in just a few clicks and get their products delivered at home. Now you can also do the same.
Example – Peddle Plus software helps you to sell online in your local area through the Peddle Plus App. Your customers can get their order delivered in just 60 minutes of the order time.
3. Reduce your store’s expenses – Your store’s expenses play a big role in your profit. With the rise in technology, you can now manage everything with your phones & desktop instead of keeping multiple employees in your store.
Example – Peddle Plus software helps you to file your GST without an accountant, manage your stock without any technical person at your store, sell online without any commission, manage multiple stores with just one software and get reports to analyse your expenses.
4. Give better customer service – With the entry of new players and e-commerce stores in the industry, customers now like to buy from places where they get the best services. You need to remind them about their neighbourhood store which can give them the best customer service.
Example – With Peddle Plus software your customers can order sitting at their home and you can deliver their order in just 60 minutes. This software also gives your customers a facility to pay online through popular platforms like Paytm, Google Pay, Free charge, etc. In addition, Peddle Plus also gives your customers an advantage of avoiding long queues with the features of barcode scanners and mobile payments.
5. Monitor your pricing & discounts – You need to keep a check on your purchase details, sales numbers, stock in the store and cost included in different operations.
Example – Peddle Plus software gives you the advantage to calculate the last price of your purchase, the price at which you sell to the customers and the changes in supplier prices from time to time. This can help you adjust the pricing and discounts you give to your customers. Proper tracking of these numbers reduces the chances of losses in the store.
Peddle Plus is a software for your shop that gives you the benefits of Billing, POS, GST Filing, Inventory management, CRM, Sales, Purchase, Accounting and Reports – all of this without any technical knowledge and at an affordable cost.