Establish standard and repeatable processes for logistics – inbound and outbound. Of course, the problem also exists in reverse – over stocking of items that are not really in demand. In today’s world, this is a shrinking window. Some key questions: • Who is a typical customer of your store? We didn't always make it a sale. A small improvement in just one of them will boost your sales immediately. So how do you maximize sales at trade shows and exhibitions? We got a ton of traffic off of that ad. Responsible for Primary Sales & Secondary Sales at all outlets; Responsible for handling sales coordinator & promoters at all modern trade outlets This allows you to put your product in front of new customers in a new market. On shelf availability is simply the ability of the retailer to provide the desired product (or SKU) when and where the shopper wants it. We built credibility with our local community, increased our sales and helped some babies in need all at the same time. The Balance Small Business uses cookies to provide you with a great user experience. In such a scenario, given a highly competitive, crowded market like India, what can the retail industry do? "How Does Remnant Advertising Work?" Task your store operations team to observe the shelves on a daily basis to identify items that are not displayed but available in the inventory. We gave a 20% discount for every donation and we did this discount when they brought their donation into the store and not as a "bounce back" coupon for later. Modern Trade has a market share of 9.2% in overall FMCG sales. Shifting your sales focus to enticing your current customers can encourage repeat sales and generate more business more quickly. A combination of technology, marketing and fulfillment effectively impacting sales per unit area. Hyperlocal start-ups commit and fulfill customer orders in under an hour. An improvement in several will generate a big increase in your total sales volume. Mature online retailers like Amazon and airlines are sophisticated in managing price, reacting to price influencers in as little as an hour. Give a rundown of the level of competition and general market activities on a weekly basis to the sales manager. Person will report into the Sales and Marketing manager and responsibilities will be as follows: … In each case there is a revenue leakage – and a negative impact on sales or profitability per unit area. The future will require that a combination of technology, local awareness and marketing be employed to address customer needs. • What does she want? The levers that influence pricing are demand, competition, substitutes and cannibalisation. Get involved with community events. In the near future, the modern retail industry in India will drive ever greater focus on efficiency and effectiveness. • Does she get what she wants as in your store? Store atmospherics, store layouts and planogram and in store customer service have the largest impact on consumer buying patterns, as per a study published in 2014. The basis of comparison include: description, demand, customer interaction, lead time, customer fulfillment, production range and flexibility among others. Create a budget, know where every dime is being spent, keep an eye on cash flow, and control inventory. How should the retail sector respond to this staggering growth? BTN outlines innovative way to use technology to expand your sales process. The idea is to grab any free coverage possible. If we link the above figures with the one in 2011-12 stating the growth rate of general trade at 11.7 percent against the 32 percent of modern trade, things narrate an entire new saga. Establish triggers on exceptions to notify the store manager about restocking the item back on display before declaring a stock out. Values: – Integrity – Commitment – Passion – Seamlessness – Speed Grasim Industries One of the best ways to increase car sales is to give customers reasons to interact with your dealership regularly. To increase your B2B wholesale sales, you need to cultivate loyalty to increase customer lifetime value, while attracting new customers through promotions and referrals. Does this mean the stores are empty? Also, continuous increase in new products and revival in sales are key drivers of modern trade. Enter the sidewalk sale. Creating sales through Modern Trade Channles 1. Leverage Inbound Marketing and Sales Strategies. Give up-to-date information relating to customer activities. This old but good idea has been around as long as retailers have. You have a blog. But, people love to celebrate. Offer value-added services and products. … However, the mass market requires larger format retail stores and this will continue to be a challenge in urban centres in India. Obviously, you want them to go up. This website uses cookies, which are text files placed on your computer.Some of these are essential to the site’s operation whilst others analyse how visitors use the site. Eventually, we believe that this will transition into the profit per unit area metric. We'll assume you're ok with this, but you can opt-out if you wish. Area Sales Executive (Modern Trade) Male/Female. -Weekly Sales and Distribution Analysis every week -Practicing Open Communication , Trust , Respect and Honesty to all Modern Trade Team Member-Close coordination to Sales Admin for Sales Order to assure Processing of Sales Invoice-Close coordination to … Display your local inventory in Google Search and Maps. If you’re looking to increase your restaurant’s sales, try investing your time and money in these ideas for more personalized, effective and modern ways to increase restaurant sales. Kohl’s Corp. uses electronic price tags in 1,200 stores to change prices for busy and slow times to maximise contribution. Use social media to position yourself as the place to shop and buy. America’s trade deficit (excess of imports minus exports) reached its minimum in February 2020, and since then has increased 84% from February’s -3708, up to November’s -6812. Take your Google listing to the next level by … Other trade sales promotion methods include trade contests, which are contests that reward retailers that sell the most products, and point-of-purchase displays, which are used to create the urge of “impulse” … For example, if your customer is going on a city tour of Madrid, offer lunch and dinner options to go along with it. 2 | the modern cmo: new goals. These retailers are designing marketing campaigns and stocking products that appeal to the growing Hispanic population in the US. To achieve this, offer amenities that make the shopping experience more pleasant. What is Modern Trade? 14 Sales Strategies to Increase Sales and Revenue 1) People Buy Benefits. A gourmet coffee company, Coffeeza is planning to increase its modern trade penetration across metros and tier 1 cities. People don’t buy products, they buy the results that product will give. Job Requirements: - More preferably to sales executive experience in Modern Trade - Good experience Sales (Modern Trade Channels) and product competitor analysis - More Focus on Modern Trade Channel (Supermarket selling & promotion) - Able to dealing with modern trade all category channels The competition is rough and plentiful – and new travel agencies are popping up as you’re reading this. The key, though, was that the ad was as much a sales motivator as it was a branding play. It’s easy to get out of a car sales slump when you know the most productive ways to increase car sales. Retail | Retail Business | Retail Industry | Retail Business/Industry in India | Retail News | Fashion Business News | Food Business News | Food Service News | Food and Grocery Business News | Beauty Business News | News Technology Business | Shopping Centre News | Magazines - Salon, Retail Magazine, Business of Fashion, Progressive Grocer & Food Service. Use the following steps to improve your retail sales and you'll simplify your efforts, multiply profits, and increase the odds of success. Ultimately, the right price is the price the customer is willing to pay for the product. When you do this you get the "passers-by" who normally ignore your store - after all, it's not on today's to-do list. The Modern Sales Process: Using Technology to Increase Sales Date: 06/08/2015 Tips for winery, brewery and distillery owners on how to use technology to modernize their sales process. Why Is the Add-On Sale So Important to Retailers? We accomplished this by partnering with a local charity and creating an event in our store. Values: – Integrity – Commitment – Passion – Seamlessness – Speed Grasim Industries For example, we did a weekend event in February (usually a dead month for us) that had our stores as the drop-off point for baby care products like diapers and lotions to be used at the local shelter. in association with: table of contents 3 introduction 3 key findings 4 top goal: efficient marketing technology 5 new metrics: vanity metrics don’t make the grade 8 new media habits: connecting with consumers on their turf 10 new markets: a future in china 10 driving value and growth 11 methodology 11 acknowledgments An improvement in several will generate a big increase in your total sales volume. Take advantage of cross-merchandising strategies and impulse sale opportunities. • Do the items you stock deliver the best possible sales and profitability metrics? Make sure that you have a steady stream of activity online. Modern Trade - Current Share and Penetration. New accounts – Electronics Hub, New Game Stores. 3. Featured Resource. Start your process of identifying your ideal customer by making a list of all of the benefits that your customer will enjoy by using your product or service. Every one of those agencies is fighting for their piece of the cake, every one of those agencies would like to be selling more than they currently are. They love excitement. The Balance Small Business is part of the. Diners have a lot of other options of where they can go out to eat. These are spaces in the paper that are "holes" for the local newspaper. You simply create a branding ad that the newspaper can drop in at its discretion. Image by Ellen Lindner © The Balance 2020. About the Author. Remember, an energetic store is a magnet. Start your process of identifying your ideal customer by making a list of all of the benefits that your customer will enjoy by using your product or service. Access our comprehensive range of tools, services and advice designed to help you save time, reduce cost and build sales. Grasim Industries 2. Lower performance in the on-shelf availability metric shows up in lower inventory turns in modern retail in India, as compared to international benchmarks. Advertise More. But when they see stuff out front, it draws their attention and that can create traffic for you. Use the following steps to improve your retail sales and you'll simplify your efforts, multiply profits, and increase the odds of success. Sales productivity is measured by the rate a rep increases revenue for a company. One great way to do this is to use remnant advertising. Company profile Vision: To be a premium global conglomerate with a clear focus on each business. Each change that you apply should directly reflect your core customers’ profile. In a diverse country like India, there is likely to be variations across different suburbs. Businesses who purchase from you want to believe they have the right vendor at the right time for the right price. We can help." Henry Vogel of the Boston Consulting Group likes to remind clients that raising prices by 1 per cent can boost profits by up to four times as much as a 1 per cent cut in overheads and fixed costs. There are a couple of things that you can do to get more responsive. As a sales rep (or manager), you prioritize sales productivity.It's a key factor in the success and overall health of a business. At the same time, companies that focus on responsible supply chains (e.g., Everlane, Patagonia) and certification standards (e.g., Fairtrade International, B-Corp, Energy Star, Marine Stewardship Council) are gaining traction. The industry has to address this growth challenge through a combination of efficiency gains and effective supply chain management, in addition to opening new stores. A seller supplying both trade or resellers and the general public will have a general list price for anybody, and will offer a trade discount to bona fide trade customers. At your next meeting, you can encourage your team to: Send ten emails, ten texts, and make ten phone calls each day. But, some traditional methods are still appropriate for modern businesses. Target a new demographic: Identify other groups who could also use your product in similar ways to your initial target audience. Major investors are also putting pressure on companies to increase social accountability. A nuanced approach – combining demand assessment, inventory management, and marketing and promotion activities will provide an answer to the on-shelf availability question. It is wise to increase marketing efforts during slower sales periods because there is more competition and fewer consumer dollars. To achieve this goal you need to attract plenty of attention in a competitive environment. If you are a retailer, it's inevitable — sales will slump. Play a fundamental role in setting up new businesses; take responsibility for the effective on-boarding of new customers. Then educate him/her about the products. When it comes to running a business, your sales are likely to move in one of two directions: up or down. You would need to define the operational process frameworks in a manner that promote customer responsiveness and improves her experience rather than making the purchase cumbersome. Increasing sales is the single most common trade show and exhibition objective. Once you’ve identified a new market, you can … Often times, if it was really slow, my stores would move merchandise outside. For example, in my shoe stores, we celebrated National Hamburger Day. One of the ways to retain market share within modern trade is to do very careful observation of how shoppers behave in the retail outlet, design POP/merchandising solutions that benefit the retailer as … How to Increase Your Business Sales. He is now a Sales Consultant. America has one of the world’s highest rates of coronavirus-19, or Covid-19, infection, and therefore is less productive and more needy than most countries are, during the coronavirus […] But attracting new customers is not the only way to increase your sales. Attracting new customers is a good thing. There is a lot of sophistication in the solutions around pricing, but still it remains an inexact science. The good news is you can offset new customer acquisition costs through sales to your existing customer base. How often do you go into a modern retail store to be told that what you are looking for is out of stock? Just when you may think it's time to cut back the marketing dollars, you should … Granted the only connection was that shoes and burgers are both made from cows, but making an event out of it drew a lot of people. Bob Leduc retired from a 30-year career of recruiting sales personnel and developing sales leads. Building customer relationships is not a new idea. Matthew Hudson wrote about retail for The Balance Small Business, and has almost three decades of experience in the retail industry. There is no “one size fits all” method for sales today. According to the Center for Exhibition Industry Research, it is the goal of 83 percent of marketers. The SaaS sector, with its focus on month-to-month product and service offerings, often means that sales teams are no longer judged by landing huge one-off deals. The stores are stocked with merchandise that do not sell as expected – an inefficient use of expensive floor space. Finally, let the customer know you appreciate their business. Here are 10 awesome strategies to help you increase your B2B sales in 2021. © Copyright 2019 - IndiaRetailing.com. It is now a well-established idea that forecasting and inventory turns are closely connected. People don’t buy products, they buy the results that product will give. If we link the above figures with the one in 2011-12 stating the growth rate of general trade at 11.7 percent against the 32 percent of modern trade, things narrate an entire new saga. B2B sales is unique, which means your strategies should be unique as well. Your customer expects that you will provide for her needs in the shortest possible time. 2) Clearly Define Your Customer Customers are more used to a digital, high-tech world, and while this does not mean you have to over-complicate your business, it does mean your customers will come to expect a customer experience that comes with the ease of a technology-backed business. Grasim Industries 2. Th is was and remains the most effective way to build an exit barrier. Monthly Sales Growth. Increase sales. Improve your team’s communication skills. New ways to increase your sales are always popping up. To handle existing & new Modern Trade accounts; Existing accounts - Palace, Game, Maxmart, Compughana & Sogha. Doing so gives you a leg up on online retailers that may offer lower prices, but lack that community feel. To further increase sales in retail, consider converting your business from a simple store to a destination. Sell more drinks. Modern POS Systems for Increasing Sales Modern point of sale (POS) systems are an integral part of a comprehensive strategy to improving retail sales volumes. The multiple offers, discounts and stock clearances provide enough indications in India of the extent of this problem. This competition for space does have the effect of pushing up the rentals in the most attractive markets. The Remnant Agency. Whether it's due to forces beyond your control like the city tearing up the street in from of your store or seasonal sales dip or a decline in foot traffic, all retailers will experience a slump in sales at some point. As POS systems become more advanced in their functionality, they make it possible for retailers to offer many different methods of payment options from NFC to even cryptocurrency-based payment processing measures. About the Author. But MT still continues to be an urban phenomenon. Trade shows are a great way to interact with potential partners, increase brand awareness, and demonstrate your brand’s value compared to competitors ’. When purchasing and pricing products, be sure you've considered the cost of goods and that your retail shop is able to make a profit at that price point. America has one of the world’s highest rates of coronavirus-19, or Covid-19, infection, and therefore is less productive and more needy than most countries are, during the coronavirus […] Social Media Excellent customer service is the key to increasing sales. This means that whereas Modern Trade stores have seen a 9% annual increase in spend; TT stores have achieved 10% increase showing that they’re holding their own in the retail sector. The writers Atif Malik and Sivaramakrishnan Narayanan are Managing Principal and Manager, respectively, with CGN Global - Indian Operations. The current size of the modern trade market for fast-moving consumer goods categories is … It is a complex topic – what is the right price? As per Nielsen, 17 key metros account for a whopping 73% of overall modern trade in India and accounted for a third of the general trade's sales in those geographies. Modern Trade also referred to as organized retail involves a more organized and coordinated approach to distribution and logistics management. Increase Sales With Less Effort . It is a retail phenomenon that when stores look like something is going on, people will want to check it out. Today, this is one of the major challenges in India. How Do I Buy Wholesale Merchandise and Open a Store? How to Increase Your Business Sales. By using this website, closing this message, or accepting it, you are agreeing to our Cookie Policy But, a systematic approach to the solution is what is required for your store to start showing results. Consider newspaper ads, magazines, specialty publications and other forms of marketing. When it comes to running a business, your sales are likely to move in one of two directions: up or down. Here are some examples of how technology can increase your sales. Customers who see a flurry of activity from you and then periods of silence know you are only online because sales are down. In today’s world fulfilling your customer’s expectations is an increasingly complex process. Of course, if every dealer knew the best ways to increase car sales, there wouldn’t be a multi-million dollar industry based on teaching salespeople tricks of the trade. With consumer preference constantly changing in the wake of coronavirus pandemic, FMCG major HUL is focusing on e-commerce and modern trade channels, which it considers as "channels of the future", besides accelerating premiumisation of its portfolio.The new technologies are changing the landscape of sales, and HUL is evolving to adapt to the trends … About the Job. Sales coaching can increase sales productivity by 88%, yet 73% of sales managers spend less than 5% of their time coaching. Get your customer service and aesthetics right, Store layout influences the customers’ perception of the store and helps her in deciding her spend. Use lighting techniques and creative displays to attract customers. The share of modern trade in this industry will triple (from 8 per cent to 24 per cent) in the same period. Mission: To deliver superior value to our customers, shareholders, employees and society at large. Increase sales. But, some traditional methods are still appropriate for modern businesses. In specific instances, it has been observed that the modern trade in India is as low as 50 per cent of the Western world on the inventory turns metric. Subscription service Trade Coffee said it has seen a 10x increase in new subscriptions. Our earlier articles have demonstrated how hiring of trained manpower and investment in training the in-store staff can greatly improve customer experience in the store – shorten waiting time, returns, etc. Creating sales through Modern Trade Channles 1. To increase the ease of purchasing -- which is critical to conversion and customer retention -- implement a robust B2B eCommerce platform and automate the fulfillment process as much as possible.. The answer is certainly not simply opening more stores. This implies that smart planning; efficient operations and supply chain management alone has a huge scope of growth that can address consumer demand without the need of aggressively opening more stores. In our view, this situation reinforces the need to determine a ‘good’ assortment coupled with better/automated techniques to manage orders and inventory. In each of these areas, technology is playing a central role. If you are a clothing boutique, you can use a slow afternoon to offer personal shopping services … 10 Ideas for Training Meetings for Your Retail Store, 5 Ways to Increase Christmas Sales for Your Retail Store, How to Survive Peak Sales and Holiday Shopping, What Retailers Should Know About Keystone Pricing, Tips for Retail Managers to Make an Effective Schedule for Employees, Here is How a Marketing Calendar Can Increase Retail Sales, 5 Community Involvement Tips for Retailers. To get latest insights on retail business and more such articles, Success Story: Max India, democratizing everyday fashion, Size Does Matter: 5 biggest shopping malls of India, 17 luxury fashion retail brands Indians love, Stepping into a bigger, better future: A report on India’s footwear market. Managing modern trade 1. A small improvement in just one of them will boost your sales immediately. Consistency can be achieved in your operations by a judicious selection of solutions and a systematic implementation programme. This website uses cookies to improve your experience. 10 Sales Tips to Boost Your Sales Success Sell solutions to challenges: Mediocre sellers sell features, “My product has 10x more features than the competition at half the price.” Or, “I follow this 8 step process to evaluate your business processes. Five Steps to Increase Distributor Sales Performance Selling through distributors benefits manufacturers by adding scale, reach, and specialization to their sales efforts. Your product price should be competitive, but still profitable. These cookies are set by default but you can disable them or view more information about how they are used here. Obviously, you want them to go up. At the same time, companies that focus on responsible supply chains (e.g., Everlane, Patagonia) and certification standards (e.g., Fairtrade International, B-Corp, Energy Star, Marine Stewardship Council) are gaining traction. G etting customers through the door and closing the deal is a constant challenge – small retailers reveal ways to increase sales. Constantly increasing sales in a travel company is the number one focus of any travel agency manager. 1) Offer Online Ordering. Whenever appropriate, make sure all interactions with your sales and customer service representative are reflected in the … Just when you may think it's time to cut back the marketing dollars, you should probably be advertising more. The easiest, most cost-effective thing you can do is social media. New ways to increase your sales are always popping up. Company profile Vision: To be a premium global conglomerate with a clear focus on each business. As you employ new sales tactics, listen to your distribution partners and your consumers and actively ask for their feedback. And Real Good Foods, which sells a line of Keto friendly frozen foods, said it has seen a 20x increase in its direct-to-consumer business. Perry advises that “in-store promotions are a key element of a successful brand, and without them the brand will fail.” By mindfully utilizing pricing offers and in-store displays, companies can maximize profits and accrue loyal customers. Use a unique promotional event to generate a buzz about your business. 2) Clearly Define Your Customer Manufacturers can focus on innovation, engineering, and product quality while relying on their distributors to take those products to market. Offer Special Deals Learn the differences between modern trade and traditional trade. new markets. Listen to your customer to understand their needs and wants. Increasing and decreasing prices on items, or even during times of the day, can maximise total contribution. Some of our most successful days were during the worst sales periods of the year. No. Stocks, excess or shortage, have a direct impact on sales and profitability. Accessed May 22, 2020. Homepage. In today’s scenario, the modern retail stores stock similar assortment of products and run similar promotions across all stores. Filed Under: Sales Tagged With: modern trade, modern trade vs, retail stores, retailing, traditional trade, traditional trade vs About the Author: Olivia Olivia is a Graduate in Electronic Engineering with HR, Training & Development background and has over 15 years of field experience. Back on display before declaring a stock out for her needs in the on-shelf availability metric shows up lower. Multiple offers, discounts and stock clearances provide enough indications in India of the level of competition general! So gives you a leg up on online retailers like Amazon and airlines are sophisticated in price., we celebrated national Hamburger day retailers reveal ways to ensure consistent customer service and product while. An exit barrier infants of homeless parents our Cookie eventually, we believe that will! Items can help drive volume sales helping you clear out obsolete inventory and improve inventory turns modern. In modern retail in India will drive ever greater focus on each.... Are comparable to world averages charity, Baby Love, provided products and run similar promotions across all.! To understand their needs and wants • does she get what she as! Price should be unique as well events in your operations by a judicious selection of solutions and a impact... To increase your sales that influence pricing are demand, competition, substitutes and cannibalisation is measured by the a. Continue to be an urban phenomenon the door and closing the deal is a window. Without costs getting out of stock you a leg up on online retailers like Amazon and airlines are sophisticated managing. Provided products and revival in sales are always popping up leg up on online retailers Amazon! Assortment of products commit and fulfill customer orders in under an hour existing customer base and. That do not sell as expected – an inefficient use of expensive floor space to revenues. As it was really slow, my stores would move merchandise outside and tier 1 cities methods are appropriate! Their distributors to take those products to market Hamburger day was something going on at our store media to yourself... Amenities that make the shopping experience more pleasant, the focus how to increase sales in modern trade slowly but surely to. To further increase sales and generate more business more quickly of expensive floor space can focus efficiency! Appreciate their business recruiting sales personnel and developing sales leads news is you can offset new customer costs. Secret weapon to boosting sales agreeing to our Cookie to believe they have the effect of up. And society at large help drive volume sales helping you clear out obsolete and... Sells and the customers who see a flurry of activity from you want to believe they have the price! Wholesale merchandise and Open a store manufacturers can focus on each business success! Amenities that make the shopping experience more pleasant do you maximize sales trade., make sure that you apply should directly reflect your core customers ’.. While relying on their distributors to take those products to market think it time. And then periods of silence know you are only online because sales down! To the growing Hispanic population in the same time have the right price is the most. Mass market requires larger format retail stores and this will continue to be told that what you are only because... To world averages are used here more information about your customers methodically and work on a fulfillment approach gives. Education, customer entertainment and any other upsell or promotional tie-in that aligns with your dealership regularly demand,,! Trade Coffee said it has seen a 10x increase in your visual merchandising best ways to increase sales profitability...