How to get Amazon Prime Badge for Your Product Listings on Amazon

Amazon Prime Badge, there is no doubting the enormous potential of selling on Amazon India as an e-commerce business. Amazon offers a great platform for reaching a broad client base thanks to its millions of active buyers and solid infrastructure. Offering Amazon Prime is one of the best strategies to improve your product listings on Amazon India. In this comprehensive article, we'll go through how to obtain Amazon Prime on your product listings, giving you a marketing advantage. Becoming an Amazon Prime Seller You must meet a number of requirements before you can apply to become an Amazon Prime seller. Achieving a high level of performance metrics, such as quick and dependable shipping, low order failure rates, and superior customer service, is one of the crucial needs. Partnering with the top courier service for your e-commerce firm is essential at this point. 1. Choosing the Right Shipping Aggregator You may satisfy Amazon Prime's delivery criteria by streamlining your operations with the aid of a shipping aggregator. Choose a shipping aggregator that has a seamless connection with Amazon's fulfilment system, dependable tracking, affordable delivery costs, and a wide range of trusted logistics partners. You may effectively manage your shipping operations and raise your chances of becoming an Amazon Prime seller by working with the correct shipping aggregator. 2. E-commerce Delivery Partners and Logistic Transportation Companies You can think about collaborating with an e-commerce delivery partner or a logistic transportation provider in addition to a shipping aggregator. These businesses specialise in overseeing the full logistics process, including order fulfilment and warehousing. You may concentrate on your main company operations while assuring quick and effective delivery for your clients by outsourcing your logistics to a dependable partner. 3. Meeting Amazon Prime’s Delivery Requirements You must make sure that your items adhere to Amazon's shipping specifications if you want to be eligible for Amazon Prime. This entails abiding by particular packaging requirements, confirming your items qualify for Prime delivery, and keeping precise stock levels. You may increase your chances of having your product listings accepted for Amazon Prime by strictly adhering to these recommendations. 4. Amazon Delivery Partner Program A different choice to think about is signing up for the Amazon Delivery Partner programme. With the help of this programme, you may use Amazon's extensive delivery network to complete your shopping. You may utilise Amazon's logistical infrastructure, including its technology and delivery trucks, by signing up as an Amazon Delivery Partner. This can greatly improve your delivery capabilities and raise the likelihood that you'll be accepted for Amazon Prime. 5. Optimizing Your Product Listings It's crucial to optimise your product listings once you've successfully integrated Amazon Prime in order to increase exposure and conversions. This entails creating intriguing product names, illuminating descriptions, and making good use of visuals. Encourage your pleased customers to submit glowing reviews as well, since this may have a big influence on how well your business does in terms of sales. How to Become an Amazon Prime Seller? One of the finest methods to possibly increase your sales is to take advantage of specials and discounts. You will have the opportunity to provide a variety of alluring bargains to get buyers to buy your goods during seasonal sales and regular sale weeks on Amazon. Discounted pricing improve the likelihood of generating a large amount of sales and aid in luring clients. In times of extraordinary deals, customers frequently make larger purchases. You may use coupons and lightning deals to create time-limited promotions for your items. To delight customers, you may also automate merchandising to display your coupons in search results, product pages, deal listing pages, and even carts. Fulfilment by Amazon (FBA)Prime services are offered on all products on Amazon that are fulfilled by Amazon. Being an FBA seller, your products will be eligible for Prime and the Amazon Prime badge will appear for all such products on the Amazon India marketplace. All you have to do is sign up for FBA.To register for FBA, you can visit your seller account and navigate to Settings > Account Info > My Service and then register for FBA.Local Shops on AmazonLocal shops on Amazon is a program that allows you to register your physical store on Amazon and serve more customers from the local area.With this program, you get access to the Amazon Prime Badge that helps customers around you discover you faster on Amazon.Seller Fulfilled Prime (SFP)Also known as Easy Ship Prime, it allows you to provide a Prime experience to customers for your Easy Ship products from your own facility without any additional cost.This is an Invite Only Program for our Easy Ship Sellers. Under the Easy Ship program, you store and pack your inventory at your facility and then Amazon delivers them within 2-4 days when you receive an order. It reduces the cost of shipping for you.Seller FlexTo save the cost and efforts of shipping inventory from seller premises to Amazon’s fulfilment centre, Amazon offers FBA services to your own storage facility. This program is called Seller Flex.This means you get all the benefits of FBA, including the Amazon Prime Badge, now at your doorstep. Credits: Amazon How to get the Amazon Prime Badge Here are the steps on how to get the Amazon Prime badge: Become an FBA Seller: You must be a Fulfillment by Amazon (FBA) seller in order to be eligible for the Amazon Prime badge. In other words, Amazon handles the packing, shipping, and customer service for your goods, and you store them in Amazon's fulfilment centres. Ensure Eligibility: Verified that your goods are eligible for Amazon Prime. Amazon has certain requirements for being included in its Prime program, and not all products are eligible. List Your Products: On Amazon Seller Central, create product listings for your goods and make sure that they comply with Amazon's product detail page requirements. Set Competitive Prices: Offer your products at competitive prices. Because you are a Prime seller, your products will be competing with other Prime-eligible products, and competitive pricing is crucial. Opt for Prime Shipping: Opt-in for Prime shipping on your product listings. This will automatically make Prime members' products eligible for Prime two-day shipping. Maintain Inventory: Keep sufficient inventory of your products in Amazon fulfilment centres to meet customer demand. Your Prime eligibility may be affected by frequent stock shortages. Provide Excellent Customer Service: Keep high seller metrics and provide excellent customer service to give Amazon customers a positive shopping experience. Monitor Performance: Regularly check your Amazon Seller Central performance metrics to find and fix any issues that may affect your Prime eligibility. Consider Amazon Prime Exclusive Deals: To attract more Prime members to your listings, participate in Amazon Prime exclusive deals and promotions. Request a Review: You can contact Amazon Seller Support to request a review if you think your products meet all Prime eligibility requirements but the Amazon Prime badge is not showing on your listings. You may also like to read: 2024 Guide on Amazon Seller Fulfilled Prime Conclusion There is no doubting the enormous potential of selling on Amazon India as an e-commerce business. Being an FBA seller, your products will be eligible for Prime and the Amazon Prime badge will appear for all such products on the Amazon India marketplace. Local shops on Amazon is a program that allows you to register your physical store on Amazon and serve more customers from the local area. With this program, you get access to the Amazon Prime Badge that helps customers around you discover you faster on Amazon. Another Programme called Seller Flex provides all the benefits of FBA, including the Amazon Prime Badge at your doorstep.

August 07, 2023

Categories:

Food and Beverage Fulfilment: 7 key takeaways for D2C Brands

Food and Beverage Fulfilment, As a direct-to-consumer (D2C) e-commerce business, accurate, smooth D2C fulfilment is essential for your business. The direct-to-consumer (D2C) business model is basically about delivering your online goods directly to your customers. In a virtual world dominated by Amazon, Zalando, and ASOS, innovative new entrepreneurs offer great products, one-click purchases, and rapid delivery. Bye-bye physical store space and endless queues. The recognition that government-to-consumer e-commerce offers can be very exciting, as well as the unprecedented market access and global customer base. Plus, you can sell your products at lower prices than conventional consumer brands, undercutting them, and maintain full control over the production, promotion, and distribution of your products. What is Fulfilment? Logistics is a very broad field. As a business founder who has a great idea but no business experience, it can be difficult to understand what it means or involves. Logistics, as a general term, refers to the organization, processes, and services required to make sure that goods and orders flow efficiently from storage to shipment and delivery. This also includes data flow, which is very important for smooth order fulfilment. There are four key types of logistics: 1. Warehousing It is Important to have a perfectly sound warehouse, In the case of perishable goods like food items, which has a minimal shelf life to make sure that delivery of healthy vegetables and fresh fruits is on time. Warehousing includes: The planning, administration, and transportation of inventory, including the shipping and receipt of physical goods, are all various and complicated processes that go into warehousing. In addition to the actual inventory, warehouse logistics may also include duties like managing damaged items, safety and security procedures, human resource management, insurance, and customer returns. In short, everything is required to keep warehouse operations operating efficiently. Excellent planning and warehouse management tools are needed for this. 2. Shipping Logistics The procedure used to transport a product from point A to point B. Simply said, it is the logistics of physically carrying a commercial product. It entails resource planning, organisation, administration of various transport vehicles throughout the carrier's offices, execution, and control of sent products transportation. 3. CEPs (Courier, Express, Parcel) CEP logistics services are quick shipping logistics services for delivering non-palletized commodities weighing less than 50kg over a short distance. It essentially includes all rapid, dependable delivery of smaller things, mainly across shorter distances on the ground – but some CEP shipments travel by air. Courier (the person or firm who delivers the items, generally over a short distance), Express (time-bound delivery, when shipments are delivered within a day or two), and Parcel (what it says on the box – the parcel itself) are all part of the acronym. 4. Inbound vs. Outbound Logistics Inbound logistics involves the transportation, storage, and delivery of all things entering (receiving) a firm. Outbound logistics is the opposite: all of the things leaving (being transported out of) a company. Value creation by D2C brands in Food and beverage Industry Larger spend category Commands large wallet share with developed countries spending more than 7.7% of GDP per capita on Food & Beverage fulfilment.High organized retail High penetration of organized retail in developed countries such as the USA (85%) and China (45%) allows access to a more affluent consumer base.Newer dietary preferences The high preference of consumers towards organic, plant-based alternate products creates a large opportunity for brands in this spaceGrowth in the millennial population The target consumer for D2C companies is the millennial population which is growing steadily as 40% of the global population is below 24 years of ageThe emergence of a nuanced market focused on health Changing dietary preferences towards organic and vegan meals driving the emergence of health & nutrition focused brands across categories including health supplements, protein bars, breakfast cereals and snacks Focus on quality Rising consumer awareness regarding low nutrition content and quality of unbranded products Increased consumption of branded food products due to the associated quality assurance that comes with them Credits: Avendus The Contribution of 3PL Companies to Food and Beverage Fulfilment 1. Growing 3PL Logistics According to research, 3PL logistics businesses have gone a long way in India. With more people purchasing online, 3PL shipments have skyrocketed in the last three years. Cost increases in logistics can be related to a variety of factors. 2. Factors Affecting 3PL Costs First, it is dependent on an increase in order volume, particularly increased e-commerce sales and operational scale. Second, higher salaries due to labour scarcity, expensive storage and transportation expenses, and ineffective management can contribute to increased spending and a delay in corporate growth. 3. Enhancing Supply Chain Efficiency with 3PL D2C brands may alter their operations and increase their sales margins by reducing these expenses and improving supply chain efficiency. Having a dependable third-party logistics partner may help businesses manage their logistics more successfully. 4. Cost-Effective Automation Outsourcing to a 3PL provider may be a realistic choice for individuals who believe automation is too pricey. These organisations frequently provide shopping carts, shipping partners, and customer service teams, giving businesses total control over their operations via a computer screen for food and beverage fulfilment. 5. 3PL Advancements This allows businesses to concentrate on creating their core goods and growing their brand for future development. 3PL logistics businesses, according to industry analysts, have made significant improvements, including expanding their reach to additional pin codes and improving their capacity to manage returns. 6. Tech-Driven Logistics To enhance logistics operations, many technological interventions have been implemented. To accomplish same-day deliveries, it is critical to be closer to clients in terms of delivery or despatch. This strategy may result in speedier delivery times and more accurate stock flow forecasting. 7. Last-Mile Delivery Partnerships Instead of developing new despatch networks, corporations are looking for methods to link with current last-mile delivery alternatives. This method can aid in the food and beverage fulfilment of late orders while keeping prices low. 8. Temperature Controlled Warehouses In food and beverage fulfilment, temperature-controlled warehouses play a crucial role in maintaining the quality and safety of products. These warehouses are equipped to regulate temperature and humidity levels, ensuring that perishable items, like fresh produce and dairy products, stay fresh and free from spoilage during storage and transportation. Best Practices for Last-Mile Food and Beverage Fulfilment. India's food and beverage fulfilment business is not only enormous, but it also caters to a diverse spectrum of consumers. According to a survey, India's food and beverage fulfilment business is the fastest-growing market, with a projected value of $156.25 billion by 2026. D2C firms are having an impact on the food and beverage fulfilment market, from kid-friendly snacks to ready-to-cook meals. Whether ordering online or in-store, the availability of these commodities to end customers is dependent on a well-functioning supply chain ecosystem. Any interruption in this ecosystem might result in customers seeing warnings such as "product unavailable" or "out of stock."Delivery optimisation is critical for the success of any D2C food and beverage fulfilment business. On-time delivery is critical in all categories, whether perishable or packaged items, to keep customers interested in the brand. Furthermore, apparent compliance with food safety and transportation rules on packaging and invoices will boost customer confidence.These companies should concentrate on offering various delivery alternatives for their items. To meet the varying demands of clients, website/app connections with multiple logistics service providers such as same-day delivery, expedited delivery, and scheduled delivery. This can aid in increasing client happiness and loyalty. Conclusion As a direct-to-consumer (D2C) e-commerce business, accurate, smooth fulfilment is essential for your business. To enhance logistics operations, many technological interventions have been implemented. To accomplish same-day deliveries, it is critical to be closer to clients in terms of delivery or despatch. This method can aid in the food and beverage fulfilment of late orders while keeping prices low. According to a survey, India's food and beverage fulfilment business is the fastest-growing market, with a projected value of $156.25 billion by 2026. D2C firms are having an impact on the food and beverage fulfilment market, from kid-friendly snacks to ready-to-cook meals. Delivery optimisation is critical for the success of any D2C food and beverage fulfilment business.

August 04, 2023

Best ways to manage returns on Shopify

E-commerce platforms have made it easier than ever for companies to set up an online store and start selling products. Managing returns, on the other hand, is one of the biggest obstacles in running an e-commerce business. Returns are a part of any online business, and if they are not properly managed, they can lead to revenue losses and bad customer experience. Running an online store on Shopify is very important to know how to manage returns on Shopify. Understanding the best ways to handle returns can help us build trust with clients and provide excellent service. This guide will examine easy and efficient methods to manage returns on the Shopify platform. These tips will make it easy for customers and store owners to know how to manage returns on Shopify, from making a clear return policy to simplifying the process. E-commerce returns occur in all sectors. Between five per cent and fifteen per cent of all consumers return their online purchases. Let's delve into the world of returns management and learn how to manage returns on Shopify. How to Manage Returns on Shopify 1. Create a Clear Return Policy: Establish a clear and comprehensive return policy that outlines the conditions for returns, such as time frames, eligible items, and refund options.Display the return policy prominently on your website, preferably on the checkout page or in the footer, to make it easily accessible to customers. 2. Set Up Return Request Form: Create a user-friendly return request form on your Shopify store where customers can submit their returns on Shopify request easily. Include fields for order details, the reason for the return, and the preferred refund method. 3. Automate Return Request Notifications: Set up automatic email notifications to acknowledge receipt of return requests and inform customers about the next steps in the return process.This communication helps customers feel assured that their request is being addressed promptly. 4. Review Return Requests: Regularly check the return request dashboard on your Shopify admin panel to review and process incoming requests.Assess the eligibility of each return based on your return policy, and ensure that the request falls within the specified time frame. 5. Communicate with Customers: Send personalized emails to customers, either approving their returns requests or providing explanations if the return is not eligible.Keep customers informed about the status of their returns and provide estimated timelines for processing refunds or replacements. 6. Issue Refunds or Replacements: Once the return is approved, process refunds promptly according to the customer's preferred refund method (e.g., original payment method or store credit).If applicable, arrange for replacements to be shipped to the customer as soon as possible. 7. Track Return Inventory: Update your inventory system to reflect returned items and their condition (e.g., restockable or damaged).Keep track of the returned inventory to ensure accurate stock levels and prevent overselling. 8. Monitor Return Trends: Analyze return data regularly to identify trends and common reasons for how to manage returns on Shopify.Use this information to improve product descriptions, images, or sizing information to reduce return rates in the future. 9. Provide Excellent Customer Service: Respond promptly and courteously to customer inquiries about how to manage returns on Shopify.Go the extra mile to address any issues and make the return process hassle-free for customers. 10. Review and Optimize Return Policy: Periodically review your return policy based on customer feedback and return trends.Make necessary updates to address customer concerns and optimize the return process further. 8 Shopify Apps To Simplify the Returns Process 1. AfterShip Returns Center AfterShip Returns Center streamlines return with a self-service platform.Customers can generate return requests, track returns, and get notifications.Store owners can efficiently know how to manage returns on Shopify, reducing customer inquiries and manual work. 2. Parcel Returns Manager Simplifies return shipping with automatic return label generation.Integrates with major carriers for easy return shipping.Tracks return shipments and provide real-time updates. 3. Returnly Offers an instant credit system for a better customer experience.Provides immediate store credit for replacements or future purchases.Enhances customer satisfaction and encourages repeat purchases. 4. Easy Returns EasyReturns provides a seamless returns portal for customers, making the returns process hassle-free.Customers receive clear return instructions, ensuring a smooth and efficient returns experience.Customers can select their preferred return reasons, enabling accurate data collection for store owners.Store owners can easily track returns and monitor their status through the app's intuitive interface.EasyReturns allows store owners to issue refunds promptly, enhancing customer satisfaction.Store owners can efficiently manage return policies, ensuring consistency and clarity for customers. 5. Return Prime Establish your return policies, and Return Prime will automatically complete the steps accordingly, reducing your customer support staff's burden. Users can quickly send return labels, refunds, gift cards, or discount codes to customers after a returned item is processed. 6. WeSupply WeSupply allows you to automate even the most specific cases. For instance, if a consumer marks several items for return and refund, you only can refund each item once it is received and thoroughly inspected—there is no more return fraud!The option to offer customers a store credit coupon or gift card instead of returning the amount to the initial payment method (e.g., point-of-sale, online, etc.) is another essential feature. This increases customer loyalty and encourages future purchases. 7. Narvar Return & Exchange Narvar Return & Exchange app for Shopify allows Shopify retailers to offer a variety of return options, including returning to a local store or by mail. It helps you create unique return rules, regulations, and fees for various products or customers to provide a unique experience. 8. Loop Returns Loop Returns aims to increase brand loyalty and reduce refunds by encouraging exchanges over returns. It gives you full control over whether and when returns are automatically or manually approved, and you can choose which events cause automatic approval to happen.Furthermore, Loop allows you to return products to vendors, donation centres, repair centres, and warehouses. 9. WareIQ Returns Management Solutions Customers can easily place return requests through the website's branded return portal, even on their mobile screens. A set returns processing window ensures timely requests. For hassle-free operations, automation enables reverse pick-up, partial return management, and courier allocation. A central returns panel helps manage all returns, allowing tracking, review, acceptance or rejection of requests, and viewing of return reasons and product images shared by customers for refunds. The Importance of Returns in the Shopify Customer Experience 1. Driving Business Growth through Returns When a company can carry out a hassle-free return and refund process, it increases customer loyalty by establishing a brand image of accountability and trust. 2. Increasing Customer Retention Establishing a reliable brand image lets the company reach more people. 3. Reduce Company Operational Costs The organization can cut off a significant amount of overall expenditure by conducting return and refund transactions that are smooth and genuine. 4. Preserving Inventory Quality Occasionally, return requests turn out to be false, or the company ends up providing reverse logistics for damaged goods. An effective returns system helps the company avoid such situations. Conclusion Running an online store on Shopify is very important to know how to manage returns on Shopify. These tips will make it easy for customers and store owners to know how to manage returns on Shopify, from making a clear return policy to simplifying the process. In this blog, we delved into the world of returns management and learned how to manage returns on Shopify. One should analyze return data regularly to identify trends and common reasons for how to manage returns on Shopify. Use this information to improve product descriptions, images, or sizing information to reduce return rates in the future. Through apps, Store owners can efficiently know how to manage returns on Shopify, reducing customer inquiries and manual work.

August 03, 2023

On-time deliveries: Top 10 tips to meet Consumer expectations

Consumer expectations are the advantages or perceived value that customers look for while making a purchase or using a service. They are the end product of the "learning" process and are easily established because even the very first impressions are crucial. Once formed, these consumer expectations can have a big impact on how decisions are made and can be very difficult to alter. Since they labour to satisfy a range of wants and desires that are partially connected to essential services like banking services, customers are viewed as heroes in modern marketing. When consumer expectations are met, they continuously form views about the actual service they received. Customers have expectations about how their needs and wants will be met. It's arguable that how well an organisation serves its informed customers determines how successful it is. 10 tips to meet consumer expectations 1. Understanding customer Priorities Prioritising consumer demands is crucial for effectively managing consumer behaviour and consumer expectations.Regarding what the customer anticipates from the company and what the company can guarantee to provide, everyone should be on the same page. Each customer will be unique. Asking lots of questions is a terrific method to learn what the client considers to be the most crucial aspect of the needed service. The client representative should also enquire about the consumer expectations for the business partnership. Knowing the client or customer is one of the finest methods to make prioritising simpler.Managers of customer service should make an effort to comprehend the client's needs and wants. 2. Regular Updates and Timely Notifications When it comes to managing consumer expectations effectively, communication is essential. Both the client and the company may find it quite annoying when there is inadequate communication. Establishing a regular timetable for when the customer may expect to hear from the company representative is a wonderful approach to remaining on top of communication.The consumer should be informed in advance of how frequently the company will communicate with them and at which convenient times. Changes in the timetable should be promptly communicated to the customer. Achieving effective customer-business communication ensures that everyone is constantly on the same page and prevents unpleasant surprises. 3. Consistency All clients anticipate consistency from businesses. The customer may feel puzzled and disoriented when services or products are changed at random. Additionally, it is a definite method to break any previously built trust. Because they will always know what to expect, maintaining consistency in client relations also helps the customer manage their own expectations. Finding out where discrepancies arise and what the flaws are will be made easier by paying attention to consumer complaints and concerns. Trust is created via consistency, and sustained business partnerships follow. 4. Realistic Promises made Businesses shouldn't advertise products or services that they can't supply. A company has to know when and how to refuse a consumer. It is crucial to clarify the reasons behind the response and the reason the answer is no.By committing to a service that cannot be provided, the firm significantly harms its credibility and image. In order to manage consumer expectations, it is far better to make fewer promises and deliver more on those promises. Make attainable and reasonable promises, and then go above and above to fulfil them.Instead of feeling that a promise was broken, the consumer will think that the company goes above and beyond for them. 5. Time Schedule Coordination Keeping organised will make it easy to follow all of the other advice. Have an easy-to-access list of all clients and their requirements. The list needs to be up-to-date and simple to comprehend. It will be simpler to follow up on demands, consumer expectations, and deliveries the more organised the firm is. In order to ensure that predetermined communication contact dates and times are never missed, the list should also be coordinated with a timetable. Having a timetable will also help to guarantee that products or services are delivered at the scheduled and suitable time. 6. Result-Oriented Approach You must still provide a plan of action with deadlines, even if your customer insists he doesn't care how it is accomplished as long as the desired outcomes are achieved. The status of a project should always be visible to the customer. The plan or scope of work should include the timeframes the customer must fulfil and the deliverables your team needs to stay on schedule for launch, which aids in managing consumer expectations. 7. Communicate Possible Risks This might be as easy as including a paragraph stating that if approvals are delayed from the customer, the timeframe will be adjusted to reflect this. It could also involve a discussion of the project's potential hazards, how you are attempting to keep them from impeding progress, and your backup strategy. Since getting the outcomes is ultimately your responsibility, you should think about any potential obstacles to completing a project on schedule. This aids the customer in modifying their assumption that everything will always go according to plan. The majority of undertakings encounter obstacles and failures. They only need to have faith that you have considered how a detour would affect their project. 8. Setting Achievable Goals Some clients might believe that simply because they have a PR strategy in place, they should anticipate calls from every journalist. Or perhaps they've committed to blogging and believe they'll receive 10,000 shares for each piece and 10,000 leads per month. Help them understand their current level of marketing expertise and maturity as well as the measures necessary to start experiencing outcomes that are typical in their sector. In particular, if this is the client's first serious step into modern marketing, control consumer expectations of fame and money. 9. Customer Feedback Importance Customers can let a company know if it fits their demands by contacting it. To better understand your performance, pay special attention to this feedback. Negative comments may show you where you need to improve, while positive feedback can help you continue on the correct path. Make sure you create platforms, such as social media pages, newsletters, or product review sections, that offer customers feedback. 10. Cushion for the Unexpected Even though you would want to, it is not practical to expect to provide a fully operating website that generates leads in less than 30 days. However, it might be tempting to say, "We might be able to do that," when you're face-to-face with a client who demands that the site be completed within the next month.The client simply knows that you stated you could finish it, which is an issue. Give your team a safety net in case anything unforeseen happens, and then deliver early. All the trust you've gained will be swiftly lost if you miss a deadline because you committed to an arbitrary timeline. Conclusion Consumer expectations are the advantages or perceived value that customers look for while making a purchase or using a service. Once formed, these consumer expectations can have a big impact on how decisions are made and can be very difficult to alter. Since they labour to satisfy a range of wants and desires that are partially connected to essential services like banking services, customers are viewed as heroes in modern marketing. Prioritising consumer demands is crucial for effectively managing consumer expectations. Changes in the timetable should be promptly communicated to the customer. Finding out where discrepancies arise and what the flaws are will be made easier by paying attention to consumer complaints and concerns. Trust is created via consistency, and sustained business partnerships follow. It is crucial to clarify the reasons behind the response and the reason the answer is no. You must still provide a plan of action with deadlines, even if your customer insists he doesn't care how it is accomplished as long as the desired outcomes are achieved.

August 02, 2023

Mastering Inventory Replenishment: A Step-by-Step Guide

Inventory replenishment is a common practice to ensure that the right quantity of products is available with the seller or retailer on the picking shelves at the right time. Poor in-store ordering and replenishing practices—retailers ordering too late or too little, making wrong demand forecasts, or otherwise mismanaging inventory—contributed to 72% of stock-outs, according to a study by Harvard Business Review. This alarming percentage shows that inventory replenishment must be done systematically and on time. In summary, inventory replenishment that is done correctly helps to prevent overstocking and stock-outs, which can be very costly in supply chain management. Inventory replenishment covers more than just ready-to-sell inventory and raw materials stock used to make finished products. A businessman can run their business smoothly by restocking the goods and services. Why is Inventory Replenishment Important? Businesses need a strong inventory replenishment strategy because it can help teams avoid costly supply chain issues like overstock or out-of-stock. As previously stated, out-of-stock products can not only lead to sales loss but can also have a significant impact on brand trust and customer loyalty. They can also put your shelf security at risk because rival brands may start taking over any vacant space.Overstocking, on the other hand, can be just as bad for your company. CPG companies are aware of the fact that excess inventory can hinder new product rollouts, brand redesigns, or, in the case of food and beverage brands, push products beyond their “sell by” date, making them unfit for purchase. Overstocking can also confuse the supply chain. If any backstock information is not communicated before an order for replenishment is placed, both brands and retailers may lose money to handle the overstock. Methods of Inventory Replenishment 1. Reorder Point Method A replenishment/reorder point is the unit quantity on hand that causes the purchase of a specific amount of inventory replenishment. That is why reorder point serves as a signal for the storekeeper to restock the goods that are nearing completion in the store. It is similar to the fuel reserve indicator on a motorcar or bike. This allows you to refill your vehicle before it runs out of fuel while driving.Once the reorder point is reached, the retailer places a new order for the items that have been filled so that he can successfully fulfil his subsequent orders without stopping. The result is that there will be no interruption in production and fulfilment activities while simultaneously reducing the total inventory on hand. However, one important thing to keep in mind is that each product in the store may have a different reorder point because the reorder point is based on the time that your supplier takes to deliver the items to you. How to calculate reorder point? Lead time, average daily usage rate, product selling rate, and vendor safety stock are required to calculate reorder level. Lead time is the time that the supplier takes to ship the goods after the vendor places a purchase order. The product's average daily sold units are the average amount of goods sold daily. The formula for calculating reorder point is (Average daily sold units x Lead time). 2. Periodic Stock Replenishment Method The periodic inventory replenishment method takes inventory levels of products over a specified period. A replenishment order can be placed or not depending on specific inventory needs, but only at the review point.Restocking inventory in a warehouse is ideal with this method. Warehouse's larger storage capacity allows it to store goods that can last for three to six months. As a result, regular checks and reviews are sufficient for the items that are stored in the warehouse, and the inventory levels of these items are examined to determine whether or not they need to be restocked. There is no need to reorder the stock if the stock levels are sufficient. 3. Top off Method One of the most popular inventory replenishment techniques is top-off, also known as lean time replenishment. When the picking operations are less active, the stock is replenished by this method. This makes it easier to review the stock and replenish it as per a predetermined threshold. Because it is the most efficient way to restock fast-moving SKUs, this is the most convenient option for retailers. When the stock count is done once in a while during less active operations hours, it can be replenished on a daily, alternate days, or weekly basis as needed. When demand is low, this method improves efficiency because items are always filled in the forward pick locations. 4. On-Demand Inventory Replenishment Method On-Demand inventory replenishment is another common method used by retailers. The seller or retailer restocks high-demand items. Because other things are slow, they might not be given priority. So that you can stock them in sufficient quantity, it requires careful preplanning and forecasting the demand for the products shortly. Because there is a high demand for seasonal items only during a specific time of the year, this method is ideal for seasonal products. Best practices for Inventory replenishment Regular stock counting One of the most common things that all sellers, vendors, and manufacturers do is stocktaking. Stocktaking regularly prevents overstocking, stock theft, and stock shrinkage. Additionally, it will allow you to determine the total number of each product(s) you have on hand, which will facilitate accurate inventory tracking. Demand forecasting Current and past sales data is useful because it gives you an idea of which products are selling well and which are selling poorly. This sales knowledge helps you restock items according to their needs. Reliable Suppliers Buy products from a reliable supplier because it is important for your business to have the stock of goods supplied to you in the quantity you need and at the right time. However, when you choose a supplier, you should also choose one who delivers goods of high quality at the right time in the right amount. Benefits of improving your Inventory replenishment process Optimise sales Order the right amount of goods to be delivered to the right place at the right time. The retail replenishment system ensures that all products have the best inventory levels, which allows you to sell more profitably. Reduced mark-downs Optimised stock levels enable you to meet customer demand while minimizing stockouts. Increased sell-through of full-priced stock and a lower markdown rate keep margins safe and profits rise. Make the stock turn possible Confidently meet customer demands without overstocking or understocking. Conclusion Inventory replenishment is essential for any business to run smoothly and profitably. Businesses can avoid costly supply chain issues like stock-outs and overstock by using efficient inventory replenishment strategies. This minimizes wastage and reduces sales loss and brand trust. The reorder point method makes it easier for items to be restocked at the right time, which minimizes delays in the production and fulfilment process. Warehouse storage uses the periodic stock replenishment method because it allows regular checks and reviews to determine how much restocking is needed. For fast-moving SKUs, the top-off method ensures that items are always available in forward-pick locations. For seasonal items that are highly demanded during certain times, on-demand inventory replenishment is the best option. Companies can meet customer needs, avoid supply chain issues, and prosper in today's competitive market by having a well-organized and active inventory replenishment method. Thus, mastering inventory replenishment requires time and effort. In the changing business world, it can really make a big difference for businesses that want to grow and stay strong.

August 01, 2023

Maximizing Profitability with Consignment Inventory Management

Retailers can acquire and sell their stock in a variety of ways. Mostly, retailers buy inventory and store it in their retail warehouses so that customers can buy it. Since the retailer only purchases when the stock is sold, wholesalers take the most risk with their inventory. In this instance, the wholesaler holds the inventory until it is sold. Retailers return their stock to the wholesaler if it isn't bought. Consignment inventory management has many benefits for retailers. First, the wholesaler will bear all inventory carrying costs. When a retailer doesn't have enough cash, consigned inventory is the best option. In the competitive business landscape, any company's success and growth depends on optimizing profitability. Businesses can lower costs and increase profitability by using consignment inventory, which allows them to stock and sell goods without actually purchasing them. We will discuss in this blog how consignment inventory management can help maximize profitability and the best practices for successfully applying this approach. Understanding Consignment Inventory Management Merchandise that is kept in a store or warehouse but whose ownership remains with the supplier until they are sold to customers is called consignment inventory. Once the goods are sold, the supplier retains ownership, and the retailer only pays for the goods after they are sold to the end consumers. Why Use Consignment Inventory? Everyone doesn't have the money to buy stock and wait for customers to buy it. To save time and money, retailers may opt for consignment inventory. As a retailer, you should consider consigned inventory for a number of reasons. Low risk You can use your capital to buy established goods because you don’t have to pay for the inventory in advance. You can consign new supplier brands and experiment with the market as a result. Low cost of ownership Retailers can reduce ownership costs by looking for consigned goods instead of having a warehouse full of purchased goods. Better cash flow Retailers will win in every situation. When they are sceptical about a product, they will not have to spend a lot of money to keep it and check whether customers will buy it. How to Manage Consignment Inventory In order to keep close tabs on goods, both suppliers and retailers must properly manage consignment inventory. Managing inventory can be a complicated task for businesses that sell a combination of consigned and non-consigned goods. Some organizations are still using spreadsheet-based or even paper-based systems for inventory tracking. These methods of tracking inventory are often slow and unreliable, and it makes it difficult for vendors and retailers to work together. There are many options for inventory management, but not all of them are designed to handle consignment inventory. Inventory management systems, which are designed to simplify the handling of a variety of inventory-related responsibilities, are common use for today's businesses. These solutions ought to track the inventory that the supplier sends to the retailer in the best-case scenario; identify when inventory must be added to the retailer in order to avoid stockouts; and monitor the stock that the supplier needs to replenish. These features help suppliers find the goods to buy, reduce the amount they need to stock in their retail stores and enable them to save money on shipping costs. Advantages of Consignment Inventory for Retailers Lower Inventory Costs Retailers can store goods without paying suppliers in advance. Retailers don't have to take the risk of unsold items because they don't own the inventory until it is sold. Increased Cash Flow Retailers improve cash flow management because they pay for inventory only after the products are sold. Retailers can improve overall liquidity by allocating their funds to other parts of the company. Beneficial Contracts The expectations and obligations of both parties must be laid out in the contract. This will include the goods' prices, the time that the retailer can keep inventory, and who will be responsible for inventory damage. Detailed contracts improve cooperation and maintain transparency. It can prevent any potential conflicts and disputes. Market Expansion Reduced upfront costs for retailers because they are not required to purchase inventory. Suppliers can increase exposure and sales potential by selling their products in multiple retail outlets. Minimizes retailers' risk of overstocking and lowers carrying costs. Benefits for Suppliers Expanded Market Reach Suppliers can expand their market reach by placing their goods in several retail outlets. Suppliers are able to explore new markets without making a lot of money. Improved Relationship with Retailers Inventory swaps encourage a partnership where both sides work together for mutual benefit. Retailers may argue about inventory costs and risk with suppliers. Strategies for Successful Consignment Inventory Management Transparent Inventory Tracking Use inventory management software to keep track of inventory items' status and where they are. To prevent miscommunication and inventory discrepancies, suppliers and retailers must regularly exchange updates. Performance-Based Agreements Establish objective metrics, like sales velocity and inventory turnover, to measure consignment inventory success. Offer rewards or bonuses to sellers who meet certain sales goals. Demand Forecasting To accurately predict demand, use market trends and historical sales data. To avoid overstocking or stockouts, adjust inventory levels according to anticipated demand. Collaborative Marketing Efforts Combine marketing campaigns to raise brand awareness and increase product visibility. Reduce individual financial burdens by dividing marketing costs between retailers and suppliers. Potential Challenges and Mitigation 1. Inventory Loss or Damage Ensure that goods are sufficiently insured so that they are protected against losses or damages while being shipped. Find and resolve any potential issues with inventory condition through regular inspections. 2. Inventory Accuracy Regularly audit the consignment inventory records to make sure they are accurate. To maintain trust and transparency between suppliers and retailers, promptly resolve discrepancies. 3. Inventory Control and Visibility Keeping track of consigned inventory across multiple places can be difficult. Difficulty in distinguishing consigned inventory from owned inventory may lead to confusion. 4. Accurate Sales Reporting Retailers might forget to report actual sales, which causes mistakes in inventory records. Incomplete or delayed sales data can impact inventory replenishment decisions. 5. Price Disputes Suppliers and retailers may argue over product prices. Retailers can sell consigned goods at reduced prices, which affects suppliers' profitability. Consignment Inventory Policy The newly adopted managing inventory policy is the Consignment Stock Policy. A CS agreement between a vendor and a buyer requires great cooperation and integration. In actuality, the supplier freely places the product stock in the buyer's warehouse, and all items remain with the supplier until the buyer picks them up according to its production plan. While this policy allows the vendor to move its inventory to the buyer's property, the supplier must ensure that the buyer has an available stock level that is between the minimum S and maximum S values located on the buyer's property. The continuous exchange of inventory data levels between the two parties, which is implicit in a CS agreement, allows the buyer to achieve higher service levels by eliminating the demand perturbation that the vendor perceives as a result of the buyer's order policy. Several benefits for the buyer: Inventory holding costs are reduced because the buyer only pays when the raw material is drawn on. A higher service level in comparison to a traditional policy because the vendor guarantees a minimum stock level in the buyer's warehouse. A reduction in administrative costs because traditional policy purchase order processing is more expensive. Just-in-time procurement using low replenishment costs. Also read: Difference Between Consignment And Sale Conclusion When it comes to maximizing profitability for both retailers and suppliers, consignment inventory management is a powerful tactic. By cutting inventory costs, increasing cash flow, and increasing market reach, businesses can increase profits and operational efficiency. Consignment inventory implementation is dependent on transparent inventory tracking, performance-based agreements, demand forecasting, and joint marketing efforts. A cooperative consignment partnership will be harmonious and profitable even if obstacles come up. Companies that are looking for long-term growth and higher profitability can benefit greatly from adopting consignment inventory management.

July 31, 2023

Navigating Inventory Discrepancy: Best Practices and Strategies

The disparity between the quantity that is listed in an organization's inventory management system and the quantity that is actually physically accessible is known as inventory record inaccuracy (IRI) or inventory discrepancy. IRI may cause serious problems in the retail industry, such as stockouts and revenue losses brought on by needless restocking. Inventory discrepancy has a detrimental impact on replenishment estimates and inventory availability. IRI may be expensive for a business since it may interfere with the efficiency of the whole supply chain. IRI can result in a revenue loss of more than 1% of sales and more than 3% of gross profit in a retail setting. Causes of Inventory Discrepancy Stock loss Stock loss sometimes referred to as shrinkage in the business, refers to all kinds of losses of the goods that are offered for sale. Theft is an illustration that comes up frequently. This crime may be performed by both customers (external theft) and workers (internal theft). Additionally, it covers employee and customer collusion as well as unauthorised stock usage (such as eating) by both consumers and workers. Additionally, when conducting replenishment chores for their own inventory, the vendors have the ability to steal goods from the shop. Stock loss can also happen when goods lose their marketability due to spoilage, damage, or expiration. Transaction error Typically, transaction errors happen on the facility's inbound and outgoing sides. Shipments from the suppliers must be registered in the store information system on the inbound side. The inventory record could not correctly reflect the real stock if there is a disparity between the shipping record and the actual shipment that goes unreported by the receiving clerk. The checkout registers are not immune from contributing to inventory discrepancy records on the outgoing side. Inaccessible inventory Products that exist someplace in the facility but are not accessible because they cannot be located are referred to as inventory discrepancy. This may occur if a customer removes a product from the shelf and sets it somewhere else. The store's rear room or any other storage space may likewise experience it. Eventually, the inaccessible goods will be located and prepared for sale. However, it can be some time before this occurs, and in the meanwhile, the unavailable items are effectively worthless in terms of sales. Incorrect product identification The identification of a product incorrectly can happen in a number of ways. Both suppliers and retailers have the ability to apply incorrect labels on the goods. The inventory record for the incorrect products will be altered when the bar codes on these labels are scanned during receiving or checkout. Manual inventory counts might sometimes result in incorrect identification. How to avoid Inventory Discrepancy The danger of supply chain problems, such as inaccurate client orders, product shortages, theft, damages, and financial loss for your company, is reduced by inventory accuracy. Inventory discrepancy might occur if you're in charge of keeping significant numbers of several SKUs. Not that there aren't measures to lessen hazards, though. Here are the recommended practices for preventing significant inventory discrepancy. Communication with suppliers When it comes to improving inventory control, having good supplier connections may make all the difference. If your supplier provides updates on your pipeline inventory at each stage, you can better plan when to receive it, how much of each SKU you're anticipating, and have it stored properly and promptly. Strong communication with your supplier helps prevent inventory discrepancy in the long term, as well as stockouts, overstocking, and lost goods. Update your inventory management systems Your business productivity is undoubtedly being held back by out-of-date technological solutions in this dramatically changing retail environment. With sophisticated inventory management software, you can be confident that SKU tracking is done automatically and that the inventory levels that are recorded are always current and correct. Training employees Your team has to have access to skill-building seminars on everything from digital inventory recording and effective stock counts to inventory planning, warehouse setup, and warehouse receiving. Utilise this as an opportunity to explain to them the immediate and indirect effects that inventory discrepancies have on them, such as how they influence promotions, salary, employee profit sharing, and more. There may be fewer human mistakes once people are aware of the best practices. Partner with a 3PL Errors, no matter how tiny, may have a big impact on logistical operations. Accuracy, efficiency, and faults not only reduce earnings, but also have a negative effect on the customer experience. A 3PL gives better control while reducing expenses and saving you time by managing and automating your inventory management process. Approaches to Solution No Information Scenario In the No Information Scenario, the inventory manager orders stock in accordance with the routine, periodic inventory check without being aware that mistakes are made. The estimated cost in the No Information Scenario fluctuates over time as a result of mistakes that build up from one period to the next. Informed Scenario The management making the decisions, in this case, is aware that mistakes are occurring and is familiar with their distribution (expected value and standard deviation). In a system with faults, which most inventory systems unquestionably have, the best course of action is static. The basic inventory level fluctuates throughout time as a result of the random variable of demand and the components even if the base stock policy is the best one. Static Informed Scenario The sole difference between this and the Informed Scenario is that in this case, the inventory manager simply considers the expected value of mistakes rather than their distribution. He does this because it is necessary to adopt a static base stock policy (which is obviously simpler to implement) and since this is the only accessible information. The progression closely resembles that of the Informed Scenario. The Full Information Scenario Complete information allows misplacement mistakes to be instantly identified and prevents incorrect scanning errors. Even though some researchers in the field of contemporary information data-gathering systems assert that they have decreased shrinkage, we presume that shrinking still takes place. Even so, shrinking happens but is instantly apparent. Implementing Robust Inventory Management Systems A. Centralized Inventory Tracking System Businesses should buy a centralized inventory tracking system in order to effectively manage their inventory discrepancy. This system constantly provides a comprehensive view of inventory by combining data from multiple sales channels, warehouses, and sales points into a single platform. Businesses can quickly find any issues and fix them with real-time inventory and movement updates. Inventory management processes are simplified by the centralized inventory tracking system, which eliminates the need for manual entry of information and reduces human error rates. Also, it facilitates seamless integration with other business systems, such as accounting and CRM software, which leads to more efficient workflows. B. Barcode and RFID Technology Barcodes and RFID technology are essential tools for precise tracking and recording of inventory. Businesses can automate the data capture process by using barcodes and RFID tags on products and storage units. This results in faster and error-free stock counting and replenishment. Barcode scanners and RFID readers make it easy for employees to scan items and update inventory records in real-time. It not only reduces the chance of data entry errors, but it also speeds up inventory processes, which means more efficient order fulfilment and shorter lead times. Barcode and RFID technology also makes it easier to see and track inventory. Businesses have the ability to monitor the movement of goods throughout the supply chain, from the time they reach the warehouse to the time they are delivered to the consumers. Businesses can take proactive measures to ensure inventory accuracy by using this level of visibility, which helps spot potential issues. Conclusion The disparity between the quantity that is listed in an organization's inventory management system and the quantity that is actually physically accessible is known as inventory record inaccuracy (IRI) or inventory discrepancy. Inventory discrepancy has a detrimental impact on replenishment estimates and inventory availability. Inventory discrepancy might occur if you're in charge of keeping significant numbers of several SKUs. Not that there aren't measures to lessen hazards, though. Here are the recommended practices for preventing significant inventory discrepancy. Businesses should buy a centralized inventory tracking system in order to effectively manage their inventory discrepancy.

July 27, 2023

Inventory Audit & Reconciliation

Inventory audit and Reconciliation of your inventory involves taking stock of what you have and ensuring that your stock records correspond to reality. To identify any inconsistencies that require attention, it's crucial to reconcile your inventory on a regular basis. You must make a stock reconciliation report that accurately reflects your current inventory as well as the addition or deletion of stock items from the database in order to do this. Inventory reconciliation involves comparing the stock's physical count to the data listed in the inventory records. The first stage in reconciling your inventory is to count the actual stock that is retained for sale in comparison to the proof of stock that has previously been recorded. In order to rectify inventory errors, inventory reconciliation often entails counting damaged or outdated products and determining their origin. This strategy enhances inventory tracking systems and theft avoidance. The record should always represent the real stock, therefore when discrepancies are found, they should be resolved and updated accordingly. Importance of Inventory Reconciliation If inventory data and records for inventory on hand do not match, merchants have difficulties. Shrinkage is unavoidable, even with the greatest inventory management tools. Compared to what is recorded, there may be an excess or a lack of products in stock. By routinely counting and reconciling inventory, retailers are better able to control loss and identify the root of discrepancies. It could be the outcome of administrative, human errors like wrong inventory counts or misplacing items in the stockroom, or it might be the outcome of a bigger problem like employee theft or supplier fraud. How to carry out inventory reconciliation? 1. Count the Products Count the available items and contrast the physical inventory with the inventory records. To cut down on mistakes, most businesses perform several counts. To match up with the records, this involves recording stock numbers and serial numbers. Your physical inventory can be done in a variety of ways. These are the typical approaches: cycle counting or a comprehensive inventory. Your team or a third-party inventory business will enter your facilities and count every physical item using the full inventory count technique. With a pencil and paper, barcode scanners, or RFID technologies, they can keep track of these counts. You'll discover that counts are less difficult and demanding to do if you conduct cycle counts for your inventory monitoring purposes. In cycle counts, your staff members count particular goods or regions of your inventory every day. You'll eventually count every item in your inventory, but only in parts. The benefit of this is that cycle counts may be performed without interfering with how your organisation runs on a daily basis. Because they just encompass a fraction of your warehouse, the smaller counts are less stressful and have a lower likelihood of inaccuracy. 2. Check Your Records Ensure the accuracy of your inventory data, including the inventory control systems. This also entails precise and recent sales and invoicing. Compare the stock records for each item with the inventory records. Verify the accuracy of any stock numbers and serial numbers. Items without corresponding serial numbers or stock numbers should have their inventory-on-hand counts and supplier invoices reviewed. Similar to the counting procedure, most businesses double-check record matching to ensure correctness. Missing documentation is one of the most frequent reasons for inventory inconsistencies throughout the reconciliation process. Documentation pertaining to inventory should be filed and preserved in one easily accessible area. This procedure can be managed more easily with inventory management software. This one pretty much speaks for itself. There are occasions when merchandise enters your warehouse without being properly checked in. If you discover any unlisted objects during your count, it's crucial to investigate them (by locating any relevant documentation, if feasible), add them to your inventory, and then list them for future counts. 3. Examine Discrepancies You may probably find inconsistencies if you compare the outcomes of your inventory audit. After the inventory audit is finished, it's time to deal with these errors. Math or human mistakes may be to blame for certain disparities. If it seems that's not the case, the next step is to review sales data to look for any indication that sales may not have been correctly recorded. If you cannot locate any missing sales receipts, you could have lost or misplaced goods or evidence of fraud or crime. 4. Chase Down the Discrepancies The appropriate degree of shrinkage in your firm is up to you to decide. It could be more time-consuming and expensive to identify the reason for the loss rather than continuing if there are a few items missing or they are of low worth. If you do decide to find it, start by looking at your systems, then your staff. On the store floor, in the warehouse, or on eCommerce platforms, steps are frequently skipped throughout the recording process. To find out whether there is a reason for the disparity that can be resolved, it is important to interview the personnel who are in charge of each phase. The crucial question in this situation is whether the disparity is significant enough to justify a resolution. You will occasionally need to "pick your battles" when it comes to resolving differences. For instance, it might not be worthwhile to invest time and effort in low-value things. 5. Compare results to previous reconciliations Compare your inventory reconciliation results to earlier ones. This can help in the identification of areas that need more research as well as the detection of trends and patterns. This is particularly advantageous if there are any unresolved difficulties. Knowing about these irrational worries enables you to concentrate more carefully on those particular topics, either preventing future issues or helping you identify the issue's root cause (shrink, human mistake, etc.). 6. Conduct reconciliation regularly The advantages are lost if inventory reconciliation isn't done on a regular basis. The regular maintenance of a stock reconciliation plan will increase data accuracy and save inventory costs. As a business grows, increasing inventory should be a key priority. By taking the effort to reconcile inventory, management is informed of any data inconsistencies and established stock processes are given a quality check. Using this information, managers may choose which inventory control systems to put in place to promote functionality and expansion. The amount of money spent on addressing stock mismanagement is reduced by establishing an efficient stock control system. Inventory Audit Standards Of course, a thorough inventory audit involves more than just stock counts. There are also monetary repercussions, such as avoiding potential tax issues by keeping your company in good standing with the number-crunching authorities. Additionally, each business will have its own set of warehouse guidelines to standardise internal processes and the administration of inventory audits. 1.The IRS Businesses can select from a number of suitable methods for cost flow assumptions, including FIFO (First-In, First-Out), LIFO (Last-In, First-Out), and weighted average, according to the IRS. These presumptions affect financial statements and tax computations as well as how inventory costs are allocated. Businesses must choose and continuously use an acceptable cost flow assumption. 2. The SEC All publicly listed US corporations must follow the financial reporting criteria set by the SEC. Both Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) standards, which provide guidelines for inventory valuation, measurement, disclosure, and overall presentation of financial statements, must be followed by businesses in order to comply with SEC inventory audit rules. 3.The IFRS and AISB These two regulating organisations are intertwined. Imagine the yin and yang of financial reporting on a global scale. International Financial Reporting Standards are established by the IASB, an independent body. In order to provide accurate financial reporting across international boundaries, compliance makes sure that companies adhere to globally recognised accounting norms for inventory ownership. How WareIQ can Help in Inventory Audit? As a Record System, WareIQ provides Smart Inventory Audit Capabilities and a Smart Fulfillment Platform. It works well with top sales channels, WMS and ERP platforms, and courier partners. It lets you see records, purchase orders, credit notes, orders, and sales data in real-time. WareIQ reduces mistakes by ensuring error-free processes and real-time updates on WMS and fulfilment platforms through its scan-based warding, picking, and putaway operations. Furthermore, scan-based cycle counts on handheld devices increase counting accuracy, which allows for real-time execution without interfering with daily tasks. WareIQ's smart features enable businesses to manage their inventory efficiently and guarantee more efficient and smooth operations. In a 90-day cycle timeline, WareIQ can help with its Daily Inventory Cycle Count with zero downtime. Our daily cycle counting process covers the entire inventory in a quarter, with 3.33% covered daily. It eliminates the need to stop operations for 5-7 days to count, which prevents business losses. By accounting for returned items, we guarantee no discrepancies. Return re-inventorization data is automatically synced and reflected within 24 hours, and real-time updates of Return QC rejects in the inventory master prevent discrepancies in the future. Our organized inventory storage system makes system updates simple. For easy later identification, all inventory items are marked and updated on our technology platform. Before picking, ensure that all inventory items are placed in the right bin, pallet, or rack. WareIQ's efficient inventory management system allows businesses to maintain accurate inventory records, carry out daily cycle counts without delays, and ensure a smooth, organized storage process for simple operations. Related read: Stock Audit: Objectives, Importance and 10 Procedures for Inventory Audit in eCommerce for 2025 Conclusion Reconciling your inventory involves taking stock of what you have and ensuring that your stock records correspond to reality. You may probably find inconsistencies if you compare the outcomes of your inventory audit. After the inventory audit is finished, it's time to deal with these errors. Math or human mistakes may be to blame for certain disparities. Additionally, each business will have its own set of warehouse guidelines to standardise internal processes and the administration of inventory audits.

July 26, 2023

How to Sell on CRED? A Beginner’s Guide to Become a CRED Seller in 2025

These days, many mobile apps, including PhonePay, Paytm, and numerous more, offer rewards to users. The CRED App is one of the newest applications to hit the market for digital payments. Many people have been looking for more information about the CRED App on Google as it has grown to be extremely popular. In this blog, we take a look at why you should sell on CRED, the steps to set up a CRED seller account, and the challenges faced by becoming a CRED seller. What is CRED? Kunal Shah, who also established Freecharge, founded the CRED App. Later, SnapDeal purchased Freecharge for $400 million. An app with a team of about 60 employees based in Bengaluru has already raised millions of dollars. It is the only app available as of right now that allows you to get reward points for paying your credit card bills. While Paytm also offers reward points for paying your bills, not all credit cards are eligible. The ability to redeem reward points through virtually any credit card is what sets CRED apart from the competition. Your credit cards are connected to the online payment software CRED. The creator of the startup FreeCharge, Kunal Shah, created the app. The CRED App promises to automate and advance the use of credit cards. The software also provides users with a variety of incentives in the form of CRED coins, which can be exchanged for money or deals. The CRED app is not accessible to everyone, though. Only people with credit scores of at least 750 are permitted to use the CRED app. The app runs a credit check using the phone number associated with your bank account. You are added to a waitlist if you do not meet the requirements to access the app. [contactus_gynoveda] Why Should You Sell on CRED? You must establish a product listing in order to sell goods on CRED. This will contain the name of the product, a description, a price, and pictures. A payment method needs to be established as well. PayPal and Stripe are the payment methods accepted by CRED. You can start selling your product as soon as you've established a payment option. When someone purchases your product, they will be charged right away and you will get the money within a day. Through the CRED seller dashboard, you can keep tabs on your purchases and payments. The majority of providers permit their credit-worthy clients to postpone paying for their purchases. Buyers can keep, prepare and sell their purchases before having to pay the whole amount owed thanks to deferred payment arrangements. Without them, the majority of businesses would be forced to rely on costly, ongoing lines of credit. Giving clients service in order to persuade additional people to make a purchase is the essence of becoming a CRED seller. Credit is nearly always expected in some businesses, particularly capital-intensive ones. Businesses only use credit when the rise in sales makes it worthwhile to incur the related bookkeeping, bad debt, and carrying costs. For instance, credit sales make up the majority of Airbus' sales. On the other hand, cash is used in practically all of Burger King's transactions. Easy Steps to Sell on CRED and Open a CRED Seller Account Create a message describing the company and the product with a few links to the brand's website, social media, YouTube channel, or catalog. If you use credit cards frequently and have a lot of them, having this app will be very helpful to you. You can sell on CRED and setup a CRED seller account through the following steps: Download the CRED app. Apply for CRED membership and enter the one-time password to confirm your phone number. You can easily sign up to become a member if your credit score is higher than 750. As CRED has integrated with credit bureau Experian, all of your credit cards will be visible. Enter the card's concealed numbers to verify your cards before adding them to the app. You can now pay your bills to earn reward points when your card has been verified. Here are the measures you can take if your request to join the group is denied: If there are numerous mobile numbers connected to the various cards, try altering the contact information. If they have denied your application to sell on CRED without explanation, get in touch with their customer support. If your credit score is poor, say below 750, give it another go after some time has passed. Products Offered by CRED Sellers Solutions for credit risk management must be able to safely store, organize, and search data using a range of criteria. Any database, including CRED, must be continuously updated to prevent potentially outdated information and be keyword optimized to enable quick access to data. CRED sellers are constantly at risk of their sensitive information being mismanaged. The platform's goal is to generate income from four items that it introduced during the lockdown to manage its tasks during the COVID19 epidemic. The site had established two loan products in April 2020: "Rent Pay" and a credit line. "Rent Pay" was created with the intention of enabling customers to pay monthly rent and other recurring bills using credit cards. In the meantime, the credit line has been established to provide loans in collaboration with banks at a rate that is one-third lower than the market average. Around the same time, a brand discovery tool called "Discover" was also launched. In addition to the revenue share obtained from its credit line offering, the platform hopes to make money by charging to use Rentpay. Additionally, it intends to charge companies for putting their goods on the "Discover" platform, where customers may use CRED currencies to get discounts. The marketing effort for CRED's platform during the ongoing Indian Premier League (IPL) cricket season has also played a significant role in the platform's growth. According to a TechStory story, the business has reported growth in both its user base and the cash it is receiving. Conclusion: Is Becoming a CRED Seller Right for Your Business? Famous for its superior user experience, CRED's business strategy stands out by giving its clients the advantages listed below: With just five taps, you may pay rent, credit card balances, and other payments all at once. The success of this startup is due to its emphasis on the customer experience. The business has created a smartphone application that enables users to track their credit scores, make on-time bill payments, and apply for loans with ease. Customers who use the Cred app frequently are also eligible for prizes and discounts. Sell on CRED: FAQs

July 25, 2023

Amazon FBA vs Amazon 3PL: Pros and Cons

Amazon provides the Fulfilment by Amazon (FBA) service so that independent merchants can automate their order fulfilment and delivery processes. The idea is straightforward: Amazon ships, and sellers sell. Anyone with a seller account on Amazon has the option of delegating all shipping tasks to Amazon, including returns and refunds, product storage in Amazon's warehouses, selecting and packaging, and more. Amazon 3PL solution might be useful if you are the owner of an online store with limited storage space or if you recently started an online store and don't want to handle inventory and distribution. Amazon receives the goods from the sellers and stores them all before processing the orders as they come in. The rest is taken care of for you as long as you manage the sales and make sure Amazon is kept supplied with your items. FBA Penalty Fees Online merchants that are thinking about adopting Fulfilment by Amazon (FBA) may want to think about storing and delivering their goods to Amazon. However, the regulations for shipping items to Amazon are convoluted and frequently alter. A merchant's items may no longer be accessible on Amazon due to a variety of faults. These activities can result in fines, suspension from selling on Amazon, or even minor punishments like being suspended for a few hours. Products will be sent to the "problem-solving area" with even one of these errors, where they may languish for two hours, two days, or even longer. If Amazon sellers make several mistakes, they could have to pay fees to exit the problem-solving section. Recycling boxes are practical and ethical but make careful to erase, write out with a black Sharpie, or conceal any remaining barcodes with tape or permanent stickers. That box will go to the section where problems are solved if Amazon must infer which label is the correct one. There must be one barcode for each item in the package. Additionally, each of those barcodes must be specific to the shape and colour of that one item on the Amazon site. Keep boxes under 50 pounds (23 kg) or as light as possible. Sellers run the danger of being prohibited from delivering any product at all if they frequently break these regulations and submit hefty shipments. No stock, no sales. Shredded paper, grass, and other loose packaging items are not permitted by Amazon. Use air pillows, huge sheets of 60-lb. weight kraft paper, or polyethene foam sheeting to block access to the problem-solving section, which has a specific vacuum for such items. Amazon 3PL When compared to using a warehouse, space will run out more quickly if you operate from home. As your firm grows, you can potentially take up all of your warehouse space. As you approach your threshold, completing orders could become more difficult and expensive, especially for large or heavy goods. It costs money and takes time to run goods to UPS or FedEx many times each day. You can overcome challenges like these and expand more quickly without compromising the client experience with the aid of an Amazon 3PL solution. This information may be useful if you're debating whether to hire a third-party logistics provider. Let's go through what Amazon 3PL is and how to tell if it's the best course of action. The Procedure For Amazon 3PL Order Fulfillment ReceivingWithout inventory on hand, a 3PL cannot ship orders. Receiving in Amazon 3PL warehouse refers to both receiving incoming merchandise and storing it. Each 3PL has its processes and spaces for receiving and storing merchandise.WarehousingAfter receiving your inventory, Amazon 3PL keep your items in 3PL fulfilment facilities. Whether it be a shelf, a container, or a pallet, every SKU has its exclusive storage area. PickingOnce a consumer puts an order, the Amazon 3PL fulfilment procedure may begin. You may have heard the phrase "pick-and-pack fulfilment," which consists of two parts. This is the first part.You must manually upload orders to some 3PLs' databases. With your marketplace or eCommerce platform, other 3PLs may smoothly incorporate their cutting-edge technologies.PackingIt's time to pack an order securely for delivery once every item has been chosen for it. The packaging materials utilized will depend on your Amazon 3PL's capabilities, brand preferences, and shipping commodities.ShippingFollowing this, your purchase will be sent. Most 3PLs will purchase and print shipping labels on your behalf. Other 3PLs have preferred carrier partners, while some 3PLs assess shipping costs from several carriers. With the latter, 3PLs may provide consumers with the most affordable prices for the delivery speed that they individually choose.ReturnsMany 3PLs also provide return processing services. If a consumer returns an order to your 3PL, they will handle the return and, by their policies and preferences, either replenish the item or discard it. Pros of Amazon FBA Customer support One of the benefits of Amazon FBA is that Amazon handles all customer support and reverse logistics issues for orders that are fulfilled through the programme. If you've ever used Amazon to return something, you are aware of how simple the returns procedure is. Live chat, phone, and email are just a few of the ways customers may get in touch with employees. Additionally, when it comes to refunds, you as the business owner don't need to worry about a thing. Transparent fee structure Amazon's fees are very open, even though they can occasionally be expensive and confusing. There are no paywalls or small print. Even down to the category level, Amazon's charge structure is highly transparent. Multiple channel fulfilment Using the inventory kept in Amazon's fulfilment centres to fill orders from other channels is one of FBA's competitive advantages. Yes, this implies that you may use your Amazon inventory to fill orders if you offer goods on your website. Even while you won't receive the same benefits from Prime as you would if you sold on Amazon's marketplace, FBA customers nonetheless stand to gain significantly from it. Cons of Amazon FBA No order customization The appearance of an Amazon shipment is well-known to everybody. the well-known brown box with the blue stripe and the Prime logo. It is now a common feature on virtually all American front porches. But if your company prides itself on offering customers a distinctive, personalised unpacking experience, Amazon FBA is just out of the question. Amazon does not provide personalised branding, unique inserts, or unique packaging. Limited access to Amazon’s team Because of their scale, Amazon just cannot afford to provide each of its FBA clients with personalised attention. This will be a major issue for people who require a lot of assistance when learning 3PL. There is just one hotline account, and there are no specific account managers to aid you along the way or come up with a plan. Amazon FBA might not be for you if you value being able to contact a live person at any time. No customer interaction On the other hand, during a transaction, you hardly ever engage with your consumers. If developing personal connections with your clients is vital to you, Amazon FBA might not be the right choice. You have more control and management over your consumer base with several smaller 3PLs. Even if you still have other methods to reach your consumers (such as your email list, social media following, and other channels), if you base your business entirely around Amazon, you'll probably connect with your customers far less frequently. Pros of Amazon 3PL More control over warehousing and fulfilment strategy Many smaller 3PLs will genuinely work with you to plan your storage and fulfilment strategy rather than just delivering your items to Amazon and leaving them to handle the rest. This might entail assisting you in distributing your goods in certain regions or entering new markets. More personal attention to your business Smaller 3PLs are aware that their infrastructure cannot match Amazon's. What they lack in scale, however, they make up for with individualised care and customised solutions. Many 3PLs will provide you with a dedicated account manager to work with you on strategy development, growth management, and logistical problems. Brand-building freedom This is perhaps the largest advantage of using an Amazon 3PL rather than Amazon FBA for business owners that truly want to develop a brand rather than merely a product. You are not constrained by the restrictions of Amazon's closed system, even though it does involve more work on your behalf (more on that in the disadvantages section). You may create your website, handle your marketing, and closely track and interact with your audience, among other things. Cons of Amazon 3PL Startup fees While most 3PLs can't afford to accept your fees on the back end, Amazon 3PL can. That implies that they will have to impose certain up-front fees to make the agreement profitable for them. This might take the form of a recurring monthly fee, an upfront setup cost, or various forms of payment that differ from provider to provider. If you lack the necessary funds, Amazon 3PL might not be available to you at this stage of your business. Less flexible with sales fluctuations You can't hit Amazon with a curveball. Their employees, strategy, and fulfilment technologies are so cutting edge that they can easily handle any amount of sales fluctuations for your items. Smaller Amazon 3PL have fewer resources, including staff, equipment, and storage space. They might not have the resources to help you if you have a significant holiday surge. Potentially slower shipping speeds Thanks to its infrastructure, Amazon can transport packages quickly. Amazon 3PL might not be able to match this, especially if they have fewer fulfilment sites. Your ability to convert or keep consumers may suffer as a result of this slow shipment. Related read: Check out top Amazon FBA Alternatives for 2024 How can WareIQ's Seller Flex Services Help sellers succeed? Sellers are constantly seeking ways to enhance their operations and improve customer satisfaction. WareIQ's Seller Flex services provide a robust solution for sellers leveraging the benefits of Amazon's Seller Flex program. Here's how partnering with WareIQ can help sellers flourish. Access a Pan-India Fulfillment Network WareIQ boasts a comprehensive network of Seller Flex-compliant fulfillment centres strategically located across India. This extensive reach allows sellers to: Strategically Position Inventory: Sellers can significantly reduce shipping times and enhance delivery speed by placing inventory closer to end consumers. Optimize Fulfillment Costs: With regional fulfillment, sellers can minimize shipping expenses, making it easier to offer competitive pricing. Maintain Control Over Inventory and Enjoy Prime Benefits One of the key advantages of WareIQ's Seller Flex services is that sellers can maintain control over their inventory and fulfillment processes while still enjoying the significant benefits of the Amazon Prime badge. This unique feature allows sellers to: Retain Adaptability: Sellers can manage their stock levels and fulfillment strategies according to their business needs, ensuring they can adjust quickly to changing market demands. Prime Badge Benefits: Despite managing their own fulfillment, sellers still benefit from the Prime badge, which enhances product visibility on Amazon. This badge signifies fast and reliable shipping and attracts a broader customer base, as Prime members prioritize Prime-eligible products. Ensure Accurate Inventory Management Effective inventory management is crucial for any seller, and WareIQ provides advanced solutions to ensure accuracy: Smart Inventory Management System: WareIQ employs a sophisticated inventory management system that includes daily inventory counts using scan-based devices. This ensures that sellers have real-time visibility into their stock levels. Comprehensive Audits: Regular audits help prevent missing inventory items and maintain necessary documentation for a seamless transfer of goods. Streamline Returns and Claims Management Returns can be a significant pain point for sellers, but WareIQ simplifies this process: In-House Quality Control (QC) App: WareIQ utilizes an in-house QC app to create photo and video proofs of the condition of returned items. This documentation is stored against the order ID/AWB on WareIQ's smart fulfillment platform. Streamlined Claims Management: With easy access to media proofs, sellers can simplify the claims filing process, reducing the time and effort required to manage returns. Benefit from Expedited Onboarding Getting started with Seller Flex can be a daunting task, but WareIQ makes it easier: Accelerated Onboarding Process: WareIQ's strategic partnership with Amazon allows for a faster seller onboarding process. Expert Support: The WareIQ team assists with all essential paperwork, ensuring a trouble-free transfer and a smooth start to the Seller Flex experience. By leveraging WareIQ's Seller Flex services, sellers can easily navigate the program's complexities. They can maintain Prime eligibility, optimize their fulfillment strategy, and focus on growing their business while WareIQ handles the logistics. Embrace the benefits of Seller Flex with WareIQ and take your e-commerce operations to the next level. Conclusion Amazon provides the Fulfilment by Amazon (FBA) service so that independent merchants can automate their order fulfilment and delivery processes. Online merchants that are thinking about adopting Fulfilment by Amazon (FBA) may want to think about storing and delivering their goods to Amazon. Amazon 3PL solution might be useful if you are the owner of an online store with limited storage space or if you recently started an online store and don't want to handle inventory and distribution.

July 25, 2023

PREV 1 … 36 37 38 39 40 … 77 NEXT