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How to Sell Your Products through an E- Commerce Strategy?   We are living in a world that is tuned to being superfast. Every little aspect of our daily life is made to depend on machines and the Internet. Therefore, there is no way as to why marketing should...

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Consumerism and Recent Trends In India   Consumerism essentially means the growing wants and needs of an individual for goods and services. India is one of the largest and fastest growing economies in the world. The consumer’s standard...

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How to Achieve Profitability In Retail   Profit is one of the major catch words in business. A business, that guarantees everything, but does not make any profit, is not a business at all. Therefore, profitability in retail is an essential...

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How to control shoplifting-the-deadliest-erosion-of-margin? The Scenario   In a self-service modern retail, as per reports from experts, the loss from retail shrinkage accounts for 2 % of total revenue.Retail shrinkage is a reduction in inventory (physical...

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RanceLab® awarded as specialized solution provider... The event, NASSCOM Emerge Kolkata 2012, was an initiative by NASSCOM, held on 12th January, 2012 at Hotel Hyatt Regency, Kolkata. The theme for the event was Sustain Your Business will focus on customers,...

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How to Sell Your Products through an E- Commerce Strategy?

 

We are living in a world that is tuned to being superfast. Every little aspect of our daily life is made to depend on machines and the Internet. Therefore, there is no way as to why marketing should be left out from the cyber world hence, the birth of E- Commerce.

Naturally, a question arises. What exactly is E- Commerce?

In simple terms, E- Commerce means the act of selling and buying different services or products by business concerns or customers through electronic means and tools. E- Commerce is basically, electronic commerce.

Now, E- Commerce can be a major boom in business, if used with intensive thought and carefulness.

Just like every new business venture requires detailed planning, a successful E- Commerce venture also requires detailed planning. Every minute detail has to be taken care of. The venture planning should go through sessions of deep careful thoughts and re-thoughts. Experience can add a whole new zing to an E- Commerce planning.

The next challenge that comes up is setting up the E- Commerce venture online. Domain registration, choice of a shopping cart solution, an appealing website with the company logo, the set up of the credit card merchant, executing advertisements and promotional plans- these are the most important work to be done to begin selling products through an E- Commerce strategy.

A business venture, whether in the real world or in the cyber world, must stand and survive through competition. Hence, the E- Commerce website of the marketer must be a well organized one. The website must be able to manage the inventory, various discounts and offers to attract customers, uploads of products and its images, promotions, handle customer relationships as well as online orders. At the same time, the website must be an easy to use one for the customers.

Also, a fact to be remembered is that, an E- Commerce venture has a wider territorial appeal. Customers from any part of the world may buy products through E- Commerce ventures. Hence, what is very importantly needed is a capable shopping cart, which can successfully handle taxes, shipping charges and transactions of payments for such international customers.

Many E- Commerce solutions come in one single package that helps management as well as maintenance easy and efficient. However, the business concern must make a list of their requirements and expectations before choosing an E- Commerce solution. The solution must have prospects of future growth.

One of the most important aspects is to think about certain questions on how to sell the products through the E- Commerce strategy. One should first decide about what products to sell and how the products should be presented. Presentation of a product plays an important role in attracting customers. The next question to think of is which group should be the target customer group. These customers have to be wooed and drawn to the site. Customer service is another aspect to be taken care of. Fulfillment of orders, following them up, as well as helping to track order in transit, are other important details to be taken care of.

Once such bits and pieces of details are taken care of, selling products through E- Commerce strategy shall prove successful and profitable.

 

 

 

Consumerism and Recent Trends In India

 

Consumerism essentially means the growing wants and needs of an individual for goods and services. India is one of the largest and fastest growing economies in the world. The consumer’s standard of life is going higher and hence his needs are escalating as well. Consumerism in India, is in a new high, and refuses to show signs of budging anymore. The Indian consumer, due to his exposure, of the global market, strives to get the best of the goods in his home land.

Consumer tastes and preferences are definitely changing. Even children have their own preferences. The retail sector- both organized and unorganized, strive hard to cater to the vast range of the Indian consumers. The retail sector in India, with its present pace, is expected to grow at a rate of 25%- 30% annually.

Being the fifth largest retail industry in the world, the trends of the retail industry in India is quite remarkable. The consumer group can literally be divided into three clear groups:

  1. The first group comprises of consumers who are extremely brand conscious and depend upon the high end retail stores to satisfy their needs;
  2. The second group is another extreme who satisfy their consumer needs from outlets that do not hold popular brands and are also much cheaper;
  3. The third group however follows the middle path- they satisfy their consumer needs either from high end retail outlets or the less popular retail outlets, as and when necessary.

Food is one of the most in demand need in the Indian market. Simple things like groceries, fruits and vegetables are sold in both organized as well as unorganized retail outlets. Therefore, at one end we have the comfortable air conditioned super markets while at the other hand the typical ‘sabzi mandi’ too serves the Indian consumer.

The next item on demand is clothing. With the advent of international and national brands and easy accessibility to designer wear, the very face of the retail clothing industry has changed. A need to be street smart and fashionable is another requirement that has revolutionized this industry. Here too, we find the high end stores displaying international brands and designer wear, climb the success ladder with great gusto, as well as the stalls on the street side selling cheap clothes too making a niche for themselves. It is the same story with accessories, shoes and cosmetics, electronics, sporting goods as well.

The Indian retail industry gives an opportunity to everybody to shine- whether they are family stores, or departmental stores, or convenience stores, e-tailers, or malls or specialty stores- such is the varied range of consumers in India. Despite challenges like the tax structure, lack of infrastructure, shortage of trained manpower, etc. the Indian retail industry is expected to generate an expected turnover of US$ 833 billion by the year 2013.

The growth of India in the economic sector has resulted in Indians willing to invest in a life of luxury. Such a wish is the major cause behind India’s growing consumerism and retail trends.

How to Achieve Profitability In Retail

 

Profit is one of the major catch words in business. A business, that guarantees everything, but does not make any profit, is not a business at all. Therefore, profitability in retail is an essential aspect of each and every business. However, achieving profitability can sometimes be quite a challenge in this competitive market. If we keep a few tips in mind, we can actually make the job easier and a little more comfortable than usual.

Introducing technology can reap harvest that is unimaginable. A machine to manage the total inventory, not only saves time, but also increases accuracy of the work. The time saved can be devoted to increasing the business prospects.

Merchandise is another important issue. One must always keep merchandise of quality. If quality of merchandise is compromised, it can lead to serious compromise of customer loyalty. Moreover, the price of merchandise should also be looked after. Setting the price, should not be in accordance to the cost price of the product, but rather according to the target customer. One should think about the customer’s expected price of the good. This will ensure a greater customer flow, which can actually result in huge profits.

Experiments are always a good option. Firstly, it helps to attract customers. Secondly, it promotes the retail organization. Introduction of new items, out of the box offers can seriously draw in customers, and hold them for the long run.

Regular surveys are also very important. It gives a very good idea about the competition in the market, as well as an idea about the customers’ needs. Such information can help frame business strategies successfully. Sales forecast, budgets, profit statements must be tracked regularly. Hence, a low in business, found out during such regular tracking, can be immediately checked and made right.

A retail house must also keep track of its best selling product. It should use such products as its USP. This is bound to generate a good profit turnover.

When a retail house is buying its products, it should do so during the selling season. Products bought during off season, has a high chance of scoring law on quality. And that will definitely not be good on the account statement of the retail houses.

Customer feedback is essential. If the retail house knows what the customer wants, it can automatically make sure that the customer is not turning to some other competitors. That usually, makes a good mark on the profit statement.

Display of goods is another important feature. A customer must necessarily feel free while he or she is shopping. They have every right to touch and feel and check the merchandise in and out. Such customer friendly and easy environment, can guarantee a big amount of customer flow. And greater the customer flow, greater the profit.

The stocks that are really not the money makers must be got rid of real fast. Heavy discount offers, or other offers, can easily incite customers to buy such products as well as clear the shelves.

Achieving profitability in retail actually becomes an easy task with an acute sense of customer needs and satisfaction, a sound business plan and regular assessment of the business records.

 

How to control shoplifting-the-deadliest-erosion-of-margin?

The Scenario

 

In a self-service modern retail, as per reports from experts, the loss from retail shrinkage accounts for 2 % of total revenue.Retail shrinkage is a reduction in inventory (physical and book) due to shoplifting, employee theft, paperwork errors and supplier fraud. The shoplift alone accounts for more than 50% of retail shrinkage.

According to retail experts the most effective anti-shoplifting tools these days are CCTV and the tag-and-alarm systems, better known as electronic article surveillance (EAS) systems. Separately, these are good options. Used together, experts say, they're almost unbeatable.
 

RFID EAS Technology: How it works?

 

The Radio Frequency Identification based Electronic Article Surveillance (RFID EAS) is the most popular technology in EAS system. The advantage of RF EAS system is mature, high availability, and cost effective. It is independent of the point of sale and inventory software.
 
EAS system consists of
  • Electronic Sensors (AKA detector, eas gate etc)
  • Deactivator System (AKA detacher, deactivator etc) and
  • Label or Tag. (AKA hard tag, soft tag, reusable tags etc)

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RanceLab® awarded as specialized solution provider for Retail and F&B

The event, NASSCOM Emerge Kolkata 2012, was an initiative by NASSCOM, held on 12th January, 2012 at Hotel Hyatt Regency, Kolkata.

The theme for the event was Sustain Your Business will focus on customers, employees and competitors.
 
Key takeaways from the event
  • Knowing the opportunities in different international markets
  • Finding and keeping the right talent
  • Understanding the customer needs
  • Sustain your business with cutting edge technology
  • How to generate revenue in the world of free
  • Brand building

The event, followed by NASSCOM Emerge East Showcase, where contribution from various companies was appreciated and awarded.

RanceLab® has been chosen as a Software company from East India, focused and specialized into Retail and F&B verticals

Mr. Nilesh Shah (Director), receiving award from Shri Partha Chatterjee, Hon'ble Minister, Department of Commerce & Industries & Information Technology of the Govt of West Bengal at NASSCOM Emerge Kolkata 2012.

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Everything in life has become fast and quick. We need to speed up our internet connection, we need the latest and fastest mobile phones, the shortest way to get to a desired destination and so on. Similarly, nowadays entrepreneurs are also looking to build scalable quick service restaurants because it is exciting, quick money and fast service with high returns.

Quite a few people have engaged in this kind of business for some time now and there are others who are planning to launch their debut role in this sector. Mr. Kiran Nadkarni, the CEO of Kaati Zone is a fond and popular name in the food circle. His journey was not all that easy as it may seem at the moment.

And now the latest news that seems to be doing the rounds is that Mukesh Ambani, the owner of the oil and gas giant has entered into a deal with Rishi Negi, the COO of Fame India which is partly owned by Mukesh’s younger brother, Anil Ambani for starting a new QSR concept within 3-4 months.

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How to print barcode using raw EPL?

As you might have noticed that 90% of the fast moving consumer goods (FMCG) already come with the product barcode printed on it. These barcodes are called UPC, EAN or GS1 barcode.  These barcodes make it easier to handle the SKU at receiving end and point of sale.For the SKU which does not have the pre printed barcode, you need to print barcode labels using a “barcode printer” to make a faster and error free billing at cash counter.

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Change Coins in Retail Shops

Most fortunes are built on innovation. Innovation has always been a vehicle for growth of humankind. Businesses have also advanced and grown on original ideas helping the innovators to greater fortune. On the other hand, before implementing these innovations a lot of thought should be given to the feasibility of the idea.

Let us consider the tale of a businessman who observed that the business was paying 10-20% more to buy changes and coins. At the same time it was essential to have them for efficient running of the business. Then he came up with an idea.

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Pizzas And Second Innings: An Inspiring Story

Pizzas. The very word throws us into a images of dripping cheese, a carnival of flavors and a stream of adorable aromas. That is the aphrodisiac for us, the contemporary generation; better known as GenY or GenX. The food of the western world has long taken the place of our parathas and kulchas. Sometimes, our generation is more defined by our continental and oriental and Italian and Mexican platter than anything else. And somehow, we can never imagine these cuisines being associated with the people from the generation before us. That will be purely unthinkable and quite a ridiculous prospect.

Hence when we hear anything that remotely sounds like pizzas by grandpa and grannies, we pinch ourselves just to make sure we are not dreaming. But well, nothing is outside the realm of impossibility. And well, pizzas by grannies and grandpa, as improbable as it may sound, are quite a lethal combination. The uniqueness of the combination is the USP of such a concept.

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Green Retail: Caring for Mother Earth

It is time that we did something for the environment and now we are finally doing something. It has been noticed that the growing number of retailers who emphasize on the fact that you carry your own bag while going shopping is increasing rapidly. Is this something good or bad?

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