That chair in your house that’s existing to be your cloth hanger, could be more.
It could’ve become what it was meant to be. A chair to sit on.
But who cares, right?
Convenience really does kill care.
We don’t care about wasting water because it won’t get depleted.
Or about littering on streets, because we expect there’d be someone to clean them.
We don’t care if we burn our toast a little too much, or tear a few leaves – the only other being that helps us live.
Sadly, due to this lack of care for relishing comfort, we fail to naturally optimize the way we live and work.
And the business universe is filled with nuances where companies are flushing out money but are failing to optimize costs.
In retail particularly, this is often highly visible as carrying costs.
Manufacturers, distributors and retailers mostly don’t care enough to pay attention to the market movements, which largely increases their cost of carrying inventory.
And since the general notion is that it’s an unavoidable, recurring cost, nobody really cares much about it.
But deep down, it’s evident that, the lack of optimum purchasing and selling of the right products, generates higher carrying costs.
Retailers are mostly unaware of the exact products and SKUs that are in demand and end up stocking as much as their tiny store can hold, giving up valuable shelf space for undesired products.
Distributors take days to send products to retailers, which increases the retailers’ and their own carrying cost.
Manufacturers also often fail to know when their dealers’ inventories are depleting and require immediate restocking.
But luckily, unlike the chair-cum-cloth-hanger, the care that’s required for a business can be controlled.
Your sales team can predict exactly which products and SKUs each retail store should stock based on purchasing patterns and market behaviour, from the Suggested Ordering feature in a Sales Force Automation app.
Manufacturers can monitor every distributor’s inventory through the DMS, and use the Auto-replenishment tool to instantly create a new order when anyone’s inventory goes below the required level.
The whole distribution ecosystem can be benefitted with the right kind of care! With retail intelligence.
And the first week of 2023 is already ending. It’s high time you start caring enough to optimize the way you are selling!