Like every home, every store’s inventory is also different. And these inventories feed the homes of millions of consumers.
But where is the difference?
It’s in the 5 rupees biscuit pack that you would find in a local tea shop, which is only available in 50 rupees packs in a departmental store.
Retailers usually buy based on their buying capacity and rough assumptions. That’s why Cadbury Celebrations aren’t seen in tea stalls and Parle Gs aren’t the best-selling product in a departmental store.
But, when the manufacturers themselves are reshaping their products to grow their markets, shouldn’t sellers also step up their game?
Cadbury’s Celebration pack of INR 50 and Parle G’s home packs are perfect examples of how businesses are trying to meet demand at every price pocket.
And yet, they are failing. Why?
Because FMCG salesmen are still going to the same stores and trying to stock these products. That’s why a Celebrations pack worth INR 50 is sitting right beside its superior pack worth INR 150.
So, when a customer needs to buy Cadbury Celebrations, he automatically tends to shift to a smaller pack to save cost.
Here, creating more product options in the store is bringing down the overall value.
To resolve this, marketers need certified technology that can locate the right stores for each product type.
Modern retail technology can achieve this across every consumer market.
Retail tech tools like Bizom’s Suggested Order can calculate the right products and units that each retail store should stock in their inventories.
The tool studies a range of historical data and market conditions to suggest the best order for every store, every single time.
For ambitious brands, this is a certain productivity driver, as the company does not have to worry if new sales reps or inefficient sales reps will fail to get the right purchase orders from retailers.
Only innovating the product will rarely drive the success of a product in the market. Rather, it is a combination of innovating processes along with products that achieve higher growth.
We know your brand is innovating its product range. But are you innovating the way you sell?
Sit with our supply chain experts to explore how intelligent retail tech can bring you ahead in the retail race. Mail us at email@example.com to schedule a discussion at your convenience.