All modern successful FMCG organizations are built around the optimal implementation of a digital strategy. By leveraging right technology-based solution, you can organize and streamline goods to right channels along its optimal speed.
The CRM-based data flow and inventory management, enables your businesses to achieve digital efficiency for managing physical goods.
Here, your organization can manage an easily implementable and scalable mode of distribution and stock replenishment.
Here, we discuss about organizing your FMCG business around an optimal digital strategy. This allows you to control and manage each part of your organization.
In-order to critically understand digitally-enabled FMCG operations, you need to first learn lessons from its prime innovator and revolutionary.
Sam Walton and his Secret of Walmart Innovations
At its initial years, Walmart faced great challenge from its competitors such as K-mart, which occupied far better real estate and had more number of stores.
Walmart founder, Sam Walton tackled this through organizing multiple local and suburban stores, each of which were connected and synced through a central digital platform.
With price tagging and reporting to a central repository, each of the stores were able to report their current inventory to a central data system. This established an up and running live data flow system.
This meant that FMCG businesses weren’t run around a single store or location. For reaching maximum number of visitors, you need to create a chain of retail stores that could be accessible for maximum number of users.
Also, the connected network of stores ensured that prices could be driven down and products will be never out of stock.
With CRM-based FMCG network, you can simultaneously empower and improve a new way of running distribution network. Here are five digitally enabled strategies that help you wrestle your advantage to your quarters.
Always Offer the Best DISCOUNT
Through managing a combined network of stores instead of independent stores, you can order the largest volume of products which brings a larger margin.
With CRM Inventory reporting, you can avail total volume and date of goods along the retail chain network. This also gives a greater profit margin, which could be transferred to each store customer, which gets reflected as a product discount.
Here, you can provide sustainable long-standing discounts without cutting-down on individual profit margins.
Establish a FIFO ApproachThe FIFO approach is a commonly used and indispensable programming dialect. With this, you ensure that a particular string entered first into the program is executed and exited first.
Similarly, a product that gets introduced first into the retail pipeline gets sold first throughout a network of established retail outlets. This enables you to prevent goods running out of date and consequent wastage.
Having a FIFO based approach means that you could maintain an updated product pipeline, which allows you to control your product selling at each retail outlet.
This ensures that you have products lined-up along your distribution chain, instantly replenishing your current product sales.
Serve Localities with Lesser Number of Customers
A prominent reason for retailer network to stay away from small localities was their low head count and resultant low profitability. Here, setting-up a large retail store has all the ingredients for a potential failure.
With a CRM software, you can control multiple aspects of your local stores. This allows you to set-up a network of stores, letting you consequently reduce the risk of unsold inventory.
This gives an exposure among a larger audience-base, without directly competing for the populated urban areas.
Having a SaaS-based solution also mean that you are only investing on limited inventory, consequently reducing unsold inventory goods among your retailers.
Data flow Integrated into the System
One of the most prominent reasons for dropping efficiency is lack of effective communication. Here, telephones and emails don’t quite meet the mark as a means of channeling right messages.
With CRM-based store tagging, you can follow automated reports about product sales at each location. Based on this, you can also predict upcoming store deficiencies.
Here, you are accurately able to predict and flow product outflow. You can also get updated reports about on-going product sales and current levels of product interest among consumers.
Becoming a part of Local Community
To be successful in the long term, all stores should be a part of the local community. The local retailers gain valuable loyal customers through building long-term, successful store building.
With a CRM-based retailing network, you can organize more diverse varieties of products. This also lets you manage product sales to reflect a better product margin.
Managing Social Communication
With CRM-based store management, you can maintain essential social communications centered around each store.
With Social CRM features, you can initiate steps to keep up with customer conversations. This allows you to actively collect customer feedback with each individual store.
You can also add and increase to your existing repository of customer feedback on social media, allowing an easily accessible medium to reach your communications divisions.
Almost all small and large retail networks could make the best use of this for their overall exposure.
Channeling between Multiple Stores
When you are handling a network of stores, you are not just satisfying the needs of a single customer. You are trying to satiate entire product demand through having a centralized list of inventory.
With handling a network of stores, there needs to be live communication between multiple stores placed at different locations. This ensures that you are not just feeding the need of an individual customer. This also allows you to deliver desired products at multiple locations simultaneously for the best price.