Technology to increase sales examples in business

Importance of technology and software to grow sales by 30-40%.

Introduction:

• Sales with technology are much easier and faster.
• Stock management is managing the stock with the help of technology.
• Expiry management involves the technology informing you about the expiry dates of the product.
• Rack management involves the technology telling you which product is kept in which rack.
• Alert management involves the technology alerting you about your customer’s product needs and their availability at your store.
• Behaviour forecasting involves technology predicting your customer’s behaviour.
• Profitable push sales are showing alternatives to a product with a higher margin.
• Sales is not equal to cash involves technology keeping a track of your transactions.
• Chatbots for business are using chatbots to make business easy.
• Gamification is giving coupons or cash back in return for a purchase.

With Technology to increase Sales :

If you want to increase your sales, you’re always going to need technology.

Technology to increase sales: 30-40% Extra Sales with Technology

Sometimes, this growth rate can also jump up to 300-400% or even 3000-4000%.

Golden Statement:

Technology will not replace business,

But technology in the hand of great business will replace other businesses.

Use 9 powerful strategies with technology to increase sales examples:

Today, you’ll be learning about 9 powerful strategies:

1. Stock Management
2. Expiry Management
3. Rack Management
4. Alert Management
5. Behaviour Forecasting
6. Profitable Push Sales
7. Sales is Not Equal to Cash
8. Chatbots for Business
9. Gamification

1: Stock Management

The involvement of technology in any kind of business is always beneficial.

For example:

• Every retail shop experiences stock theft of at least Rs.25,000 every month.
• You can’t do a mental check of stock when you don’t know which is your product, what you should order first.
• This leads to sales loss as you don’t know about the unavailability of the product.

Neither a retailer nor a wholesaler can manage a stock and the customer has to return empty-handed because of stock mismanagement. This leads to customer loss.

You need technology and ERP for stock management.

For example:

• Earlier, people didn’t use to have much stock.
• A retailer, distributor, and wholesaler (chemist, FMCG) had it easy to manage because the stock was less.
• But today, even a biscuit has 20 different brands.
• You can’t possibly remember what’s unavailable and what’s in stock.
• You can’t mentally manage the shortage, supply, monthly management of 15000 stock items.

Basic things you can manage with technology are:

• Opening stock
• Closing stock
• Sales/purchase
• Transparency of stock
• Planned FSN analysis

2: Expiry Management

This helps you increase your sales.

For example:

• Many products get expired. On expiring, you can’t return it and this can lead to a loss in sales of about 10-12%.
• This percentage of loss can sum up to Rs. 25K to 50K per month.
• Be it medicine, rubber, food items, vegetables, or even human beings; everything has an expiry date.
• Hence, expiry management is very important.

Even if you go back to the market to return the product, you will find it difficult to recall who you purchased it from because there are many sellers, produces, and distributors of the same product.

With the help of technology, you can get timely alerts of goods getting expired.

For example:

• Marg ERP provides expiry management to lakhs of customers in just Rs.1000 per month for a year.
• They have covered retail, FMCG, and pharma.

Technology will help you remember the supplier, will create no dispute and you will not have to go back and forth with the product.

3: Rack Management

Let us understand the rack management with the help of an example.

For example:

• A retailer has to rely on a helper of the shop to find the products in the shop.
• Gradually, that helper knows each and every corner/rack of the shop but the shopkeeper doesn’t.
• This can lead to the helper blackmailing the owner to increase his salary as he knows that the shopkeeper is completely reliable on him.

You need technology to manage this situation. Your software will tell you where your product is.

4: Alert Management for Recurring Requirement

Customers have a recurring requirement.

For example:

• If you have a chemist shop, you’ll always have customers who want medicines for diabetes, blood pressure, hypertension, cholesterol, thyroid, arthritis, and HIV.
• You always need to have these medicines in stock.
• ERP sends you an alert before your run out of customer’s medicines and will send an automatic SMS to the customer.
• It also helps you manage prescriptions and can hike your sale by 30%.

5: Behaviour Forecasting

You can forecast your customer’s behaviour with the help of technology.

The software captures the history of the customer’s previous purchase and keeps an eye on the buying pattern.

For example:

• If someone comes to your shop to buy chaap, you can offer him chaap masala as well.
• If someone comes to buy toothpaste, you can offer a toothbrush also.

Software suggests a complete set of items.

For example:

1. Eye Operation

• If you go for your eye operation, you’ll require 12 types of medicines.
• When you go to the chemist and ask for just 10 medicines, the software will automatically inform the chemist that 12 medicines are mandatory; otherwise, the customer will have to come back to the chemist again.

2. Car Repair

• When you go to get your car repaired, your mechanic will give you a list of 14 items.
• But when you go to purchase them and ask for just 9 of the items, the shopkeeper’s software will tell them that 14 items are mandatorily required.

3. Books

• When you go to buy books from your syllabus.
• If you buy only 12 of the 15 books, the shopkeeper’s software will tell them that the rest of the 3 books are also required and should be bought too.

This kind of software forecasts the behaviour and you’ll be able to sell better. This automatically increases sales to 30-40%.

6: Profitable Push Sales

When a customer demands a particular product and you check your software, your software tells you that another product has a higher margin and you try to push that product instead of the demanded product.

For example:

• When you go to a restaurant and place your order, the waiter tends to sell you another product.
• It’s because their app had already told them that the product is going to get bad soon, it should be finished first.

Push sales help you save products that are reaching their expiry date, can get bad soon, or have a better margin. This gives you a profitable sale and all this can happen through the help of technology.

7: Sales Isn’t Equal to Cash

Sales do not mean cash. Many retailers face problems when people lend money from them or purchase products but promise to pay for it later. With increasing days, they tend to forget to keep a track of money and suffer loss.

With the help of technology, you will be able to take care of three things:

1. Amount
2. Number of days
3. Number of bills

This helps you keep a track of the money you have to take from people, when, and the number of bills. This makes the money transaction easy and saves you from loss.

8: Chatbots for Business

Chatbots can help you:

• Increase business massively
• Reduce cost of acquiring a new customer
• Improves customer service
• Helps you to be in touch with customers 24*7

For example:

• We have introduced a new chatbot that is linked with WhatsApp and you can chat with it.
• A bot is a machine that converses like humans. It links with CRM.
• Facebook has its own chatbot.
• Aarogya Setu app works like a chatbot. Vocal for locals is also a chatbot.

A chatbot has many benefits like:

• Reduces manpower cost
• Works on Sundays as well
• Artificial intelligence
• No working hours
• Reduces the probability of errors
• Doesn’t require training
• Doesn’t ask for salary increment
• Doesn’t ask for a Sunday holiday
• No resignation
• Low-cost maintenance
• High growth

9: Gamification

It’s a wonderful strategy.

Gamify your business. When you give a reward point on the purchase, you’re gamifying your business. A customer’s benefits on the next purchase are actually a businessman’s victory. Cash rewards and cashback could be used for gamification.

Important Noted:

• Save time, efforts, and money using technology
• Make your work and management easy using technology
• Select the right technology for your business to grow it 30-40% more