Traders face several challenges in today’s business environment. Retailers demand more merchandise and quicker deliveries while demanding longer credit periods.Manufacturers want enhanced services and warehouses that are closer to retail outlets to reduce delivery time. You also have to deal with competition from online marketplaces and superstores who source goods directly from producers. To expand your trading business in the face of these challenges, you need additional finances so that you can set up a better distribution system and use technology to streamline operations and delivery. You can do this with a Business Loan for Traders, a customised financial offering from Bajaj Finserv that offer funds up to Rs. 80 lakh at nominal interest.
Once you have sufficient finances, consider the following to grow your trading business.
1. Modernise and streamline the order process
Eliminate the triplicate order form system or any other manual version from your firm. Enable the sales team to carry digital catalogues with a mobile device so that both your office and the fulfillment centre are alerted the moment an order is placed. The warehouse management software will then confirm the expected delivery date and the system can generate the invoice and send it to the retailer. By automating these process, you ramp up the speed of processing the order and can see your business’ efficiency increase.
2. Offer better customer service
Empower sales representatives to do more than take customers’ order. Share information on previous purchases and sales records with them, so that they can have meaningful discussions with retailers. Reduce the time required to take orders moving from a paper-based system to a real-time management system online. Also ensure that shelves always remain stocked with fast-moving inventory and that your deliveries are on time.
Additional Read: What is inventory Management?
3. Start 24X7 B2B online sales with fast delivery
No doubt sales representatives are an important part of your network, but you can consider increasing sales though B2B E-commerce websites and mobile apps as well. Enable your customers to place orders from wherever they want to and whenever they want to.
4. Extend your product offerings
Expand your product portfolio by adding complementary products. This will give your customers more variety to choose from and keep them interested in contacting you in the future. It will not only help you to expand your total sales and tap into a new customer base, but also get larger orders from existing customers.
Trading is a capital-intensive business, but can be rewarding when you are able to differentiate yourself from the competition and grow your business efficiently.
Additional Read: What is supply chain management?
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