“How can I grow my business? How can my business generate more profit? How can I sell my product faster?” - are always the million dollar questions for business owners. This challenge is even more apparent for smaller store owners in Indonesia who still operate traditionally.
Many still have not realized, however, that the core question is actually only one: How can a business increase its revenue so it can grow.
Josh Kaufman, the author of The Personal MBA: Master the Art of Business, has discussed this in his book and revealed 4 key methods to increase revenue. Here, Dian Paskalis, GudangAda's VP Marketing, discussed how GudangAda can support store owners through these methods.
Here are the 4 key methods:
Increase the frequency of transactions per customer
Growing the frequency of sales is an essential factor to increase your business revenue. There are two important elements to consider in this case: price and reward.
You must be able to provide products at reasonable prices. GudangAda makes it simple to compare the pricing of items sold by different stores in your area. This feature will help you to decide the price of the items you plan to sell. If you lower your products' prices, the chance of having unsold stocks will surely decrease.
GudangAda also allows you to run numerous promotions for your customers or rewards for those who buy goods in large quantities. This will help encourage customers to come back to your store again.
Increase the average transaction size
One of the tips to increase the value of every transaction is to convince customers to buy more from your business. Bundling is one of the strategies you can try. You can package items together and sell them at a lower price. Please also pay attention to the timings. For example, during the month of Ramadan, you may offer Ramadan-related products and combine them into a single bundle. As a result, the price will be lower, and this will entice customers to purchase more.
Another way to increase the average transaction size is by adding the variety of goods you sell. If the store normally only sells a few different types of items, try adding a few more that are related to the items that are already sold. You can cross-sell and up-sell if the product inventory is diverse enough.
GudangAda platform makes it easier to update prices and stocks, allowing you to expand the range of goods in the store and even manage the minimum number of purchases you want to fulfill.
Increase selling margin
A simple way to generate bigger profit is to find suppliers that offer goods at a lower price. In addition, add value to your store in terms of service, packaging of goods, and even convenience in shopping. For example, most customers prefer to visit stores that are clean, have a good range of goods, with polite employees, rather than the otherwise.
Operational cost is also something that needs to be considered as your product selling prices should already cover your operational cost. Therefore to gain more profit, operational time and costs should be minimized. GudangAda can make it easier for you to do this. With the advanced features offered, you can save time and effort on manual activities, such as time spent recapitulating sales data, so you can do more things, such as analysing market trends that can be used to improve the quality of your business and expand your market. Your business can now go digital!
Not only that, by using GudangAda logistics, there’s no need to pick up or send goods by yourself. GudangAda will pick up and deliver goods for you, all is insured.
Increase the number of customers
This is undoubtedly the most crucial point in business. If you don't have customers, you don’t have any income. One of the ways to do this is by doing branding.
Branding is one of the best strategies that you can apply to increase the number of customers. It does not only apply for big companies, it can also be done for smaller businesses. You can make use of visual elements, such as banners so your store attracts more attention.
Another great way to reach a wider range of customers is selling your goods online. By going online, more customers can find your business and shop from there. GudangAda helps you reach more customers with a wide range of shipping and various payment methods. We also support branding by providing a banner for your store.
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