Ways to Start and Grow E� grocery Business
Index 1.
Market Research
2.
Website/app Development
3.
Process Manuals (SOPs)
4.
Robust IT systems
5.
Procurement
6.
Marketing Planning
7.
Financial Planning
8.
COVID-19 measures
9.
Summary
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Market Research Significance:• Detailed market research is important for new businesses to come up with uniqueness • Helps in deciding a specific target region • Helps to understand the target audience • Helps to understand problems customers face while buying groceries online • Creates a competitive differentiation
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Website/app Development Why App/Website? • An integrated IT platform is essential in e-grocery business • User-friendly and compatible app delivers a superior user experience • Customers can search for products by filters, find product specifications and prices •
Product images and videos, product reviews, area delivery details can be easily checked
• Receiving and processing orders becomes easy through order management system • Automated communication with customers in the likes of sending order confirmation notifications, live tracking of their orders, delivery timelines
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Process Manuals (SOPs) Significance:• Created an operational roadmap for each operation or activity • Defines crystal clear duties and responsibilities to all of the employees • Manage to carry out what employees are needed to do • Defines the step-by-step approach to carry out a particular task or operation • Removes subjectivity and doubt • Makes supervision, monitoring and improvisations easier
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Robust IT systems Significance:• Makes business processes and operations to run in a synchronized manner • Supports all the departments and the business processes in order to move the wheels of the entire business • Significantly trims operational costs • Simplify complex business operations to a matter of few clicks and a few inputs • Collect the data fed into the system and make it possible to access the relevant data for further decision-making • Results in automation, more accuracy of information, and speedy decision-making https://www.yourretailcoach.in
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Procurement Why Procurement is Important? • Procurement is a tricky process for grocery businesses irrespective of the channel • Demand forecasting and precise procurement are necessary for online grocery business • Auto-replenishment systems could be a game-changer.
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Marketing Planning Significance:• Marketing begins with the idea of business itself • Digital marketing & conventional marketing can be done for online grocery business • Search engines and social media are important fields of online digital marketing • Social media has power to reach out to a wider audience • Conventional techniques can also be implemented for local audiences
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Financial Planning Important aspects of financial planning • Assessment of capital requirements, source(s) of capital, capital structuring, cost of capital, terms of repayment • Operational expenditure budget • Projected cash flow • Planning for working capital management • Projected income statement • Projected profit and loss statement • Projected balance sheet • Break-even analysis • Ratio analysis https://www.yourretailcoach.in
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COVID-19 measures Must-have measures:• Hygiene and safety precautions • Contact-free delivery • Distancing norms • Preference for digital payment • Use of masks, hand gloves, and face shields by employees • Surface disinfection • Sanitization • Advanced packaging • Routine body temperature check
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Summary Let’s Summarize:• The future of brick and mortar retail grocery business is omni channel. • Hygiene and safety precautions and measures are of the highest relevance in the present context • The online food and grocery market in india is growing rapidly • For growth and sustainability, it is important for the new players to keep their basics right from the onset • Building a business with a solid foundation and digital agility has become important.
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