In India, the number of grocery retailers amounted to 12.8 million, in 2020, including traditional and modern retailers. With grocery items being a necessity in almost every Indian household, that’s inevitable to find stores in every corner and street. The ever-rising numbers of grocery stores are bound to create excessive competition among retailers.
The intensive competition is itself a factor leading to stressful situations for retailers often resulting in reflexive store shutdowns and bankruptcy.
JUST IMAGINE
A customer enters your grocery store, he is in a haste to pick up some specified items from his grocery list and he finds himself stuck in a heap of different, unregimented, unavailable items. When he comes to you with his problem, you suddenly place the “closing soon” board on the front desk.
Would it turn out to be his happy grocery shopping day? Won’t your ethics as a retailer be guilt-ridden with such customer service?
NOW THINK IT THIS WAY
You recently opened a grocery store in your neighborhood, people were delighted to see your systematic and segmented product orientation sticking to their current needs and it’s just Day -2 yet your store is filled with happy, customers gladly having their retail therapy.
A good accounting solution has the power to turn your store situation from the former to the latter.
A few of the many challenges faced by retail shop owners include:
- Trouble in keeping pace with consumer demands
- Getting ahead of the competitors in an aggressively competitive market
- Keeping inventory stock up-to-date to meet the demand of customers on time
- Keeping an accurate record of the money.
- Controlling operational costs
- Costs associated with over and under scheduling
- Lack of optimized scheduling
- Higher productivity requirements and fewer resources
- Payroll errors
- Legal compliance (i.e. minors, punch edits, etc.)
- Retail accounting services automate more of a retailer’s accounting activities, enabling them to concentrate on their core business.
Some of the major benefits of using online accounting software for grocery store are:
- Helps in meeting customer demands through trend and product forecasting.
- Keeps firm track of stock-in and stock-outs by inventory management thus providing accurate inventory at right time.
- Facilitates better profit-enhancing decisions by generating relevant reports.
- Embraces the capability to accept diverse modes of payments such as EMV chips cards, NFC, and all types of mobile wallets.
- Minimize the supermarket owner’s time on schedule and enforcement thus helping in employee management.
- Helps the store owner to keep a close eye on sales, profit, revenue, expenses in real-time.
- Helps in eliminating time card errors, payroll issues, faulty time clocks, and inefficient scheduling.
- Keeps firm track of sales receipt, account payables, and receivables, payroll processing.
- Preparing legal and tax compliance.
An accounting solution is a blessing in disguise for retail and grocery stores. Nonetheless, with incessant competition and newer technologies entering the market every day, general store owners must accept the changes and welcome them with open hands in their respective segments. Only a good accounting solution is capable of overcoming such challenges and creating a better situation for your store!
Happy and satisfied customers exceed the fear of change any day.
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