According to reports, Blinkit, Eternal’s rapid commerce division, will transition to an inventory-led strategy on September 1. After the transition, the business will buy products straight from vendors instead of just keeping them in stock.
Blinkit has already addressed its sellers to notify them of the switch to a new model, according to a media report. At the moment, sellers can post their goods on the marketplace model and pay Blinkit to store them in its warehouses.
In a different concept, Blinkit enables well-known companies and carefully chosen vendors to purchase goods in large quantities and resell them on the website. Blinkit will now be able to buy inventory and create product listings independently thanks to the model modification.
In its email to the merchants, Blinkit stated that July 30 is the deadline for opting into the new system. After this date, non-accepted vendors will not be permitted to post or stock new items.
Blinkit to Charge ‘Sellers Reverse Logistics Costs’
Additionally, Blinkit informed the sellers that their product would be refunded once reverse logistics expenses were subtracted if they were unwilling to make the switch. Since Eternal’s plan to modify its inventory model became apparent in April, the switch to the new model is not abrupt.
In May, Eternal accepted the plan to cap the foreign ownership at 49.5% in an attempt to “reinforce” its status as an Indian-owned-and-controlled corporation (IOCC). In addition to operating a marketplace, Eternal CFO Akshant Goyal stated during the Q4 earnings call that, as an IOCC, the company now has the opportunity to hold goods in the rapid commerce sector.
Whether Eternal was moving towards a hybrid 1P+3P model or 100% owned inventory (1P) at the time was not disclosed by the firm. According to Goyal, Eternal would have used less than INR 1,000 Cr of working capital for inventory ownership if Blinkit had held all of the inventory in FY25 (about 5% of FY25 NOV, or INR 22,000 Cr).
IOCC to Boost Business Operations of Blinkit
According to the foodtech giant, IOCC classification will aid in creating measures to preserve domestic control in the event that there isn’t a “distinguishable promoter group holding a substantial stake” in the business.
According to Eternal, the IOCC badge will provide them “more operational flexibility” and open up new prospects in the fast commerce sector. The company stated at the time that it would assist Blinkit in moving from the present marketplace model, which is dominated by third-party vendors, to an “inventory ownership” model.
By offering new and underserved categories like home décor, gourmet foods, toys, pooja items, and seasonal commodities, a shift to the inventory model will aid in its growth, it stated. Additionally, it stated that the inventory strategy will assist the business in increasing margins in both established FMCG categories and fragmented or unbranded sectors.
In April, Eternal said that this transition (to an inventory model) was in line with its objective to maximise the value mix, assortment, and quality for its clients in the rapid commerce industry.
Eternal will use its balance sheet wisely where it feels the strong RoCE (return on capital employed) potential and long-term value creation warrant the approach, even though this will make the business somewhat more working capital-intensive.
Every business, regardless of size or industry, requires essential office supplies to function correctly. From necessities like pens and paper to more modern equipment like printers and computers, having the right supplies is vital for workplace productivity and efficiency. In this article, we will look at the fundamental office supplies that every company should have, no matter how big or small. Let’s review the must-have products that can optimize workflows, enhance collaboration, and ensure your team has the resources needed to perform the job.
Appropriate office furniture is essential for creating a productive and comfortable work atmosphere. It includes ergonomic chairs and desks that provide proper support and reduce strain on the body during extended hours, conference tables and meeting area furniture that encourages collaboration among colleagues, and storage solutions such as bookshelves and filing cabinets that help to keep the workspace organized. Investing in high-quality, adaptable office furniture improves staff morale and creates a professional ambiance that impresses clients and visitors.
Revenue of the Office Furniture Market Worldwide by Country in 2023
Writing Tools
This includes pens and pencils for taking notes, signing documents, or simply writing down thoughts during meetings. Quality notebooks and legal pads give professionals a tangible place to think and capture ideas. Markers, highlighters, and correcting tools like correction pens allow clear, readable communication. By keeping these standard writing tools on hand, businesses ensure their staff members have all they need for precise communication and documentation.
Paper Products
Paper products are required in most businesses for printing, note-taking, and packaging. It includes copy and printer paper, notebooks, notepads, sticky notes, index cards, and specialty paper. In the workplace, they help with communication, organization, documentation, creativity, and task management, among other things. Despite digital developments in the workplace, paper’s tactile aspect is still valued for its versatility, accessibility, and dependability in various professional settings. Paper products create a sense of permanence and allow for easy annotation, which is especially important while working on challenging projects. Furthermore, physically writing on paper can help with memory retention and cognitive processing, making it a popular approach for taking notes and brainstorming.
Desk Accessories
Desk accessories are essential for organizing and maximizing productivity amongst the office equipment required to keep a workplace running smoothly. They significantly improve employee performance by keeping their workplaces tidy, practical, and ready for any task. It comprises paper trays, pen holders, and desktop organizers. These should also include plenty of stationery supplies such as pens, pencils, staples, pins, tape, etc.
Internet Connection
In today’s digital world, a reliable and fast internet connection is undoubtedly one of the most essential office supplies a business can invest in. With so much work handled online and via cloud-based services, a poor internet connection can severely impair productivity and operations. With a fast, stable internet connection, employees can communicate more effectively through email, video conferencing, and messaging platforms. In addition, online research, remote collaboration tools, software upgrades, and VPN access require a strong internet connection. A company’s internet solution must be regarded as a critical office supply investment that pays off in uninterrupted workflow.
Computers and technology are essential elements of any working environment. They are necessary for document creation, email communication, data administration, and research. Companies have recently begun investing in scanners. Scanners can create digital copies of physical documents, making storing and distributing data electronically more accessible. However, these will only be effective with a reliable Wi-Fi connection, which calls for routers, switches, and wireless access points to form a secure and efficient network within the business.
Software and Licenses
Software and licenses enable businesses to complete various tasks efficiently and securely. Before anything else, each computer in the office needs an operating system, such as Microsoft Windows, macOS, or Linux, to function. These systems provide an interface for users to communicate with their computers. Secondly, they need software such as Microsoft Office and Google Workspace to create documents, spreadsheets, presentations, and handle emails. Companies have recently made Customer Relationship Management (CRM) software a required tool for managing customer contacts, tracking leads and opportunities, and optimizing sales processes. Antivirus, anti-malware, and firewall software are essential for safeguarding PCs and networks against cyber attacks. Businesses must ensure they have the proper licenses for all the software they use to keep operating.
Kitchen Supplies
While it may not be the first thing that springs to mind when considering office supplies, kitchen supplies are necessary for a comfortable and functional working atmosphere. It has a standard water cooler, coffee machine, microwave, and refrigerator configuration. There should also be enough plates, bowls, cups, and utensils for employees to eat and snack at the office, decreasing the demand for disposable products. Management must maintain cleaning supplies and waste management systems to provide a sanitary workplace.
Printing and Imaging
Maintaining a sufficient supply inventory is critical for any workplace looking to ensure smooth printing and imaging operations. These supplies include printer cartridges and toner, various types of printing paper, label and sticker sheets, and other items. To correctly manage these supplies, it’s essential to understand the office’s specific requirements regarding printing volume, quality standards, and the materials that are frequently utilized. Such data will help ensure that the office always has the essential supplies available, preventing interruptions in productivity.
Calendars and Planners
Effective time management is an essential component of every successful corporate operation. Calendars and planners help employees organize their schedules and increase productivity. Individuals and teams can prioritize their work by scheduling tasks, meetings, and deadlines. This ensures that vital tasks are finished first and reduces delays. Such a structure is critical for meeting project deadlines and achieving organizational goals. Calendars and planners also encourage team communication, making coordinating schedules and working toward a common goal easier.
Presentation Supplies
In the corporate world, delivering a good presentation is an important communication element. Various presentation supplies are available to help with this process and enhance the impact of the message. These items include conventional tools like whiteboards, smartboards, clickers, and flip charts and modern software options like Microsoft PowerPoint, Google Slides, Haiku Deck, and Prezi. Such instruments can create entertaining, informative, and visually appealing presentations that effectively convey the desired message to the audience.
4 FREE Tools to Improve Your Next Presentation
Safety Equipment
Safety equipment is required in any job to ensure employee well-being and compliance with safety standards. First aid kits must be provided with materials for immediate medical attention during minor accidents or crises, and fire extinguishers should be strategically placed throughout the office to extinguish small fires before they escalate. Moreover, safety training materials provide employees with necessary information regarding workplace hazards and emergency procedures. Employers can lower the risk of workplace accidents and injuries by implementing and maintaining conscious safety measures.
Conclusion
In conclusion, these simple office supplies serve as the foundation of any functional workplace, meeting employees’ different needs while ensuring the seamless execution of corporate activities. Companies can foster cooperation, innovation, and success by providing resources that are easily accessible and well-maintained.
FAQs
What kind of furniture is essential for an office?
For an office setup essential furniture includes, Ergonomic chairs, desks, conference tables, and storage solutions for organization and collaboration.
What basic writing supplies should a small business have?
Basic writing supplies a small business should have, Pens, pencils, notebooks, legal pads, markers, highlighters, and correction tools for note-taking and documentation.
Why is a reliable internet connection important for an office?
Reliable internet connection Enables email communication, video conferencing, cloud-based software use, and overall business operations.
What kind of technology is essential for a business?
Essential technologies for a modern business include, Computers, printers, scanners, and a secure Wi-Fi network for connecting devices.
What software programs are necessary for a small business?
Operating system for each computer and productivity software (e.g., Microsoft Office) for document creation are software programs necessary for a small business.
This article has been contributed by Dr. Somdutta Singh, Founder & CEO Assiduus Global Inc, LP Angel Investor, Author and Ex-Member Niti Aayog.
E-commerce sales are expected to surpass $8.1 trillion by 2026.
95% of all shopping will be done online by 2040.
205 million people worldwide turn to online shopping daily.
95% of global purchases are expected to be through E-commerce businesses by 2040.
Why do you think I started writing an article with staggering numbers? Perspective. To give you a viewpoint of how monumental the E-commerce landscape is.
As cliche as it sounds, the online shopping landscape is booming, offering businesses and individuals the exciting opportunity to connect with a global audience from the comfort of their living rooms.
But, with great opportunities come challenges. And that’s what I am here to talk about.
The global E-commerce market boasts a current valuation of USD 6.9 trillion, representing nearly 20% of all sales worldwide. Projected 10% growth by the end of 2024 also underscores its vast potential.
Adaptability to shifting trends and consumer behavior will be key for businesses looking to succeed in the evolving E-commerce landscape.
The need for E-commerce in today’s landscape is more apparent than ever.
How To Find The Right Supplier?
Finding suppliers may not seem very hard when everything is online. However, every supplier might not be the right choice for you.
Understanding Different Sourcing Methods
When it comes to sourcing products for your store, there are a few different methods to consider. Understanding the options, you have will make it easier for you to find suppliers in the long run. Here are the common methods for sourcing products:
Wholesalers: Wholesalers allow you topurchase products in bulk at discounted prices to resell with a markup. Finding wholesalers might not be too difficult. You can use online directories (eg. Flipkart Wholesale or IndiaMart) or attend industry trade shows. However, in such a case, the wholesaler will ship to you and you are responsible for distributing the products to your customers. This is great for general goods, such as groceries, or as an intermediate step for finding raw materials for handmade or DIY products in your store. Making use of wholesalers would also require you to have a warehouse.
Dropshipping: Dropshipping has become extremely popular in recent years and is an alternative to wholesale distributors. In this method, the business owner partners with suppliers who handle inventory and ship directly to your customers. Compared to the wholesale models, you don’t have to worry too much about inventory management and have much lower upfront costs.
Manufacturers: It is also possible to bypass distributors completely and work directly with manufacturers to create or source your products. This allows for customization and potentially lower costs. However, this method may require larger order quantities.
Once you’ve understood the different sourcing methods you have, you are still left with evaluating the right suppliers. Consider the following when evaluating suppliers:
Perform quality checks: Request product samples, read online reviews, and research their reputation to ensure product quality aligns with your standards.
Reliability and communication: Seek suppliers with quick response times, consistent pricing, clear communication, and efficient order processing.
Pricing and payment terms: Understand all costs involved, including shipping and possible import fees. Negotiate favorable payment terms.
Location: Consider the supplier’s location, as it impacts shipping costs, lead times, and ease of communication.
Inventory Management
Effective inventory management is a crucial pillar for not only maintaining a sustainable business but also ensures scalability down the line. There are different strategies when it comes to inventory management as well.
ABC analysis: In this technique, products are categorized into three groups (or class) based on their annual value demand. In this division, high-value or high-demand products are categorized as A, medium-value products are categorized as B, and low-value products are categorized as C. This type of division helps allocate resources more effectively, allowing tighter control of the inventory depending on product demand.
Just in time (JIT) inventory management: JIT inventory management is a method that is ideal for businesses that don’t require a huge inventory, and where demand is predictable and consistent. In this type of inventory management, the owner stocks the inventory as and when needed, depending on the number of orders. This type of inventory management can minimize storage costs and works well with reliable suppliers and predictable sales patterns.
First in, first out (FIFO) method: If you’re selling goods that have an expiration date, or are perishable or seasonal items, then consider this method. In this, the older stock is sold first to prevent products from expiring or becoming obsolete.
Safety stock: A very popular inventory management method is to maintain a buffer inventory level, aka a safety stock, to handle unexpected demand surges or delays in shipments. It is commonly used to plan for unexpected risks and maintain a steady output.
How to Balance Supply and Demand?
Finding suppliers and effective inventory management is only one part of running a business. Without balancing supply and demand, businesses risk either running out of stock, leading to missed sales opportunities and dissatisfied customers, or being stuck with excess inventory, tying up valuable capital and increasing storage costs.
Balancing supply and demand is essential for maintaining a healthy cash flow, optimizing inventory turnover, and ensuring customer satisfaction.
Accurate demand forecasting: Make full use of data to accurately forecast product demands. Analyze past sales data to identify trends, seasonality, and patterns in customer behavior. This helps predict future demand fluctuations and anticipate peaks and troughs in sales. It also helps if you can adapt to changes in market dynamics and anticipate shifts in customer demand. To do that, you need to stay informed about industry trends, emerging products, and competitor activity.
Maintaining optimal inventory levels: Maintaining optimal inventory levels involves several key strategies. Firstly, setting reorder points is crucial. Establish a minimum stock level at which you need to reorder to avoid stockouts. It’s also important to factor in lead times to ensure timely replenishment. Secondly, monitoring stock levels regularly, either manually or using inventory management software, helps you stay aware of inventory levels and make informed decisions. Lastly, and I cannot stress this enough, make full use of data. Using data-driven approaches for order quantities, based on historical sales data, forecasting models, and current demand trends, you can avoid overstocking and maximize profitability by ordering just the right amount.
Concluding Thoughts
Effectively overseeing an E-commerce business demands a strategic mindset and a commitment to continual learning and adjustment. It’s crucial to consistently evaluate and improve your strategies to keep your E-commerce venture competitive and responsive to customer needs in the dynamic online market.
Post-pandemic, E-commerce has changed the business model of retail— which traditionally means physical retail stores. The E-commerce growth rate in 2021 was higher than retail; do you know why? It is because of covid19 pandemic, that forced people to remain inside most of the time and order online. And that made sense at the moment. But, there is no pandemic now, so why is E-commerce booming, and why do retail stores need to step up their game? It’s because there is an apparent paradigm shift in how customers shop. People have changed, and so have their shopping habits. Now, people don’t want to go out and buy milk. They like a packet of milk delivered to their place whenever they want. E-commerce is there to fill this need generated by a host of reasons, ease of shopping being the primary one.
The E-commerce sector has a lot to gain from the latest developments in generative AI or Artificial general intelligence (AGI). The inherent capabilities of an AI chatbot such as ChatGPT hold the key to a range of customer and vendor-related opportunities including— ordering, supply chain and logistics, timely delivery, and fulfilling customer expectations. ChatGPT, as an advanced language model, can provide personalized recommendations to customers as per their past interests, as well as address their queries instantly, in real-time.
OpenAI’s ChatGPT and its latest upgrade, the ChatGPT Plus, are trained over a vast dataset comprising texts and codes using the reinforcement learning technique and do a pretty great job in producing human-like text responses when prompted by a user. It does great as a human conversationalist.
The E-commerce Sector And Why It Needs Something Like ChatGPT
The E-commerce sector is at a significant junction in the field of business where if it does everything it is supposed to do, it will become an unstoppable force changing the business, job, and customer expectations all at once. We are talking about AI-driven perceptivity, AI-driven trend optimization, and that unique sense of leveraging Artificial Intelligence to deliver what E-commerce offers or tries to offer. While the use of AI in data mining, data cleaning, and predictive analytics is significant in the optimization of day-to-day E-commerce operations, and most businesses are implementing it, the use of AI Chatbots like ChatGPT can help you achieve substantiated client support.
From dispatch marketing, data dissection and analytics, and website optimization to AI-driven robotization, the E-commerce future pretty much depends on what retail stores can and cannot do with Artificial intelligence and what strides E-commerce businesses make with their AI-first initiatives. It is all a matter of who wakes up, smells the coffee, and takes concrete steps towards automation, from farm to fork and plant to end users.
So, let’s see what are the ways that one can use ChatGPT in E-commerce:
ChatGPT can help create unique and value-oriented product descriptions that attract potential customers. Suppose you’re a retailer and want to attract customers to your new athleisure collection. ChatGPT could generate product descriptions for a new line of athleisure apparel in the following fashion:
Stretchy fabric: “Our athleisure apparel is made from stretchy fabric that will move with you, so you can focus on your workout without worrying about your clothes getting in the way.”
Comfortable fit: “Our athleisure apparel is designed to fit comfortably, so you can wear it all day long without feeling restricted.”
Stylish design: “Our athleisure apparel is stylish and on-trend, so you can look good while you’re working out.”
So, ChatGPT can create product descriptions that are both informative and persuasive by using engaging language and storytelling, such as the above, helping fashion retailers to increase their sales and grow their business.
Providing Customer Support
ChatGPT in Providing Customer Support
ChatGPT can also automate the process of answering frequently asked questions, providing 24*7 customer support for E-commerce businesses. This will not only enhance the customer experience but attract more customers and help build a loyal customer base for the businesses. Since ChatGPT has been trained on a massive amount of dialogue-based data, it can be easily customized (domain-specific chatbot) and help with 24*7 support.
Personal Shopping Assistants
Using ChatGPT, E-commerce businesses can offer personalized shopping experiences to customers by recommending products based on their preferences. This will not only reduce scenarios where customers spend massive time on the E-commerce website and still can’t find or choose what they like. What happens is that customers spend lots of time going through the enormous catalog of products and given the competition in e-commerce, a website with unique shopping features will attract more customers. ChatGPT can be a big help in this regard, helping customers out with their preferred products and enhancing their E-commerce shopping experience.
Using ChatGPT-4 to Make $1,000,000 in 2023 (Ecommerce)
Social Media Marketing
ChatGPT in Social Media Marketing
Marketing and advertising are proven ways to attract more customers, and, ChatGPT can transform how businesses engage customers with gripping and creative marketing pitches. ChatGPT can help generate content ideas and create marketing campaigns for social media platforms to attract potential customers, but it can help you analyze the impact of such curated ads and marketing campaigns. ChatGPT can come up with simple and creative yet engaging Ad banners and frames that are bound to get you more customers cause those who do not like a great pitch.
ChatGPT at its best
Suppose you run an E-commerce platform where you sell sports gear and you want more customers turning up, here’s what ChatGPT got for you when we asked, “create 10 marketing pitches for my E-commerce platform selling premium sports gear”:
“Unleash the Athlete Within: Discover the Power of our Premium Sports Gear Collection!”
“Unleash the Potential Within: Keep Your Game High and Sports Gear Premium!”
“Experience Sporting Excellence with our Premium Sports Gear Delivered to Your Doorstep!”
“Gear Up for Victory: Discover our Exclusive Collection of Premium Sports Equipment!”
“Uncompromising Quality: Find the Perfect Sports Gear to Amplify Your Performance!”
“Unleash Your Inner Champion with our Handpicked Selection of Premium Sports Gear!”
“Our Top-of-the-Line Gear Designed to Elevate your Game-Changing Performance!”
“Unleash Your Sporting Style: Shop our Premium Sports Gear and Make a Statement!”
“Have the Ultimate Edge: Explore our Range of High-Performance Sports Gear that can Upgrade Your Game”
“Unleash Your Potential: Shop with Confidence and Achieve New Heights with our Premium Sports Gear!”
You can refine and tailor these results to your liking and use it to create engaging and effective social media marketing campaigns.
ChatGPT can assist businesses in improving their stock management by predicting trends and analyzing purchase patterns resulting in a better, updated, and managed inventory. See, ChatGPT, as a generative AI LLM, has massive potential and capability when it comes to trend analysis and data cleaning, and generating insights. This will help the E-commerce with better inventory control and timely replenishment of stocked-out options. An updated inventory will also help with better customer fulfillment through timely, complaint-free delivery.
Use ChatGPT for Lead Generation
E-commerce businesses can use ChatGPT to create chatbots that can engage customers and identify potential leads, enabling companies to capture more sales.
There exist ChatGPT APIs that can help to create domain-specific AI chatbots, basically, a version of ChatGPT that can handle specific E-commerce tasks such as lead generation, customer service, and more. It can provide a better and more relevant response and engage inquiry clients and customers with their needs. More positive engagement will lead to more lead generation and, thus, more chances of a sale.
Cater to the International Audience
ChatGPT in catering to the International Audience
If you want your business to do good, use a global rather than a local approach.
ChatGPT can help with that as well. It is great at supporting multi-lingual communication, allowing E-commerce businesses to cater to international audiences easily. By developing multilingual chatbots for support and shopping needs at your E-commerce platform, you will ensure that no customer, no matter from which corner of the world one belongs, will turn away from your business due to a lack of understanding of languages.
Hyper-personalized Email Marketing
ChatGPT in offering Hyper-personalized Email Marketing
With ChatGPT’s help, E-commerce businesses can offer their customers hyper-personalized email marketing campaigns, increasing the likelihood of conversions. See, companies can already track what people visiting their E-commerce websites are interested in (via website cookies), and using such information, they can prompt ChatGPT to come up with a specific and personalized email marketing pitch, and it will surely help with that— delivering a catalog of products someone is interested in directly in one’s inbox, what’s not to like there!
Voice-enabled Shopping Experience
Another trend driving more E-commerce businesses is hands-free shopping, where users can command the platform to put certain items in the cart and proceed to checkout, schedule the delivery time, and pay. Using ChatGPT to develop voice-enabled shopping assistants, E-commerce businesses can cater to customers who prefer hands-free shopping, and this feature is bound to rope in more customers, and people always like more features. Minimalism is good, but more features are always a better option. By making the voice assistant multilingual, businesses can draw more customers across the continents.
Analyzing Customer Reviews
ChatGPT in Analyzing Customer Reviews
E-commerce is a business model where customers shop, but they also like to leave feedbacks that not only help the platform but helps other customers with their shopping as well. ChatGPT can analyze customer reviews throughout the platform by identifying patterns and trends, providing insights to E-commerce businesses on improving customer satisfaction and boosting sales.
Conclusion
ChatGPT, developed by OpenAI, can be a great tool when it comes to attracting more customers on an E-commerce platform. Businesses can update their stock by analyzing customer reviews and orders; and enhance customer fulfillment which now has become a deal-breaking factor when it comes to people shopping through offline or E-commerce channels. Timely and effective customer support and settlement of problems with customer-oriented solutions can be the right tool to drive more customers and keep customers loyal, and ChatGPT can make a huge difference with its capacity to generate creative content and provide information in a human-like approach.
FAQs
What are the ways that one can use ChatGPT in E-commerce?
Here are the ways that one can use ChatGPT in E-commerce –
Writing Product Descriptions
Providing Customer Support
Personal Shopping Assistants
Social Media Marketing
Inventory Management
Lead Generation
Cater to the International Audience
Hyper-personalized Email Marketing
Voice-enabled Shopping Experience
Analyzing Customer Reviews
How ChatGPT can help in Inventory Management?
ChatGPT can assist businesses in improving their stock management by predicting trends and analyzing purchase patterns resulting in a better, updated, and managed inventory. This will help the E-commerce with better inventory control and timely replenishment of stocked-out options. An updated inventory will also help with better customer fulfillment through timely, complaint-free delivery.
It’s a dream of every restaurant owner, that their restaurant table is fully booked, but imagine a situation where your restaurant is crowded, and you and your employee are unable to manage the crowd properly. Waiters are taking the wrong orders and delivering them to the wrong table, even the cashier is facing difficulties billing the customers.
This type of situation may arise in your restaurant at any time, so you need a proper system that will take care of all your billing, order management, and even inventory management. In simple words, you need a restaurant POS that will help you manage your restaurant more efficiently.
Since there are a lot of restaurant POS available, which are eagerly waiting to serve you, it totally depends on you, which POS you choose. So to help you search for the best POS, here we are with the list of best restaurant POS available in the market.
Point of sale (POS) is a combination of software and hardware that helps to organize bills into sections, make payments, and much more. POS is one of the most important aspects of running a successful business. It consists of software, hardware, a barcode scanner, payment processing, a cash drawer, a printer, and a payment terminal. When all these tools are combined together and give services to businesses, then it is called POS.
The primary function of the software is to process transactions, store data, and manage inventory. This software is well capable of sales management, inventory management, payment, and employee management. Every POS company provides the hardware on which the software runs, this could be a computer, tablet, or smartphone, which depends on the POS provider.
Scanners help to scan the barcode for accurate billing and managing inventory. The payment terminal is the hardware that ensures secure payments. Since as a restaurant owner you might not need a scanner but the POS will definitely ensure the steady growth of your business.
According to the study by toast, around 71% of restaurant owners are already using POS to run their business efficiently, and around 21% are still using pen and paper. It is clear that today’s restaurant owners are showing their interest in POS for their business management. Now it’s your turn to leverage the benefits of POS for your business growth.
Top 10 POS for Restaurants
Lavu
Rating
3.8/5
Best For
Remotely Reporting and Tracking
Lavu is a POS platform that is purposefully built for restaurants to manage billings and orders. It is on a mission to empower restaurants to do more with what they love, with solutions that work for them. Since Lavu is a restaurant-oriented POS, it provides all the hardware and software that is essential to manage the restaurant effectively.
Lavu
The iPad-based POS offers a self-service kiosk that enables customers to order their meals on their own with plenty of customization of food items. Customers can order, book their table and make payment without the interference of any staff. You only need to fulfil the order given by the customer, this will reduce your labor cost significantly.
Also, utilize the benefit of the cash discount program and encourage your customer to make payments through cash. This will significantly reduce credit card fees which are around 4 to 5 % of the total transaction value. Easy integration with App8, Agilence, 7shifts, and so on. This integration will help to expand the existing functionality of Lavu POS.
Features of Lavu
Cloud-based reliable and secure network
iPad POS system
Inventory tracking
Helps to identify the bestseller item in the menu
Detailed reporting and analytic
Self-ordering kiosk
Cash discount program with dual pricing
Toast
Rating
4.3/5
Best For
Contactless Ordering and Inventory Management
Toast is an all-in-one POS that is trusted by more than 74,000 restaurants worldwide. The toast POS products are sufficient enough to make your restaurant advanced in every manner. It caters to the demand of almost every type of restaurant, with innovative technology and an easy-to-use interface, it empowers your waiters to take orders and payments efficiently using handheld POS i.e toast go.
Toast
The unique feature of toast is that customers can even make an order using their smartphone just by scanning a QR code. This feature ensures contactless ordering, customers can choose their desired dish from the menu which pop-ups after scanning the QR, and once they select the dish they can easily make payment using apple pay within 10 seconds.
Every order is directly sent to the kitchen for fulfilment. With real-time access to reporting and analytics, you can monitor your business effectively and efficiently from anywhere.
Features of Toast
Order using your mobile and pay using apple pay in less than 10 seconds
Intuitive and easy to use
Easy table management
Toast kiosk for self-order and real-time guest feedback
Payroll and team management
Online ordering systems for restaurants
Square Pos
Rating
4.6/5
Best For
All-round service
Square is a POS provider which serves businesses of all sizes and types including Retail, Beauty, services, and most importantly restaurants. The design of the products is sleek that looks and feels good. We are going to focus on the POS which is specifically designed for restaurants.
Square Pos
Its restaurant POS is designed for every restaurant type including quick commerce, full service, fast casual, bars and breweries, and ghost kitchen. So whatever the type of your restaurant, it will definitely going to serve you better. There is an immersive list of POS products available to help your business run smoothly, you can choose the products and software plan and you are good to go.
Reduce the heavy line at your counter POS with handheld devices like square terminal and mobile POS kit, this will help in ordering as well as for payment at the table. The kitchen display system KDS fetches all the orders from any POS devices in the kitchen and integrates them into the screen in real-time.
Features of Square POS
Tap to pay on iPhone
Third-party integration
The free version of the Square is available in addition to a paid plan
Multi-location management
Advanced Reporting with live sales report
Square loyalty, payroll, and marketing
Tableside order and payments
Nobly POS
Rating
4/5
Best For
Table management and Reporting
Nobly is an iPad POS system that simplifies the hectic and time-consuming tasks of the restaurant business seamlessly and hassle-free. Its POS is best suited for cafes, bars, Restaurants, and QSR. Since hardware is more or less the same, you need to give your effort into analyzing the features of the software.
Nobly Pos
Its advanced inventory management system ensures that you never go out of stock, you can edit and update the stock anytime when the new stock arrives. The table service feature is just amazing, you can create a virtual layout of every table in your restaurant according to their size and dimensions, also you can set the location and numbering so that waiters can find the table more easily.
Use the iPad to take orders at the table and it will automatically send the order to the kitchen. Your employee can quickly check the status of the table about whether payment has been done or not. Provide your customer with full flexibility to make payment, you can even take split charge and enhance your customer experience.
Features of Nobly POS
Ingredient tracking feature
Tableside ordering
Intelligent reporting
Loyalty program to make loyal customers
Inventory management
Offline mode
Upserve POS by Lightspeed
Rating
4.1/5
Best For
Online Ordering and Delivery
Upserve is a POS solution for restaurant management. In late 2020, Upserve was acquired by lightspeed, a leading provider of cloud-based omnichannel commerce platforms. The total transaction value of the deal was $430 million. Now Upserve is still working in the POS industry with a new look and feel of lightspeed. Upserve is still providing its customer support.
Upserve Pos
Upserve offers all the essential POS hardware for restaurants, like terminals, handheld devices, kitchen display systems, printers, and wireless technology. It also offers its mobile app called Upserve live which empowers restaurants to see all the analytical data about sales, labor costs, discounts, and track live guests.
Other great features of Upserve are table-side ordering, online ordering, and a loyalty program. Online ordering comes with simple and innovative designs that easily integrate the orders in Front of the house and back of the house.
Features of Upserve
Tableside ordering and payments
Offline mode
menu intelligence
Training mode to train your workers
Restaurant analytics and reporting
Easy to split checks and items
24/7 US-based customer support
Clover POS
Rating
3.8/5
Best For
Quick Service Restaurants
Clover is an all-in-one POS that offers its hardware and software for quick-service and full-service restaurants. Awarded with the restaurant smart terminal award for the second time in the year 2021, clover is delivering flexibility and a great customer experience.
Clover Pos
It helps to sync front of the house and back of the house to ensure there is no delay to fulfill the orders. Protect your business from sudden internet connectivity loss, because POS still accepts the payments when you are offline and process those transactions when connectivity returns.
Clover online ordering comes free with a table service plan. Now only one POS is capable enough to manage your dine-out, online orders, takeout, and 3rd party orders.
TouchBistro is a POS provider for restaurant management that makes the task of managing the restaurant easier and more efficient. It is the winner of the best app of the year in the food and beverage category at the international business award. Founded in 2010, Touchbistro is trusted by more than 29,000 restaurants worldwide because of its innovative approach to solving restaurant problems.
TouchBistro Pos
Allow your customers to make payments using their desired payment option because you can take payments via debit card, credit card, cash, or digital wallet of Apple pay, Samsung pay, and google pay. You can easily split the bill for your customer based on the items they have ordered. Leverage the benefit of mobile POS to take orders on the table and eliminate the huge lines at the counter.
The advanced table management system of Touchbistro offers you the flexibility to rearrange the tables, change the table for the customer without interrupting the orders, and manage capacity. Provide your customer with a great experience in your restaurant with Touchbistro.
Features of TouchBistro
Floor plan and table management
Menu and staff management
Tableside and online ordering
Customer facing display
Reporting and analytics
Offline mode
Inventory management
Cake POS
Rating
4.8/5
Best For
Reporting and Overall Restuarant Management
The Cake is an all-rounder POS offered by mad mobile. It caters to every aspect of your restaurant business and frees you from most of the hectic tasks of restaurant management. When this technology makes your day-to-day business task easy, you get more time to invest in business growth.
Madmobile Pos
Mad mobile self-ordering kiosk reduces labor costs and time significantly, customers can order using a tab and make contactless payments just by scanning a QR code. Since everything is cloud-based, each order which is placed, no matter from where, is updated in the kitchen display system in real time.
Loaded with all the hardware and software features including online ordering, contactless payment, staff, and menu management, this POS is sufficient enough to accelerate your restaurant business growth.
Features of Cake
Self-service kiosk
Payment using a QR code on the bill
Tableside ordering
Menu and staff management
Online ordering and curbside pick up
Integration with accounting, loyalty, and scheduling services
PCI-DSS certified
Advanced restaurant analytics
Harbortouch
Rating
3.1/5
Best For
Small and Mid Sized Restaurants
The Restaurant POS system by Harbortouch is a robust and powerful restaurant management system that helps to streamline your restaurant business operation. Trusted by more than 1,00,000 restaurants, this platform is dedicated to serving small businesses by reducing the cost of operation.
HarborTouch Pos
Tableside ordering and payment is the game changer in this industry which reduces the chaos at the counter and facilitates a smooth workflow. Take payment anywhere in the restaurant whether it is at the table, counter, or curbside, everything is connected to your existing POS. It means everything is updated in real-time.
Customers can easily access your menu by scanning the QR. They can make orders and payments which are directly sent to the kitchen display system, with no involvement of any staff in taking orders. These kinds of amazing features of Harbortouch make your business run smoothly.
Features of Harbortouch
Pay-at-the-table + tableside ordering
Accessibility of menu and making payments via QR code
Contactless payment and acceptance of Google pay, Apple pay, and Samsung pay
Online ordering
Third-party integration with apps like Uber eats, doordash, Mailchimp, and more
Online reservation
Reports and analytics
Linga POS
Rating
3/5
Best For
Secure and Fast Operations
Modernize the dining experience of your customer with the Linga restaurant operating system. This POS provides full-fledged features and functionality to restaurants to carry out their business operation seamlessly.
Linga Pos
The team is dedicated to adding every new feature to make this POS updated with changing technology. Everything is streamlined, from taking orders from customers efficiently using a POS terminal or kiosk to retaining those customers using a loyalty program and marketing.
Since the POS is completely cloud-based you can access the reports and analytics from anywhere and take a quick overview of the performance of your restaurant.
Features of Linga POS
Customer loyalty program
Online ordering with curbside pick up
Inventory management
QR code accessibility
Virtual kiosk
Offline mode
PCI compliant
Conclusion
With emerging new technologies, business operations became easier, and the same is true for the restaurant business. The Restaurant POS system is wholly dedicated to streamlining your restaurant business, so use the latest technology and prevent yourself from being outdated. Choose the right POS software from the above list and provide the best customer experience.
FAQ
Do I need a restaurant POS system?
The answer is not clear however there are many benefits of using a restaurant POS system but you can still run your restaurant without one. However, a POS system can save you time and money, and it can help you increase sales.
How much does a POS terminal cost?
Most POS companies give you one free terminal when you sign up. However, if you want extra terminals, prices can vary with suppliers depending on the features.
As the the month of February starts, the gifting items and valentine’s day products create a surge in stocks. The management and processing of orders, inventories, and selling gift items during Valentines becomes an art. Increasing sales and earning more profit can be made easier by proper inventory management.
Lets get insights of some of the startups selling Valentine’s Day products and how they manage inventory to increase their sales and boost their business growth.
Whitecub
When we started WhiteCub over eight years ago, it used to be only Valentine’s Day at our place. Fast forward to a few years, it evolved into a full Valentine’s Week, and now our brand typically celebrates the entire month of February as Valentine’s month. That is why this year, we have specially curated Valentine’s Gift Box of hazelnut cashew & chocolate spread, fresh strawberries; this is because of a specific reason. Our Target Customer base is health-conscious people who do not want to compromise on their health even during celebrations, so we have crafted a perfect match of our healthy yet equally yummy Hazelnut-Cashew & Chocolate Spread (which has no preservatives, added oil, and is sweetened with unrefined sugar) and Fresh Strawberries. We have intentionally not opted for the stuff overloaded with sugars or Harmful Chemicals because we firmly believe that our customers express love for each other and their loved ones. Their health should also remain our top priority.
Our second line of Valentine’s Day focuses on gifts straight from our Ice Cream line. We have a full range of chocolate flavours (Sinful Chocolate, Belgian Chocolate, Chocolate Factory, Choco Heaven, Forest Bathing etc.) and, of course, our very popular Strawberry Crush ice cream. We have our dedicated customer base for our products all the year along. The main segment of our gifting options comes from our regular product lines, Valentine’s Day is no exception. In spite of our extremely hectic working hours during festivals including Valentine’s Day, oOur inventory gets managed very well, mainly because of three factors.
Our main proportion of our gifting segment comes from our already existing product lines.
We include 3rd party delivery options like WeFast, DTDC etc especially during this time period.
We also undertake customized order productions
The Baker’s Dozen
We look at the sales of the last one month for all the products that we are looking to promote on Valentine’s and then project the demand based on that data, keeping a certain % of buffer of course. Managing orders is based on our standard operating procedures, and is a by-product of the forecasted demand. Therefore the crucial part of all of this is the ‘demand forecasting.
Valentine’s Day is a special moment for us. Every time a customer picks a Zouk product to gift to their partner, it means a lot. They chose us over so many options for this special moment. While our bags are chosen as gifts and we do see a spike in sales, this year we are focussing on Self Love too.
Oftentimes, we take so much effort and stress in finding the right gift for our partner that we forget to get something special for ourselves. So, at Zouk, we are nudging consumers to pick our cruelty-free, handcrafted product, just for themselves. So far, we are seeing good support and hope to continue saying this throughout the year.
We are not a gifting startup and we don’t hold inventory. So it’s not really been a problem but however, during high peak seasons, we do manage like a lot of these. For example, during Diwali, if we manage, we don’t manage inventory, but we work with the brands that he’s working with, and manage logistics extremely tightly, like basically speak to all our stakeholders including logistics partners and brands and sort of manager experience really tightly. We’re very cognizant of when collections go up on the website, go away from the outset so that no customer is left disappointed that their order doesn’t reach them on time. We give our all to make sure things reach everyone on time.
In the world of business, earning money by selling your products can be called an ultimate goal. Every mall, electronics store, supermarket, automobile store has this thing called seasonal sales.
So the thing which exactly happens in these sales is, it comes at a particular time. During these, which usually happen on special days Or during the clearance phase, the products are of low prices. Less pricing is a strategy that would attract more customers.
Seasonal sales also include sales at a particular season, where products specific to that season are available. Some discounts are also available. The offering of discounts is in such a way that the store doesn’t get any losses. The profit margin is marginal on individual products during these sales. But the perk is, it attracts more customers because everyone loves reduced prices.
There are some specific and well-crafted strategies everyone must be aware of before starting seasonal sales. These tips would help the stores and shops make more profit by attracting more customers. Let’s discuss these tips one by one.
It is the most important thing we should keep in mind before starting our sales. Procrastination shouldn’t be an option. A beforehand planning would help just as a hurried plan might ruin the wholesales. The plans regarding the budget, the profit margin, consumer choices, the advertising of new brands, percent of discounts are also the key points to focus on. It is to increase the human workforce are all planned.
The business plan should be in such a way that everything would be ready during the sales. It reduces pressure as well as doesn’t let mistakes happen. It ensures that enough time is there to jot down a perfect strategy that would lead to more fame and extract a good amount of profit.
Planning the budget for seasonal Sales
Plan the budget for seasonal sales
It is important because the sale should in a way that the store or shop doesn’t go into a loss. Also as more customers would come during the sales, more workforce is required. Seasonal sales might need to employ more salespeople. Especially in malls and apparel stores, where people often flock during sales, more salespeople would help them choose according to their whims.
The budget should also include the expenses for the banners, advertising, and the salaries of the extras during sales. The budget should be such that everyone is satisfied and still a good amount of profit is made.
Promoting the seasonal sales
Seasonal Sales
Promotion is the key that brings more customers. The promotion of the sales includes using certain advertisements be on the television or newspaper, passing out flyers, making posters, banners outside the shop, etc. The most strategic part is to put a little information regarding the discounts and the list of new products in the advertisement that lets more people know that there is a sale going on.
People should also have a good experience when they come to the store. Customer is also a crucial agent of advertisements. A happy customer would bring in more customers or visit the next time. It improves the trust of people in the store or brand.
Season focussed marketing strategy
Technology helps in chalking out strategies. The making of diagrams of the profits and losses forms to know about customer experiences. It also provides knowledge about customers having an online transaction option. The usage of net banking is essential to enhance performance. The budget should also be a part of the marketing strategy. It is the overall strategy.
Knowing the demands of the customers at a specific period or season is the key to attract them. For example, if it’s a winter sale, more winter clothes are the key. A wide range of choices is also crucial. It leads to a customer liking many products and buying them at once.
In the case of the automobile industry, this is also important. If customers start preferring a specific type of vehicle, that model should be available in plenty. Also, different color choices of the model should be available. It is because everyone does have a specific liking. Good quality products without any defects should be present in the inventory.
The possession of a particular number of products brought together helps to make a good profit and sell off more items. Also, it manipulates the mind of the customers into thinking that they have been offered low prices. It can be explained with an example – a handkerchief that costs $10 can be sold for $25 for 3 . This will be beneficial for both the store and the customers.
Also, this helps small businesses in online stores. They provide reliable prices and have a minimum order quantity that lets them sell their products well.
Quick shipping and good delivery speed
It is applicable in online businesses. A quick delivery speed keeps the customers happy. During seasonal sales, the number of customers increases. Good shipping speed avoids cancellation and makes people but more. The delivery men should be polite. Also, the company should work to set up sound networks of delivery. The experience of the customers is what matters the most.
Clear return and exchange policy
It is something that provides confidence to the customers. They can rest assured that if a product purchased doesn’t meet their needs, they can return it within a stipulated period. However, this might be confused and damaged products would be returned. So these policies should be clear.
A stipulated period of 7-14 days is mandatory for return and exchange. The product shouldn’t be damaged while returning. Also, the bill must be present to prove that the customer bought the product from that specific shop. Items such as inner garments and hygiene products shouldn’t come under return policy until it’s proven that they are unused.
Creativity in orders
Being creative is something that draws attention. Providing trinkets and gifts is an example of this kind. Some stores also provide flowers and drinks to their customers. It ensures satisfaction among them. They would like to visit the store more often. Also, creative advertising catches the eye of the audience. They come in large numbers.
It will prevent entirely making a plan similar to the competitors in the market. Also, one should utilize the strong points. Thus, having a favourable plan is mandatory. It enhances competition and further improves the quality of seasonal sales.
Conclusion
Business is just like a game of capturing more and more customers. The brand that is the most creative with its sales gets more profit. These strategies mentioned above can help a brand grow and strive. Knowing about the needs of customers and keeping them happy should be the key objective. After that, good planning, advertising, and recruiting are crucial for a good business.
At present, when there are many brands, only some can capture the hearts of people. A well-thought strategy is the main thing that is necessary for doing. So, one follows it and executes it properly even a smaller brand would be able to compete with the great brands. Also, a good watch should be kept on the competitors and try to learn from their good points. It will help in a rise in fame and profit.
FAQs
What is seasonal promotion?
Seasonal promotions are special offers, discounts or limited edition products that are occasion specific or season specific.
What are examples of seasonal businesses?
Some of the seasonal business examples are:
Rakhi Business
Kite Business
Fire crackers Business
Woollen Clothes business
Raincoat business
What are seasonal products?
Seasonal products are the products that are available in the market during a particular seasons or periods of the year only and are not available during another period.
