10 Tips for running promotions in retail

In retailing businesses, providing a discount is a very good way to increase your sales. Promotional offers always work. Discounting in retailing is arguably the most effective way to drive sales. According to a study provided by software advice, POS system research, discounting is the top pricing strategy for retailers across all sectors, and it is used by 97% of … Read More

What is SKU?

SKU stands for stock keeping unit. It is an alphanumeric code that identifies a product and helps the owner to check his inventory for retail business purposes. An SKU number can be created manually or by using inventory management or point of sale (POS) software. SKU numbers are printed on the product label along with the universal product code and … Read More

HSN – how to find HSN for my retail products?

A cycle is what most of the chains follow. Whether it is the food cycle or a pattern in the business industry. But what most of us do not notice is the factors that affect the cycle.  Focusing on the business cycle, it is started by the producers/manufacturers and is ended by retailers (in some cases even the consumers). Many … Read More

Introduction to Inventory Carrying Costs

What is the first thing that comes to your mind when you think of starting a new business? It must be the ratio of costs and profit. One of the sole purposes of a business is to earn a profit. This can only be achieved by proper calculation of cost.  We all would agree that one of the major parts … Read More

What is Inventory Serialization?

It is very important for a business to control its inventory. Inventory tracking is one of the most important aspects of inventory control. Serialized inventory management is an advanced technique used for tracking inventory at a granular level. This article will explain what is serialized inventory management, why it is important for inventory control and how it can be put … Read More

How to sell on Flipkart Marketplace

Online marketing and selling is now the new norm. People nowadays like buying and selling online. Sellers feel that off-line marketing requires more activities that can be avoided in online marketing and selling.  There are many online websites which provide world-class facilities, a wide range of products, best prices and huge discounts which not only attract consumers but also increases … Read More

Minimum order quantity: what it is and how to use it in inventory management

Whether it is a small scale business or a multinational company, managing the inventory is the most important activity in a company. A business always tries to keep his firm from overstocking or situations of the dead inventory.  In this article, we will learn what is the minimum order quantity and how it can be used for efficient inventory management. … Read More

What is Good & Services Tax (GST) in India?

In this changing environment, various taxes have been formulated and eliminated. In the midst of all this, GST is has been one of the major taxes overhaul in recent times. Today, we will discuss GST, its components, benefits and how it has changed the economic scenario of our country.  Let us begin with a very simple question: What is GST … Read More

10 Techniques For Inventory Management and Control Cost

Imagine a fully functioning retail store with low costs, high-profit margins, smooth audited stock movement and close to zero dead inventory. A holy grail of perfect inventory management! That sounds like next to impossible, right? With lots of discipline and techniques that are listed in this document, you can run your store with low costs and high-profit margins. Retail stores … Read More

Receiving inventory made easy: Best practices

Inventory is money in the retail business. Retail stores hold inventory, so it important to make sure the entry and exit of it are closely monitored. Receiving inventory efficiently is the first step towards successful inventory management. Any error in this step can have a cascading effect on the future management of the inventory. Therefore it is a small yet … Read More