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A Guide to Merchandise Planning Process- Making Your Business Profitable!

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There are several ways that a seller needs to follow to maximize profits and get more sales. One such evergreen measure is the merchandise planning process that includes selecting, managing, and displaying products in such a way that it brings the maximum turnover and increases brand visibility.  This activity generally meets the customer's demands by making the correct item available in quantity and price.  Several activities make a seller lose potential customers and increase the overall costs. This includes buying the merchandise in an unplanned quantity or not calculating the transportation or storage cost of it. Making a wrong purchase decision can also lead to a loss of valuable capital. Thus, merchandise planning is essential to keep the business running at the lowest cost and with high-profit margins.  The Merchandising Planning Process - Planning your Merchandise the Right Way! Different industries have different demands and planning processes depending on various factors

Steps to Achieve the Know Your Customer Compliance

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Effective KYC involves knowing your customers'customers' identities, financial activities, and the risks they pose.  Do you know your customers?  At least, that's how it should be. If you are a financial institution (FI) that promotes money laundering or terrorist financing, you may be subject to fines, penalties, and defamation. Most importantly, KYC is a key practice that protects organizations from fraud and losses resulting from illicit funds and transactions. "KYC" refers to the steps a financial institution (or company) takes to: customer identification Understand the nature of your business (The main purpose is to ensure that the client's source of funds is legitimate.) To monitor the activities of our customers, we assess the money laundering risk associated with these customers. Creating and implementing an effective KYC program requires the following elements: 1) Customer Identification Program (CIP) How do you know if someone is who they say they a

BTL Activities Ideas you must try!

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Marketing trends are ever-changing; modern tech and digitization have evolved how we market products/services. ATL activities have lost their hold as the prime measures to reach potential audiences. BTL activities have taken the lead in the modern-day brand promotion scene with marketing gurus preferring to move towards experiential marketing solutions. Engaging consumers through brand activation. The modern consumer is more discerning due to the increased availability and options. They are unlikely to be duped by phony promises and 'irresistible' sales. They are becoming increasingly demanding and want authentic experiences beyond the media noise. Brand activation is an appropriate term in today's marketing industry. It is a particular on-the-ground activity that aids a brand in developing a trustworthy rapport with its target market. More than just creating a sell-buy relationship is involved. Instead, it aims to forge an emotional connection with the customer and allow

The Definition, Skills, and More about a Product Promoter?

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Product promoters play an essential role in representing the company and marketing the product to potential customers. They help consumers access products and services that add value to their lives and help companies achieve their profit goals. Knowing what a product promoter is, what it takes to become one, and how much they earn on average can help you decide if this career is right for you. In this article, we break down what a product promoter does, explain how you can become a promoter, provide information on average salaries, and provide advice on starting your career as a brand promoter .  What is a product promoter? Product promoters are sales professionals who promote products and services on behalf of a company to attract customers and generate sales. They demonstrate effects, explain features, and answer questions to convince potential customers to buy them. In addition to promoting products, they also represent corporate brands. They use sales tactics, adhere to company pro

The Definitive Measures for E-commerce Product Listing!

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A product listing page (or category page) on your e-commerce product listing site displays items for sale. Should we put together a short product description and good photos and hope buyers like it? Not! Too many eCommerce business owners need to pay more attention to the power of a good product listing page. This page is where buyers first see your products. So, make sure to present buyers with a smooth product listing page. These wrong first impressions can be very damaging to the bottom line. The best product listing pages give you a warm welcome like you're at a friend's house. It should be inviting, neat, and fun. Now that you know the importance of your product listing page, let's discuss how to organize your product listing page well, what elements are essential for category pages, how to improve navigation, how to increase conversion rates, and how to improve SEO. Evaluation. Have finished? Let's get into it! How do you categorize your products? What are the es

Strategies to Drive Sales! Merchandising Edition

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One of the most common reasons why brands fall behind their competitors is that customers change their minds based on what they see, learn, and do when they interact with products in the store. Follow these retail rules to strike a balance:  1. Think about the customer journey. Customers want to interact with the product, and that interaction should add value to their experience before they buy the product. Service: Ask yourself: Does physical interaction with my products add to the in-store shopping experience? If it is a specific packaging component, make sure it appears on the shelf style the product is stored on. Why choose online shopping? Forrester predicts that in the future, 72% of retail sales in the United States will take place in-store rather than online. Shoppers say they prefer online shopping because it's easy to test products (47%) and the ability to walk away immediately after buying (38%).  2. Support your product story As online and mobile ordering grows, there i

Stepping in 2024 with a Wise Visual Merchandising Plan!

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Visual merchandising designs and displays products in retail to attract shoppers' attention and drive sales. This is achieved by creating a display that showcases the product's appearance, features, benefits, and uses visually appealingly. Larger companies typically have sales associates who work closely with the retail marketing team to create displays that align with the overall brand image and goals. Independent retailers can control their shows without being constrained by brand rules.  Most importantly, visual merchandising is about more than just making products look good. The idea is to present this in a way that drives real sales growth. We offer in-store visual merchandising displays, mannequins, signage, interactive experiences, and more. We will consider it from the point of view of how it is displayed. This is undoubtedly true. But with the rise of omnichannel retail, solid visual merchandising must also extend online. Canal. Graphic merchandising designs and displ