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E-commerce Retail versus Traditional Retail

Certainly, we are aware that e-commerce is becoming popular. In other words, the business mechanism and ways are changing with the passage of time. That is to say, with the advancement in time, retail is also changing and things are going towards digitalization. Further, the digital transformation had revolutionized many industries. In the same vein, digitalization has also transformed the retail industry. Certainly, people are more inclined to shop online as compared to shopping from stores. Hence, we can say that e-commerce retail is gaining popularity among customers.

In this article, we at Teranoid have compiled for you some points that explain how retail commerce and e-commerce website is different from each other. Secondly we shall also explain how e-commerce site is overtaking traditional retail.

How are traditional retail and e-commerce Retail different from each other?

Well, e-commerce as well as traditional retail are similar in the fact that they have same objectives. In short, their aim is the same; to sell and buy products. Certainly, these both forms of retail are entirely different from each other but if we talk about similarity, then the objective is the only thing that makes them similar.

How are traditional retail and e-commerce Retail different from each other?

Let us now see how traditional retail and e-commerce are different from each other.

Accessibility

Well, one of the major differences between traditional retail and e-commerce retail is that of accessibility. That is to say, e-commerce is more accessible to consumers as compared to traditional retail. That is to say, consumers have to visit the store if they have to buy the product. On the other hand, consumers can simply browse online, select their product of their choice and order it online.

Time

Secondly, traditional retail has limited time hours. In other words, the shop will be open for limited hours. On the other hand, the e-commerce shopping site is available 24/7. Even if it is a holiday, you can still shop form e-commerce site as it is never closed.

Delivery

Another major difference is of delivery. That is to say, the e-commerce site allows shoppers to get their items delivered in various cities. In other words, the customer can order from online within the state or even in some cases outside the state as well. So, this gives consumers more chances to shop from the store. On the other hand, traditional retail is completely different. There is no option of delivery mostly. You just have to visit the store and collect your items at the same time.

Having said that, the online ordering system has gained popularity during pandemic. Therefore, restaurants as well retail stores have started delivering items online.

Ability to see & touch

Traditional retail allows the customers to see and touch the products and know the product quality. That is to say, consumers can ask the staff about the product and check it physically. This however, is not the case with e-commerce retail. Consumers just see the item and order it. They cannot see the product physically or touch it. In addition, the customers get the item as soon as they purchase it in traditional retail, while in e-commerce retail; consumers have to wait for their product to be delivered to them. This might take 3-4 days or a week’s time as well.

Conclusion

As mentioned earlier, due to the advancement in technology, the e-commerce retail is certainly increasing its popularity. However, both, traditional retail as well as e-commerce retail has their benefits and setbacks. But for businesses who are deciding on which one to opt, they certainly should opt for the e-commerce site as it more popular and in demand today.

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How can Fashion Retailers thrive in the Pandemic Situation?

Certainly, the fashion industry has faced great changes in 2020 due to the pandemic situation. Further, these changes have not yet come to an end. That is to say, they are still going under changes and things are far from coming back to normal any time soon. Certainly, the pandemic situation has brought with it drastic challenges for fashion retailers. In addition, it has also brought new customer habits that are here to stay for quite some time.

Tips for Fashion Retailers amid Pandemic Situation

We understand that fashion retailers are thriving to find ways get sales in the current situation. Therefore, we at Teranoid, have come up with some tips for fashion retailers. Below, we shall discuss which fashion trends should retailers opt for in the next half of 2020, just as lockdown is beginning to lose so that they can gain maximum benefit.

Promote protective equipment such as Masks during Pandemic Situation

Looking at the situation and the safety measures consumers are taking, fashion retailers need to focus on the face masks that everyone is wearing and will continue to wear. So, it is great time for fashion retailers to gain maximum benefit from this investment. Further, even when the lockdown eases further and things start getting back to normal, consumers will still take a lot of time to come back to normal life. Therefore, masks will remain a part of their shopping for quite some time. So, it has become an opportunity for fashion retailers to invest in face masks.

Further, fashion retailers can promote these masks as terming them a necessary part of the fashion clothing. In addition, the consumers can buy masks matching with their outfits. However, retailers should make it a point that the masks are made from antibacterial fabric. Secondly, the masks should be colorful and printed so that they attract the consumers. Thirdly, fashion retailers should also focus on making masks for children. These masks can be different based on colors and animation.

Home wear is popular during Pandemic Situation

We are all aware that mostly people are spending time at homes. That is to say, mostly people are working from home and the rest too have hardly anywhere to go besides grocery shopping. Therefore in this time, people are not opting to but formal dresses, instead they are focusing more on buying comfy and casual outfits. In addition, many people have lost their jobs. As a result, they are not spending a lot of money is shopping other than the daily life basics. Therefore, keeping in mind all these factors, fashion retailers need to focus on daily and casual wear. Further, fashion retailers also need to focus on home shoes, clothes made of soft and comfortable fabric.

Stand with the consumers in social issues

Another important aspect that fashion retailers need to keep in mind is to contribute towards the community. That is to say, consumers get attracted towards a brand that feels for the people and relates to them. In other words, brands must take part in societal and political matters, for example, the Black lives Matter Movement, Feminist movements such as the Me Too Movement. Certainly, consumers get attracted towards such brands as they are catering to their emotional needs and taking part in their movements. Further, consumers also are active when it comes to noticing how brands are treating their workers. As a result, this greatly influences their shopping experience. So, fashion brands must contribute to the matters concerning the society and bring positive change in the community and among the consumers.

"It's through vulnerability that human beings create connections. The more vulnerable we can be with one another, the more that we'll trust one another and the more we'll be able to collaborate effectively."

-Neil Blumenthal

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Visual Merchandising & Ways to overcome its challenges?

Visual Merchandising is integral for retail. However, its significance has increased today because of competition. In other words, customers have many choices nowadays when it comes to shopping. Further, consumers today have high expectations from the stores that they shop from. However, visual merchandising has its own challenges that retailers need to overcome.

Ways to overcome Visual Merchandising Challenges

In this article, we, the Teranoid content marketing team, shall discuss the ways that shall help retailers overcome Visual Merchandising Challenges.

Effective use of Store Space for Visual Merchandising

Certainly, retailers need to take full advantage of their store space. Further, they must also keep in mind that they should keep enough space for the customers to walk freely in the store. Moreover, they should also ensure that the displays take less amount of space in the store. This will ensure free space for the customers which should be the prime concern of the retailers. Moreover, retailers also need to focus on the placement of the products. That is to say, they need to see which products need to be placed at the bottom of the shelf. In the same vein, they need to see which products need to be placed on the top shelves. In short, retailers need to see how much space they have and how they can utilize the space that amount of space practically and cleverly.

Flexibility is important for Visual Merchandising

It should be possible for retailers to keep moving the products. That is to say, the store’s displays should be flexible. In short, the popularity and the demand of the products keep changing. Therefore retailers need to keep moving their displays and products. Therefore the element of flexibility should be there.

In the same vein, retailers also need change in their display settings. That is to say, the placement of displays that was appropriate for one season might not be appropriate for the other one. For example, in holiday season, when the traffic increases, retailers will have to adjust their displays according to that, giving more space for customers to move.

Invest in good Displays

Displays should be strongly built. That is to say, they should be long-lasting so that they can be used for other purposes as well. Having said that, the shelves and displays must not be highly expensive, but they should also not be of such low quality that it falls apart when the employees try to shift them to some other area of the store. So, as mentioned earlier, it should be worth the investment. Further, ensure that the displays are made from experts so that they are long-lasting and durable. Further, they should also understand the brand well and what it stands for and what are the products that they are selling.

Effective use of Window Displays for Visual Merchandising

Grabbing customer attention through window displays is essential and a bit tricky. That is to say, the window displays must be attractive but at the same time, they should also not be overwhelming. Certainly, the window displays are one of the most important factors of visual merchandising. It helps attract customers. Therefore retailers must take full advantage of their windows. Another useful tip for window displays is to have a focal point. That is to say, the display should not look messy.

Easy to Use

Certainly the staff will be the one dealing with shoppers and the displays. Therefore staff convenience comes first. That is to say, it should be easy for the staff to install and execute the displays. For example, having displays that have wheels is one way to ease the task for the staff. Further, this will also not cause any harm to the products placed on the displays while rearranging them.

Conclusion

These are some of the tips that shall help retailers overcome their visual merchandising challenges and make their store more appealing visually. Further, retailers will also be able to effectively manage their store displays.

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Online Ordering & its Benefits

Online ordering is certainly one of the most essential elements when it comes to restaurants. Further, there are restaurants that are aware of the significance of online ordering as it is the age of technology. Moreover, the customers these days are tech-savvy and they are in the habit of using their mobile phone for whatever they do, whether it is shopping or online food orders. That is to say, customers simply access their mobile phones if they have to order something online. Certainly, this has not just made the lives of the customers simple but has also benefited the restaurants immensely.

Further, in these present times, customers are demanding online ordering from the restaurants. According to the National Restaurant Association, 56% of adults order directly form the website or the mobile app. In addition, we can certainly say that these numbers will continue to grow in the coming years. Moreover, it is not just adults that are ordering online. In fact, consumers of all ages are preferring online orders.

Online Orders Provides Convenience

Certainly, one of the most important aspects of online restaurant ordering is its convenience. In other words, it is the convenience of comfortably sitting at home and ordering food online. Secondly, people do not have to go all the way to the restaurant to get the order. In most cases, the order is delivered home which is what the customers want. Thirdly, the customers do not have to wait in lines at the restaurant to pick their order.

Online ordering results in Increased Sales

Another significant benefit of online restaurant ordering is that the customers can order freely online. They are not under any pressure which otherwise they are under while ordering face to face or through phone calls. Further, while ordering online, they have the entire menu present in front of them. So, this results in increased sales as the customers order easily and in doing so, they get enticed to put more menu items in their cart.

Upselling Opportunity through Online Restaurant Ordering

Sales can be increased through online restaurant orders as there are more opportunities of upselling and cross-selling in online ordering. That is to say, the customers do not order in a hurry. As mentioned above, they order in a relaxed manner by viewing all the menu items in detail. So, certainly through online ordering, restaurants can grow their sales and upsell and cross sell items.

Moreover, there is also the facility of adding on extra items at the checkout, for instance, adding drinks, salads, sauces etc. Moreover, if the customers have ordered single items, they can be asked if they want to turn it into a deal. Mostly customers get enticed this way and result in adding these extra items in their cart.

Collecting Customer Information through Online Restaurant Ordering

Collecting customer information is essential for all businesses in today’s age. That is to say, knowing the customer contact details, as well as their purchase history, is a must for businesses. Therefore having an online system that helps save customer data is essential. Therefore have a system that helps you in knowing customer information as well as what they purchase. Consequently, this will help in planning future marketing campaigns. So, look for a system that has in-built reporting feature, such as Teranoid. Order Online through Teranoid will help collect customer information and their purchase history. Consequently, this will help in enhancing customer experience as restaurants can later inform them about the offers and new items. Further, in this way, restaurants will be able to increase their customers online and stay in contact with them.

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SKU Number; It’s Significance & Tips To Generate It

Certainly, the products have the SKU number and codes on them. In other words, retailers come across products that have the SKU number. But what does it mean? Basically the SKU Number is unique for each store. Further, the SKU Number allows the store to keep details and track of the inventory. The SKU Number depends on the retailer; the way they want to give numbers to their products. However, mostly the SKU Number comprises of 8 digits.

Significance of the SKU Code for Retailers

The SKU numbers are significant for retailers as they simplify a lot of tasks. That is to say, each SKU code is added to the tracking system. Consequently, this makes it easier for the retailers to manage their stock, track items and their location, make accurate inventory decisions, and make employees’ work life easier by searching for products.

The SKU Numbers further help in marketing as well. In short, they are used to suggest other products on the site for the customer. Secondly, computers can easily track the SKU Numbers serving the employees and the managers to manually handle the products and spend hours in doing so.

How to Generate the SKU Number?

Retailers can easily generate the SKU Numbers through their inventory management system or POS System. Try to make shorter SKU Numbers as your staff should be able to easily read and remember them. Also, retailers can choose the type of SKU Numbers they want to select. For example, they can select either the digits or numbers. Moreover, they can also select a combination of the digits and alphabets.

Tips for Retailers regarding SKU Number

Reusing the SKU Numbers

There is a general conception that retailers should not use SKUs. However, retailers can use the SKU code as the products keep changing. Therefore, after years of using the SKU code, you can certainly reuse it.

Creating the SKU Number

One tip for creating the SKU code is that it must not begin with the 0 digit. That is to say, there are software systems that might interpret the digit 0 as nothing. In short, the digit 0 will most probably not be counted as number. Therefore, it is best if retailers avoid beginning their SKU code with 0.

Secondly, it is better if the SKU code begins with an alphabet. As a result, this will help retailers/managers/employees to find the product easily and to distinguish it from others.

Avoid SKU Numbers with number-like letters

SKU code should be evident. Therefore, avoid using such letters that resemble digits. Further, there are also letters that resemble other letters. As a result, this might cause problems for the employees while they search for the SKU code. Certainly, the purpose of having SKU code is to simplify procedures, not to complex procedures.

Conclusion

To conclude, SKU code is an essential tool that retailers have. These SKU numbers help track inventories. Further, they also help make smarter decisions regarding merchandise. Moreover, SKU number makes the life of the employees and managers a lot easier.

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How to use Inventory System to Increase Efficiency?

Inventory system is one of the most significant elements when it comes to managing retail, restaurants or any other field of business. In other words, without a proper and highly efficient inventory system, there are no possibilities that the inventory can be managed easily and appropriately. In this article, we shall discuss how inventory system can be used to increase efficiency, which is what we all are aiming for.

Increase Efficiency by automating the inventory system

Well one of the most significant elements that we have talked about previously as well is to automate the data entry procedure. Certainly, putting all the information manually into the system requires time and effort. However, automating the task is one thing that you definitely would want to work on as soon as possible. For this purpose, you can use barcode scanners. As a result, this will increase efficiency, speed, help manage time the right way.

Centralized Database for efficient inventory system

Centralized database is essential when it comes to being accessible to multiple users. Therefore in order to be highly efficient, a centralized database is essential. One that is easily accessible to everyone at all times. Certainly, this is the only way through which you can have an exact picture of the inventory needs and items. Now you no longer need to wait for someone to give report about the inventory. You can easily have monitor the stock and know exactly when to reorder.

Effective inventory management demands getting rid of slow moving items

Another significant aspect to increase efficiency when it comes to inventory system is to not let the unmoving stock stay on the shelves for long. In other words, there are items that are just not able to get the customers’ attention. Keeping such items in the store for long in the hope of getting them sold is not a very wise decision to make. Therefore, firstly try to put such items on sale. Decreasing the price will help in getting the item sold. Secondly, even if the item does not get the customers attention, it is better to let go of the item as keeping such items affect the efficiency and the entire process of managing inventory gets disrupted.

Data analytics for efficient inventory system

Having talked about centralized database above, now I would like to throw light on the significance of data analytics. Knowing about real time data analytics and inventory helps to have an accurate insight into sales forecasts and product demands. Consequently, you can predict market demands. As a result, you will exactly know which items to restock at what time. Certainly this will have a huge impact on the overall management and will help increase efficiency. Having the correct data analytics will not just help to take the right decisions at the right time, but will also help cater to the customer needs entirely. In addition, you can also target the right audience by knowing about it through targeted advertising campaigns. That is to say, such advertising campaigns will help produce data analytics on its own. Consequently, this will help improve the future strategies and planning.

Option for the best Inventory System

Certainly, having the right inventory system will help improve things. Therefore it is advised to opt for the best inventory system. The right and required inventory system will help improve efficiency and makes your business progress in less time. There are variety of options available in the market. However, choose the one that best suits your business and its needs. Teranoid POS System is the one that comes with advanced inventory features that help increase efficiency and manages and handles tasks instantly.

Mobile integrated Inventory Systems

Mobile technology is essential to increase efficiency. That is to say, certainly people use mobile frequently and that is something that they can easily use for their work as well. Therefore have an inventory system that can be integrated with mobile app. In simple words, it is through the mobile apps that users can operate the inventory system tasks easily. For example, tracking inventory, managing shipments and assets, handling operations anywhere and at any time. Therefore, we can say that certainly having this detailed information at all times and easily accessible will help improve efficiency and makes things faster and easier.

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