Is your business prepared for upcoming festive demand? - Kotak Bank

09 MAY, 2020

Festivals are happy times for retailers and businessman because it gives them the chance to maximize their business and earn a high margin of profits. During these seasons, buyers wholeheartedly spend on buying new and expensive products from shops.


No businessperson would like to miss this opportunity of fulfilling such huge demand of buyers because the customer has many other options to shop for his/her requirements. It's a golden opportunity that no businessperson, retailer or shopkeeper would like to miss.


But to cater to the high volume demands, your business must be prepared. After all, you would not like glitches to come in between your profits.


So what’s required to be prepared for the upcoming festive demand?


Keep a track on inventory

Success of the business will depend on what product does the customers buy from you the most. For that, you have to keep track of your inventory. Go through the last year’s sales to find out which product was on high demand during festive seasons.

You would not like to keep products in a shop that a customer would not like to buy. This will lead to losses. If you did not keep track of your sales last year, then start it from this year.


Try to minimize your accounting and backend jobs

Festive season means a high volume of sales and a retailer or shopkeeper has to focus entirely on catering to the demands of the customers. Other backend jobs like accounting, collecting data etc. has to take a back seat.

But now even that is not required. With the advent of technologies, even small shopkeepers can take advantage of it. This will help in easing out their burden, giving more time and flexibility for a businessperson to focus on his business and customers.


Use Tech to keep a track on sales and expenses

It becomes hectic during festive seasons for shopkeepers and business persons to keep track of the daily business activities that take place. If you focuses more on checks and balances of your business, you  will be unable to give more time to customers leading to loss of business.

In such case, small shopkeepers and businessman must take help of technologies like banking apps that gives notifications on any expenditures done on your card. Softwares that can keep a track of your inventory can be a shopkeeper’s best friend. These technologies help you give more time to your customers.


Create a marketing strategy

A businessman needs to create a marketing strategy so that the customers can get attracted towards his product. Small shopkeepers can start special festival promotions for their products.

Offering discounts on products that are on high demand can give good word to mouth publicity for your products. You can also use social media to promote your products and expand your customer base.

Hopefully, by following the above-mentioned ways, you can cope up with festive demands. You can do good business and maximize the chances of earning profits. But preparing and investing in the required infrastructure would require capital. This can be procured through a property mortgage loan which is also known as a loan against property.

You can also gain capital through a loan against land, and this capital can be used for business expansion and upgradation to cope up with festive demands. Loan against property can be gained on a long term basis and at a lower interest. Small and medium-sized shopkeepers can also utilize this option.

 

Disclaimer:

Terms & Conditions apply. Credit at sole discretion of Kotak Mahindra Bank Ltd. and subject to guidelines issued by RBI from time to time. Bank may engage the services of marketing agents for the purpose of sourcing loan assets.

 

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.