Increasing Sales, reducing the losses on milk & other product where expire date nearing
Background
Retail Store was experiencing losses due to increased expired milk and other products. Management wanted to attract more customers, reduce losses and increase revenue by giving additional discount and offers.
Problem
- Losses due to products expired, losses 30% over six months.
- Product stock information getting uploaded from all stores takes 12 hours little time to decide of offer
- The business had little online presence to offer.
Objective
Minimise losses within six months and provide real time stock POS information at central location.
Solution
The company implemented:
- Close to real time sales and stocks upload from all Stores to central location
- Information/reports about stocks of product with expire dates to make decision
- Social media marketing campaigns.
- A customer loyalty program.
Implementation
- POS integration with ERP system
- Hourly reports on sales for each stores to management
- Created social media business pages on promotional offers.
- Posted promotional content three times per week.
- Offered reward points for repeat purchases.
- Sent weekly email offers to existing customers.
Results
After six months:
- Reduced losses by 50%.
- Customer visits increased by 20%.
- Online engagement grew by 40%.
Key Lessons Learned
- Timely information about the sale and stocks at each store made easy to take decision on offers and different offers
- Strong online visibility can drive customer traffic.
- Loyalty programs encourage repeat purchases.
- Regular communication with customers improves engagement.
