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What is Supplier Relationship Management And How to Enhance it

Category: Super Merchants

What is Supplier Relationship Management And How to Enhance it

When it comes to running a successful business, there are two main relationships that you should consider. The first is between you and your customer, the second between you and your suppliers. Both are important and both deserve nurturing.

In this post, we will take you through what supplier relationship management is (SRM) and the key benefits it can bring to business growth.

What is supplier relationship management?

In simple terms, SRM refers to the relationship between a buyer and supplier. It aims to encourage communication that identifies and measures the performance of products as well as suppliers.

What is Supplier Relationship Management And How to Enhance it
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SRM aims to streamline such relationships. Your main goal should be to develop a rapport that is beneficial to both organisation and its suppliers. A successful SRM seeks to ensure an understanding of what the business needs and what the suppliers can offer. 

Establishing consistency between the two prevents popular stock selling out and product discontinuation. With effective coordination, companies can take a strategic approach to their products and services. 

Taking a page out of the account based marketing ebook, long-lasting relationships encourage new opportunities. Successful business enterprises succeed on trust and cooperation. 

How to enhance supplier relationship management

There is an economic benefit to both a business and its suppliers developing trusting relationships. No business can operate successfully without embracing the benefits of SRP. Let’s take a look at some top tips to optimise supplier relationships.

Communication is everything

Communication is key when building an effective partnership with suppliers. Keeping suppliers updated on your strategy will allow them time to prepare and time to support you moving forward.

Through openness with your plans, trust is built upon. Trust in your supply chain is an essential step in launching a successful ecommerce business.

Invest in technology

As consumer testing or sales call planning furthers company growth, investing in SRM software will too. Being able to track your supply chains as well as communicating intelligence keeps both parties updated and on the same page.

Get it in writing

Having a contract in place between buyer and supplier increases trust within the relationship. With agreed terms, all parties are invested in the success of the product, and all will strive to achieve this success.

Wrapping up

Like with anything, having a strong relationship increases trust and success. Ensuring mutual respect will have a positive effect on your business and your relationships going forward.

Jessica Day
Jessica Day – Senior Director, Marketing Strategy, Dialpad
Jessica Day is the Senior Director for Marketing Strategy at Dialpad, a modern business hosted IP PBX communications platform that takes every kind of conversation to the next level—turning conversations into opportunities. Jessica is an expert in collaborating with multifunctional teams to execute and optimize marketing efforts, for both company and client campaigns. Here is her LinkedIn. She has also written content for Pretty Links and Kanbanize.

9 Hidden Marketing Strategies to Instantly Boost Your Wholesale Sales

Running an enterprise business is an incredibly competitive trade that is constantly growing. New businesses are constantly emerging so  competition will always exist. Therefore it’s important to do everything you can to stay at the top of your game. 

If you’re getting all the traffic but no sales, something has clearly gone wrong.

It’s evident that more sales mean more income for your company. However, you need to ensure that you are using the finest marketing strategies to guarantee those sales.

Top-class marketing strategies are essential for improving your reach and scaling your business. Without them, your company may plateau and become obsolete.

This guide aims to make life easier for you when it comes to assessing why marketing methods to use to get the most benefits. 

Here are 9 marketing strategies to help you grow your business and instantly boost your enterprise sales:

Offer incentives

The main aim of running an enterprise business is to receive regular orders from retailers. But, many retailers may be reluctant to continue giving you their custom if they don’t get anything in return. This is known as reciprocity marketing.

Incentives are benefits that are presented to retailers to encourage them to complete a task and continue purchasing your products or services.

For example, offering a referral incentive would urge retailers that regularly order from you to recommend your services to other retailers. If any of those retailers purchase something from you, the referee receives a reward such as free delivery or a discount on goods.

Promote limited offers

Promoting offers online is the best way to make them known. With over 86% of the global population now online, your posts won’t go missed. And if there’s a chance someone could miss out on a limited sale or product launch, they would jump on it straight away and make the purchase.

The same goes for retailers.

This will result in a drive in sales and the potential to gain regular custom. So, do some research to find out what your retailers really want and learn how to use reciprocity marketing to boost sales.

Promoting limited offers and discounts will ignite that fear of missing out inside your retailers and prompt them to make their purchase now rather than later.

This is a useful way to eradicate any hesitance retailers may have when it comes to placing an order with you. If they realize that they only have two hours left to secure a good deal on a product, they will certainly click that ‘pay now’ button.

Prioritize customer service

This may seem obvious, but some organizations don’t realize the importance of keeping their customers happy.

Word of mouth marketing is a good example of an extremely useful strategy; however, it is only possible if your existing retailers trust in your service and feel that you are reliable enough to recommend to others. If they trust in you, this can increase your conversion rate and boost your reputation.

To increase the quality of your service, try to be as attentive towards your retailers as you possibly can. Showing them how much they mean to your business will make them feel valued and they won’t hesitate to share this experience with other retailers.

You can also invest in improving the customer experience with your online platforms, and ordering processes. Making all interactions with your company as seamless as possible will ensure your retailers are always satisfied. This may require updating your system or incorporating AI for sales.

Doing this will not only enhance your sales figures, but it will also improve your retention rates.

9 Hidden Marketing Strategies to Instantly Boost Your enterprise Sales
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Invest in SEO content

This strategy is especially important for securing purchases from new retailers.

A strong SEO strategy is crucial for getting your products and services out into the world, and it’s also important to incorporate it into your omnichannel marketing strategy. This will ensure your website and social media platforms are optimized to show on related internet searches.

This is essential for running a successful business as it will push your company’s online presence towards retailers looking for solutions you could potentially provide.

For example, let’s say a law firm in today’s society of remote working wants to optimize its content and include the phrase ‘virtual law’ in their next blog post. Whenever someone searches for that phrase, the law firm will show in the suggestions.

This is a useful method for increasing your reach which will inevitably increase your sales.

Attend trade shows

Attending (and actively participating) in trade shows is a very effective method for spreading awareness for your brand and increasing sales.

Trade shows are essentially meet-ups for enterprise and retailers (buyers and sellers), and they allow you to pitch your services directly to your target retailer. It would seem ridiculous not to take full advantage of these opportunities when they’re within your grasp.

By securing your place in a busy location and in an efficient time slot, you can boost your sales massively in very little time.

9 Hidden Marketing Strategies to Instantly Boost Your enterprise Sales
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Send out free samples

Sending out free product samples is a practical way of getting your brand out there and showing potential customers the quality products they are missing out on.

By providing free product samples, you will draw retailers’ attention to items they may not have previously known existed. This will allow retailers to try before they buy and can also help boost their trust in your business.

You will also be helping retailers as they can gauge how popular certain items will be with their customers before making a purchase.

You can even customize the samples to promote your newest or most popular products. This would help you boost sales in specific areas of your business.

Collaborate with social media influencers/celebrities

This is an incredibly useful marketing strategy that has gained traction over the last few years. It has been shown that 27% of shoppers in the Middle East have been influenced to buy a product following an endorsement from an influencer/celebrity. So it’s no wonder why most large enterprise are taking advantage of this marketing tactic.

Collaborating with popular celebrities or influencers can bring an immense level of interest to your brand and its products. 

Members of the public are prone to purchasing products that are promoted by a public figure they admire, and retailers have no choice but to increase their stock levels to meet this demand. Consequently, if your products are in high demand from the public, retailers will be submitting orders left, right, and center.

Collaboration can take on many forms. From a paid promotion on the influencer’s online platform to a televised advertisement featuring a relevant celebrity. Any type of partnership (such as high ticket affiliate programs) will aid in growing your organization’s popularity and increasing sales figures.

Get listed on industry directories

Securing your place on industry directories is one of the most valuable marketing strategies on increasing brand awareness and boosting sales.

By featuring on these directories, you will be making your business known to many professionals in your industry. All important details such as contact details and business purposes will be featured on the list to give readers all the information they require. 

This is an easy strategy as it will continue to work while you focus on other marketing details. The list will always be available so you don’t have to worry about amending it unless any important business details change.

This will make it easy for retailers to locate your company and place an order at any time.

Depending on the directory, this strategy can also be one of the most effortless ways to save money for your business.

Create an email list

Setting up an email list is an often undervalued marketing strategy however, it can help increase enterprise sales hugely.

9 Hidden Marketing Strategies to Instantly Boost Your enterprise Sales
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Sending regular emails to your existing retailers is a practical way of keeping them updated on available products, offers, and events. For example, if you’re attending an upcoming trade show, make relevant retailers aware of this.

Emails can be customized to suit the recipient to make them feel valued. This will result in a much better reaction than generic, bulk emails that are almost instantly detailed. 

If you are hosting a regional offer you can filter which retailers receive certain emails. Let’s say you are promoting a limited offer that ends at a specific time. You can send customized emails to all retailers to ensure time differences are taken into account. For instance, all emails linked to .au domains will show a different end time for the limited offer than those linked to .qa domains.

By sending emails to launch new products or promote existing items, you will make it easy for retailers to make a purchase.

The bottom line

The above nine marketing strategies are extremely useful for boosting enterprise sales and increasing awareness for your brand.

Running an enterprise business can be extremely rewarding. However, it requires a great deal of time and preparation. This article is here to help you by providing all answers you may have on increasing sales through marketing strategies.

Although all of these suggestions may not be applicable to your company, take what you need and reap the benefits. Whether you decide to launch a paid partnership with a well-known celebrity or attend your first trade show, your sales figures will be sure to rise in no time.

Grace Lau
-Grace Lau is the Director of Growth Content at Dialpad small business phone services, an AI-powered cloud communication platform for better and easier team collaboration. She has over 10 years of experience in content writing and strategy. Currently, she is responsible for leading branded and editorial content strategies, partnering with SEO and Ops teams to build and nurture content. Here is her LinkedIn

Paytabs launches Paytabs Market, a Centralized Platform to Manage Online Payments across Multiple Branches and Stores.

Paytabs, an award-winning payment solutions company that helps entrepreneurs and small and medium-sized enterprises in the MENA region achieve their full potential in online payments – has launched a new platform called, Paytabs market.

Paytabs market is the ideal express payment platform for managing a handful of sellers and vendors in the e-commerce space. It is a centralized platform designed to help companies and businesses of all shapes and sizes manage online payments across multiple branches and stores.

It works best with any business or company that operates more than a single branch or store across different countries and cities in the MENA region. Businesses can now use the platform to manage multiple sellers and vendors and also receive payments from customers.

The way this works is simple. You can use it to create and access multiple vendor profiles within a single dashboard. The business, merchant or company will go through a series of registration and onboarding processes, while the stores and branches will become listed under the same company.

The company or merchant will sign up for the platform and then continues with the onboarding application. Paytabs then reviews the company in need and then approves the application. After that, the platform creates profiles for the merchant or company for each sub-vendor. Now the vendors and branches can start processing their activities while the merchant or company monitors their transactions.

The platform gives the ability to report and manage the group profiles involved for the business. It also offers management capabilities for the user or teams involved.  You can also use the dashboard to view and monitor the activities and transactions of the group profiles within the business.

Paytabs Market offers lots of benefits. Some of these are:

  1. It supports multiple currencies and local payment options for the country in which the business operates.
  2. It supports online wallets or e-wallets, debit cards, and credit cards.
  3. It helps merchants to offer unique and customized invoices to their customers.
  4. It supports and manages store accounting and pay-outs.
  5. Offers single and bulk invoicing options to businesses.
  6. It helps merchants and businesses to operate manual, scheduled and recurring invoices to their customers.
  7. It supports Paylinks – a web link that directs customers to a payment page and QR payments for social commerce. It helps to make online payments super simple.
  8. It integrates e-commerce plugins from popular providers like Shopify, WooCommerce, Magento, and many others that suit your business model and online shoppers and enable seamless check-out for customers.

 

Abdullah Idris
-Abdullah Idris Makarfi is a writer and content marketing strategist for companies in the finance industry. He works with brands offering financial services to create content that increases their website traffic, generate inbound leads and improves their keyword rankings. You can check out some of his work here: https://medium.com/financegeek.

Cross-border e-commerce trends that you just cannot ignore

Cross-border e-commerce trends that you just cannot ignore

E-commerce is a rapidly evolving area and it can be a daunting task trying to keep up with the trends. With the advent of technology, some of the ways in which we meet our basic needs have undergone a tremendous change. Online retailing is one such major gift.

As more and more people have begun to prefer e-commerce, it is becoming essential to adapt accordingly for the businesses to keep growing. Brick and mortar stores are no longer the preferred choice, as many brands and companies have begun to adopt e-commerce instead.

And the e-commerce market is not confined to a specific location, like a particular country, but has a worldwide presence. In keeping with the times, it has become vital for businesses to keep up with cross-border e-commerce trends, not only to sustain but to grow.

Access to the web

Everyone you meet, every person that you know and even people on the street, everyone owns a smartphone. As internet literacy grows, people find themselves with easier access to businesses around the world. This is a great time for businesses to expand into the e-commerce world and cash in on the general global trend of growth in internet usage.

Global becomes local

With the mammoth growth in internet marketing, more and more businesses are joining in the e-commerce world. People now have access to global stores right from their screens. Products are available from anywhere in the world and can be sent to anywhere. The need to travel distances to make specific purchases is long gone. The businesses that have made themselves available globally have seen massive growth and have managed to take over the cross-border e-commerce industry.

Ease of access

For the growth of any e-commerce undertaking, it is essential for the business to make itself as easily accessible as can be. With monetary transactions being a major concern for prospective buyers, providing secure and simple payment options is vital. There is a myriad of online payment platforms available that provide complete security and good services. Making the process of purchase simple is a great way to grow in the e-commerce industry.

Competitive prices

One of the most significant ways to make the consumers happy is to give them the best rates for your products or services. With e-commerce, it is all the more essential to keep on top of the competition at all times. With consumers having so much access to so many businesses, without having to physically go and find the best bargain, showing them that you offer the best product at the least price is vital. It is very important to change online prices according to the changes in currency as well.

Understanding the local consumer

When setting up a cross-border e-commerce business, it is essential to understand the customs and traditions of the local people. A smart study of the local market and its trends can help a business brings forth products and offers that the local majority cannot refuse. Catering to the needs of the local consumer in the best way possible is the only real means of survival when it comes to cross-border e-commerce.

Customer support and services

When competing in an e-commerce setting, it is wise to create an easily accessible customer support system. For international customers to feel safe and satisfied, around-the-clock consumer support system is a good idea. Auxiliary services not only keep the current consumer happy but also help bring in new business through word of mouth and internet reviews.

The Bottom Line

E-commerce is exploding and with it comes a great opportunity for local businesses to go global. By providing a great product, and a reliable payment gateway and customer support system, any business can establish a global presence in a short duration. However, as easy as that might sound, it is exceptionally important for businesses to stay on top of their game by adopting best business practices.

How Millennials are revolutionizing the Digital Banking & Payments Scenario

How Millennials are revolutionizing the Digital Banking & Payments Scenario

According to a recent study, 86 percent of the millennials aged 18-34 years say that they are “Mobile Money Users”, meaning they use digital banking and payments solutions on their smartphones. The millennials were the first to get introduced to gadgets and electronic products. And this is one of the reasons why they are more comfortable using digital payment solutions on their gadgets.

Let us discover the aspects that drive millennials to use digital banking and payment solutions. We will also look at the ways they are using these payment solutions in their daily life.

Millennials are Exploring New Options

Digital banking service providers are promoting cashless transactions in order to save recurring expenses and to grow their customer base. The millennials seem to be most interested in the options offered by payment solution providers. The use of hard cash is diminishing day by day and digital banking & payments are on a consistent rise.

Credit card, debit card, and net banking payment solutions are widely accepted around the world. Not only millennials but other generations are equally proficient in using these payment modes. But when it comes to evolving online payment platforms, millennials are the first one to register their presence.

Let’s take a look at the peer-to-peer lending services. Whether you are booking tickets for a concert or dining out at a vegan café; you can use the peer-to-peer lending app to split the bill. This is an excellent choice for all those who go out in groups. Nobody shares the burden of paying bills as everyone can contribute their share. And as millennials tend to go out in groups frequently, they are the ones who are enthusiastically using and promoting these payment sharing services.

Microfinance companies have initiated collateral-free loans. Yet again, millennials are at the forefront to avail these services. The complete process takes place online, from submitting documents to verification to setting up automatic EMIs.

Besides these, unified payment interface (UPI) facility links your mobile number with your bank account, allowing for hassle-free payments without entering user credentials. Similarly, contactless cards working on the principle of near-field communication (NFC) are a rage these days. And undoubtedly, millennials are the ones who are vigorously adopting these digital payment solutions.

Digital Solutions Because…

There are various reasons to opt for digital banking and payment solutions. For millennials, the following factors prompt them to opt for digital solutions:

  • Real-time – You don’t need to wait for hours, or even minutes, to complete a digital transaction. Everything happens in real time, whether it’s splitting money amongst friends or subscribing to a recurring OTT subscription.
  • Secure – Financial transactions must happen over secure online payment systems because financial fraud is a common phenomenon. And millennials, like everyone else, opt for digital banking solutions that integrate robust security measures such as PCI-DSS compliance, 2FA, 256-bit AES encryption, and so on.
  • Convenience – You don’t need to step into the bank premise, sign up checks, count the cash, etc; there are countless ways of conveniently transacting with digital banking solutions. And as time is the most important asset for everyone, including millennials, you can save a lot of it by using digital payment solutions.
  • Personalization – As millennials are tech savvy, they are more inclined towards personalizing preferences on digital banking apps and systems. So whether it’s opting for subscriptions, managing contact list, or browsing offers; these apps have features that millennials simply love.
  • Environment-friendly – Digital banking solutions eliminate the need to use paper and don’t require you to commute to and fro. These are progressive steps that aim at reducing carbon footprint. The millennials are quite conscious about the need to keep the environment clean and prefer eco-friendly solutions.

Final Words

Millennials are surely harbingers of change in the digital banking and payments landscape. While the previous generation is learning from millennials to adapt to digital solutions, the future generations will surely take these to the next level.