The online grocery business model is still evolving. In a recent press release, YRC shared insights on five key visions for starting a online grocery store.
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๐๐ง๐ฅ๐ข๐ง๐ ๐๐ซ๐จ๐๐๐ซ๐ฒ ๐๐ญ๐จ๐ซ๐ ๐๐ฎ๐ฌ๐ข๐ง๐๐ฌ๐ฌ ๐๐จ๐๐๐ฅ
One of the key objectives in business model development is finding strong and unique value propositions. Superfast delivery is a strong proposition but it is inherent in quick commerce. It does not provide any competitive advantage among direct competitors unless the promised delivery timelines are shorter than the prevailing standards. Ease of ordering with speed could be a strong value proposition. For example, when deliveries are taking place in less than half an hour, the time and effort spent on ordering should be a matter of minutes. One way to achieve this is by introducing express checkout. Another way is graphic optimisation in apps and websites for quicker loading and processing.
Other areas of work in online grocery store business model development are:
ยท Key value chain activities
ยท Resource and capability requirements (internal and external)
ยท Customer segments and CRM
ยท Key value chain partners
ยท Major costs and revenue streams
ยท Distribution and channel strategy
๐ ๐ข๐ง๐๐ง๐๐ข๐๐ฅ ๐๐ง๐ ๐๐จ๐ฆ๐ฆ๐๐ซ๐๐ข๐๐ฅ ๐๐ฌ๐ฌ๐๐ฌ๐ฌ๐ฆ๐๐ง๐ญ๐ฌ
Financial and commercial planning is a critical part of online grocery store business planning. In addition to aiding routine decision-making, financial and commercial planning helps keep the overall financial management on the intended tracks and trajectories. Without planning, operational expenses can go unchecked and hamper profitability. Also, for the creation of funds and reserves and making investments, it is important to plan the utilisation of surplus funds. Working capital management holds special significance for online grocery stores. Payment for orders made by customers via different channels including cash which must stand reconciled on an almost real-time basis. This reconciliation is critical for certainty in making the operational expenses and lending reliability and commitment to bigger financial goals.
Some of the essential areas of work under financial and commercial planning for online grocery stores are assessment of CAPEX and OPEX requirements, demand forecasting, procurement planning, sales and revenue forecasting, cash flow projections, pricing and margin analysis, estimation of profit and loss scenarios, ROI and break-even analysis, calculation of financial ratios, working capital management, etc.
๐๐ฉ๐๐ซ๐๐ญ๐ข๐จ๐ง๐ฌ ๐๐๐ง๐๐ ๐๐ฆ๐๐ง๐ญ ๐ข๐ง ๐๐ง๐ฅ๐ข๐ง๐ ๐๐ซ๐จ๐๐๐ซ๐ฒ ๐๐ญ๐จ๐ซ๐๐ฌ
As experienced dark store consultants, YRC maintains that the inclusion of Standard Operating Procedures (SOPs for online grocery store operations management) is critical to achieving operational excellence in the online grocery business. Quick commerce comes with its own set of challenges and requirements. The quality of operations management eventually shows up both on internal performance records and customer experience. Startups in this segment must start working on the nuances of operations planning from the early stages of business planning. This helps reduce gaps in business processes. Without process orientation and SOPs, it gets daunting for eCommerce-based brands and businesses to consistently meet the established standards of products, services, and operations.
๐๐ก๐จ๐จ๐ฌ๐ข๐ง๐ ๐๐ง ๐๐๐จ๐ฆ๐ฆ๐๐ซ๐๐ ๐๐ฅ๐๐ญ๐๐จ๐ซ๐ฆ
Every online business enterprise uses something called an eCommerce platform. This platform is the digital platform via which buying and selling take place. It is the framework of technology behind online storefronts. It determines the features or capabilities of online storefronts in facilitating the exchange of goods (and services). Breaking it down, it covers the front-end and back-end software, hardware, and networking technologies required for eCommerce. In the selection of an eCommerce platform, online grocery stores have the option of developing their own infrastructure (On-Premises) or availing the services externally (SaaS, PaaS, and IaaS).
๐๐๐จ๐ฎ๐ญ ๐๐จ๐ฎ๐ซ๐๐๐ญ๐๐ข๐ฅ๐๐จ๐๐๐ก:
YourRetailCoach (YRC) is a boutique retail & eCommerce consulting brand with 10+ years in business of providing curated enterprise solutions for startups and existing businesses. With a rising global presence and a success ratio of 95%, YRC has catered to more than 500+ clients in 25+ verticals. In online grocery business consulting, YRC offers planning and implementation services and solutions for business setup and growth and expansion missions.
Get advise for Retail Business Consulting : https://www.yourretailcoach.in/contact/
Dr Rupal K Shah
Mind-A-Mend Consultancy Private Limited
+91 9860-426-700
consult@mindamend.net
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How to Start a Dark Store? |Dark Store Business Startup