Top tips

Consolidating GNFR, managing inventory and cashflow

The most successful retailers are always looking to make their operations lean and efficient. An area of best practice is reviewing Goods Not For Resale (GNFR) spend, by which we mean anything that doesn’t have a price tag on it in store. But how easy is this to do in reality?

Here are our top tips for getting started and using GNFR as a driver for business efficiency on an ongoing basis.

1. Review your GNRF goods

Make sure your supply chain is working efficiently and that your supply chain partners are working with you. At Worldpack, we pride ourselves on our relationships with our customers, ensuring we have the right products available when they are needed. We are looking not only to reduce costs but also to proactively review and advise them on replenishing inventory in time for peak trading periods, forthcoming promotions, store openings, changing seasons and trends. We are always looking for ways to make your business more efficient. If you (or your supply chain partner) are not constantly reviewing your GNFR goods, put a note in the calendar to do a review every month. Ask yourself, do you need everything you are buying? If you think costs seem like they are spiralling, ask your account manager to explain and to look for alternatives. If you have a strong, historic relationship with a supplier but you don’t feel you are getting the service you want, or you are just looking for other ways to be leaner, talk to us.

2. Use Analytics

Use business intelligence (BI) to see how your business is performing in real time. With our customers, we deliver insights to mitigate slow moving stock or obsolete items, and consolidate their inventory to diminish any financial risk or wasted spend. We suggest alternative products that offer better value as part of our GNFR offering on an ongoing basis and we buy the stock on behalf of the customer and only invoice them when the stock is called off. This means every customer we have keeps their working capital in the business rather than in stock that isn’t being used. Additionally, each customer has an analytics expert on hand looking at the wider picture and sharing info on the big ticket items and what is happening at store level. It is all part of our service - reviewing products, stock levels and freight costs right the way along the line, giving you a heads up on future trends. Armed with this insight, you can be confident you are making the right decisions and aren’t wasting money, effort or having crucial cashflow tied up in stock that you don’t need.

3. Buy Better

Because of our international, assured and accredited supplier network and the scale of purchasing we do, Worldpack can source responsibly and leverage its spend to the competitive advantage of its customers, especially when it comes to commodity items. We have access to pretty much everything - from international premium brands to locally-sourced, low-cost alternatives and everything in between, which ultimately means more choice for our customers. We understand the importance of brand consistency so we make a point of sourcing products and closely managing how they are  produced and shipped to you so your customers get the same brand experience, no matter where they shop in the world. We go out of our way to see if we can find lower cost alternatives for products you use on a regular basis and we only invoice when products have been shipped. This means less cost, a better service for you and improved cashflow.

 

If you are looking for some tailored, trusted support to reduce product costs, increase business efficiency and you want a wider selection of products to choose from, you need to speak to us. We are trusted by some of the world’s biggest brands help with proactive stock management and detailed insights and in the current challenging circumstances, we are pushing the boat out to help retailers be as efficient and streamlined as possible. As part of our Service with Guts mission, we want to make your life easier, so give us a ring on +31 (0) 88 494 20 80 or email us at online@worldpack.eu
 

Gertjan Lansink
Sales Manager

Do you have a question about using GNFR as a driver for business efficiency? Give us a call.

Contact us directly
online@worldpack.eu
+31(0) 88 494 20 80