There are many tech product stores in Bangladesh that are still operated manually! However, it is only natural to use technology to manage a tech product store. To reduce operational costs and maximize profits in businesses dealing with computer components, computer accessories, mobile accessories, and other tech products, it is essential to understand modern technology. Managing a tech product store is no longer limited to just buying and selling products. To achieve business success, proper accounting, effective stock management, sales analysis, and ensuring customer satisfaction are equally important. With the help of modern technology, these tasks can be done more efficiently, quickly, accurately, and at a lower cost.
In today's blog, we will explore how technology can be used to simplify the management of a tech product store.
This blog contains-
Challenges in Managing a Tech Product Store
With the increasing demand for computers, laptops, mobile phones, and other tech products, the accessories business has become a profitable sector. However, to survive in a competitive market, the proper implementation of technology is essential. Business owners in the tech product retail industry often face several challenges, such as:
- Keeping accurate stock records: The stock of computer parts, mobile and computer accessories, and other products changes daily. Therefore, keeping track manually or by writing in notebooks becomes difficult.
- Determining sales and profits: If daily transactions are not properly recorded, it becomes difficult to keep track of income and expenses. This makes it challenging to understand the profit or loss incurred.
- Customer orders and support: Supplying products according to customer demand and managing orders is a complex process. Additionally, ensuring 100% customer support is also a challenge.
- Online and offline management: Many business owners now operate both offline and online businesses. As a result, coordination between the two aspects is necessary.
- Data security: Especially when working with digital methods, it is crucial to keep business data secure.
What role can technology play in solving these problems? Let's find out.
7 Uses of Technology in Managing a Tech Product Store
1. Use Stock Management Software
In the business of computer parts, mobile accessories, and other tech products, stock management is crucial. By using stock management software, you can easily track the status of your inventory. You can quickly find out how much stock is available, which products are running low, and which items are selling the most.
For example, if there is high demand for a specific computer part in your store, by using stock management software, you can easily monitor the stock of that product and place a new order in time. The benefits of using stock management software in managing a tech product store include:
- The product inventory will be automatically updated.
- You can easily see how much of each product is available.
- It is possible to identify best-selling and slow-moving products.
- You will receive notifications when products are running out of stock.
2. Use Accounting Software to Track Income and Expenses
Using accounting software or bookkeeping software makes it easy to record the income and expenses of a business. By using apps like HishabPati or accounting software, you can easily track your daily, weekly, and monthly transactions. This software will provide you with the advantage of automatic calculations, saving you time and effort.
If your store has an average of 100 transactions per day, imagine how much time it would take to keep track manually, and the likelihood of errors. However, by using accounting software, you can easily handle this task, and the chances of mistakes are significantly reduced.
3. Integration of Online and Offline Business
These days, many business owners also run their stores online. For this, it is essential to use a good POS (Point of Sale) system and online order management software.
- You can keep the records of both offline and online sales in one place. Customer order tracking becomes easier, and sales data can be analyzed.
- By using a POS system, all transactions in the store are automatically recorded. This makes it easy to track the sales of each product, and the inventory remains updated.
- You can take your store online by integrating with e-commerce platforms like Shopify, WooCommerce, and other e-commerce platforms.
4. Use CRM Software to Improve Customer Service
Customer Relationship Management (CRM) software can be used to improve customer service. By using this software, you can store customer information, understand their needs, and provide them with personalized services.
For example, if a customer purchases a computer accessory from your store, by using CRM software, you can store their information. Later, you can inform them about new products or offers related to that item.
5. Simplify Transactions by Ensuring Digital Payments
By using mobile banking, e-wallets, cards, and other digital payment systems, you can offer customers fast and secure payment options. This allows a customer to easily make payments using a digital payment system, and you can quickly complete their order. In managing a tech product store, digital payment systems will keep you ahead of the competition.
6. Data Security: Keep Business Data Secure
All transactions, customer information, and stock data in your store are stored digitally. By using data security software, you can protect this information and safeguard it from hackers. Keeping business data secure is crucial when managing a tech product store.
7. Prepare a Budget by Analyzing Data
By using accounting software, analyze monthly or annual sales reports. Based on that data, it becomes easier to make future plans. These insights will also be helpful in creating the business budget.
Without using technology to manage a tech product store, it will be difficult to survive in a competitive market. Tracking income and expenses, managing stock, analyzing sales, and providing customer support will help make your business sustainable. So, start managing your business smartly by using bookkeeping apps!
Demo - View this & start your journey with HishabPati in three simple steps!
- Step 1: Sign up on HishabPati
First, visit the HishabPati website and create an account for your business. Alternatively, download hisabpati app from google play store and register. Registration in HishabPati is quite easy & complete free.
- Step 2: Set up your company
After signing up, first set up your business profile by providing the necessary information as the owner. Then, set up essential business aspects such as inventory, units, purchases and sales, outstanding balances, invoices, and transactions. After that, start updating daily transactions.
- Step 3: Enjoy the various features of HishabPati
After starting to keep business accounts on HishabPati, make use of the necessary and unique features, such as invoicing, barcode scanning, units, and expense management, among others.
Watch a demo video on YouTube in Bengali to understand the usage and features of HishabPati in detail.
Digital ledger for income and expenses – HishabPati demo.
HishabPati's subscription fee starts at just 99 Taka!
HishabPati is Bangladesh's easiest and most affordable accounting app. Its subscription fee is divided into monthly and annual terms, with three budget-friendly packages available.
- 01. Basic Package: The Basic package is completely free! This means you can try out the app without purchasing a subscription.
- 02. Premium Package: The monthly subscription fee for the premium package is just BDT.99. And there's a 17% discount on annual subscriptions! It will cost only 999 taka in a year!
- 03. Business Package: The monthly subscription fee for the Business package is just 199 Taka. Like the Premium package, the annual subscription also comes with a 17% discount, making the yearly cost only 1990 Taka.
Know about all features of packages today in details & choose your desired package. Good luck with your business!
