If the recent pandemic has taught us anything, it’s that the world around us can change in the blink of an eye. Recently, as product demand increases and many people return to normal life, several industries are facing inventory shortages.
With a recession-resilient brand like Batteries Plus, franchisees can take comfort in knowing they have such a strong and proven support system behind them. Throughout the past three decades, we have taken a proactive approach to ensure that our stores remain fully stocked and franchisees are spared the stress of having to stay ahead of the game when it comes to their inventory.
The Benefits of Sales Forecasting and Ordering Ahead
When customers visit a retail store, the last thing they want to hear is that an item is on backorder and won’t be back in stock for weeks. Batteries Plus strives to ensure that franchisees and their team members never have to speak these words.
Because we have built such a strong brand over time, we have the financial means to plan ahead when it comes to inventory. This strategy allows for flexibility and agility, even as market conditions fluctuate. Compared to other retail brands and most restaurant concepts, ordering an excess of products doesn’t pose a risk for Batteries Plus franchisees.
Since Batteries Plus products are always in demand, the items the Batteries Plus product management team orders end up in the hands of customers in no time. Because of this, franchisees do not have to worry about over-ordering products — in fact, it creates a strategic advantage when there is a disruption in the global supply chain.
Utilizing Vendor Connections and Sales Forecasting
Speaking of our highly established brand, we have built solid connections with our vendors over the years, allowing us the flexibility and benefits that come from regular contact with suppliers. These relationships allow us to continuously gain insight into our supply chain, resulting in a stellar inventory management strategy.
As part of this strategy, we meet with our domestic vendors weekly and work with agencies overseas. While many competitors are struggling to fill their warehouses, we are already stocked for the remainder of 2021.
With respect to sales forecasting, in order to make sure franchisees are always ordering enough product, Batteries Plus relies on supply chain and product management teams to take a deep dive into the brand’s centralized inventory warehouse and project how much franchisees will sell in a given period of time.
“We highly encourage collaboration and a cohesive environment within our company, and that is a large part of how our processes have become so effective,” said Jon Sica, Chief Strategy and Development Officer of Batteries Plus.
More Work Now Means Less Work Later
Because of Batteries Plus’ proactive and practical approach, we have recently doubled sales growth in specific categories, including automotive, golf cart and marine batteries. In addition to forecasting, we have expanded our warehouse space to accommodate our next five months’ worth of inventory.
These efforts ensure that franchisees will not be affected and can simply focus on running their stores when issues arise. We believe that while our franchisees have the capability to do it all completely on their own, they shouldn’t have to. That’s why we have worked to build a solid model and open support system that allows franchisees to come to us with any questions or concerns, any time. This allows Batteries Plus to maintain an exceptionally high franchisee satisfaction rate and creates positive customer in-store experiences.
“We want to be the ‘shield’ for our franchisees,” Sica explained. “Our proactiveness has allowed us to stay in stock while others haven’t.”
Setting Our Retail Franchise Up For Success
Being an essential business has allowed our brand to demonstrate resilience, even while businesses across the globe were closing their doors. Not only did we stay afloat, but we set new records even through one of the most turbulent economic events in recent years. This type of resilience, paired with our forward-thinking leadership team, is what has provided us with the inventory needed to sustain business and maximize profitability during such an unpredictable time.
Batteries Plus recognizes that retail brands cannot treat inventory concerns with a “we’ll cross that bridge when we get to it” mentality. Between our outstanding leadership, established brand, stable balance sheet and generous support offered to franchisees, our current strategy has proven to be extremely beneficial for all of its more than 700 stores.