Published on: 09 May 2018
Last Updated on: 12 September 2024
There are two sides to offering coupon codes in your business. One side shows that you could make more sales with coupons while the other side shows you could lose profits after discontinuing the coupon purchases. Both sides have a point, and you should pay attention to these things while coming up with a discount strategy. Many businesses still view couponing as a perfect way to drive customers and sales without experiencing revenue losses. If you are considering using coupon codes on your business, here are some of the advantages and disadvantages of the idea.
Advantages of Offering Coupon Codes :
Businesses like Vistaprint have been offering coupon codes with the idea of attracting first-time buyers and it is working really well. You could also attract customers with this method without having to give them more discounts on future purchases. Use it as a customer acquisition strategy.
If you have inventory that you want to unload quickly, offering coupon purchases is the best way to trigger quick sales. It will influence more people to prefer your products over those on other stores as long as the quality matches. You could also use coupon codes to encourage brand switching where buyers from another brand are encouraged to buy from your brand because of the pricing lure. Getting customers to make the first purchase might lead to add-on sales for products that were not discounted, which could help to raise revenues.
Disadvantages of Offering Coupon Codes :
This is a costly decision. You need to estimate the correct amount you can afford to give away. If the profit margin is not impressive, you won’t find coupon sales profitable, so it’s only sensible to use coupons on products that have a good margin. Not sustainable as a promotional strategy because customers may only choose the discounted product and never come back. Some businesses have experienced unprofitable Groupon promotions because customers only pick discounted items and only return when there are more discounts to be exploited. Could affect the image of the business as this in some cases may make it look cheap, which in perception may send a message that the quality offered is not good. This strategy could also encourage customers to always wait for discounts and only buy when you are offering discounts.
Also remember that offering discounts, especially to first-time buyers, could alienate loyal customers who are made to feel they deserve the discount more for sticking to the brand.
Conclusion
With the points discussed here, you can see how adding coupon codes to your business could affect its performance. You need to be careful with offering discount codes as this could also damage the business by lowering profitability even with more sales. Only use this strategy if you are sure the revenues to be gained are enough to get the business running smoothly. It is a perfect way to raise cash and you can clear inventory that has been stuck for a long time. Just make sure it does not lead to losses.
Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.
Organizations across the world are facing the brunt of rising commodity prices and increasing procurement costs. Executives are hard-pressed to make a tangible difference to supply chain profits. But cost-cutting is adversely affecting investment decisions and chances of expansion across the board. Read further to know the top Reasons Why the Automation of the Procure-to-Pay Cycle Is Critical.
Technology enables companies to look offshore for cheaper resources and raw materials. Procurement has become a more important process than it had been before and geographical boundaries to availability are diminishing. The procure-to-pay cycle is considered a crucial strategic operation, in which expenses need to be closely monitored.
10 Reasons Why Automation of Procure-to-Pay Cycle Is Critical
Organizations need a comprehensive approach by which operations are aligned to lower procurement costs. Every department needs to be made accountable for its costs and effective use of assets. This is only possible through automation, which includes monitoring of requirements and expense optimization. It helps to procure the assets at competitive prices. Automation of your procure-to-pay cycle can bring immense benefits to minimal investments. Here are 10 of them.
1. Save time
Automation means faster cycle times. An Aberdeen Group report found that organizations that have implemented e-procurement initiatives have halved their transaction cycle time. This means faster order processing, instant approvals, and better decision-making. The future belongs to organizations that have automated systems, as speed, efficiency, and effectiveness of procurement solutions provide a competitive edge in the market.
2. Save money
Big savings are now possible with manual procurement fading into the future. Shortened procurement and fulfillment cycles reduce administrative costs and improve staff productivity. Employees can use their time more strategically instead of pen-pushing. Consolidation of orders from different departments results in manifold advantages like decreased cost per transaction, reduced maverick spend, increased negotiation power, and volume discounts.
3. Reduce errors
Automation ensures better accuracy. Multiple receipts, documents, and bills are no longer in the picture as vendors log in their quotes and departments key in their requirements. Endless matching and re-submission of documents are no more the order of the day. Clerical errors are minimized and you can identify the best and worst-performing assets and other variables to plan for the future.
5. Be compliant
Automated procure-to-pay solutions ensured standardized procurement practices, pre-negotiated pricing and real-time data that ensures compliance. Maverick spending comes down to zero as procurement managers look out to established vendors who provide better prices than the rest. Standardized equipment and products are bought only from vendors that ensure compliance across the board.
5. Improve negotiations
Large volumes are open invitations for vendors who can provide discounts and still get better profit margins. When there is the consolidation of requirements from different departments, procurement managers and executives are better placed to negotiate stronger terms that deliver profits.
6. Get vendor visibility
Automated procure-to-pay solutions provide better visibility to the procurement process and ensure single-window clearance. Vendors do not need to meet multiple stakeholders and fill up diverse forms just to quote the price. All they have to do is log in to the cloud-based system and fill up the electronic forms.
7. Be better informed
Procurement policies can easily be accessed and any deviations can be instantly red-flagged. Executives, vendors, and agencies just need to access the procure-to-pay system for clarification about the process and polices to ensure compliance.
8. Communicate completely
Procurement communication is never blocked as every transaction leaves an audit trail. The information that can be accessed immediately upon authorization and the entire pipeline is better managed.
9. Enhance control
Executives and managers have access to real-time business data that can instantly refer to the financial health of their organizations. With automated procure-to-pay solutions, you can access all spending with the click of a mouse. Minute information that can change purchase decisions for the betterment of the company is available. Detailed control of the process helps limit spending and stick to the budget.
10. Gain the competitive edge
Reduced costs, increased accuracy, better control, and transparency give you a smart, streamlined, resourceful supply chain. The smarter purchasing decisions boil down to better financial health that can give you a competitive edge in the market.
Automation helps you to build a smarter procure-to-pay system. It is imperative that organizations move on from cumbersome manual operations to cloud-based automation systems to streamline their supply chain and procurement processes.
Expensing platforms are easy to use and adaptable automated systems which facilitate procurement, invoicing, and expense management. With Expensing procure-to-pay systems, the procurement process becomes better streamlined, with faster cycle times and better control and visibility.
Image Credit: stampli.com
Read Also:
Reasons to Support Nonprofit Organizations That Help Save the Environment
How To Choose A Practice Management Software For Your Law Firm
This article explores the significance of precision injection molding in addressing supply chain challenges for medical consumables in developing countries. With a focus on the capabilities of plastic injection molding companies, we highlight how precision injection molding empowers these nations to overcome barriers and ensure the timely availability of essential medical supplies.
Precision Injection Molding: Transforming Supply Chain Efficiency
Precision injection molding, a state-of-the-art manufacturing process, plays a vital role in improving supply chain efficiency for medical consumables in developing countries. By leveraging advanced technologies and techniques, plastic injection molding companies can produce high-quality and customized medical supplies with precision, consistency, and speed.
Empowering Local Production and Accessibility
The adoption of precision injection molding enables developing countries to set up local production facilities for medical consumables. This strategic shift reduces dependence on imports, ensures a steady supply of essential items, and significantly shortens delivery times, particularly in emergency situations. Plastic injection molding companies collaborate with local partners, sharing expertise and providing access to cutting-edge machinery and molds to boost local production capabilities.
Enhancing Quality Control and Safety Standards
Precision injection molding technology offers unprecedented control over the production process, enabling strict adherence to quality control and safety standards. This ensures that medical consumables manufactured in developing countries meet international regulations and guidelines. With plastic injection molding companies providing the necessary know-how, developing nations can effectively address concerns related to inferior or counterfeit products, enhancing patient safety and improving healthcare outcomes.
Cost-Effectiveness and Sustainable Manufacturing
Precision injection molding presents a cost-effective solution for medical consumables in developing countries. By leveraging economies of scale and local production, manufacturing costs can be significantly reduced, leading to affordable prices for essential medical supplies. Moreover, precision injection molding allows for the use of recyclable and sustainable materials, promoting environmental responsibility and sustainability in the healthcare sector.
Promoting Local Job Opportunities and Economic Growth
The establishment of local precision injection molding facilities in developing countries offers economic opportunities by creating jobs and boosting the domestic economy. Plastic injection molding companies, alongside government and industry collaborations, help train local talent, providing technical expertise and assistance in establishing high-quality manufacturing practices. This enhances the skill set of the local workforce, driving economic growth and promoting the long-term sustainability of the healthcare sector.
The Road Ahead: Overcoming Challenges and Building Resilience
While precision injection molding presents numerous advantages, specific challenges must be addressed to ensure its effective implementation in developing countries. These challenges include limited access to advanced technology, lack of infrastructure, and the need for significant investment. However, by fostering international partnerships, knowledge sharing, and targeted investments, plastic injection molding companies and relevant stakeholders can collectively build resilient supply chains that meet the medical consumables needs of developing nations.
Conclusion
Precision injection moulding has the potential to revolutionize the supply chain for medical consumables in developing countries. By enabling local production, enhancing quality control, promoting cost-effectiveness, and creating job opportunities, plastic injection molding company are instrumental in overcoming supply chain challenges and improving healthcare delivery. With ongoing support, collaboration, and investment, precision injection molding can pave the way for enhanced accessibility, affordability, and sustainability of medical consumables in developing nations, ensuring improved healthcare outcomes for all.
Read Also:
Tips For Protecting Your Overseas Shipments
Role of supply chain management in business
Simplify Parts Pricing With A Comprehensive Solution
In this world, the current trend is all around high quality natural products. Therefore, many companies promote themselves as organizations that are involved with delivering the best products.
Some of them claim these products to be natural. But unfortunately, that's the reason many people fall into the traps of these companies.
If you are someone to whom the label that reads "natural" matters a lot while shopping, this article is especially for you. You must have heard about the new rage regarding high purity natural products scam.
If you want to know more about it, you have come to the right place. Keep on reading this article till the end to know more…
Overview
When the chemical industry entered the market, it grew at an exponential rate. It provided people with faster and better results, was simple to use, and many other benefits. For example, if you purchased a fairness cream, you would notice immediate fairness after applying it.
It turned your skin white. This also provided the food industry with an option to store foods for longer periods, which was previously not possible.
People eventually realized that these types of products were not beneficial in the long run. These provided instant results to those who used them, but they proved to be harmful over time. It was now time for the industry to go back to its roots.
Because natural resources are depleting daily, manufacturers were unable to produce completely natural products.
As a result, manufacturers modified existing chemical products to make them less harmful and marketed them as high purity natural products.
Then, around 2017, Mike Matton founded a cosmetics company called 'high purity natural products' in New England. The primary goal of this company is to produce natural products, primarily cosmetics, for well-known brands. They also make nootropics, gummies, nutraceuticals, and health and beauty products
High Purity Natural Products: What Are They?
While many people may feel confused about what the high purity natural products are talking about, it is best to say that these are not the ones that you think they are.
What is the one thing that you know about high purity natural products? That they are made of ingredients that are pure and of great quality. However, while this can be true for most of the products that you see on the internet, the case is not the same for most brands.
The companies market and promote themselves as free of certain harmful artificial chemicals ingredients. These harmful chemicals include:
Lead,
Formaldehyde,
Asbestos,
PCBs (Polychlorinated Biphenyls).
Many brands market themselves as natural and free of artificials. But that is not always true. That is the reason why people across the world have sued many companies.
High Purity Natural Products: What Do They Claim?
The first thing that you might want to know about high quality natural products is what they are. That is exactly what I am going to explain here.
High Purity Natural Products is a company that was founded in the year 2017 by Mike Matton. This East Coast-based company started because they wanted to produce products that are made of natural ingredients and also to popularize the concept of Nootropics and CBD in the mainstream beauty business.
In simple words, this company is a beauty company that makes beauty and wellness products with the help of nutraceuticals. The ingredients that are used in these products are the things that make the company different from other companies in the beauty industry.
High Purity Natural Products: What Are The Products?
The company HPNP (High Purity Natural Products) is known for making products that are made from natural ingredients. These products generally contain CBD or cannabidiol. This is one of the most active ingredients that are extracted from hemp plants.
In case you want to know some of the products that the company makes, here is a list that you might check out:
Vegan Gummies.
Natural Vitamins and Supplements.
CBD Softgels and Capsules.
CBD Tinctures.
Nootropic Capsules.
Balms.
Lotions.
CBS Dip Pouches.
These are only some of the major list of products that the company makes for its growing consumer base.
Apart from these, there are also a number of products that the company makes for animals. Some of them are biscuits and juices.
High Purity Natural Products: What's The Catch?
Now comes the interesting part! You must have heard people discussing high purity natural products scam or high purity natural products fraud a lot recently.
Even though there are enough reasons for you to buy the products from the Company, there are still some people that go by the popular belief that the company does not actually use natural products.
The quality of the products, as well as their authenticity, has come to be questioned multiple times. People have complained time and again that the company's products are not up to the standard and must not be used by the common people.
While it is true that the company had started out quite nicely, these allegations affected its reputation of the company more than anyone could imagine.
Natural Does Not Mean Sustainable
Certain chemicals are sometimes extracted from natural sources in an unsustainable manner. Palm oil is frequently referred to as a 'natural' ingredient by organizations that promote such products. While extracting oil from palm trees is generally considered sustainable, they are frequently grown on land that has been cleared of existing rainforests.
Obtaining ingredients from nature implies influencing it in some way, which leads to arbitrary rules for determining whether practices are sustainable. Furthermore, natural resources are limited and quickly become unsustainable when extracted in commercial quantities. For example, distilling oil for chemical fragrances requires hundreds to thousands of times the weight of flower petals.
Synthetic or laboratory-made chemicals, particularly at large manufacturing scales, can provide more sustainable and cost-effective solutions. They can be derived from crude oil byproducts or processed from commonly grown crops, thereby minimizing the impact on natural resources.
High Purity Natural Products Scam: What Is The Real Truth?
According to the latest news and reports, the allegations against the company have fuelled a lot of things on the horizon of the beauty and wellness industry.
While there are a number of companies that started marketing their products as natural to gain a lot of attention and demand across the globe, the fact that there can be a scam involved has led to major investigations.
And if we talk about the High Purity Natural Products scam and how real it was or is, then the answer is simple. It has been seen that the news handout of the scam related to the company is not at all true.
However, because of all the negative attention that the company received, it has been difficult for the company to rise back up. They have even tied up with the Lendica Corporation to offer some of the best products and shipping services to the customers.
The products that the company manufactures are of great quality. They have significantly brought down the costs of the product as well as the shipping charges to make sure that they can be available to a maximum number of their target audience after the allegations.
Frequently Asked Questions (FAQs):-
Now that you covered most of the parts of this article, here are some of the questions that readers frequently ask.
1. What Is High Purity Natural Products? While many people might confuse the name as being an umbrella term for several products that are natural and made of pure ingredients of high quality, the case here is not the same. High Purity Natural Products is the name of the company that claims to make their products from organic products like Nootropics and CBD. 2. Are High Purity Natural Products Costly? There is a reason why many people ask this question. High Purity Natural Products are not as costly as many would think. However, the ingredients that they use are natural, and some of their products also contain hemp and other CBD. All these are the reasons why some of their products lie on the higher end of the spectrum.
Bottom Line: Truth About High Purity Natural Products
High purity products, or at least properly marketing certain products as high purity and natural, is something that is trending at present. People are looking for sustainable, natural ways of making their lives better.
That is the reason why people are willing to believe any brand or product that claims that they are natural and made of highly pure ingredients.
The company High Purity Natural Products claims to sell products that are natural and made of CBD and other Nutraceuticals. However, many have concluded that their products are nothing but a scam.
In case you were searching on Google about “high purity natural products scam,” I hope that you found this article to be of help. Also, if there is any other query regarding the same, feel free to comment them in the box below.
Read Also:
How Can Digital Marketing Increase Your Business?
6 Incredible Tips To Reach Your Small Business Customer
How Customer Service Is Impacting Your Business In 2022!
