How to sell to Big box retailers by Neha jain #31

In this episode of the Indian Community Podcast, hosts Amit Gupta and Rahul Mehra interview Neha Jain, Vice President of Global Sourcing and Product at Studio Ray. Neha shares her 17 years of extensive experience in strategic sourcing, product management, and selling to big box retailers like Costco, Walmart, and Sam's Club. 

She provides valuable insights on common mistakes suppliers should avoid, the importance of adapting to customer feedback, and key strategies for negotiating favorable terms. Neha also discusses the process of getting products approved by major retailers, ensuring quality and consistency in production, and building strong business relationships.

00:00 Introduction to Common Supplier Mistakes
00:25 Meet Neha Jain: Strategic Sourcing Expert
01:54 Neha's Career Journey and Experience
04:07 What are the Key Criteria for Suppliers to Big Box Retailers like Costco, Walmart, Sam's Club, BJ’s Wholesale, etc.
07:42 How to Get Your Product Approved by Big Box Retailers like Costco, Walmart, Sam's Club, BJ’s Wholesale, etc.
13:11 How to Ensure Quality and Consistency in Production for Retail Giants like Costco, Walmart, Sam's Club, BJ’s Wholesale, etc.
19:10 What are Effective Negotiation Strategies with Big Box Retailers like Costco, Walmart, Sam's Club, BJ’s Wholesale, etc.
23:22 How Important are Packaging and Presentation for Retail Success at Costco, Walmart, Sam's Club, BJ’s Wholesale, etc.
29:53 How to Manage Inventory and Logistics for Big Retailers like Costco, Walmart, Sam's Club, BJ’s Wholesale, etc.
36:30 How to Build Strong Buyer Relationships with Retailers like Costco, Walmart, Sam's Club, BJ’s Wholesale, etc.
41:09 What Makes a Product Line Successful at Costco, Walmart, Sam's Club, BJ’s Wholesale, etc.: A Case Study
45:53 How to Adapt to Customer Feedback and Market Trends for Success with Retailers like Costco, Walmart, Sam's Club, BJ’s Wholesale, etc.
50:12 What are Common Mistakes Suppliers Should Avoid with Big Retailers like Costco, Walmart, Sam's Club, BJ’s Wholesale, etc.
54:38 How Small and Medium-Sized Enterprises Can Break into Big Retailers like Costco, Walmart, Sam's Club, BJ’s Wholesale, etc.
56:26 Conclusion and Final Thoughts on Strategic Sourcing for Big Box Retailers like Costco, Walmart, Sam's Club, BJ’s Wholesale, etc.

#indiancommunity #NehaJain #RetailStrategy #BigBoxRetailers #StrategicSourcing #ProductManagement #StudioRay #RetailSuccess #SupplyChainManagement #RetailTrends #BusinessGrowth #GlobalSourcing #ProductDevelopment #VendorCompliance #MarketTrends #RetailNegotiation #B2BMarketing #CustomerFeedback #InventoryManagement #QualityAssurance #RetailPackaging #SustainableMaterials #FashionIndustry #GlobalSupplyChain #ClubChannels #RetailPartnerships #ExecutiveMBA #IndianCommunityPodcast #RetailPodcast #FashionSourcing #RetailLeadership #BusinessStrategy #MarketResearch #RFIDTechnology #Wholesale #RetailSuccessTips #Manufacturing #RetailInnovation #RetailExpert

Transcript

amit-gupta_1_06-05-2024_083636: 0:00

what are the most common mistakes that suppliers should avoid, especially when they're trying to establish a relationship with these big retailers?

squadcaster-4a3a_1_06-05-2024_083636: 0:10

thinking that price is the only driving force. No, yes, it is one, but it is not the only factor

rahul-mehra_1_06-05-2024_053637: 0:17

how important is it to adapt to customer feedback and market trends especially when selling to giant retailers

squadcaster-4a3a_1_06-05-2024_083636: 0:23

very important

amit-gupta_1_06-05-2024_083636: 0:25

And welcome to the Indian Community Podcast. I'm your host, Amit Gupta, along with my co host, Rahul Mehra. Today we have a special guest, Neha Jain, a dynamic and innovative leader in the field of strategic sourcing and product management. Neha is the vice president of global sourcing and product at Studio Ray. where she oversees a diverse range of product categories including outerwear, sportswear, swimwear, yoga apparel, activewear, and accessories. With significant experience in developing strategic business partnerships and driving profitability, Neha has successfully led cross functional teams and managed global suppliers across Asia, Central America, Africa, Europe, and the United States. In fact, pretty much the whole world. this episode, Neha is going to share her valuable insights and expertise on how to successfully sell your products to big box retailers. Club channels like Costco, Walmart, Kmart. Welcome to the Indian Community Podcast, Neha.

rahul-mehra_1_06-05-2024_053637: 1:40

Neha.

squadcaster-4a3a_1_06-05-2024_083636: 1:41

Thank you so much, Amit. Thank you, Rahul. Thank you for having me here. Very excited to do this today for the community.

amit-gupta_1_06-05-2024_083636: 1:49

Excellent. Yeah, it's, it's great to have you on the podcast to start

squadcaster-4a3a_1_06-05-2024_083636: 1:53

Thank you

amit-gupta_1_06-05-2024_083636: 1:54

a little bit about your journey and how you got involved with these major club channels and big box retailers?

squadcaster-4a3a_1_06-05-2024_083636: 2:02

Yeah, absolutely. I started my career trajectory back in India, and I was during my childhood. I was always very passionate about fashion and clothing in general. So, my first and I remember was with Banana Republic, and then I worked with Shahi Export House. I'm not sure if you know, but they're, uh, you know, India's number one apparel exporter, uh, and then transitioned to, uh, a sourcing giant sourcing company, Lee and Fung, which is a Hong Kong, a Hong Kong based And while I was at Lian Fang and sourcing for these major retailers in the U. S., I became very curious to learn buying and merchandising side of the business. And that's when I decided that I want to pursue my education further and I came to the U. S. to study at the Fashion Institute of Technology, uh, in New York City. And, uh, you know, after my graduation, I've been here since then. So I would say throughout my journey, you know, over 17 years now, uh, uh, you know, doing sourcing, supply chain, product management, I've worked with different retail channels throughout my journey. Um, and that was kind of a deliberate decision on my end to learn more about different kind of business models, pricing strategy. Uh, but I would say high end, uh, retailers like Bloomingdale's, Toca, Onia, uh, private specialty retailers like H& M, Abercrombie Fitch, Calvin Klein, uh, off price retailers like T. J. Maxx, Burlington Ross, and then club channels like, uh, Sam's Club. Costco Wholesale, BJ's Wholesale, which is more concentrated on East Coast. Um, and then e com retailers like, you know, Amazon, Seattle Trading Post, so on. So I was able to diversify, uh, you know, and expand my product footprint. Portfolio and, uh, recently I graduated with my executive MBA, uh, from the Northwestern Kellogg School of Management. And currently, you know, I'm here working as, uh, the VP of Global Sourcing and Product. We are B2B apparel importer. Uh, we design development, manufacture and market per, uh, performance apparel, uh, to club channels, department stores, and off price retailers.

rahul-mehra_1_06-05-2024_053637: 4:09

Excellent.

squadcaster-4a3a_1_06-05-2024_083636: 4:11

Thank you.

rahul-mehra_1_06-05-2024_053637: 4:14

So, Neha, uh, there was a great introduction. You know you told us about a lot of things.

squadcaster-4a3a_1_06-05-2024_083636: 4:20

Lot of retailers. I know.

rahul-mehra_1_06-05-2024_053637: 4:23

Yeah. So you, you know, I understand what you do. So what are the three criteria that, uh, these giant mass volume retailers look for in a, in potential suppliers? And how can companies ensure that they meet these standards?

squadcaster-4a3a_1_06-05-2024_083636: 4:40

Yeah, absolutely. That's a great question. Uh, I would say that, uh, first it's very important to understand the nature of the retailer's business and you know, whosoever we are talking about here, like what are, what's their businesses, what are their mechanisms and, uh, let's say talking of large volumes in specific, if we, uh, Pick Walmart, for example, uh, who promotes a more, you know, like a wide, extensive variety of low cost products to a wide range of customers. Right? So they draw in consumers with the promise of EDLP. That's their slogan, like everyday low prices. So you, you know, automatically, like it's given that, you know, pricing is everything for Walmart. Versus if you talk about club channels like Costco, Sam's, uh, these are the retailers again, huge volumes, but they sell a concentrated selection of bulk merchandise, you know, using a, a membership fee. system. So, um, they both are buying big volumes, but they operate very differently in terms of their business. So their supplier selection criteria will vary, but I can tell you like top four or five, uh, you know, most important criterias that both of them or any other retailer who is buying big volumes will look for. First, I would say definitely value proposition, like what is the value you are. creating for them, for their customers. And first and foremost is competitive pricing, right? Uh, they're very focused on, on pricing. Second is product innovation. You know, how are you differentiating from the rest of the competition that you have in terms of product features, unique features, uh, next, I would say definitely consistency and high quality product. Are you always delivering on time? Like, what's your track record, right? Like, that's another criteria they will look at. And then very important criteria. The next one I would say is compliance, which would include safety regulations, like structural safety, electrical safety, um, environmental regulations, fair labor law practices, right? So, let's say if are someone who is supplying perishable items to these stores. Then, uh, you want to make sure that you have, um, I believe it's a G F S I like global food safety initiative certificate, I think. And another one I think is H A C C P. Uh, like I'm in the world of apparel, so we have like wrap gold certificate way cortex. So these are just different kinds of audits and certificates that, you know, the supplier must have even before they think about reaching to a retailer, you know, and, and supply. So, um, compliance is very, very important for them. And that's the first thing actually, before everything else, they will look at that. Are you even compliant before we even begin talking about, uh, talking about business. So, So, yeah, I think as a supplier, you, you, in a nutshell, like you are someone who is financially strong, who can handle these big volumes, who can offer high quality, innovative products at competitive prices, and you are fully compliant.

rahul-mehra_1_06-05-2024_053637: 7:50

That was informative.

squadcaster-4a3a_1_06-05-2024_083636: 7:53

Thank you,

amit-gupta_1_06-05-2024_083636: 7:54

you, Neha. Um, so I'm assuming after the now it's the actual turn of the product. So can you walk us through the process of getting a product approved by these, uh, uh, big box retailers and club channels? And what are the essential steps and stages that are involved?

squadcaster-4a3a_1_06-05-2024_083636: 8:11

So, Amit, a quick question. Uh, when you say product approved, do you mean, uh, like before the production stage, right? Like when they're pitching a product to, to the retailer,

amit-gupta_1_06-05-2024_083636: 8:22

Yes.

squadcaster-4a3a_1_06-05-2024_083636: 8:22

Right. Right. Okay. Got it.

amit-gupta_1_06-05-2024_083636: 8:24

you know, because let's say I manufacture a jacket, like one of those jackets right behind you. And I want to now come and sell to, uh, you

squadcaster-4a3a_1_06-05-2024_083636: 8:35

Right. Right. So, yeah. I think the most important step for, for like what I do, like what we do here is, you know, definitely do a lot of market research first to understand, uh, who the customer is, like, who is our consumer, what our competition is in that store. Um, you know, I actually, I want to, uh, Code this here because, uh, I strongly believe that if you understand your customer well, you can really prepare well and, uh, you know, uh, present your, uh, presentation or proposal, you know, uh, uh, to the retailers. Uh, like when I was at Amazon, you know, customer centricity is their founding principle and actually a key to their success. So when I was there, I learned that everything started from customers. So you think of the customer first, and then you work. Backwards and then you create your, you do your whole product development phase of like ideation, prototype, evaluation, concept development, so on and so forth. So, uh, I would say that instead of working forward that you have something and now you are trying to get into try to work backwards because that really helps. And I've seen that like practically witnessed. it in my experience. Um, but in terms of stages and steps, right, it's pretty straightforward. Like once you have your market research done, you know what you're offering, you have all your pricing strategy in place, packaging in place, unique, uh, selling features in place. You pitch, you find the right, uh, contact in, in, in, in the department, in the right department. You, uh, Pitch your, uh, presentation to them. You give your presentation where again, you know, you're just talking about your product. Why, what's the value you're offering them? Um, how it's different from others that they already have in stores. Again, focusing a lot on quality price and uniqueness, like innovation. Uh, if you can back it up with market data, that's even better. Uh, you know, we do that a lot of times where we say that, Hey, we sold this to so and so. Customers and we had a great selling and that really, uh, helps us leverage, you know, in pitching our product even better. Um, I would say once you have presented your product, the next step would be submitting your product with the proposal form. Every retailer actually has different requirements, but, you know, like, uh, talking specifically about clubs, uh, in the proposal form, uh, we usually give them, um, a little bit more information, uh, in terms of tiered pricing, like, you know, if you want to order 50, 000 pieces, this is the price. If you want to order, they're going to 200, 000 to 300, 000 pieces. This is the price, so on and so forth. Right. And then, uh, of course you want to talk about favorable lead times, because if they want to order a million pieces of one product, uh, and you say, I need a year to produce that, where it says, you know, you say, Oh, four to five months. That makes a huge difference. So, uh, we, we always want to think about, you know, how to make their life easy. How to, how to just make everything very easy and simple for them. I think that's the ground mantra for success, right? So, uh, if they can, um, uh, buy just in time. Uh, and, you know, catering to the market needs and we say that, Hey, we can turn around this in 4 months. Like, you know, we have an edge that competitive edge over others. And lastly, I would say is, you know, payment terms. If you can offer favorable payment terms, put that on your proposal. Um, everyone in retail industry, no matter what product, which retailer, they all work on credit. These days, so especially after COVID. So, you know, depending upon net 30, 60, 90 days, whatever credit you can offer. Uh, but if you, if you give them really favorable payment terms, uh, that will help you a lot getting into. And then after that, once you submit that, then you just wait for them to get back to you and hope that they will buy. Right.

rahul-mehra_1_06-05-2024_053637: 12:42

and

amit-gupta_1_06-05-2024_083636: 12:42

That is correct.

rahul-mehra_1_06-05-2024_053637: 12:43

does it take for them to get back to you? Is there a particular period of time?

squadcaster-4a3a_1_06-05-2024_083636: 12:47

Uh, usually I would say it could be anywhere between two weeks to four weeks. After you submit your proposal and the product. Yeah. And again, it, it really depends from, you know, uh, department to department, retailer to retailer. But I would say on an average 2 to 4 weeks.

rahul-mehra_1_06-05-2024_053637: 13:05

For example, you know, let's say that a product is accepted, And we start supplying products, you know, to the retailer. quality and consistency are very crucial for retailers. How do you ensure that the products maintain high standards throughout the production and supply chain?

squadcaster-4a3a_1_06-05-2024_083636: 13:28

Yeah. Uh, a lot, a lot of things that comes to my mind, I would say, uh, first would be, you know, developing a very detailed SOP. of your manufacturing process to make sure that, you know, you're very consistent in a quality and continuously monitoring them through audits, inspections, you know, identify areas of improvement, find defects. Actually, this is one of the practice I implement a lot in my, uh, in my apparel world, in my career, where I start. Uh, doing audits and inspections much earlier and starting from the raw material stage. So let's say for a jacket, for example, like we have fabrics, we have zippers, we have buttons, we have so many labels, you know, we have so many things, hand tags going on, uh, that goes into making the jacket. So we, uh, once we start procuring the raw materials, we, from the first lot, because when we are buying, uh, when we are producing in huge volumes, we have so many lots of fabric, right? So we want to make sure it's consistent. Like if I have green color, the green color should be consistent in every lot that the fabric mill is making. So, um, we start doing, uh, inspections from the first lot itself. And then wherever we see there is any defect or anything, you know, it helps us tremendously in minimizing defects from the earlier stage. And that helps us reduce shortages, improve lead times as well in production. Um, that's one way. Uh, second thing I would say, I do a lot, I practice a lot as wear and tear testing in, in my world, uh, because, you know, fitting is very important in a garment. So once, the production starts from the production floor. We will just randomly pick few samples. Uh, so we are not telling the factory that you send us something, you know, so they can make it beautiful. It's just random selection. And then we will just wear and tear test because sometimes even the test report might pass, but as a customer, you know, you wear it, you wash it and you're like, Hey, what happened to the appearance? Like why the color faded? Why it's peeling? Things like that. So I would say a lot of Testing, uh, audits, inspections at an early stage. Um, and then when I, uh, look for a factory and when, you know, we are producing something, I usually look for someone who has a lot of automation in place. And even if you are a manufacturer yourself and you're not outsourcing manufacturing, I would say that, you know, try to have more automation in your facility, because that will save you time. significantly help you in keeping the quality consistent, right? And avoid human errors. Um, other than that, I would say, you know, establishing vendor KPIs to monitor the quality continuously, you know, improving it, establish a scorecard. So, you know, they understand your parameters better. Um, and then, uh, you know, if you, you are a manufacturer, I would say just training your employees. Pretty well before, you know, they go on the production floor. so so all of these, a combination of these things will help you, uh, making sure that your production is in consistent quality and definitely use of technology, you know, PLM systems, ERP systems, just to have seamless. Coordination between all the departments in a facility. So that, you know, every, um, everything is seamless. Like, there is no miss out. There is no, uh, mistakes introduction, if I may say. So I would say, yeah, like, you know, a bunch of those things.

amit-gupta_1_06-05-2024_083636: 16:54

That's, that's great. Yeah, I think essentially what

squadcaster-4a3a_1_06-05-2024_083636: 16:57

you,

amit-gupta_1_06-05-2024_083636: 16:57

is right. So

squadcaster-4a3a_1_06-05-2024_083636: 17:01

Exactly. Ah,

amit-gupta_1_06-05-2024_083636: 17:02

you remember that ad that

squadcaster-4a3a_1_06-05-2024_083636: 17:09

so it's too late in the process. Right. Uh, like, or it, huge volumes may, you cannot even remake and redo, you know, like it's, it's, extensive, you know, it takes time, it takes money. So, so I think much earlier you start in the process a.

amit-gupta_1_06-05-2024_083636: 17:27

that's, that's true. And,

squadcaster-4a3a_1_06-05-2024_083636: 17:29

Yeah.

amit-gupta_1_06-05-2024_083636: 17:29

and it takes a lot of effort to get into, uh, these, uh, retailers, get your product to

squadcaster-4a3a_1_06-05-2024_083636: 17:35

Yeah.

amit-gupta_1_06-05-2024_083636: 17:37

get it approved. Right. So, um, in pursuit of a, of a small profit, we, we shouldn't be negotiating on, uh, quality, right? Because,

squadcaster-4a3a_1_06-05-2024_083636: 17:47

100%. Exactly. Exactly. 100%. Exactly.

amit-gupta_1_06-05-2024_083636: 17:57

little bit more profit in one go. I think Profit, you'll still be doing well, uh, because the volumes are so high with these retailers. You have to build that trust. You have to, um, earn that trust, not, not just build that trust. You have to earn the trust, both of that retailer and the customer of that retailer, because at the end of the day, uh, even the retailer's reputation is at stake here.

squadcaster-4a3a_1_06-05-2024_083636: 18:24

100%. Exactly. And our brand's Goodwill as well, you know, because it's our label in the store. So,

amit-gupta_1_06-05-2024_083636: 18:30

Of course,

squadcaster-4a3a_1_06-05-2024_083636: 18:30

yeah.

amit-gupta_1_06-05-2024_083636: 18:31

you're,

squadcaster-4a3a_1_06-05-2024_083636: 18:31

All it is

amit-gupta_1_06-05-2024_083636: 18:33

you're definitely at stake, but there's also a

squadcaster-4a3a_1_06-05-2024_083636: 18:35

also retailer It's loss of their sales. Exactly. And they will be upset. You don't want that. Never.

amit-gupta_1_06-05-2024_083636: 18:43

And, and

squadcaster-4a3a_1_06-05-2024_083636: 18:43

Yeah.

amit-gupta_1_06-05-2024_083636: 18:44

the whole returns and then disposing those returns,

squadcaster-4a3a_1_06-05-2024_083636: 18:48

Oh yeah.

amit-gupta_1_06-05-2024_083636: 18:49

another major expense, right?

squadcaster-4a3a_1_06-05-2024_083636: 18:51

Yeah, exactly. You definitely want to minimize your return rate. And if your returns are huge, you never know. The retailer might, you know, ask you to, to, to take the goods back. Like, you know, they will take off the goods from the floor. So, so yeah, that would be bad. I would say.

amit-gupta_1_06-05-2024_083636: 19:07

That's, that's

squadcaster-4a3a_1_06-05-2024_083636: 19:08

Yeah. Yeah. Quality is very important.

amit-gupta_1_06-05-2024_083636: 19:12

Very true. So negotiating with these retailers can, can be very stressful. So what strategies have you found effective in securing favorable terms and conditions?

squadcaster-4a3a_1_06-05-2024_083636: 19:24

Yeah. It's, uh, it's always the most difficult part of the business when it comes to negotiations, especially with, with these kind of retailers. Right. But I would say, I would say understanding them, you know, their business model is very important because, um, even actually department stores buy huge quantities, like, you know, like holes and it's not just like big box retailers or, uh, club channels. So, um, but the, Every retailer has a very different business model. So department stores, they work on higher initial markups. Um, off price retailers works on slightly different kind of initial markups. Club channels work on thinner, uh, markups, you know, because, um, they're, they're, uh, profits are not coming from the product markup itself, but actually, uh, the, uh, membership fee, the membership fee is Is that we pay, right? Like that is contributing a lot towards the profit for the, clubs. So I would say when negotiating, you know, once you, once you understand the, the retailer push for price is definitely the first, but push forward your other differentiators. Like this is my, uh, you know, well proven strategy. Like, so it's not just about the price, but it's about many other things. Like Proven track record performance like, uh, I'm known for producing high quality product with minimal return rate. Like I have a history. I can show it to you. Highlight the unique selling points of your product, right? Like sustainability, innovation, packaging, like, you know, how, how am I different than other, um, uh, brands in the store or other retailers? Ideally, the goal is just like, like I said, you know, make everything very easy for them. If you help these retailers reduce, you know, the work at their end, help them in saving the costs and increase their efficiency, uh, whether it's by logistics. efficient logistics, packaging, offering favorable terms, so on and so forth. Then you have a higher chance to, to win the negotiation, right? At the end, like you said, Amit, like, you know, you always want to be in the win win situation. Both parties should be satisfied, should be happy. Um, I would say flexibility is very important, uh, you know, in, in negotiating effectively, just be prepared, you know, they can come back with anything and just be ready, uh, to adjust your Price your product, your terms, your packaging, whatever they need to align with their needs. Uh, but just don't be restricted, I would say. And, uh, you know, just be transparent to them. Like if, if you have a supply chain issue, if there is a disruption going on, uh, you know, in the world, like, you know, right now there is a war going on in Red Sea, whatever it is, just be transparent, just be open in communication, leverage data to support your case. You know, Just, just provide market insights. Uh, all of that will help you tremendously in putting your case forward. I learned this in MBA and I'm just going to use this term, which I think is very helpful. Uh, know your partner. Partner means your best alternative to a negotiated agreement. So if you have, uh, if you're ready with other best alternatives that you can offer to them, then that will be your biggest leverage. Right. And I think at the end of the day, negotiation process is all about value creation. If you are. Creating that value for them, uh, it will be much easier for you to negotiate. But yes, I would say value proposition, uh, you know, just push forward your differentiators and the most important ones would be pricing, quality, product, innovation, and terms and compliance. I

amit-gupta_1_06-05-2024_083636: 23:11

that's

squadcaster-4a3a_1_06-05-2024_083636: 23:14

but, but it's, it's, it's really, um, it's amazing. Like if you have your alternatives ready and I started doing this after MBA, like in my negotiation that it tremendously helps. Yeah.

amit-gupta_1_06-05-2024_083636: 23:27

that's nice.

rahul-mehra_1_06-05-2024_053637: 23:30

Neha, you mentioned packaging and presentation play, you know, role in selling to clubs. Are there any specific requirements or best practices that suppliers should follow?

squadcaster-4a3a_1_06-05-2024_083636: 23:42

Uh, yeah, actually I can, I can give some, uh, uh, suggestions and insights. Like, I would say packaging plays a huge role when we talk about clubs, right? Like, because it's all about perceiving the value, uh, both in terms of quantity and savings, like I'm sure like when you go to a club and you shop, you always look at, Oh, wow, I'm buying like so much bigger quantities at such low prices offered. So that's the value you as a customer you're perceiving. I would say there are two kinds of packaging product packaging and then pallet packaging. So, uh, pallet packaging is more like how you're assembling your goods and shipping to the warehouse and so on and so forth. So, product packaging, uh, Promotes, uh, you know, product recognition, like helping customers identify, learn about your product, differentiate from, you know, the other products that are on the shelf. So I would say product packaging should be interesting, uh, for a brand to decide, just list all the features very easily understandable by any customer, you know, very clear fonts, uh, Like, don't make it too confusing. I would say use visuals if you can, right? Just make it prettier. Um, if you are doing, uh, supplying perishable goods, then, you know, ingredients list, allergen warnings, certifications, GMO, non GMO, so on and so forth, right? Um, I I will give you this little example, like, And it's funny to even think of that in terms of packaging in the world of apparel, how important packaging is that would impact your sales in a big way. So once we did this, uh, program where we had a shorts and it had cargo pockets and drawcord and all of those details and, you know, in clubs, they have those, uh, they have table programs. Like, uh, they have these tables on which your garment is folded and they have like piles of that, and, uh, that's how you're selling. So, um, In one carton, we usually pack like anywhere between 30 to 40 pieces. So we packed that. And then once the goods arrived here, uh, uh, you know, the garment was half folded, we opened, Oh, that's another quality checkpoint that once the goods arrive here, we do an inspection here first, before we ship the product to the customer. So when we did that, he was like, Oh my God, the whole garment, like everything is so badly wrinkled. Like what happened? It looked, it looked terrible. terrible. Like there is no way we could ship that or could have that product on the tables. Like no one will buy that, right? It looks so bad. So we fixed it, like repacked and, you know, then we shipped it. So we took care of that. But thinking of packaging, like Figuring out, like, all of these small, small things could actually, um, you know, become an issue later if we don't pay attention, uh, and, you know, could impact your sales. So that all goes in product packaging, which I would say is very important. And then, um, you know, talking about, uh, logistics and, uh, pallet packagings, you're, you're just, um, uh, helping them, you know, cut down on their labor cost. If goods are ready, you know, the way it should be, they just, the person just takes it out, puts it on the table, hang it, put it on the shelf. It's easy. So, um, so I would say that, you know, just understand retailers specifications overall. Uh, if you understand how the product will be displayed, you can, uh, do a. better job with packaging overall. And, um, the trend right now I'll say is more towards using sustainable materials. Like if you have paper packaging or anything, just try to use sustainable materials because they're actually demanding for it. They're asking for it. so So, yeah,

amit-gupta_1_06-05-2024_083636: 27:25

So, Neha, what you're essentially saying is that the customer's experience of your product, the way they unbox it, the way they, uh, they, they look at it or the first glance, uh, you, you would advise, uh, that that could be, uh, optimized and making sure that, uh, when customers touch it, feel it, you know, look at it. That's when they, uh, they feel that, yes, I want to buy this and this,

squadcaster-4a3a_1_06-05-2024_083636: 27:51

exactly,

amit-gupta_1_06-05-2024_083636: 27:52

It's

squadcaster-4a3a_1_06-05-2024_083636: 27:52

exactly.

amit-gupta_1_06-05-2024_083636: 27:56

you

squadcaster-4a3a_1_06-05-2024_083636: 27:56

You know, like they say, Amit, the first impression is the last impression, You know, you're like, oh wow, this looks so nice. And then you gauge the interest of the customer, oh, let me try this. You know, agar, if, even if they don't know anything about your brand, but just because the presentation is so beautiful, they might try. So, I mean, I think product packaging plays a very important role in selling, uh, overall.

amit-gupta_1_06-05-2024_083636: 28:23

absolutely, I think a lot of, uh, times, uh, people assume that so people will buy it. People will not buy it just because it's cheap. People will buy

squadcaster-4a3a_1_06-05-2024_083636: 28:34

Exactly.

amit-gupta_1_06-05-2024_083636: 28:35

it is. Uh, it is doing what they, uh, are expecting it to do.

squadcaster-4a3a_1_06-05-2024_083636: 28:40

Hundred percent.

amit-gupta_1_06-05-2024_083636: 28:41

irrelevant at that point in time because now they've got this product in their hand and, uh, do they want to put it on is, uh, is, is that deciding factor?

squadcaster-4a3a_1_06-05-2024_083636: 28:50

Exactly. Exactly. Yeah. Clubs customers were difficult, best quality, innovation, so. You know, like they want everything. So it's very difficult to, to, you know, satisfy their needs, I would say. So, so yeah, we have to just think of everything as a whole, it's a whole package.

amit-gupta_1_06-05-2024_083636: 29:16

Yeah. But, uh, on the other side, love skip purchase, or, you know, your customers, uh, on average basket size.

squadcaster-4a3a_1_06-05-2024_083636: 29:26

Oh, yeah, exactly. Hundred percent.

amit-gupta_1_06-05-2024_083636: 29:29

way is, uh, they, they're demanding, uh, but they're all, they're both quality and, uh, and price sensitive, right? Um, but,

squadcaster-4a3a_1_06-05-2024_083636: 29:37

Exactly.

amit-gupta_1_06-05-2024_083636: 29:38

they, they, they're very clear in what they want and if they find it, then they'll stick with you for forever.

squadcaster-4a3a_1_06-05-2024_083636: 29:45

Forever.

amit-gupta_1_06-05-2024_083636: 29:45

there's, there is a, there's a particular, uh, uh, hoodie that I pretty much buy every two years. Uh, I think after two years, uh,

squadcaster-4a3a_1_06-05-2024_083636: 29:54

Really?

amit-gupta_1_06-05-2024_083636: 29:54

give it away. Uh, and, uh, there

squadcaster-4a3a_1_06-05-2024_083636: 29:56

Which, which one is that I'm curious now.

amit-gupta_1_06-05-2024_083636: 29:59

is, uh, uh, it is, it

squadcaster-4a3a_1_06-05-2024_083636: 30:02

What brand?

amit-gupta_1_06-05-2024_083636: 30:02

of your, uh, uh, club channels. So

squadcaster-4a3a_1_06-05-2024_083636: 30:05

Okay.

amit-gupta_1_06-05-2024_083636: 30:06

I, I,

squadcaster-4a3a_1_06-05-2024_083636: 30:09

have to try our, our brands, our product. Yeah.

amit-gupta_1_06-05-2024_083636: 30:14

Yeah, I, I get it from Costco every year, um, or every two years. Um, there's this, there's a, there's a brand of jeans that I, I pick up from Costco and initially, uh, I was, I was also a little hesitant, you know, Lou and Nailu,

squadcaster-4a3a_1_06-05-2024_083636: 30:30

Oh,

amit-gupta_1_06-05-2024_083636: 30:31

or not, but

squadcaster-4a3a_1_06-05-2024_083636: 30:33

right.

amit-gupta_1_06-05-2024_083636: 30:34

went up for trial, I said, okay, let try, like, let's

squadcaster-4a3a_1_06-05-2024_083636: 30:37

Yeah,

amit-gupta_1_06-05-2024_083636: 30:38

not, not, not too bad.

squadcaster-4a3a_1_06-05-2024_083636: 30:40

exactly.

amit-gupta_1_06-05-2024_083636: 30:42

But then I fell in love with those jeans and I have four pairs of them, you know, so you can

squadcaster-4a3a_1_06-05-2024_083636: 30:46

Wow. You have every color. Yeah.

amit-gupta_1_06-05-2024_083636: 30:52

in fact, two of them are of the same color. So you will not even Believe that right? So, uh because the quality will be great. Uh,

squadcaster-4a3a_1_06-05-2024_083636: 31:00

Yeah.

amit-gupta_1_06-05-2024_083636: 31:01

right Um, it just makes sense. I am like,

squadcaster-4a3a_1_06-05-2024_083636: 31:03

100%. Yeah. Yeah.

amit-gupta_1_06-05-2024_083636: 31:08

those tables, and I'm looking for those genes, you know, so I'm like, let

squadcaster-4a3a_1_06-05-2024_083636: 31:13

Yeah. Absolutely. See, this is what we love to know, like what customers want, like new colors, you know, we love that feedback. Yeah. Um,

amit-gupta_1_06-05-2024_083636: 31:25

yeah, managing all this inventory and logistics a great amount of precision. how do you handle supply chain management so that you're able to ensure timely delivery, stock availability, especially with all this happening around the world?

squadcaster-4a3a_1_06-05-2024_083636: 31:45

yeah, like, you know, actually that's a great question, Amit. So I would say, um, building an effective and, you know, agile supply chain management. It just involves a combination of things, if I may say, right. Like, uh, demand forecasting is first, if you're a brand, um, very efficient inventory management, very strong supplier relationships for sure. And then just like, uh, you know, technology. Looking at your history of sales data or market trends, or, you know, if if there is any seasonal variation going on in the market, you can predict like how much, uh, stock or raw materials that you need to keep in stock, uh, to fulfill the retailer's requirements, right? For bulk. So, um, a lot of these retailers like clubs or giant big box retailers, they usually Partial shipments, So, they will replenish the stock partially. So if, for example, if they ordered 1 million pieces of T shirt from me, so I'm not shipping the entire 1 million at one time. So maybe I'm shipping 50, 000 pieces today in two weeks, another 50, 000 pieces after three weeks. 100, 000 pieces, so on and so forth, right? So, what happens by doing so? This actually helps their warehouse, uh, minimize the risk of, uh, uh, you know, what we say, inventory obsolescence and respond quickly to the market needs and reduce the warehouse spacing requirements. So, they're more like buying just in time. They're committing to more just in time, uh, buy. Another thing I would say is, you know, maintain safety stock. Like if you're in consumer product goods market, like toothpaste or, or, you know, like, uh, basic consumer product, uh, like that you can full, if you have safety stock ready with you, if you have that, you can fulfill unexpected demand spikes. So I think a lot of strategic. Planning goes into like how you are managing your inventory. So you're, you're never short on merchandise and you're able to meet those, uh, unexpected, uh, you know, uh, or not unexpected demand all the time, but you're able to fulfill retailers requirements for bulk. Um, And actually, very important thing I'll say, because this happens a lot in clothing industry. Um, if you are outsourcing your manufacturing for any product, uh, try to diversify to mitigate the supply chain disruptions. So. Like I just said that, uh, you know, there is a war going on in dread. See, it's been eight, nine months and I don't know when will it end. And because of that, the container prices are going up, the lead times are way longer. So what I do, um, usually what I have done previously and what I'm doing right now as a part of my strategy is I just build in some buffer. So if let's say, I know that we can produce this in three months, I would Keep four months with me because I just don't know what's going to happen next. So that buffer helps us, you know, mitigate the supply chain, uh, the risk of the supply chain, uh, disruptions. And then we are still on time. We are still, uh, you know, committing to them that, you know, this is what we're going to offer you. Uh, so, so, yeah, I would say, uh, diversifying, uh, adding buffers significantly help. Uh, and then just, you know, You know, use more technology, like more automation to reduce human errors. Because inventory is something, uh, you, you never know. You say, Hey, I received 20, 000 pieces, but now I have only 15, 000. Like, where did these 5, 000 pieces go? You know, all of a sudden it's like, uh, you know, so, and this happens all the time. So warehousing, if you have like, uh, uh, automated systems like PLM systems, warehousing management systems in place, uh, that will significantly help you in, uh, managing the efficiency of your, just just managing your inventories better, right? These days, a lot of retailers are actually using RFID technology for real time tracking of inventory and shipments. And just like everyone has more transparency across the supply chain. Um, And then, yeah, I think those, those, uh, would be, you know, the things that I can think of when it comes to, uh, managing inventory and logistics for retailers. And then again, I don't, I don't want to become too technical, but, uh, if you can find, you know, they say in Lean Six Sigma, we learned, um, uh, eliminating seven forms of muda, like that means waste, like understocking, overstocking, like defect rate. So if you can like, uh, find all of those much earlier in the process, identify them and eliminate those waste. That will also significantly help you with better inventory management.

amit-gupta_1_06-05-2024_083636: 36:35

your fundamentals very well. So. That's great.

squadcaster-4a3a_1_06-05-2024_083636: 36:38

Yeah. No, I would say that. Yeah, like, I've been doing this for 17 years. So, uh, you know, but still constantly learning, improving. There is still so much to learn. And with in supply chain, like, we never know what's going to happen. Like, I have, I had no clue 8 months ago that there's going to be a war in Red Sea. Like, who knew that? Right? And that. completely messed my schedule, my uh, logistics schedule. Like there is no container availability, container prices are going up, lead times are longer. I had planned 30 days and now it's taking 45 days on water. So that, you know, just, just, I just learned a lot and I was like, no, you know, I can't work on one two week buffers anymore. I need to keep at least a month. And then if you're early, you know, if there is no issue, then just offer it to the customer, you know, like say, Hey, uh, I know that I told you I can deliver in March, but I'm ready in Feb. Do you need it? You know, and actually that would make them happier.

amit-gupta_1_06-05-2024_083636: 37:36

That's nice.

squadcaster-4a3a_1_06-05-2024_083636: 37:38

Yeah.

rahul-mehra_1_06-05-2024_053637: 37:41

Neha, you mentioned that building a strong relationship with buyers is essential. What tips do you have for fostering and maintaining these crucial business relationships?

squadcaster-4a3a_1_06-05-2024_083636: 37:53

Yeah, sure. Uh, I would say, you know, do a lot of research on their business so you understand them better. I think if you understand their needs, uh, you identify the gaps, uh, you know, for the opportunities or what's something that they're missing on. And then you present solutions, you know, to them from time to time, just keep in touch with them, like, keep them informed about what they're What newness is out there, new developments, market trends. Uh, even if you are in production, you let's say you're producing something. And if you have any issues, just communicate, be transparent in your communication, because that will really help you, uh, build that trust and credibility and, uh, just be highly responsive and, uh, you know, to, to their needs, to their questions, just do regular follow ups, I would say. Um, you know, like I mentioned earlier, people, Be flexible, uh, to adjust your, uh, product, uh, packaging, whatever they need. So ultimately, again, you know, it's just making sure that they are happy. They, everything is super easy for them. Uh, they really find that value in what you're offering. It's everything comes back to value creation for these kind of retailers, right? Because if they see, uh, that value perceived in your product that they feel that it will resonate with their customer, um, that then you know that, you know, you have a, you have a stronger chance to get into, uh, you are going to, uh, you know, maintain that relationship with them. But yes, a lot of, uh, work, a lot of people Planning a lot of research goes in that because it's not one time it's ongoing. So you want to make sure you're always up to date with market trends, offering something new, um, you know, uh, competitively priced, innovative products, and just add more value through more flexible and innovative solutions. Overall, I would say

rahul-mehra_1_06-05-2024_053637: 39:44

Alright, thank you.

squadcaster-4a3a_1_06-05-2024_083636: 39:46

no, my pleasure.

amit-gupta_1_06-05-2024_083636: 39:46

Over the last 17 years, have sold so many or thousands and thousands of products at these retailers. Can you share a success story or a case study from your experience where a product performed exceptionally well? And what were the key factors behind its success?

squadcaster-4a3a_1_06-05-2024_083636: 40:09

Yeah, I'm thinking of which one. No, actually, I want to I want to talk about one program which blew out. So I'll tell you, it was a men's short. It was a performance short. And we did that for Sam's Club. It was I think 700, 000 pieces and for spring and it blew out. Out like in the sales, like we got like, uh, within two months, we got like a repeat order, right? So, uh, I will just give you a quick description, description of what the product was. So you have a better understanding, right? It was a performance shot designed in a four way stretch fabric for higher mobility. Uh, we marketed it as a hybrid short, so you can Wear it if you're traveling. You can wear it at work. You can wear it if you're working out on streets, shopping, traveling, whatever. So you have multiple uses of that. Uh, the feel, the drape of the fabric is very rich, luxurious. Uh, we added like back pockets, side pockets. Um, it was a water resistant fabric, uh, so, you know, whatever you put in your pockets, even if you're in water, your essentials are safe. Um, the, we offered UPF 50 plus technology on the fabric, so it's going to protect you from harmful UV rays. Uh, so this was, The, the product that we built, right? With all of these features, uh, functional features, technical features. And, uh, we offered the product in very basic core colors, black, navy, I think it was khaki and steel gray, just like those four basic core colors, Um, Clean silhouettes and our pricing was very competitive. So we, the retail price in club was 12. 99 for this short. So you can imagine that, you know, for 12. 99, if you're getting all of these features in a great performing short, like that's a huge value to the customer, right? So, um, but It was a success, but what goes behind the success is almost we start like working a year in advance on developments, right? So it's a whole one year of hard work, our blood and sweat in it, right? Like planning, uh, prototyping, making adjustments to the product, like doing multiple rounds of fittings just to make sure, uh, and then, uh, you know, sourcing, um, uh, the right materials, the right factories, uh, you know, getting to the price points we need to be, uh, making sure that the quality it's high quality product, the quality is consistent. And then, of course, the last part is packaging that we want to make sure it looks beautiful on the table. You know, it's very clear. So. A lot of that, uh, planning, uh, and, you know, prototyping goes in that one year before we are actually ready to sell the product. So R and D in product, uh, you know, strategic sourcing, testing, inspection. I remember I flew to China for a few days just to do prototyping. Pre production approvals for this program. So, uh, because my timeline was so tight, so we, we literally turned around this in three months lead time, uh, close to 750, 000 pieces. So I would say, yeah, like that, that would be a perfect example of, of a successful program.

rahul-mehra_1_06-05-2024_053637: 43:19

Cool.

amit-gupta_1_06-05-2024_083636: 43:20

That's, that's very cool to know. So when we buy a product at these stores, a lot of effort has happened months, sometimes even a year before getting that To us. So, um, that's, that makes it very interesting, especially when you see some products trending,

squadcaster-4a3a_1_06-05-2024_083636: 43:40

Yeah,

amit-gupta_1_06-05-2024_083636: 43:41

products that are trending. Uh, the whole trend was, uh, or orchestrated, uh, months or years before it actually starts trending. So that's, that's a very interesting, uh, observation. I think, uh,

squadcaster-4a3a_1_06-05-2024_083636: 43:56

lot of R and D, a lot of market research, you know, like you say, what is the current trend? And when we are working in advance, like it's hard to predict as well, right? Like we are, we have these trend reports, of course, but we are just. Assuming that, yes, this is going to be big, it's going to sell, the customer will like it. So, uh, there is a risk there, but, but, you know, like mostly the trend reports we go with them very accurate, like they're huge, uh, agencies like, uh, Doniger, WGS, and like in the fashion world that, uh, actually published these trend reports like a year or two years in advance. So,

rahul-mehra_1_06-05-2024_053637: 44:34

Right.

amit-gupta_1_06-05-2024_083636: 44:34

that's cool.

rahul-mehra_1_06-05-2024_053637: 44:35

Yeah.

squadcaster-4a3a_1_06-05-2024_083636: 44:36

yeah.

rahul-mehra_1_06-05-2024_053637: 44:37

Neha, how important is it to adapt to customer feedback and market trends when, especially when selling to giant retailers? And how do you incorporate these feedback into your product development?

squadcaster-4a3a_1_06-05-2024_083636: 44:50

Um, yeah, like very important, I would say, right? Like ultimately the goal is always for the end customer to be happy with our product. And I would say one thing that, you know, retailers, they actually, if something sells well, like, for example, the shorts, right? We repeated this program for five years in a row. And like Amit was saying, he always goes and buys the same hoodie every two years. So, um, if something sells, because these retailers, like club channels, I would say they're more conservative in their approach, right? Because they're not, they're not fashion savvy. They're not crazy about, Oh, whatever. Gucci is doing what Louis Vuitton is doing or what Zara is doing. They don't care about that. So you'll see like clean, simple product because the value is perceived more on the price front, like price and quality rather than the fashion elements, right? Or trend elements. So, uh, if, if your customer is happy and they're buying the product through these retailers, uh, they will, uh, constantly repeat it, repeat the buy. They don't want to make any changes. They're conservative. So, um, it is very important to gather a lot of data through these retailers. So I, we usually, uh, in, in, uh, you know, my career, I have seen that we always ask the retailers because we are B2B. So we are relying on them for the sales. We are not D2C right now. So uh, we get, we ask them for the sales data, like, Hey, After four weeks of shipping the product, can you let us know like what's selling the best, you know, which style, what color, like what sizes are selling the most and based on a lot of data that we receive. And then we also go online and read reviews online because everyone is selling our product on their website as well. So we, we read a lot of those and we gather this data through retailers. And that's when we start analyzing that, what changes do we need to make? Um, you know, like I can give you an example. The same short, like, uh, but even though it's performing, we still need to do better. Like, we still need some newness there. So what we did, we offered the same product in sustainable materials for the next season with RFID technology in it. So it's the same short, but you have now two more additional features, which increases the value. And, um, uh, that inspiration came from, because, you know, the whole trend we saw of what's going on in the market, what competition is doing and everybody is. Uh, you know, getting more towards using recycled materials, sustainable materials. So, you know, definitely I would say, uh, what customer is saying, what they're looking for, that feedback helps us in improving our product and becoming better. So I would say very important. Like all of our decisions on what to develop next actually comes from that data.

rahul-mehra_1_06-05-2024_053637: 47:35

All right.

amit-gupta_1_06-05-2024_083636: 47:35

I'm curious, you said, you said RFID technology in shorts. What is the use case there?

squadcaster-4a3a_1_06-05-2024_083636: 47:42

It's mostly to track your, um, inventory and your supply chain. You have more transparency in that. Yeah.

amit-gupta_1_06-05-2024_083636: 47:51

thought, you know, when I'm wearing the shorts, you're able to track where I

squadcaster-4a3a_1_06-05-2024_083636: 47:55

No,

amit-gupta_1_06-05-2024_083636: 47:56

Ha,

squadcaster-4a3a_1_06-05-2024_083636: 47:56

I wish, I wish. So, so sorry. I mean, I should have been more clear. So RFID, not in the garment, but on, on the, like, let's say it, uh, your, you, your, uh, Uh, UPC code that this can barcode scanner that would that will have RFID. Exactly. So, but it's, it's, it also helps retailers a lot, especially in inventory management and, you know, tracking, uh, traceability and supply chain. But I wish I was like, that's a great idea. Our next. Development should be thinking about how to implement RFID technology in the government so we can find people.

amit-gupta_1_06-05-2024_083636: 48:35

Now let's run to the patent office and get this patented.

squadcaster-4a3a_1_06-05-2024_083636: 48:39

Yeah, that's a great idea. I'm going to work on that.

amit-gupta_1_06-05-2024_083636: 48:44

it's,

squadcaster-4a3a_1_06-05-2024_083636: 48:44

Million dollar idea.

amit-gupta_1_06-05-2024_083636: 48:46

Imagine, you know, it's a, it's a privacy nightmare in that way.

squadcaster-4a3a_1_06-05-2024_083636: 48:50

Yeah, it is totally,

amit-gupta_1_06-05-2024_083636: 48:53

that's cool.

squadcaster-4a3a_1_06-05-2024_083636: 48:53

absolutely.

amit-gupta_1_06-05-2024_083636: 48:55

Neha, what are the most common mistakes that, uh, suppliers, uh, should avoid, especially when they're trying to, uh, establish a relationship with these, uh, uh, big retailers?

squadcaster-4a3a_1_06-05-2024_083636: 49:09

Yeah, I would say first is thinking that price is the only driving force. Like, no, yes, it is one, but it is not the only factor that's important to get into these, uh, retailers, giant retailers. Right. And second, I've many times I've seen, and even in my own career, I'm not talking about others. Like, you know, we have made, Mistakes a lot of mistakes and learned. Um, you know, if, if we lack in doing our market research and understanding like what they need, we are restricting our abilities to come up with innovative product offerings, which is a very important criteria to to be able to get into these, you know, retail stores. Um, quality. Um, I know. That you're producing large volumes, and it's very difficult to monitor consistent quality. But again, you know, you have to come up with a strategic plan, implement protocols to make sure that, you know, you don't have you. You just always want to minimize your return rate. If you're selling well, your returns are low. That means you have done a great job on quality, right? Um, I would say, Sometimes, like, especially in my career, I've seen that suppliers, they over promise and under deliver. And I would say, like, never do that, right? Always under promise and over deliver. That's okay. That's great. But just don't do the opposite. Um, again, you know, like what we talked about, uh, uh, don't do poor packaging or poor design and, uh, you know, don't be restrictive. Don't lack the flexibility in adjusting your prices or product offerings. Oh, and one very important point that came to my mind is, um, a lot of suppliers, they don't think of offering promotional support to, especially I'm talking about clubs right now. Um, What happens with clubs is see, like, in, in, because it's a membership, uh, system, uh, based, uh, business, right? So they, they, uh, print these catalogs and they run these, uh, promotional offers, like, hey, you have a coupon, a dollar off coupon, a dollar 50 off coupon, right? So, um, that, uh, Boost the product visibility and sales in the store if you have that. So what a lot of suppliers, they've just focused on, Hey, this is a great product. This is a great price. I'm beating the competition and I have this amazing packaging, but no. Think about also supplying. promotional support. You should tell them like, Hey, this is what I have. And on top of all of this, I'm also giving you a dollar off in coupon, which is built in into your costing, right? So they love that. And a lot of people don't do that. So I would say, don't make that mistake. Please just keep in mind that, you know, you, uh, offer some kind of promotional support, 50 cents, a dollar, whatever it is, whatever you can. Um, but that will tremendously help. All right. You know, just as a term again, talking of payment terms, you can always add that, Hey, I'm ready to support you with markdown money. Like if you're not able to sell my product in your store, uh, for two months in a row, and it's, it's really performing bad and you have to mark it down to be able to sell and clean up the inventory. I will help you with, with markdown money. I'll give you 30%, 40 percent of it or whatever it is. Right. So I think like, those are some of the things that suppliers. Often tend to, uh, not think about and which I feel is really important.

amit-gupta_1_06-05-2024_083636: 52:37

that is excellent, Neha, that, thank you so much

squadcaster-4a3a_1_06-05-2024_083636: 52:39

you.

amit-gupta_1_06-05-2024_083636: 52:40

these insights. Uh, I, I feel, uh, everybody who's listening to this and wants to sell to these big box retailers is going to find this very insightful. Uh, eye

squadcaster-4a3a_1_06-05-2024_083636: 52:51

Thank you.

amit-gupta_1_06-05-2024_083636: 52:51

and also, um, there's, there's, there's incredible experience over here that you're sharing. So thank you again, on behalf

squadcaster-4a3a_1_06-05-2024_083636: 52:59

Thank you.

amit-gupta_1_06-05-2024_083636: 53:00

uh, especially, uh,

squadcaster-4a3a_1_06-05-2024_083636: 53:02

My pleasure.

amit-gupta_1_06-05-2024_083636: 53:03

uh, these smaller businesses that, that dream or aspire to be, uh, big businesses, uh, may have one last question is, uh, um, how, how can these retail, uh, sorry, these, uh, Manufacturers reach out to you. Are you are you open to new suppliers? New manufacturers? Is this something that you're constantly looking for? Or are you work with a specific set of suppliers?

squadcaster-4a3a_1_06-05-2024_083636: 53:34

Uh, no, in my world of sourcing, I'm always meeting new people every day, like new suppliers from all over the world. Right? So I, I would say that if someone wants to reach out to me, just do a little bit of research on our products. You know, our brands, it's, I can, I can help. I can tell you the name of the brands. Uh, zero exposure, Jerry Outdoors, Soyboo. Those are the three big brands. And then Colorado Trading Company and Tranquility are smaller ones right now. But you know, once, uh, once you understand our business, like, uh, what zero exposure is about, what Soyboo is about, and you Think that you have something to offer that is a good fit for that, then for sure. You know, I'm always open to meet, uh, new people. My three biggest requirements, uh, criteria for, uh, meeting suppliers is, you know, definitely compliance that I talked about. Um, that's number one. Uh, then secondly, I would say, uh, you know. competitive pricing and innovative product, like what's the value you are giving to me? And then third would be, uh, terms, you know, and then if, if you have, if you're a smaller business, I would love to see that, uh, do you have a scalable, um, supply chain ready with you? You know, do you have, you build that robust supply chain so, uh, you can scale, no one can beat your quality and price. And I definitely want to see if you're financially strong and if you're able to support these. Big volumes, and you can offer, offer favorable terms at the same time. So, yeah, absolutely.

rahul-mehra_1_06-05-2024_053637: 55:08

Thank you.

amit-gupta_1_06-05-2024_083636: 55:08

So if you're watching this, uh, we're going to post links to Neha's profile on LinkedIn and, uh, and if you qualify, as, as Neha mentioned, uh, please reach out to her and, um, you know, uh, work together. So Neha, thank you again, once on,

squadcaster-4a3a_1_06-05-2024_083636: 55:24

Thank you My pleasure.

amit-gupta_1_06-05-2024_083636: 55:25

of the community, uh, thank you for appearing on this podcast. We'll keep coming back to you again. Uh, we would like to hear more about, uh, what's happening in the industry. What are the latest trends and, uh, what are the new suppliers that you're working with? Thank you.

squadcaster-4a3a_1_06-05-2024_083636: 55:41

Absolutely. Thank you so much. Thank you, Rahul. Thank you, Amit. Have a great evening.

rahul-mehra_1_06-05-2024_053637: 55:45

too.

amit-gupta_1_06-05-2024_083636: 55:46

You too. Bye bye.

squadcaster-4a3a_1_06-05-2024_083636: 55:47

Bye.