Here are the parameters configurable in RTL
- Fast Moving Consumer Goods Industry Allow
- Fast Moving Consumer Goods Industry Batch Size
- Consumer Store Loyalty
- Rental Fee
- Holiday Allow
- Holiday Sales Increase By
Holiday
The MonsoonSIM Retail module encompasses two types of retail businesses: simple retail and Fast Moving Consumer Goods (FMCG). This module provides learners with a comprehensive simulation of retail operations, including the unique characteristics and challenges associated with FMCG products. Here are the key features of the Retail module, incorporating both types of retail businesses:
Retail Sales Operations:
- Location shows cities in play where you can start renting retail store. Stores are for rent, not for sale. Only 1 retail store per location per team allowed. Opting for a bigger space can store more goods, but be prepared for higher rental costs. On the flip side, if you choose a smaller area but order a substantial amount of goods, you run the risk of overflow. When your stock outgrows your store, you'll need to pay an overflow fee.
- Location also shows the population demographics (Seniors, Adults and Juniors). It also shows the rental fee and rental overflow fee. Each product has a dimensions. If the total area consumed by the products in the store is more than its area, you will incur overflow fees (higher than normal). Rental menu shows rental agreements. Longer rental are discounted, but less flexible, i.e., Store cannot be closed and rented area cannot be changed before lease/rental ends. Lease are always auto extended.
- Procurement is for buying finished goods to the stores. Selling will automatically happen when you have products to sell in your retail store. All you need to do is to make sure you have enough products to sell and your selling price is reasonable.
- The Retail module encompasses two types of retail businesses: simple retail and Fast Moving Consumer Goods (FMCG).
- Both types operate on a cash basis, without offering credit to customers.
- Pricing strategies, marketing efforts, competitor pricing, competitor marketing activities, being in crisis and staff index influence sales performance.
- If your inventory shows zero after making a purchase, make sure your purchase has been completed (check your procurement history). If your purchase has been completed, it could be that you have bought too little, and the products are sold out the day they arrive. Please monitor your daily sales table.
- If the facilitator turns on the Forecast (FCS) module, learners will be able to see the demand for each of the products for each of the locations. you can look at the demand before deciding to rent a store
Price Elasticity:
- Price elasticity affects sales volume, and learners must analyze it for each product category.
- Adjusting prices based on elasticity helps optimize sales performance.
Marketing Campaigns:
- Effective marketing campaigns targeting population demography are crucial for driving sales.
- Learners choose media and communication channels to reach their target audience.
- Analyzing campaign performance helps make data-driven adjustments.
Competitor Pricing and Stock Availability:
- Competitors' pricing strategies and stock levels impact sales.
- Monitoring and analyzing competitors' actions help adjust pricing and stock management.
Retail Store Management:
- Learners manage up to seven retail stores, including simple retail and FMCG.
- Learners can only rent store. Leaners are not able to purchase any store. To make it easier for learner's to understand, location can only be used as a Warehouse or a Retail Store
- Considerations include rental terms, fees, storage space, and overflow penalties.
- Each rental has a record with options for store closing and store size management.
- How much area to rent is up to the learners business decision based on cash flow, how much inventory to meet daily demand, the replenishment strategy.
- Efficient inventory management, stock replenishment, and store location optimization are essential for success.
- There might be several reasons why you cannot close your retail store:
- Because your contract is not ended yet. You may have chosen a 7-day or 30-day contract due to the discount. In this case, you need to wait for the contract to due before renewing the retail contract.
- Because you have a pending allocation. You may have an outstanding allocation, be it for B2B sales, ECM sales, or moving stock.
- Your retail store is not empty at the time of closing, you need to empty it first before closing
FMCG Characteristics:
- FMCG products have expiration dates and come in batches. Goods can also go missing or damaged when delivered by the vendors. You need to do stock take and write off frequently to avoid inventory miscalculation.
- To write-off expired and unaccounted goods, simply click the Store menu and click Write-off button
- Learners manage stock levels to avoid wastage and ensure timely replenishment.
- The store will have display room and back room. Goods in back room can be allocated for shipment but cannot be sold to walk-in customers.
- Learners can set a sales discount on a certain batch product, when you put a discount, most customers would prefer to buy from the discounted batches first, making it a good strategy to sell your almost expired goods.
Staff Index:
- Maintaining a high staff index (ideally 100%) is crucial for excellent customer service and sales performance.
Holiday Impact:
- Holidays significantly affect sales in both simple retail and FMCG businesses.
- Demand changes during the holiday can be seen in forecast (if module is being turned ON)
- Learners adjust inventory management to meet increased holiday demand.
Business Intelligence:
- MonsoonSIM provides advanced tools, such as the Business Intelligence explorer, for sales analysis.
- Analyzing sales data helps identify trends, evaluate marketing initiatives, and make informed decisions.
- Using data explorer (the magnifying glass icon), learners can analyze the sales, cost of goods sold, unit sold by location, by product.
Through the Retail module in MonsoonSIM, learners gain a comprehensive understanding of retail operations, including the nuances of managing both simple retail and FMCG businesses. By actively participating in decision-making processes and experiencing the consequences of their choices, learners can develop essential skills and knowledge related to pricing, marketing, inventory management, and sales strategies applicable to both retail types.
How to Rent A Store:
- Player clicks Retail, Location
- Selects a city
- Decide on the initial rental area
- Submit
Note: The complexity of this module is configurable by the facilitator. It is recommended to start with the default configuration and gradually increase the complexity as the facilitator sees fit. This allows for a customizable learning experience tailored to the participants' needs and skill levels.
Our Other Modules
All our MonsoonSIM modules are intricately interconnected, offering a cohesive simulation experience that mirrors the dynamic interplay of real-world business departments and functions.
Forecast Module: Unlock Future Business Insights with the forecast module.
Marketing Module: Explore Teaching Marketing Principles
Logistics Module: Teach Complex Warehouse and Logistics Management
Warehouse Module: Innovate B2B Teaching with MonsoonSIM's Wholesales Module
