No, the customer doesn't pay upfront. I have to buy parts from my own pocket, and the customer pays later. I can't ask a regular customer for advance payment. If it's a new customer, I ask for advance payment. If I get a defective part, it can be exchanged. If I don't open the packaging, it can be easily exchanged, but not if the packaging is opened. Products from JC Road cannot be exchanged. I have many items lying from there. They have boards outside that say 'no replacement'. Yes, I have bought the parts, but now I have to wait to fit it in another vehicle. The part will not go to waste; it will be used sooner or later. There will be no loss, but I will have to wait. No parts go to waste in my shop.
When the products expire and I am unable to sell them, I distribute them. I distribute them to people who are from the middle class or who are poor and don't have access to everything. For example, there are orphans who study in ashrams, and I give the products to them. It is a form of support. I don't need to take or give anything in return for that.
We keep more daily wear and less party wear. This is because each piece is expensive, costing around Rs. 1500-2000. The fashion for party wear is always changing, so if I get stuck with 2-3 pieces, they become outdated. That's why I don't keep a lot of party wear. Yes, sometimes the clothes don't get sold out. In that case, it is better to sell them at half the price to avoid any loss. At least you can get what you want.
Yes, of course, we receive items that we are unable to sell. They become dead stock, which has been with me for a long time. I still have some items from 2012-2013 that are considered dead stock. I keep them with me. Exceptionally, if there is an inquiry or if I try to obtain it from a vendor, I return it. However, that hasn't happened yet. I don't return any products. But it only accounts for 2-3% of the overall inventory. I keep it as it is. If there is an inquiry about a product and I can offer it as a substitute, I do so.
Products that are not sold are a loss for me. I talked to the vendor and he advised me to return them. But I don't have the time to pack and send them back. So, it's a loss for me. However, I haven't given these poor-quality products to my customers. They are still in the drawer, and I will dispose of them. What else can I do? I can't give them to anyone because they are of low quality, and I will lose a customer. We believe in the policy that one loyal customer brings ten more loyal customers, while one disappointed customer can discourage ten others. We follow this policy. I aim to build long-term customer relationships. If you buy a bulb today, tomorrow you may return for wiring. If you have any future requirements, feel free to ask for suggestions from us.
There are some books that don't get sold, but if we get them back, that's fine. That's why we keep them. These are school books. This particular book didn't sell, as the kids who wanted to buy it already purchased it in September. If a book doesn't sell, it's a loss for us. However, if it comes back, it's fine. It's gone now, which means it's a loss for us and we have to bear that loss. Unlike books, magazines and chronicles don't get returned. We know that we can sell 100 of them in a month, so we'll only order that quantity. There is a high demand for magazines.
The stock that we aren’t able to sell, then the company takes it back.
I have some remaining stock that I donate to an organization called Five-Fold Maitree society, which is very popular in Nagpur. This organization provides various items to people in need. If I can't sell these sarees, even if customers aren't willing to buy them for 100 rupees, I will donate them to the organization. It's up to them how they use the sarees. The organization is an NGO, and I'm familiar with the people there because my brother-in-law works there, which is why I donate to them.
Maybe 1 or 2 of them we weren't able to sell. In the beginning, around 10-12 pieces of the product were sold, but I purchased 25 of them. As they expired, I had to throw them away. There was wastage in the initial stage.Most suppliers don't accept returns. However, some items can be returned within 15 days before their expiry dates. Unfortunately, we have overlooked the expiry dates of certain items, resulting in their wastage. Now we have started maintaining it correctly. We check the dates accordingly. Sometimes the supplier will give us items that are already 3 months away from the expiry stage. In such cases, I simply return those items back to them. If we don't pay attention to all of this, it will be a waste for us.
Vendors give us a lower rate. We add one or two profits and sell. Since we opened this shop, we have been purchasing from them exclusively. They are the only wholesale shop in this area. We buy items like mixture and murukku from another shop. I buy vegetables from the mandi market. He goes to the market at about 5 AM and comes back at 6.30 AM. We buy only 1 or 2 kgs of vegetables. We don't sell them in large quantities; we sell them at a fixed price. One bundle for 10 rupees. We measure and keep them as bundles. We keep them pre-packed and then customers take whatever they want. We buy all the vegetables like carrots and beans. We try to sell the entire lot. If we are unable to sell, we give them away to people in need.
Yes, we can replace the damaged items. We should replace them immediately. If there is just one odd number, we have to adjust it. If we are unable to sell it, then we can get it changed.
We try to sell unsold stock at a lower cost. There are people who sell things on the platform, they come buy things in a lot and they will give you an offer of 50 rupees. If I give it to them at 50 rupees I will get no benefit. If I get regular customers and I give the same discount to them I will find some benefit at least. So why should I give it to these platform sellers. Our regular customers will be happy that I sold this to them. They will come back to me the next day thinking that I gave him a good price. If I give it to them it is a problem.