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Warren Buffett, one of the most successful investors in the world, once said: "Industries run on marketing but survive on procurement." According to Sapeap (Save a paisa, Earn a paisa), it is possible to increase profit by 50 per cent by 3 ways—by saving 10 per cent in procurement, by increasing sales by 50 per cent, or by increasing sale price by 5 per cent.
"All of us are well aware that in the competitive market it is a very tough task to increase sale price or sales by 50 per cent, but reduction in procurement is not so tough," Sapeap said in a statement to Fibre2Fashion.
"We have to increase competition amongst our suppliers, and we have to just change the way of our negotiations from offline to online—the concept adopted by all major industries like Tata, TNPL, BHEL and Khanna Paper Mills. Online negotiations of price can definitely reduce the procurement cost in less efforts," the statement added.
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