Leading Global Franchisor Will Use Revel Enterprise™ to Drive Innovation and Enhance Efficiency as It Transitions from Legacy SystemFAT Brands selects Revel for its latest franchise arrangement. A major international franchising business in the fast casual and casual dining niches, FAT Brands intends to roll out Revel Enterprise across all Fatburger locations. Today, 30 places are already live on Revel. Revel was the clear option for FAT Brands for a couple reasons. Attractive features include the platform‘s flexibility, scalability and rapid deployment along with the Provider’s celebrated customer support.
Why FAT Brands Selects Revel
Even during these challenging times, retailers and restaurants are accelerating their technology transformations. They’re introducing digital capabilities that better meet clients’ changing tastes, provide ease-of-use, and optimize efficiencies. Recognizing technology as crucial to survival and promote recovery, FAT Brands is modernizing in-store operations. The QSR giant is leaving behind its obsolete and costly legacy systems. With plans to standardize all of its franchises on Revel’s cloud-based solution, the FAT Brands portfolio comprises Fatburger, Ponderosa & Bonanza Steakhouse, Hurricane Grill & Wings, Elevation Burger, Buffalo’s Cafe and Yalla Mediterranean.
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“When we looked to pick a new POS solution to future-proof our organization, we chased a holistic approach,” said Andrew Wiederhorn CEO, FAT Brands. “Revel was the only candidate that match our needs with their versatility, rich feature set, and want to become a strategic partner. These qualities made Revel Enterprise the obvious choice as our technology partner. Revel has continued to swiftly adapt to our requirements, especially in these present times.”
Implementation Builds on Other Enterprise SuccessesFAT Brands is the newest franchise chain operator to select Revel. Building on its strong momentum, Revel has also recently contracted with:
- The Halal Men at more than 80 locations
- Moe’s Southwest Grill at more than 700 locations
- Buff City Soap at more than 200 locations
“On behalf of the Revel team, we’re thrilled to be the technology partner of choice for a leading restaurant group like FAT Brands. Our platform is now the leading solution for big chains who wish to move away from legacy systems to cloud-based POS,” stated Greg Dukat, CEO, Revel Systems.
What Does Backorder Mean?
What Does Backorder Mean?If you are wondering,” What is a backorder?” Then we are here to help clear things up for you! A backorder is an order for something that’s currently out of stock but will be available at a later date. Backorders can send mixed signals regarding how well a company is doing. Some businesses wear it like a badge of honor because backorders show customers that their products are in high demand. When overdone, however, backorders may also be an indicator of more significant issues in the provider’s operations. Today, we’ll discuss questions relating to this Vital supply chain theory, including” what does backorder mean?” And”how to prevent backorders.
“A Closer Look at Backorders
So, what happens when an item is on backorder? In cases like this, a customer can opt to pay for the product and receive it in a later, specified date once the item is available to send. To define backorder, we will need to clear some confusion . The term is –but wrongly –used interchangeably with”from inventory.” While the significance of”out of stock” comes close to the meaning of backorder, both are separate designations. Sure, they both deal with a situation where a client can not get a product in real time, but there is a distinct difference. That distinction is that the predictability of the item’s anticipated shipping date. A predetermined schedule can be disclosed when mentioning a backorder, meaning clients will know precisely when they are going to have the product. That is why most are prepared to pay for the item even if they don’t get it just yet, particularly if the merchant is reputable. This is compared to a true out-of-stock scenario where a product is unavailable, and the seller doesn’t have any idea when it’ll get restocked, if ever. In the event of out-of-stock product, the product is usually unavailable for purchase, and might never be replenished.
Are Backorders Bad or Good?
Backorders can be both good and bad for the company. On one hand, a backorder is a much better position than being from stock. It informs merchants that their product is doing exceedingly well given the requirement. And when a client chooses to pay for a backordered item beforehand, the sale is already complete before the product is fulfilled. As most will say, it is a”good problem to have.” Apple is a good example of a business which does backorders right. Anytime they start a new iPhone, people will pay and wait patiently for months to get their hands on one. It is a testament to the power of Apple’s brand, but also to backorders as a frequent selling strategy. It’s important to remember that a backorder can frustrate a customer, particularly if it’s a regular occurance. Most consumers want their merchandise in hand as soon as possible after their purchase. There’s also the important time until your merchandise becomes available to take into account. In this time, competitors can swoop in and steal a sale from you. And, if you receive backorders frequently, it can be a sign that you will need to work on your stock management approach.
Causes for Backordered Items
Backorders can happen for a vast array of reasons, both because of a supply chain or through outside elements. Here are some common reasons:
Sudden Change in Demand
An unusual or sudden shift in demand is the very best reason back orders happen. There are a number of factors that may cause this, including something as straightforward as a recommendation or tweet from a star who endorses the product. Sometimes, however, even if you expect an increase in demand, you may have underestimated your inventory levels. As an example, you may have explored a new advertising channel lately, doubling your estimated prospects. If you have been following sound stock control practices, you will likely have your shares at optimal levels for standard sales. However, these levels can get bothered with surprise occurrences. Regrettably, these sudden surges in demand can be quite tough to forecast, leading to backorders.
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Supply Chain Issues
A backorder may be caused by problems with your supply chain. Your supply chain may not have expected a sudden surge in demand for their raw materials. This could lead to challenges with providing vendors, resulting in decreased output. Many times, however, supply chain issues result from the individual parts not communicating with each other correctly. 1 error from someone downstream in the chain can make a ripple effect that will intensify once it reaches you. By way of instance, say you (the merchant ) asked a specific quantity of inventory from your wholesaler. If the wholesaler is extra careful, they may dictate less than what you advised them to, simply to be on the safe side. This”ripple effect” will last in the distributor to the manufacturer. Then when you finally purchase, you will end up just getting a fraction of what you asked. This leads to lower stocks and, possibly, backorders.
Insufficient Safety Stocks
Even if the supply chain fails, many firms have an insurance policy to help prevent out-of-stock scenarios. This is called a safety inventory, which is an excess supply of inventory used as a buffer for emergencies. In the face of growing demand or low supply, security stocks can help keep you afloat. But if you do not accurately gauge the amount of safety stock you will want on hand, this also can lead to backordered products.
Best methods for backorders
Despite your best attempts, backorders can happen. So the wise thing is to handle them as best as possible. The essential thing is to still offer excellent customer support to keep your customers happy even as they are waiting for their items to arrive. It is just about making the best of a not-so-ideal circumstance. Below are a few backorder best practices you can implement in your business right now:
Not Every item Will be appropriate for Backorders
Regrettably, back-ordering does not work well with each product in the marketplace. Broadly , the more precious or high-priced a product is, the more willing the consumer is to wait for that item. Therefore, why people wait for months for the most current iPhone. If your product is a commodity or whether you are competing in a really saturated market, then it may not be worthwhile to perform a backorder.
Keep Your Clients from the Loop
The secret to a successful backorder is always keeping your clients informed at every touchpoint. There is nothing more frustrating than spending some time searching and finding out the items are on backorder upon checkout. Be upfront. Clients are also naturally worried as you are getting their money with no product available yet. You will need to ease that anxiety about them by letting them know transparently if the items will be restocked. This not only gets them excited but also discourages them from going to a competitor. And regardless of what you do, keep your promise. Trust is difficult to recover once broken.
Setup an Email Waitlist
One good practice with backorders would be to establish an email list specifically for clients waiting for that product. Not only will it be much easier to communicate with them, but it is also possible to offer them the choice to opt into any of your lists for different products. Regularly sending emails also creates anticipation and a sense of immediacy. Again, this is effective communication in action.
Create a Separate Page for Your Backorders
This is a wise strategy that keeps both you and your clients happy. On your site, you can create a new page that lists all your products on backorder. The obvious advantage is that it is still possible to sell with no inventory on hand, which is always great. However, it is also a way to communicate from the beginning that these products will be postponed. This helps manage their expectations and reduces any frustration later in the purchasing procedure.
How to prevent Backorder Situations
While positive sometimes, it is generally better to avoid backorders as far as possible. It’s never a great long term approach to burden your clients with unnecessary delays in the name of selling something with no stock. Here are some methods to prevent backorders:
Invest in Real-Time Data
Obtaining an accurate view of your inventory stock levels is the key to reducing backorders, and you want it to be as near real-time as possible. This is particularly crucial if you receive countless transactions a day. In addition to stock levels, you must also know your stock velocity. This is simply how quickly your things are flying off your shelves shelves. That information is a must for forecasting when you will need to replenish inventory, and by how much.
Rely on Your Inventory Control System’s Automated Attributes
Modern inventory management systems will have strong forecasting and auto-ordering attributes set up to help expect low stock levels. As soon as you have sufficient inventory information, the system can often provide you with an accurate prediction. You may then set the system to trigger certain actions once those predictions are satisfied. As an example, your applications can automatically place a reorder when inventory dips down to critical levels.
Have a Contingency Plan in Place
Your supply chain is a delicate machine that’s at the mercy of circumstances often beyond your control. If you are not ready for these situations, then it may be tough to recover. Always have backup processes in place.
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