Based on the hot topic of "new retail" in the retail industry in recent years, this paper analyzes the working capital management strategy and effect of Yonghui Supermarket's new retail business model.
On the whole, Yonghui Supermarket's working capital management strategy under the new retail business model has had a positive effect and promoted the development of the company. However, at the same time, there are also shortcomings, which need to be further improved and perfected.
1) In-depth cooperation with leading merchants to effectively improve the efficiency of capital operation.
It not only helps the online and offline business of new retail to obtain high-quality and stable commodity resources, but also meets consumers' needs for product differentiation and customization
It more effectively saves the working capital in the procurement process and improves the operation efficiency of the new retail capital.
On the one hand, Yonghui Supermarket binds equity with upstream merchants with relevant business dealings through equity participation or acquisition, forming a community of interests.
According to the different types of fresh products, Yonghui Supermarket is bound to the equity of related characteristic agriculture to obtain high-quality fresh resources and strengthen the core competitiveness of the enterprise
In addition, Yonghui Supermarket is also internationally oriented, and actively cooperates with foreign high-quality wine and dairy beverage companies to promote the layout of the international first-class chain, so as to obtain the category advantages of such products and broaden the market share of enterprises.
This kind of cooperation between the best merchants and themselves can not only reduce the cost of searching, obtain high-quality and distinctive commodity resources, but also enhance bargaining power and reduce procurement costs.
On the other hand, Yonghui Supermarket also actively develops the first-chain financing business, and independently establishes factoring companies and private banks.
Whether it is the first business to use the factoring company to achieve the early recovery of receivables, or with the help of bank credit financing business to help the first business to relieve the financial pressure
It can promote the cooperative relationship between Yonghui Supermarket and the best businessmen, and strengthen the initiative and voice of Yonghui Supermarket in the retail supply relationship.
As a result, the first merchants are more willing to extend the payment term of Yonghui supermarket to a certain extent, help enterprises use commercial credit to extend the payment term of accounts receivable, and reduce the liquidity risk of working capital in the procurement process.
2) Intelligent warehousing and logistics distribution to promote the efficient circulation of inventory.
Yonghui Supermarket regards the fresh food business as the main advantage of the enterprise, which also determines that the enterprise should put forward higher requirements for the storage and circulation efficiency of fresh products.
In the process of transformation, Yonghui Supermarket conforms to the development trend of science and technology and intelligence, actively integrates digital technology, and intelligently upgrades the existing inventory management
And self-built networked logistics and distribution system, not only to meet the demand for efficient and fast distribution of products under the new retail model, but also to reduce the precipitation of new retail funds in inventory and distribution.
In terms of warehousing, Yonghui Supermarket has established an information-based inventory management system.
On the basis of the original timely management model, a more refined management system has been established according to the different product categories and inventories.
In terms of quantity, Yonghui Supermarket relies on an intelligent inventory management system to automatically warn of the risk of out-of-stock and independently generate ** orders
Effectively avoid the inventory backlog caused by excessive one-time purchase, and improve the efficiency of inventory management
In terms of quality, Yonghui Supermarket uses a visual sharing platform for inventory information.
Trace the source of unsalable goods in a timely manner, and sign a corresponding return agreement with the first merchant, which not only ensures the quality of the existing inventory, but also reduces the precipitation of funds in the inventory link
In terms of logistics and distribution, Yonghui Supermarket has built its own logistics and distribution system with the help of IT technology.
On the one hand, Yonghui Supermarket has built its own logistics distribution center information system to achieve inventory logistics resource sharing and resource interadjustment between different channels and regions
And the introduction of intelligent equipment to speed up the efficiency of logistics sorting;
On the other hand, Yonghui Supermarket has carefully built a cold chain logistics system according to the needs of its new retail business, and designed different types of distribution methods for different situations, so as to improve distribution efficiency and speed up the circulation of inventory.
Finally, in view of the shortcomings of the self-built logistics system, Yonghui Supermarket also actively seeks cooperation with third-party logistics to further improve distribution efficiency and accelerate the flow of funds in the distribution link.
3) Big data drives precision marketing, empowering new retail to reduce costs and increase efficiency.
Yonghui Supermarket adheres to the new retail development concept of "consumer demand as the center", and uses big data and cloud computing technology to independently develop and build an intelligent middle platform and consumer database.
Not onlyIt promotes the deep integration of online and offline omni-channels, and also accurately improves marketing needs, which not only saves marketing costs, but also effectively improves the marketing level, accelerates the rate of commodity realization, and helps enterprises reduce costs and increase efficiency
When building an intelligent middle platform independently, Yonghui Supermarket focuses on creating an organic linkage of all links and processes.
On the basis of digitalization, we should achieve mutual drainage and resource sharing of different channels and modules.
So as to achieve a full range of information sharing and business interaction;When building a consumer database, Yonghui Supermarket collects multi-dimensional information from consumers.
Deeply analyze consumer needs and preferences, and guide upstream merchants to make adjustments to product production to achieve "sales to production" and "precision marketing".
Whether it is the construction of an intelligent middle platform or the establishment of a large consumer database.
BothOn the basis of meeting the needs of consumers, we will continuously improve the shopping experience of users, and use this to create a digital first-chain marketing system and strengthen online and offline marketing capabilities
This kind of upgrading and optimization of marketing links relying on precise demand can effectively save marketing costs, improve sales levels, and accelerate the realization rate of goods in the marketing process.
While helping enterprises reduce costs and increase efficiency, it can also promote omni-channel integration and improve the competitiveness of new retail.
4) Rapid expansion leads to debt risks, and credit policies need to be improved.
In order to enhance its competitiveness in the new retail market, Yonghui Supermarket has increased its expansion efforts to gain scale advantages on the one hand, and relaxed its accounts receivable policy on the other hand to improve customer stickiness and enhance customer loyalty.
Although the sales level has been improved to a certain extent, it has also affected the safety of the company's working capital.
In order to make up for the huge funding gap in the large-scale expansion of stores and the new retail format, Yonghui Supermarket borrowed a large amount of short-term borrowing, although the high proportion of current liabilities helped Yonghui Supermarket to work capital.
However, due to the fact that the current assets of the enterprise cannot fully cover the current liabilities, and the realization of fixed assets takes a certain amount of time.
Therefore,The high amount of current debt has greatly increased the repayment pressure of Yonghui Supermarket, and also seriously affected the safety of the company's working capital
At the same time, the continuous expansion of sales scale has led to an increase in store lease deposits, pre-sales payments for customers, and deposits for purchased products.
As a result, Yonghui Supermarket's accounts receivable have also increased significantly.
Although Yonghui Supermarket has adopted a relatively relaxed accounts receivable policy in order to maintain a good relationship with customers.
However, this also makes the turnover period of accounts receivable increase year by year, which not only increases the risk of bad debts, but also increases the risk of capital chain breakage.
Therefore, in the process of transformation, Yonghui Supermarket should reasonably control the expansion rate and continue to optimize the debt structure
In addition, it is necessary to use a scientific and sound credit management policy to strengthen the management of accounts receivable, so as to ensure the orderly operation of funds.