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House Accounts and Invoicing
Workforce Empowerment App
Hospitality Point of Sale App
Table Mangement for Restaurants via Mobile or Tablet
Kitchen Display System
Seamless Sales Across All Channels
Elevating Sports & Entertainment Transactions Effortlessly
Streamlining Retail Transactions for Seamless Shopping
Optimizing Transactions for Vibrant Festival Experiences
Transforming Hospitality & Suite Service Management
Smart Inventory Management with RFID
Building Relationships, Rewarding Loyal Customers
Insights-Driven Decisions for Business Growth
In the digital landscape of today, businesses strive to stay ahead of the competition by embracing innovative marketing strategies. While email campaigns and social media advertising have long dominated the digital marketing platforms, SMS marketing has been overlooked as a marketing campaign . SMS marketing presents a unique opportunity for businesses to connect with their target audience directly through text messages. These text messages can be used to drive traffic to a business’s website. Businesses can include a link to their website in their text messages. This will allow customers to easily visit the website, learn more about the business, and play a pivotal role in driving organic traffic, improving website visibility, and ultimately boosting your online presence.
Why text marketing?
According to the following statistics, for every 100 text messages sent:
These statistics are much higher than any other marketing campaigns as SMS marketing is personal, timely ,quick and optional.
Here are the best practices to follow for an effective SMS marketing campaign:
Collect and analyze customer history: to send targeted text messages, retailers need to know what the customer has purchased in the past or which store they have visited. This history tells you about the customer preferences to leverage and increase conversion rate.
Opt-in and opt-out options: Give customers the option to opt-in or opt out of receiving SMS messages from your retail business. This empowers them to control their communication preferences and ensures that you’re targeting individuals who genuinely want to hear from you. Make the opt-in process seamless and straightforward, and respect customers’ choices to foster trust and loyalty.
Keep your messages precise and include a CTA(call to action): text messages with CTA should short, precise to encourage customer engagement an example of CTA will be “ Limited time offer- shop today and get 10% off on your purchase”
Use a variety of messages: SMS marketing is not just about promotional offers but these messages can be reminders to use up loyalty points, birthday wishes or just a hello message to remind customers about your business.
Track your results: It is important to track the results of your SMS marketing campaigns so that you can see what is working and what is not. This will help you improve your campaigns over time to increase engagement and conversion rates.
Why Using Customer History to Do Targeted Messaging is More Effective
Customer history can be used to create more targeted and personalized SMS marketing campaigns. By understanding what the customers’ preferences are. Retailers can send them more relevant suggestions and timely messages that are more likely to be opened, clicked on, and converted.
For example, if a customer has previously purchased a dress from your store, you could send them a text message with a special offer on a new dress or matching shoes that you just received in stock. Or, if a customer has recently viewed a product on your website, you could send them a text message with a reminder to complete their purchase. Here are some statistics on why you should use customer history for your text marketing:
The most effective and sustainable way to collect customer history is by using a cutting-edge Point of Sales solution, retailcloud POS solution offers a SMS marketing platform that can help you create and send effective SMS marketing campaigns. Retailcloud’s SMS marketing platform includes features such as:
With retailcloud solutions you can even personalize text messages further by offering customer loyalty points for their birthday and also have the ability to see customer responses and respond to them to strengthen customer relationships.With Retailcloud, you can create and send effective SMS marketing campaigns that will help you reach your target audience, increase sales, and boost customer engagement.
Conclusion:
SMS marketing is a powerful tool that can be used to reach a wide audience, increase sales, and boost customer engagement. By leveraging customer preferences and integrating them into your SMS campaigns, you can create highly targeted and personalized messages that are more likely to be successful.
Additionally, SMS marketing campaigns can generate user engagement and social signals. When customers receive a compelling SMS offer, they may share it with friends or on social media platforms, thereby increasing brand visibility and potentially attracting new customers. These social signals can positively influence your SEO rankings, as search engines consider them as indicators of brand authority and popularity.
“70% of the customer’s journey is based on how the customer feels they are being treated” (McKinsey). But how do you figure out how a customer feels after they’ve shopped with you? How do you gauge their satisfaction? You get feedback.
Customer feedback is a vital tool for small businesses. It helps them connect with their customers, gain insight into what’s working and what isn’t, and identify areas where they can improve.
Customer feedback allows small businesses to learn about their audience and tailor their products and services to meet their needs.
This leads to higher levels of engagement, satisfaction, loyalty, and repeat purchases — all of which contribute to growth.
“According to Survey Monkey research, 85% of customers will like to give their feedback when their experience went good with the brand or company, and 81% will give feedback when their experience went bad”.
Customer satisfaction surveys typically ask questions related to how likely a customer is to recommend a business based on their experience
Happy customers are looking for ways to tell others about their experience with a company. They’re more likely to buy from you again and recommend your business to others — which can lead to increased sales over time. According to Forbes, “companies that are customer-centric are 60% more profitable than companies that are not”.
“89% of consumers are more likely to make another purchase after a positive customer service experience” (Salesforce Research). It’s important to keep your existing customers happy so they continue doing business with you instead of leaving for other options. Furthermore, “68% of consumers say they are willing to pay more for products and services from a brand known to offer good customer service experiences” (HubSpot).
For all businesses, especially those just starting out, the impact of bad customer experience can be devastating. The loss of a single customer is more than just the loss of one sale; it’s the loss of an entire lifetime of revenue.
The biggest drawback of a bad customer experience is the damage it does to your brand. Customers who have had poor experiences with your business are unlikely to recommend you or buy from you again. This means that they will not promote your brand through word-of-mouth marketing or online reviews and ratings. In a survey conducted by Khoros, “65% of customers said they have changed to a different brand because of a poor experience”.
In addition to hurting your ability to attract new customers, negative reviews can also make existing customers leave for another company that offers better service. According to Zendesk, “after more than one bad experience, around 80% of consumers say they would rather do business with a competitor”.
“72% of companies believe they can use analytics reports to improve the customer experience” (Deloitte). Feedback analytics are an effective way to measure and improve customer experience. Every business can use data from customer feedback and surveys to drive profits and grow.
Here’s How:
1. Improve your customer experience with NPS surveys
2. Measure satisfaction with CSAT (Customer Satisfaction) surveys
3. Use NPS data to make strategic business decisions
retailcloud’s platform allows business owners to directly engage with their customers by sending them surveys via email and text receipts. They can personalize their messages and prompt customers to give specific feedback.
Data on customers can be very beneficial to businesses and can help them in giving the customer exactly what they want with their products and services. “According to Genesys, 9 out of 10 customers give values to a company having knowledge of their previous purchase and preference”.
Customer feedback is a powerful tool that businesses should embrace to foster growth and success. By actively listening to customers, analyzing their feedback, and acting upon it, companies can drive positive change, improve customer satisfaction, and differentiate themselves from competitors. Remember, customer feedback is a continuous process, and businesses that prioritize it will not only survive but thrive in an increasingly customer-centric marketplace. So, listen, learn, and evolve to create remarkable experiences that leave a lasting impression on your customers.
With retailcloud, business owners can access customer data and feedback from anywhere. It has never been easier to view CSAT, NPS as well as customer preferences, and make informed business decisions.
The new rules in Major League Baseball aimed at shortening average game times can have several impacts on merchandising and concession sales at stadiums: MLB revealed the pitch clocks have shaved an average of 26 minutes a game to 2 hours and 36 minutes. The following are some of the ways that game day sales have been impacted.
Reduced sales volume: With shorter game times, fans will spend less time in the stadium, which could lead to fewer opportunities for them to purchase merchandise and concessions. This may result in a decrease in overall sales volume.
Shift in spending patterns: As fans adapt to the new game duration, they may alter their spending habits. For example, they might make quicker purchases before the game or during breaks, rather than casually browsing and buying items throughout the game. This could lead to increased sales in specific periods, such as pre-game or between innings.
Focus on efficiency:With a shift in buying habits, stadium operators should increase the efficiency of their merchandising and concession operations. This could include streamlining product offerings or offering item of the day promotions, optimizing staffing, and adopting technology to speed up transactions.
Changes in pricing: Stadiums may adjust their pricing strategies to compensate for the potential decrease in sales volume. This could involve offering discounts or promotions to encourage fans to spend more in a shorter time frame, or even increasing prices to maintain revenue levels.
Increased emphasis on fan experience: To keep fans engaged and spending during shorter games, stadiums may invest more in enhancing the overall fan experience. This could include offering unique or limited-edition merchandise, creating innovative food and beverage options, or providing interactive experiences that encourage fans to visit concession stands and merchandise outlets.
Off-stadium sales: Teams and stadiums might also increase their focus on online and off-stadium sales channels to offset potential losses from decreased in-stadium sales. This could involve improving their online stores, offering exclusive online deals, or partnering with local retailers for co-branded merchandise.
Ultimately, the impact of the new rules on merchandising and concession sales at a stadium will depend on how well teams and stadium operators adapt to the changes and implement strategies to maintain or increase sales in the new environment. Improving the fan experience with improved checkout efficiency, allowing fans to return to their seats will be paramount.
Tech for Faster Stadium Sales
To speed up transaction times in merchandising at stadiums and improve the overall fan experience, there are several technologies that can be adopted:
RFID technology: Integrating RFID tags into merchandise and using RFID scanners at the point of sale can expedite the checkout process by instantly updating inventory and allowing for quicker transactions.
Mobile ordering apps: Fans can use their smartphones to pre-order and pay for merchandise, allowing them to skip lines and simply pick up their items at designated locations or have them delivered to their seats.
Self-service kiosks: Equipped with touchscreens and payment processing systems, these kiosks enable fans to quickly place orders and pay for merchandise without waiting in line at traditional counters.
Automated inventory management: Smart inventory systems can help ensure merchandise is always in stock and readily available, reducing wait times for items to be retrieved from storage.
In-seat merchandise: Installing small vending machines or merchandise storage lockers near seating areas can allow fans to quickly purchase items without leaving their seats.
Digital wallets: By creating a digital wallet or a stadium-specific currency, fans can preload money onto their accounts for faster transactions at merchandise stands.
Queue management: Implementing queue management systems, like virtual queuing or line-monitoring apps, can help distribute customers evenly among available service points and reduce wait times. Giving fas access to approximate wait times at different stands can also help them plan their purchasing trips
Augmented reality (AR) shopping: AR can allow fans to virtually try on merchandise and make purchases from their seats, eliminating the need to visit a physical store or stand.
By adopting these technologies, stadiums can create a more efficient merchandising experience for fans, allowing them to spend less time waiting in line and more time enjoying the event.
Item of the Day
Determining the Item of the day sales can be complicated, ideally they should create an urgency for fans to buy a specific item without cannibalizing existing sales, you can follow a systematic approach that leverages data and considers various factors. Here’s an algorithm to help you identify the “Item of the Day” for each game:
Collect data: Gather historical sales data for all items in your inventory. Ideally, you should have data for the past few seasons to better understand sales trends and customer preferences. Also, take note of any special events or promotions that might have influenced sales.
Determine item popularity: Calculate the average sales per game for each item. Rank them according to their popularity. This will help you identify the items that are selling well and those that need a boost.
Identify slow-moving items: From the ranked list, identify items that have a low sales volume per game and could benefit from being the “Item of the Day.”
Factor in seasonality and trends: Consider the time of the year, special events, or other trends that might affect item popularity. For example, if your team has a rivalry game coming up, you might want to promote items related to that rivalry.
Create a non-repeating schedule: Once you have identified a pool of items that can be featured as the “Item of the Day,” create a schedule for the 81 home games that ensures no item is repeated.
Set a discount strategy: Determine the discount percentage or pricing strategy for each “Item of the Day.” You might want to offer a higher discount for slow-moving items or lower discounts for more popular items to avoid cannibalizing sales.
Monitor and adjust: Track the sales performance of the “Item of the Day” and compare it with historical sales data. If you notice any negative impact on overall sales, adjust your strategy accordingly.
retailcloud’s ZeroPOS is an all in one point of sale software that has been designed with today’s retailers in mind. Conduct and manage all aspects of your business with the one, easy to use system. retailcloud gives you less to worry about and more time to spend growing your business.
-Processor-agnostic Solution with Dual Pricing Capability
-Multiple Support Channels i.e. Phone, Chat and Email
-Intuitive Cashier Experience
-Multiple Tender Options and Tap Pay
-Robust Inventory Management
-Powerful CRM with In-house Loyalty and Gift Cards
-Dynamic Employee Management
-Muli-location Capabilities
-Insightful Reporting
-Mobile App and Clienteling Toolkit
-Cloud-based Back Office with Real-time Updates
ZeroPOS is a full suite of management tools that streamlines payment processing, inventory management, and other business operations. Integration to QuickBooks Online allows you to manage your finances with ease.
ZeroPOS pushes all data to QuickBooks Online as transactions are processed throughout the day. This allows you to view sales activity in QuickBooks and effectively gauge your business’ performance based on accurate financial reconciliation.
With ZeroPOS you have a full suite of inventory management in one system. From Purchase Orders, to Receiving, Selling and Adjusting, you can track where your inventory is at all times. Integrated with QuickBooks Online, you can make more informed decisions with your inventory management and increase profits.
Tracking your profits and losses as well as your Invoices and House Accounts has never been easier with ZeroPOS and QuickBooks. Streamline your accounting activities and record-keeping!
retailcloud’s integration with QuickBooks Online makes it the ideal POS solution for those who have worked with QuickBooks Desktop POS. As QuickBooks moves to discontinue their POS, retailcloud is proud to offer a turnkey solution that allows merchants to gain sales reporting, simplify inventory management, and accurately track income and expenses: allowing them to take advantage of the accounting and financial management tools in QuickBooks Online.
As a retailer, you’re constantly looking for ways to improve your customer experience. You want your shoppers to have an enjoyable time in your store, and if they don’t, they’ll never come back.
It’s not just about providing the latest technology — it’s also about how you use it within your store. The right combination of cutting-edge technologies, well-trained staff and thoughtful store design can create a frictionless experience for customers while maintaining accurate inventory control.
Introducing AR or VR fitting rooms reduces wait times for traditional fitting rooms and enhances the customer experience.
Equipping staff with mobile POS devices enables them to process payments and assist customers throughout the store, reducing checkout lines and wait times.
retailcloud’s POS systems can also run on handheld terminals like the PAX A920 PRO. Salespeople can take payments from customers from anywhere using these devices and are great line busters or mobile options!
Implementing RFID tags allow for real-time inventory updates, reducing the risk of stock discrepancies and ensuring accurate inventory control .
retailcloud’s RFID Technology has allowed professional sports teams, like the New York Islanders, to enhance their fan experience by implementing it in their retail spaces. Fans are able to quickly purchase their favorite merchandise and get back to their seats to watch the game, while all of that inventory is accurately accounted for as it leaves the store!
Leveraging customer data and artificial intelligence to provide personalized product recommendations and promotions based on individual preferences, shopping history, and real-time behavior.
retailcloud’s CRM optimizes customer data for every business owner. Customer tracking allows retailers to pull valuable data on customers like their favorite products and average spend. They also have remote access to all of this real-time data from their devices!
Developing a compelling loyalty program that rewards customers for their purchases and engagement, encourages repeat business and enhances the overall experience.
retailcloud’s POS systems offer a fully in-house Loyalty Program. retailers can provide dollar and merchandise-based rewards based on points earned when their customers shop! Business owners can see who their most loyal customers are and encourage repeat visits to build Customer Lifetime Value.
Ensuring a smooth integration between online and offline channels allows customers to access product information, check inventory, reserve items, and make purchases across multiple platforms.
Not only does retailcloud provide the most user-friendly tools for in-store retail. But it also offers seamless integration with online sales channels. With retailcloud Online, retailers can manage inventory across all channels and allow their customers to interact with both seamlessly.
Continuous Improvement.
By integrating these technologies and strategies, you can create a frictionless, personalized, and enjoyable shopping experience for your customers while maintaining accurate inventory control.
Build an end-to-end digital commerce strategy across your online and offline channels that drives growth for your business. Enable a unified approach for working with partners, licensors and suppliers to deliver a consistent experience for consumers as they move through the world of retail. With unified commerce, you can capture customer interactions across the many touch points of your business, and aggregate them in a centralized environment. You’ll be able to see shopper behavior patterns, build a deeper understanding of shoppers and consumers, and serve them better across all your channels.
What is the difference between Omnichannel and Unified Commerce?
Omnichannel has become a major competitive advantage, but unified commerce goes far beyond traditional Omnichannel. The difference between Omnichannel and unified commerce is that Omnichannel retailing consists of siloed, unconnected systems and channels, whereas unified commerce connects all back end systems with customer-facing channels in a manner where critical data can pass between these systems, in real time, and still ensure the truth.
As a leader in omnichannel commerce, we help you connect with customers and drive growth throughout the year. With our unified commerce software platform, you can create a business that gives your customers greater choice, while offering you a single platform to manage all of your store locations, web sites and channels. Unified commerce helps you track your performance across channels and regions so you can make more informed business decisions, and better prepare for future change.
With unified commerce, you’ll have one view of every customer and every transaction. You can better understand the relationship between your customers and your products, identify what they most want to buy and when they want it, and deliver services that are uniquely suited to their needs. You can also establish one payment system that lives underneath the entire experience, making check-out quick and seamless whether customers are shopping in stores or online. Most customers don’t think about separate channels when they shop. They think about their needs, the brands that meet them, and how you make doing business with you relevant and easy. This means transactions should happen seamlessly across channels, regardless of the device or location from which customers start.
Unified commerce integrates all customer-facing and backend systems via a centralized platform, making it possible to scale your business, regardless of channel or region. This reduces the time and resources spent managing multiple providers, improves operational efficiencies, and makes it possible to capture consolidated data insights across multiple touchpoints. By unifying payments from every channel into a single platform, you can identify and link shoppers across channels, helping you better fulfill cross-channel purchases. Learn how opening a store affects your ecommerce sales in the same area, or see how an in-app loyalty program affects in-store purchases.
Customers inevitably want more from their favorite online retailers. They want quick and easy ways to shop, but still feel like they’re interacting with a real person if they need to contact customer service. And when it comes time for home delivery, customers don’t just want the items to be delivered, they expect an awesome experience every time. Usually, the more options your customers have, the better off they’ll be, which is why unified commerce puts consumers in control of multiple shopping destinations.
Unified commerce ensures that your customers can interact with your brand consistently and without friction, regardless of how or where they shop. Customers expect speed, convenience, personalization and more. Unified commerce enables businesses to stay focused on delivering great experiences across all channels, while gaining deep insights into customer behavior which enables them to serve their customers better and drive increased sales.
As a business leader, you’re looking to grow your company in both the present and the future. Unified commerce presents a unique opportunity to streamline global growth and culture across your organization, while ensuring all of your teams share the same digital tools. Unified Commerce represents an exciting opportunity to streamline global growth and serve your customers better. A unified commerce program will help you simplify processes, create a cohesive brand experience, and improve customer engagement across every device.
Start up businesses on a unified commerce platform exceed customer expectations, and save the merchant from having multiple third party apps and payments. Retailcloud provides the best solution for any business looking to eliminate single channels and unify them to fall under one platform.
Schedule your demo today at: https://schedule.retailcloud.com/#/customer/retailcloudappointments
Why are brands still investing in the age-old loyalty strategy? Because 3.3 billion is a staggering number, which is only escalating and every brand knows a retained customer is more valuable than an acquired one. The strategy may be decades old, but the dynamics of loyalty programs are periodically constantly evolving to appeal to the tastes of the newer audiences, cater to the needs of the hour and cope with ever-increasing competition. In order to increase loyalty programs and overall consumer retention, companies have taken to expanding their rewards programs to incorporate social and behavioral actions while also attempting to provide their customers with a more personalized experience.
Customer retention programs are a great way to reward your customers for their loyalty and frequent engagement with your brand. Let’s be honest, we as customers generally prefer to do business with people that are happy, responsive and most importantly feel valued. A great customer loyalty program adds value by distinguishing your brand from other competitors. It can also accelerate the loyalty life cycle.
Loyalty Marketing in retailcloud CRM is a solution that helps merchants give the right offer to their customers, at the right time and in the right way. This helps merchants attract new customers, retain existing customers and reactivate dormant ones. With Loyalty Marketing, you will have a 360° view of your customers and their profiles, purchasing history and even behaviors.
Through the Loyalty Marketing feature, we aim to help businesses build relationships with their customers and encourage customer participation. By encouraging your customers to engage with your brand through sharing content, making referrals and spreading the word about your business, you can create a strong base of dedicated advocates that will be more likely to continue engaging with your brand throughout their whole journey with you. Loyalty Marketing Programs are designed to engage customers with a points based program that they can use to exchange for freebies and perks. Including things like: Exchanging points for cashback, discounts, merchandise, product discounts or exclusive offers.
At retailcloud we offer a complete text messaging service that allows you to send personalized, targeted messages to your customers according to the specific goals for each program. We handle everything from customer opt-in/out, to sending out texts, keeping track of unsubscribes and maintaining your lists. We also do data mining and analysis on our customers from text message campaigns so that you can accurately measure the effectiveness of your campaigns based on what segments respond best.
Loyalty marketing has been proven to positively impact businesses in every industry, as it impacts all key metrics such as customer retention, expansion, and profit margins. By creating a comprehensive loyalty program that allows for modern marketing techniques, you can turn your customers into advocates for your brand. Since modern consumers trust peers over advertising, fostering loyal customers who will then speak out on your behalf is simply a smart business move.
Loyalty is a powerful business strategy, but only if you have the right tools to drive it. At retailcloud, we offer a loyalty marketing platform that enables your team to create and deploy smart loyalty plans to maximize customer retention and increase sales. And our solutions can be deployed within minutes, and will contain all the support you need. Whether you’re looking to enhance your current program or launch your company’s first loyalty initiative, let us help!
(If you would like to schedule a live demo with a sales engineer from retailcloud, you may do so here: https://schedule.retailcloud.com/#/customer/retailcloudappointments)
Omnichannel retailing is not just about online or brick-and-mortar stores, but it is a combination of both. It’s about creating an integrated retail environment that allows for better customer service and engagement through online and offline interactions. It’s about connecting all the touchpoints that customers are using to interact with your brand and making sure that there is consistency across those channels.
There are many benefits to omnichannel retailing including increased revenue, higher conversion rates, improved customer satisfaction and loyalty levels as well as greater overall efficiency in operations
Merchants must understand that their customers want to shop in-store and online at the same time and have access to all products in both locations. Customers expect to find what they want when they want it — whether that’s online or in-store — no matter where they are at any given time of day or night. The success of every retail business relies heavily on the customer experience and how inventory plays a key part in it. The future of retail is omnichannel, meaning retailers need to offer customers multiple ways to shop: online, mobile devices, social media sites, etc., while being able to track their inventory across all channels from one location (i.e., a central hub).
The goal of inventory management is for a business owner to maintain an optimal level of inventory on hand at all times. This allows them to cater to the needs and demands of their customers while saving money by avoiding overstocking or understocking. After all, the business owner is getting the inventory for a specific price and must be able to successfully turn it over in order to:
1. Pay for the expense
2. Provide the exact product that the customer wants
3. Make a profit while continuing to turn over the product successfully
Ultimately, a business owner’s ability to optimize their inventory management will lead to an improvement in customer lifetime value.
A successful inventory management strategy means always having the exact product available for customers to purchase. But in today’s retail landscape, that’s not enough to keep bringing them back in. Yes, your customers know they can rely on you because you carry the product at all times. After successful inventory management, the key to improving customer lifetime value is by clienteling — getting to know your customers personally and delivering a curated shopping experience that complements their purchases online or in-store.
The internet has allowed consumers to shop on their terms and be able to filter their preferences as they please. Businesses are now able to track their customers’ preferences through the data that is collected each time a customer purchases a product online. This can then be used to curate a memorable in-store experience for its clients. Providing quality service with products or other services offered is another way to differentiate oneself from the next competitor and improve their customer lifetime value.
Omnichannel retailing is essential in today’s retail business landscape because it increases sales, improves inventory turnover and increases operational efficiency. These KPIs are fundamental to the success of every retail business, which is reliant on the business owner’s ability to identify them and make choices based on actionable insights from their customer and inventory catalogs. Now a business owner has a strong visual of what their inventory management should be, but also a personalized understanding of their customers and how they shop.
A rising number of companies are showing interest in the metaverse. Walmart’s trademark filings last month revealed that the business is prepared to launch its own NFTs and cryptocurrency, as well as sell virtual electronics, toys, appliances, and home décor. In fact, a real estate metaverse owner intends to construct a virtual mall.
Retail brands are already seeing the metaverse as a significant opportunity to revolutionize how consumers engage with their products and stores, as well as to improve their marketing game. The immersive quality of the metaverse is critical to improving this experience.
Since 2016, when eBay introduced the first virtual reality store, virtual showrooms and stores have come a long way. Virtual stores are not only handy and time-saving for customers, but they also assist merchants reduce returns and extend their customer base. Customers will be able to discover things more quickly, and customization for each user will be significantly better than in physical stores. Online buying does not provide the same level of visualization and involvement that the metaverse does. Many of the features are specifically designed for retail businesses. Customers can experiment with different features and models, while their time spent in stores (a sales statistic) automatically grows.
Customers can use the immersive experience to try out products and incorporate them into their homes before purchasing them. IKEA has released an augmented reality catalog app that allows customers to view how a light might look in their room before purchasing it.
The metaverse is a good fit for Gen Z because they are very familiar with the virtual experience. According to the survey, 40 percent of Gen-Z and 40 percent of millennials, or one-third of all respondents, want to buy virtual products. Retailers have realized that going where the customers are rather than trying to attract them to physical stores is the better option. Furthermore, virtual connectivity has increased throughout the world. According to a study conducted by Snap and Deloitte, AR will be used by nearly 75 percent of the world’s social app users by 2025.
According to Morgan Stanley, the fashion market will be worth more than 55 billion dollars by 2030. This is a massive market in the retail metaverse, prompting clothing companies to begin selling digital clothing and accessories in virtual worlds such as Zepeto. In Zepeto, Ralph Lauren’s metaverse store already sells branded digital apparel.
Dolce & Gabbana’s metaverse store auctioned digital couture built on NFT for $6 million, breaking the previous record for fashion NFT. Burberry has released a new online game called ‘B Bounce,’ which can be played with NFTs. Users can add quirks to their metaverse shopping experience by purchasing virtual accessories such as jet packs, armbands, and pool shoes in this retail metaverse.
90% of people believe they are equally or more loyal than they were a year ago. It’s why we always buy the same items at the supermarket. Or why do we shop at the same stores
This isn’t good news for new brands or companies launching new products. Add to that the intense competition that small businesses face, particularly when competing against large corporations. When you’ve been using the same products from long-standing brands, it’s difficult to bet on new entrants.
Both issues are addressed by penetration pricing. And in this post, we’ll take a closer look at this pricing strategy to help you understand the basics and decide if it’s right for you. Understanding what penetration pricing is, its benefits and drawbacks, and looking at some examples can help you decide whether it’s worth your time.
Penetration pricing is a marketing strategy used by businesses to attract customers to a new product or service by offering it at a lower price during its initial launch. A lower price assists a new product or service in entering the market and luring customers away from competitors. Market penetration pricing is based on the strategy of initially charging low prices to make a large number of customers aware of a new product.
A price penetration strategy’s goal is to entice customers to try a new product and gain market share, with the hope of retaining the new customers once prices return to normal levels.
Examples of penetration pricing include an online news website providing one month of free service for a subscription-based service or a bank providing a free checking account for six months.
Businesses use penetration pricing to attract customers to a new product or service by initially offering a lower price. A lower price assists a new product or service in entering the market and luring customers away from competitors. Penetration pricing carries the risk that new customers will initially choose the brand, but will switch to a competitor if prices rise.
Businesses use penetration pricing to attract customers to a new product or service by initially offering a lower price.
A lower price assists a new product or service in entering the market and luring customers away from competitors.
Penetration pricing carries the risk that new customers will initially choose the brand, but will switch to a competitor if prices rise.
When used correctly, penetration pricing, like loss leader pricing, can be a successful marketing strategy. It can frequently boost both market share and sales volume. Furthermore, increased sales can result in lower production costs and faster inventory turnover. The key to a successful campaign, however, is keeping the newly acquired customers.
A company, for example, might advertise a buy-one-get-one-free (BOGO) campaign to entice customers to visit a store or website. Following a purchase, an email or contact list should be created to follow-up and offer additional products or services to the new customers at a later date.
However, if the low price is part of an introductory campaign, customers may initially choose the brand out of curiosity, but once the price begins to rise to or near the price levels of the competing brand, they may switch back.
As a result, one significant disadvantage of a market penetration pricing strategy is that an increase in sales volume may not result in an increase in profits if prices must remain low to retain new customers. If the competition lowers their prices as well, the companies may find themselves in a price war, which will result in lower prices and lower profits for an extended period of time.
Market penetration pricing is used by Costco and Kroger, two major grocery store chains, for the organic foods they sell. Groceries have traditionally had a low profit margin. Organic foods, on the other hand, have a higher profit margin. Furthermore, demand for organic, or natural, foods is growing at a much faster rate than the market for non-organic groceries. 1 As a result, in order to increase their profit margins, many grocers offer larger selections of organic foods at higher prices.
Kroger and Costco, on the other hand, use a penetration pricing strategy. They sell organic foods at a lower cost. They are effectively leveraging penetration pricing to increase their wallet share. While this strategy may be risky for small grocery stores, Kroger and Costco can use it due to economies of scale. Economies of scale imply that larger companies can offer lower prices because they buy in bulk at a volume discount. Because of the lower costs, Kroger and Costco can maintain their profit margins while undercutting their competitors’ pricing.
By incorporating penetration pricing into your marketing strategy, you can reduce the friction associated with introducing new products. This allows you to gradually build a customer base before shifting to a high price point and earning a spot in a competitive market.
This strategy, however, is not for everyone. SMEs must determine whether this is the best strategy for their company. The penetration pricing examples provided above should have given you an idea of what would be appropriate for your company.
Whether it’s Google’s push to make QR code scanning mainstream, or the fact that people are just starting to become aware of the technology and how it can impact their business, QR code based mobile order and pay is a hot topic.
As mobile continues to grow, the possibility of using QR codes for your restaurant business is starting to make a ton of sense. Not only can they potentially provide you with a better way to engage customers and streamline ordering, they also help you provide a better guest experience — all while boosting your bottom line.
QR codes are those black-and-white squiggly things that most people scan with their smartphones. But like all technologies, they’re only useful if they’re used effectively. Well, here’s the thing: it seems like nobody’s figured out how to use QR codes in the restaurant industry. And before you dismiss this article based on the headline alone, hear me out: as an industry, we’ve got so much untapped potential with these things, and I’m by no means hating on QR codes — quite the opposite.
Here’s why using QR codes at your restaurants is a win/win for everyone involved.
QR codes are ideal for both scenarios, whether diners are staying for a long time or are in a hurry. With digital ordering and payments using QR codes, restaurant workers can spend less time collecting orders, checking in, and delivering checks to customers. QR codes can help a small team maintain a high volume of operations, increase operational efficiency, and retain revenues in an industry where managing personnel is a huge challenge.
QR codes are also cost-effective and time-saving. If you add new items to the online menu, you don’t have to worry about updating the physical menu or figuring out how to hide items that have been discontinued. You won’t have to print new menus as often this way, especially if your restaurant is still in its early stages.
Even if you have to print and distribute QR codes throughout your institution, they only take up a small amount of space, so you’ll still save money. QR codes eliminate the need for you to have someone constantly check on your guests to take their orders or give them the bill, so you can save money by reducing the number of wait staff required.
In addition to public health precautions, the pandemic has prompted restaurants to strictly enforce social distancing. QR codes eliminate the need for waiters to hand menus to customers and then return them to your employees, making them the ideal contactless option.
Customers can use their smartphones to access the menu and order directly from it, reducing the risk of contamination in your restaurant. This strategy can be implemented using contactless payment options such as online banking and the use of electronic wallets.
QR codes are a handy way to keep track of a restaurant’s menu. Restaurants can update their digital menus instead of printing new menu cards, saving money and reducing waste. Even from the perspective of a customer, these menus are simple to navigate. To view the menu and place an order, guests simply scan the code. Restaurants can easily create an online menu and generate a unique QR code to manage their digital menu for both online and in-person orders. So, the next time you introduce a new item, don’t worry about printing new menus or erasing them with a marker; instead, update the menu digitally in real-time and take advantage of technology.
QR code generators are highly customizable, allowing you to create a code that displays your company’s logo. It’s one method of increasing brand awareness. A QR code can also be used to upsell products to your customers. For example, a diner may order an appetiser and a main course, but because the menu is digital, you can simply upsell other food items, such as desserts, by placing a banner on the code’s landing page. As a result, you will be able to increase your sales and earnings.
A QR code also assists the restaurant in collecting customer contact information as they log into the ordering and payment platform.
Restaurants can benefit from adding QR codes to menus in multiple ways. Not only do they give your clientele quick and efficient service, they also save money on printing costs as well as enhance cleanliness and sanitation in your restaurant. They also provide a way to market your brand while providing individuals with greater visibility. All in all, QR codes are an excellent tool for restaurants because of the benefits that they provide compared to the disadvantages.
Choose the right POS and use our ultimate guide as a checklist.
Get a free Point of Sale consultation by emailing sales@retailcloud.com
Graduation may not be as significant as Christmas or Mother’s Day in terms of holidays and events. However, ignoring this year’s graduates would be a bad idea.
The National Retail Federation (NRF) predicts that graduation spending will reach $5.9 billion in 2021, with the average consumer spending $119.44 & 32% plan on buying gifts for high school and college graduates
These figures are certain to rise in the coming years, especially as the world reopens.
We’ve put up a useful list of graduation marketing ideas for retailers to help you capitalize on this year’s graduation festivities.
Many people will be looking for gifts, so you want to make sure your products are on their radar. Create a graduation gift guide with relevant items and place it prominently in your store.
You could also try running a sale on specific graduation gifts. For example, Sennheiser gives out up to 20% discount on their headsets during graduation day sale.
When it comes to gift-giving, you’ll almost certainly have a segment of customers who want to give out personalized gifts. So, if you sell products that can be customized, graduation season is an excellent time to market your wares.
Consider Laurel Elliott Jewelry as an example. The jewelry retailer displays stunning jewelry pieces and emphasizes that its products can be engraved with personal messages.
Make certain that your graduation displays are up to date. Make a display of products that graduates could use or items that would make excellent graduation gifts.
Graduation may not be the biggest shopping event in retail, but it is still jam-packed with sales and engagement opportunities. Hopefully, the tips above have inspired you to step up your graduation marketing efforts this year.
Over the last two years, large numbers of young Americans have graduated from high school and joined the workforce to make their own money. However, the world they walked into was vastly different from anything previous generations had encountered.
The way we make and spend money in the United States will never return to pre-pandemic levels. For many Gen Zs, however, this new normal is just normal!
It’s easy to assume that Gen Z experiences will be similar to those of millennials, but the more data we collect on Gen Zs, the more we realize how truly unique they are.
Here are some fascinating statistics about Generation Z and their online shopping habits:
65% have purchased something based on the recommendations of an influencer.
25% have even boycotted popular brands.
75% have taken some form of action in support of a cause they believe in.
Retailers who allow their customers to tailor and customize their products have already recognised the seemingly obvious concept that a product performs well if it appeals to the personal tastes of an individual consumer.
Items purchased by Gen Zs must tell a story and fit into their lifestyle. According to a recent KPMG survey, 75% of consumers expect a variety of products and offers that appeal to their personal preferences. Brands that communicate this personalized touch in their products are also preferred by Gen Z and millennial consumers, and brands that do so typically gain customer loyalty.
Customers expect a shift in communication that deviates from the standard search, discover, buy routine, in addition to customizing the purchase journey.
Voice recognition, for example, is a key technology that is transforming the retail landscape. This technology listens to the preferences of consumers and allows them to converse, resulting in a stronger bond and sense of affinity between the brand and the consumer.
When voice recognition technology is integrated into home AI systems, it performs optimally. In the last year, nearly one in every five US consumers purchased a product using a voice-controlled device, and the figure is even higher among millennials.
Waiting is not something that Generation Z enjoys. The shopping experience, whether online or in-store, must be as quick as possible. Indeed, a previous Walker Sands survey found that nearly half (49 percent) of those polled said they’d shop more online if same-day shipping was more frequently available.
Furthermore, more than half of shoppers would choose to buy from a competitor if they offered more convenient delivery options. Because Gen Z consumers have a lower brand affinity for retailers and products in general, they can and will readily substitute products if the alternative arrives sooner.
“If there was ever a time for brands and businesses to integrate services across numerous digital platforms (touchpoints) to better satisfy customers’ constantly-changing wants and demands, it is now.”
The Head (frontend)
When a client opens an app or a web runner, engages with an audio voice adjunct, an AR or VR operation, a chatbot, or indeed a game, he’s interacting with the head aka the UI ( stoner interface). The specific system of commerce is inapplicable, as what matters for businesses and brands are the platform guests use to interact with your service and the need for a head in each platform out there.
The Body (backend)
Computing needs to be done in the background along with, data analysis, and data arrangements and, principally, that’s what the body does. As the functional subcaste of the digital service being rendered, it manages the data ( storehouse and processing). Guests don’t get to interact with the body, because it stays inaccessible
The Neck (API)
The Neck (API, application programming interface) serves as the link between what the client sees and interacts with and the data the business or brand gets and organizes in the backend. In other words, the neck is the multi-platform processor acclimatized to help process data between the frontend and backend quickly.
Similar to how slow service often results in poor restaurant reviews and fewer future customers when a customer sits down to eat at a restaurant, slow site speed can lead to poor search engine rankings, lower overall site traffic, and negative user experiences.
Site Load Speed Matters!!
Here is a look at how site speed affects conversion rates;
According to a study conducted by Google/Deloitte; Improving your load time by 0.1s, boosts conversion rates by 8%
Another survey by bytes.co clearly says 56% of customers abandon websites that take more than 3 seconds to load
&
20% users will never return to a website after a bad load time experience
Yet one more hammer on the nail was when amazon came up with a stunning piece of statistic that said A slow down of just 1 second of amazon.com would cost $1.6 billion in sales each year
First and foremost, a headless content management system will assist you in getting your content to where it needs to go. For an eCommerce business, this means delivering your products, product videos, and blog posts to any new or emerging channel.
Prepare to sell through Alexa Skills, digital signage, progressive web apps, and even touchscreens in our vehicles!
The best part is that you don’t have to re-architect your platform to publish across channels if you use a natively headless commerce platform like Core dna. It’s all part of the same comprehensive, future-proof package.
Every few weeks, major commerce brands that use a traditional platform release an update. In comparison to Amazon, which deploys updates every 11.7 seconds on average, they reduce both the number and duration of outages.
You can deploy rapid updates without affecting your back-end system with a headless commerce platform. And you can easily adapt your front-end to keep up with the rapid pace of consumer technology.
When a front-end system is loosely coupled with the back-end, you don’t have to update the entire system; only a portion of it needs to be updated. As a result, you’ll be able to deliver what your customers want faster while still remaining competitive.
You can experiment with different templates and approaches once you have a headless commerce system in place. For example, while running the same front-end search, you could try out a different back-end search solution.
As a result, headless commerce enables you to run continuous tests and optimization cycles, allowing you to gain a better understanding of your customers while learning at a faster rate than most retailers.
To sum up, headless commerce is the way of the future, and getting on board is the best option for brands and businesses.
One of the most difficult aspects of being a retailer is inventory management. It is, however, one of the most crucial aspect. It’s impossible to understand your company’s financial situation unless you have a good understanding of how much your inventory is worth.
Retailers can build an accurate picture of how much their inventory costs them over time by performing regular inventory valuations — and how the value of this asset affects their tax obligations and profitability.
In this post, we will define inventory valuation and the various inventory valuation methods that retailers can use for inventory accounting.
The majority of merchants will have a significant amount of capital invested in their inventory (particularly if they use a Just in Case [JIC] inventory management approach), so knowing the worth of your present assets and how they affect your profitability is critical.
Inventory valuation is an important aspect of inventory accounting that allows you to determine the worth of unsold inventory. Understanding inventory value is crucial when generating end-of-year financial accounts for cash flow and tax purposes, among other things.
In conclusion, inventory valuation is used to determine your total gross profits, which are influenced by your total cost of goods sold (COGS). This will either inflate or deflate your profits, depending on how your inventory is priced and the cost flow assumption you apply.
To properly value your inventory, you must account for all costs associated with acquiring and preparing goods for sale, as well as the purchase price (excluding indirect costs such as marketing or administration). This includes the following:
Understanding the value of your inventory goods will help you make future purchasing decisions and establish whether your present inventory management strategy is effective. To help control changes in the market rate of your inventory, there are a variety of inventory valuation methods available, albeit the most appropriate strategy will depend on the type of your organization
COGS is a term that refers to the cost of goods sold. Depending on which inventory valuation technique your retail business employs, COGS will vary.
The less you can assign to the cost of goods sold, the higher the closing inventory valuation. This is why it’s critical to ensure that you’re appropriately pricing your inventory, otherwise your entire profitability will suffer.
Making the best markdowns/restocking decisions. You need to know how much your inventory costs you in order to price your products appropriately and make a decent profit margin. This has an impact on markdown decisions, especially if you have surplus inventory that needs to be sold before depreciation sets in. You may calculate your business’s minimum profit margin by using the correct inventory valuation method.
It’s crucial to understand the difference between using an inventory valuation method for accounting and using it as an inventory system. For example, in order to employ FIFO for inventory valuation, a company does not have to sell things on a first-in, first-out basis.
Choosing the best inventory valuation method for your retail firm is dependent on a number of criteria, including:
Inventory is one of the most important parts of the jigsaw when it comes to running a business, and it’s crucial that you adopt the correct valuation plan to help your company expand and profit. You may acquire a strong handle on your business’s profitability and be better by employing one of the four inventory valuation methods discussed above. When it comes to making important decisions about your brand’s future, you should be well-informed.
Retail is a tough business and hiring the right people to help you meet your goals is seemingly impossible. It can feel like there’s a revolving door in retail where everyone is always looking for their next job opportunity. Employees are looking for more than just a paycheck — they’re looking to be engaged, productive, and happy on the job. This article will discuss 10 tips that any retailer can use when hiring new employees.
Section: 1. Hire for attitude and train for skill
What should you look for when hiring retail workers? Experts advise you to keep an eye out for people who are (or have been):
It’s a tall order, but many of these characteristics overlap, so finding people who exhibit a few of these attitudes may not be as difficult as you think.
Section: 2. Go beyond traditional interviews
Now that we’ve identified the qualities to look for when hiring, let’s talk about how you can bring these qualities to the surface in your candidates. People tend to put their best foot forward during formal interviews, so determining whether someone truly possesses the right attitudes can be difficult.
Going beyond traditional interview processes and getting a little creative with how you vet candidates is a good way around this. Here are some suggestions:
Section: 3. Strengthen your online presence
Top performers are always doing their homework, so make sure they like what they find when they Google your business. Make sure your website and social media accounts are well-designed and contain sufficient information about your company.
Go to Glassdoor.com and complete your company profile if you haven’t already. Include photos and as much information as possible. Read the reviews that your employees (past and present) have written about your company. If you notice some negative reviews, discuss them with your team and see what you can do.
Before bringing on new employees, it’s best to resolve any internal issues first. The last thing you want to do is invite people in.
Section: 4. Hire your biggest fans
Look for candidates who show a genuine interest in your brand. Brand ambassadors have a lot of clout, and your customers will notice!
Plus, because they are likely already familiar with your company’s culture and product line, onboarding will be easier.
See if you can apply this strategy to your own company. If you’re looking for new employees, reach out to your customers and fans to see if they’d like to work for you.
Section: 5. Highlight your company values
Putting your values on display aids in attracting the best candidates. So, talk about the causes you care about. Communicate what makes your company stand out and what it stands for.
Section: 6. Be realistic about the job
Both you and the applicant will be able to determine if they’re a good fit for the job if you paint an accurate picture of your company and the position. So, while it may be tempting to only talk about your store’s positive aspects, don’t oversell the job or misrepresent your business. Be open and honest about the job’s requirements and your expectations.
Section: 7. Motivate your current employees
Encourage your employees to assist you in hiring more people. Your current employees are familiar with the requirements of the position. They have a vested interest in bringing in people who will lighten rather than add to the workload.
Birds of a feather, as the cliché goes, flock together, so they are very likely to know others who are similar to them. As a result, you should consider the recommendation of the employee when considering the person they’re recommending.
Section: 8. Implement 24/7 hiring—aided by technology
The job market in retail is more competitive than it has ever been. Hourly and front-line workers have resigned due to health and safety concerns raised by the pandemic. Furthermore, employee expectations have skyrocketed, and candidates have more options than ever before.
As a result, retailers must make an extra effort to find and hire employees. Part of that entails being on the lookout for new candidates 24 hours a day, seven days a week.
But what does it mean to be “always on”? Use technology, in a nutshell.
By allowing you to schedule and conduct interviews more efficiently, video platforms help you streamline the hiring process. Recruiters are aided by solutions such as chatbots and AI-powered tools when conducting online or SMS-based interviews.
You can also use natural language processing and machine learning to display job interviews in front of potential candidates as they browse social media sites. The company is also sending notifications to people who “like” their page.
These tools and tactics enable retailers to automate steps in the recruitment and effectively get in front of potential employees at the right time.
Section: 9. Establish some system for employee performance
Developing a performance system for employees is one of the most effective ways for retailers to attract and retain the best people.
It’s a transparent tool for setting performance expectations that can be used at any point during a person’s career, from the interview to promotion. This clarity also provides a unified framework for store owners and employees, which is beneficial to teams of all sizes.
Develop rules of conduct, procedures, or employees, if you haven’t already, and document them for easy reference when hiring and evaluating your team.
Section: 10. Be a multi-channel recruiter
Today’s retailers operate in a competitive environment that necessitates foresight as well as online and social savvy. If you want to attract candidates who possess those characteristics, you should look beyond traditional channels like job boards.
Social media is well-known for its effectiveness as a recruiting tool. For example, LinkedIn has several talent solutions that can help you find, vet, and contact candidates.
While Facebook and Twitter aren’t specifically designed for recruiting, they can help you find new hires. Make a special careers tab on your Facebook page where your fans can browse and apply for jobs and use Twitter to spread the word about your openings.
Takeaway: A thorough and effective hiring process is the key to finding great employees for your retail store.
For small businesses, strategies are crucial to improving their sales. Upselling and cross-selling are some marketing trends businesses use to boost their revenue.
However, there are several negative comments about cross-selling and upselling, such as pushy salespeople, irrelevant sales pitches, and unethical sales strategies.
In reality, as a salesperson, it is our job to understand if the additional products can help our clients. Then, present it to them so they can see the value in adding to their purchase.
To help you boost your revenue, it is important to use marketing strategies, such as upselling and cross-selling. But how would you know when to apply them?
Would you be able to increase your revenue through these strategies? Let’s find out more about upselling and cross-selling and the effective ways to use them.
Cross-selling means suggesting a product relevant to the one the client is having. For instance, a shopper is buying a purse, and you recommend a matching wallet.
Meanwhile, upselling means offering a version of the product that is more expensive, thinking that the shopper wants to upgrade the item.
If done correctly, both strategies can increase your sales while helping customers at the same time.
When it comes to upselling and cross-selling, doing it right and at the right place and time are the keys. If you upsell a product or service that is not relevant or you are selling in a pushy manner, you are more likely to fail in converting the customer or, worse, lose the original sale.
As a salesperson, your objective is to increase the revenue, regardless of how you do it. In upselling and cross-selling, it is vital that you have a strategy for a successful sale.
For a successful upsell and cross-sell in retail, here are some tactics that can help you.
If you are trying to persuade customers to buy more items or upgrade their products, it is apparent that you want to gain more benefits for your business. But you have to keep in mind that customers are unsure whether not or to make a bigger purchase if they don’t think they will benefit from the deal.
This means, aside from your own profit, you also have to give value to customers to persuade them to buy more.
If you think that your deal will bring value to you and your customers, you have to show all the benefits your customer can get. This will convince your customer to buy a related item or upgrade products.
Some of the benefits you can offer your customers are a discount voucher, a loyal card, an extended warranty, or reward points.
Consider the Rule of 3
When upselling, find out if you can apply the “Rule of 3”. This means providing the shopper with three options for their items, and this is more likely to boost their order’s value.
These options are:
The requested product is an item the shopper is looking for. An alternative product is an item that is a little better with a higher cost.
And lastly, the dream product is considered the best option with much better quality and highest cost among the three choices.
Among the three products, the dream product is most likely to be bought by shoppers. Giving your customers three choices allows them to choose.
This method is often used in upselling.
Once you have mastered the technique of upselling and cross-selling, this can definitely boost the revenue of your business. This will encourage your customers to buy more products or expensive items.
And now, purchasing an item does not only happen in physical stores. Customers also buy products and services online on which they can pay for the item in some ways, such as card payments or electronic payments.
As a salesperson, it is crucial that you have knowledge about point of sale (POS) and how this works.
Point of sale or POS is where a customer pays for the goods and services he gets. It is also an essential focus for salespeople as customers tend to purchase high-margin products at these strategic locations.
When a customer selects items from stands or checks out online, they are at the point of sale. Using efficient point of sale lending software helps the business to make more sales.
A POS lending software allows offering loans at the point of purchase to allow customers to purchase products or services themselves. Just like consumer lending, POS financing works with credit cards, installment loans, and in-store loyalty cards.
People consider taking a POS loan when purchasing an item that they cannot afford, such as cars, furniture, or kitchen appliances. Thanks to the development of technology, POS financing has developed recently and made online lending possible.
The market provides instant mobile and online loan opportunities supported with clear repayment terms before taking out loans. This allows borrowers to take out loans from their smartphones at the point of sale of any retailed immediately and pay for the items.
And this has become the most preferred POS solution for retail as it is convenient and fast.
To increase the sale of your business, it is important to choose a strategy that will work for your store. Upselling and cross-selling can be significantly helpful to your business; however, you have to consider thoroughly while implementing it for your store.
In upselling and cross-selling, remember that you should provide customer value, ensure they see provided value, and give them options. This will not only increase the revenue of your business but also help customers by introducing products that they may need.
Therefore, the key to successful upselling and cross-selling is understanding your customers’ value and providing them options that meet all their needs.
What is omnichannel?
Adopting an omni-channel approach in your marketing, sales, and service strategies has plenty of benefits. It helps you build a unified customer experience and streamline data collection, which makes it easier to generate high-quality leads, close deals faster, and deliver the best possible customer service.
The term multi-channel refers to several different channels working independently from one another. For example, a company may use email to send out newsletters while simultaneously running an AdWords campaign and posting on social media. The success of each channel is measured separately as well. Multi-channel also means that customers may have an experience with multiple channels at once.
Omni-channel refers to all channels working together in harmony to provide a seamless customer experience. The goal for companies using omni-channel is to deliver a consistent message across all channels.
Omni-channel vs. Multi-Channel
The terms omni-channel and multi-channel are often used interchangeably, but there is a big difference between the two. Multi channel marketing refers to using multiple channels or platforms. You may be using email marketing to nurture leads, social media ads to drive traffic to your site, and a chatbot on your website to answer questions and provide support services. These are all different channels that you are using, but there is no integration between them. They operate independently of each other.
Omni-channel is the strategy of using multiple channels to deliver a consistent brand experience to customers. Multi-channel, on the other hand, is a way to describe the interconnectedness of customer interactions with brands across different touchpoints. These touchpoints include mobile marketing, engaging social media campaigns, and a well-designed website. All omni-channel experiences will use these channels, but not all multi-channel experiences are considered omni-channel.
There are a ton of benefits to using omni-channel and multi-channel:
Cater to more customers
This is a customer-centric approach that’s focused on the experience. It means you’re not just creating a strategy for a single channel, but instead, one that will work across multiple channels. This means you need to be present wherever your customer is present. Your customers can be at home on the couch, at work in the break room, or out and about at a local store. As they move from one place to another, they can still find you there, too.
The retail experience is about to undergo a major shift as consumers are going to be able to shop anywhere, anytime. Consumers want a unified shopping experience when they’re ready to make a purchase, and will expect their favorite brands to offer a consistent shopping experience across multiple platforms and channels. By offering a seamless service across multiple channels you’ll be able to attract more customers, but also build a stronger relationship with them, making it easier for them to buy from you again and again.
Omnichannel is about creating a seamless and consistent experience for the customer across all channels, both digital and physical. The key to a successful omnichannel strategy is consistency by delivering the same personalized experience to customers across all touchpoints and channels.
Multi-channel is about offering your customers options when it comes to how they want to interact with your brand. Enabling customers to contact you through multiple channels such as the phone, email or social media, or allowing them to purchase products through your website, mobile app or in-store. Multi-channel allows customers to get in touch with you on their own terms.
With the rise of ecommerce and new channels, an omni-channel retail strategy has become imperative for retailers. It’s a system that allows direct sellers to provide customers with an integrated shopping experience that crosses multiple physical and digital channels. This is the future of retail customer experience.Don’t know where to start? Contact our team info@retailcloud.com to get your own omnichannel solution.
Although retailers are increasingly using the digital channel to reach consumers, they’re not closing their physical stores—which is where an integrated solution comes in. New technology makes it possible to shift digital and physical inventory seamlessly and deliver a seamless buying experience to shoppers.
What’s more, an integrated solution can help you streamline your back- and front-of-house operations. An omnichannel sales system will help you expand your market reach and keep items moving through your distribution channels. Some business owners and marketing managers are daunted by the prospects of trying to reach out to customers using multiple channels and media, but an omni-literate strategy can change all that.
Many online shoppers would rather have products delivered than picked up locally, but only a small percentage of eCommerce retailers offer same-day delivery and most retailers are missing out on the opportunity to deliver quickly.
Most of us are busy and don’t have time to run all over town, so we’re getting more and more of our stuff delivered right to our doorsteps. But if you want to gain the highest possible number of loyal customers, you need to offer flexible pickup and delivery options so that you are able to cater to more customers!
Retailers have a big challenge ahead as a lack of workers could make it harder to keep up with increased demand. To make sure they can handle more customers, many retailers are turning to technology to do some menial tasks as they try to find ways to reduce their cost.
Three areas where retailers say they will most benefit from automated technology are: streamlining the way they manage orders, running customer loyalty programs, and communicating with customers. Retailers who want to hire more employees should consider investing in software that helps automate these tasks.
If you’re a retailer, it’s important to make a good impression on your customers by providing an excellent selection of products in your store and creating opportunities for shoppers to connect with you online.
Today, the number of shoppers who shop online are in a steady incline so establishing an online presence and maintaining a local presence is key. E-commerce is a powerful tool for retailers, who can benefit from the reach and convenience that Internet sales provide.
As social media becomes the primary place for consumers to shop, retailers are increasingly selling through channels such as Instagram and Pinterest. Retailers are bringing together multiple sales channels to stay competitive in today’s evolving retail landscape.
Social shopping trends show no signs of slowing down, Facebook and Instagram continue to be the most lucrative platforms for retailers to sell on. As consumers continue to connect with brands and retailers on their favorite social media platforms, more retailers are turning to those platforms in order to drive inevitable increases in sales.
retailcloud is pioneering omnichannel order management solutions that provides businesses of all sizes access to tablet, windows and phone solutions with API integration to ERP and ecommerce systems. retailcloud provides retailers a way to increase sales, better manage inventory, collect valuable data on the shopping habits of their customers and much more. The system is scalable and grows with your business. Interested in knowing more about retailcloud’s solutions? You may contact us directly at sales@retailcloud.com
Setting up a point of sale system, or POS, is something that most people in retail or any brick-and-mortar company will do at some point. POS systems are one of the most basic parts of any business and have become essential to seamless transactions.
But it has changed through the years to adapt to evolving trends in business and commerce.
Particularly, the rise of digital and e-commerce changed the landscape of point-of-sale systems. POS software now has to adapt to the growing digitization of business practices and technologies. Sometimes, it might not be that easy.
Still, we need to move with the changes if we want our businesses to stay efficient and relevant in this new era of technology.
Point-of-sales software should generally be straightforward, but much like any solution, it can come with a few hiccups. Let’s discuss some of the most common POS software challenges today and how to overcome them.
Before learning how to set up a POS system and maximize it, we first need to choose the right system for the business. Choosing the best fit for your operations is a crucial decision to avoid headaches switching systems too often. While it’s not a crime to change POS software every year or so, it can become quite inefficient at some point.
To get the best system for your context, research is your best friend. Get up to three options that fit your business best and make a comparison.
Not all POS systems are created equal. Sometimes the best solution for another business might not be the best for you. Know what your non-negotiables are in terms of feature, pricing, and support, and decide based on your contingent needs and requirements.
Mobile POS systems are slowly becoming the norm. The volume of mobile POS transactions was expected to reach US$2,466,606 in 2021.
Traditional POS systems were bulky, and they only stayed in one location. If that system gets broken, it’s difficult to gain its data back.
Using a mobile system that can connect with a tablet or phone has all kinds of benefits. Personnel can carry the POS system around and bring them to the customer instead of having the customer come to a counter. It also takes up less space and weighs less, which could provide some flexibility to our employees.
Given that mobile retail is up like never before, it might be good to consider switching to a mobile POS system. However, mobile devices do have their downsides. For instance, they’re easier to steal or misplace. To avoid this, policies should be in place to steward the hardware better. Have a safe place to store the POS system to avoid theft— somewhere out of sight and preferably with a fastening or enclosure.
Part of any POS implementation checklist should be security. And that shouldn’t only include the physical security of the hardware but also the data and digital aspects too.
Cybersecurity is becoming a prevalent form of crime in today’s digital era. Identity theft, data breaches, and malicious hacking are becoming more of a threat.
To avoid any data or cybersecurity threats, business owners and retailers should always choose a POS system with basic security features, such as data encryption and two-step verification. Use complex passwords for logins and enable any pin number setups where possible. There’s no such thing as “overkill” when it comes to data security.
Integrating day-to-day sales and transactions with marketing campaigns is a must for smooth business operations to avoid confusion and customer concerns. One of the basic POS features every retailer should require in a system is a promotion and offer tracker. It’s always best practice to connect promotions with POS systems. Find a system that has an in-build promotions tracker. This feature will take care of applying any discounts or offers to ensure that they’re tracked accordingly for accounting and inventory purposes, which leads to the next challenge that business owners and retailers face with POS systems.
Dealing with inventory management can be an arduous task without the help of tools and systems. The key to saving time and getting more accurate results in inventory counting and management is to ditch manual systems and automate it. POS systems can actually be a great way to streamline this process. Most, if not all, of the best POS systems today have an inventory management feature that helps log product inventory and update it as sales go out.
For any business with product inventory, the temptation is to skip this feature in your point-of-sale systems. But doing so is doing your business and employees a huge disservice. Inventory management can help save a lot of time from manually tracking product stocks. It also removes any errors that could lead to deadweight loss and sales discrepancies. Set up your inventory tracker and integrate them with your inventory systems to keep a better account of product stocks.
In this day and age ruled by big data, businesses need to learn to leverage data and analytics to make better business decisions. The numbers don’t lie, and they can help point out what’s working and what’s not. Data around sales, purchase returns, customer feedback, and so on can provide valuable insight to help businesses delight customers and improve business metrics. Leverage your POS system’s data and analytics by using them as benchmarks in strategy meetings and planning sessions.
E-retail sales are now hitting $4.2 trillion worldwide. So it only makes sense that POS systems should integrate with e-commerce platforms. Seamless integrations to an online shop will allow POS software to automatically gather and track sales data, order details, and fulfillment requirements in one platform.
This way, it becomes easier for staff to stay on top of orders, given that all transactions land on one platform instead of two. This integration also makes it possible to make comparisons between brick-and-mortar performance with online ones.
Recently, POS systems have also started integrating with live chat software to streamline customer service and feedback channels with point-of-sale tools. This integration allows businesses to respond more proactively to complaints and concerns for faster resolution.
Customer support is a vital part of business growth and operations. It helps extend the customer lifetime value by ensuring long-term trust-based relationships with clients. Leveraging on any software, systems, or features that can help improve customer insight and feedback gathering can equip businesses with the necessary information to build those long-lasting business relationships.
The far majority of businesses today still use on-site POS systems. But up to 28% of retailers said that they would be switching to cloud-based POS software in the near future. Accordingly, your business might want to consider learning how to implement a POS system on a cloud-based solution as it provides an array of other benefits and advantages to your business like flexibility, data access from anywhere, and seamless communication between POS systems from multiple sites.
All this to say, point-of-sales is changing fast along with the needs, priorities, and challenges that businesses today face. We need to be on the lookout for where e-commerce and business solutions will be going this 2022 and beyond to stay ahead of the innovation curve. Doing that will keep your business relevant and competent in the immediate and beyond.
Restaurants have higher numbers of employees and customers than small businesses. It requires operating a business in various locations — whether owned or franchised — to manage their schedules and work shifts simultaneously. To operate a restaurant, the business owner should possess great managerial, accounting, human resources, marketing and HR administration skills in addition to the ability to make delicious food.
Modifiers are a great way to add more details on an order, such as desired side dishes or preferred cooking temperature. They can be added to orders in the Modifier section, which you access by clicking on the Shopping Cart menu and selecting Modify Orders.
Sales Per Employee Ratio aims at understanding the productivity of the employees. This ratio basically helps in keeping track of the relationship between a company’s number of salespersons and their total revenues, and even makes it easier to payout tips to the correct employee as well.
You want your POS system to have kitchen routing so that your order gets sent to the right station, this is especially important if you want certain orders to be sent to the bar or to the kitchen. It streamlines the order preparation process and makes things simpler for your staff.
Being able to split checks is a feature that you need so that your restaurant can offer different ways to make payments.This can range from splitting the bill between multiple cards or splitting amounts between cash and card. You want a point of sale that offers as many flexible payment options as possible so that you can cater and appeal to more customers.
Being able to generate tip reports and receive tips on glass is an important feature that you need from your POS system. This allows you to keep a record of the tips received by your employees at the end of their shift, and you are aware of who to pay it out to. It is good to know and keep track of your tips so that your business is not scrambling during tax season.
If you have different menu items available at certain times, at different prices, or if you have Happy Hour, having a time-based menu is a very helpful feature. This is especially helpful for your employees so that they don’t have to manually enter the appropriate prices when they are set to change.
In order to maximize your profits, you have to build an online presence as well. People nowadays are taking convenience into account so offering guests the ability to place their orders online and get it delivered to their doorstep is a huge deciding factor on whether or not they will take their business to your restaurant.
Online ordering integration is an important feature that you must have if you already have an online ordering website. There are online ordering solutions like retailcloud’s, that can even route online orders to the kitchen display screen or to a kitchen printer so that you can immediately start preparing the order.We can help you find the right solution for your restaurant, shoot us an email at sales@retailcloud.com and we can get you started on the right track!
No matter the size of your business, you need to make sure your POS system offers everything you need. In this article, we’re going to highlight some of the best POS system features out there.
Time and attendance is a way to verify that your employees are working at the hours they are paid for. It helps in the calculation of employee payroll and to prevent absenteeism. Managing time and attendance manually, though, can be challenging without an integrated solution.
With retailcloud, there is no limit to the number of products you can have. Nor do you pay any additional fees for adding a large number of products in your store. Instead, you pay the same fixed monthly fee you would have paid even if you had just 10 or 20 products. This way, it doesn’t cost more to have many products rather than only a few. You’ll also never be charged an extra fee for having a large number of products like other eCommerce solutions do.
A loyalty program is a business tool that gives you an advantage by encouraging customers to shop with you more frequently. This form of marketing encourages customers to remain loyal to your business and use the services or products that your store or restaurant has to offer. Loyalty programs have proven to be successful when implemented correctly. They are often used in retail or restaurants, but they can also help corporations and even non-profits.
If you have a retail business, chances are there’s inventory involved. You need to know what came in, what’s going out and exactly where it is at all times. Barcode scanning can ensure that everything is accounted for and managed effectively throughout your entire organization. It also helps in printing barcodes for your items so that you can easily scan it without having to manually enter the price or SKU numbers.
Discounts and promos are never a bad idea when it comes to marketing your store. It’s one of the most effective ways to bring in new customers, save money on your marketing budget and help you cash in on more sales. It’s also quite straightforward to implement and provides your customers an incentive which makes it a no-brainer for most retail businesses out there. Choosing a POS system that can offer flexible discounts would be a great choice.
Having a product variance and matrix is important so that you can store information about your products. It is a great feature for better inventory management so that you can input and classify by attributes or categories.
Having Quickpick buttons on your POS are important so that you can quickly add non-scannable items to the customers’ cart. Items that are too large, too small, or best sellers are great items to have their own quick pick buttons.
Online shopping is bigger than ever so having an online presence is very important for a business. You would want to choose a point of sale software that has online integration so that your sales are updated in real time and reflect your inventory accurately. Offering shipping and curbside pickup options are also ways to easily boost your sales since more people are choosing the most convenient shopping options now and more and more stores are adapting as well.
There are more features that would certainly help you run your business more efficiently, we can help you with that! Shoot us an email and connect with one of our POS experts today.
Layaway is a popular option for many retailers that want to sell more items to their customers. According to a recent survey, over ¾ of the people agreed that layaway was very important for large-ticket purchases. They liked this option because it allowed them to avoid borrowing money from credit cards, since the large purchase items could be paid off in installments.
What is Layaway?
Layaway is a program through which shoppers can reserve items that aren’t immediately available at the time of purchase, paying a set amount over a period of time until they pay off the item. If a customer fails to pay off the full price of an item by the end of the term, then it is usually either forfeited, and storage and other costs are incurred.
When deciding on a layaway plan, ensure you balance several factors. First, layaway duration should be proportional with storage needs. Next, the costs associated with layaway must also be considered: it could lead to losses in your margins. Lastly, consider allowing customers to place both sale items and non-sale items on layaway; but carefully consider that service fees may need to be collected. Overall, understand that there are state laws regulating these types of plans.
Why is offering Layaway beneficial?
Layaway programs provide customers with a unique option to shop—they can have what they want, when they want it. By providing layaway options, retailers are able to increase revenue and improve the overall customer experience. Let’s take a closer look at the benefits it offers:
No interest charges make layaway cheaper than using a credit card. That is always the better option than swiping a card that has high interest rates, with a layaway option they can make smaller payments without paying extra.
Installments are a great alternative to offering a store credit card or credit plan because offering different payment options makes your business look generous and trustworthy.
Since offering installment payments are attractive to consumers, it will help in your brand’s image as well as making your products more affordable for more people. Offering different types of promotions or incentives such as gifts with purchase to people who spend a certain amount or purchase a certain item at your store can also be a great way to boost your customers’ spending.
There are plenty of different online payment programs available in the last few years with fintech companies offering interest free payments with increased limits after customers pay on time after a certain amount of time which has been proven to be an effective method to increase sales for businesses. Offering your own payment plan is a great way to keep all of your profits instead of losing a percentage to third party payment companies.
In today’s economy, offering a layaway option can help your business stand out from the competition as well as provide your customers with more payment options.
Customer service is one of the most important factors in the success of the retail business. Positive customer service will contribute to the overall growth of a business. Improving customer service can help a business grow, increase sales and profits, and lower operating costs.
Businesses that deliver poor customer service often have unhappy customers who will not return or recommend them to others. That means they also have lower chances for expanding their business by word-of-mouth marketing. Moreover, the price businesses must pay for poor performance is actually high since they don’t get repeat visits from their customers and consequently lose out on opportunities to make more money through repeat purchases.
Here are 7 ways to improve your retail customer service:
Customers are the experts of their own needs and they know the best way to solve those needs. Make sure you listen to what they have to say and then work on fixing those problems.
Aim to satisfy your customers as best as you can by getting their satisfaction surveys to see what you are doing right or wrong, then make changes accordingly.
When your customers have any questions or concerns, it is very important that you keep them informed about the progress of their orders. If you cannot respond immediately, assure them that you will get back to them soon.
To improve the customer service of your retail business, make sure your employees are trained on how to deliver outstanding customer service. Make sure they include what to say, how to say it, and what not to say in their training program.
Creating a positive first impression will help set the scene for building trust with new customers or clients with whom you are working towards building long-term relationships. The key is that it must be consistent throughout the company’s operation.
Personalized service builds a good foundation of customer loyalty. This is especially true when it comes to retaining your existing customers and acquiring new ones. Consider each customer as an individual with a set of unique needs and wants that will determine the way you work with them.
You can use technology, such as online ordering systems, to improve your customer service operations and increase efficiency. Online shopping has been increasing in popularity these days, so it is important to keep things simple and easy for the customers while they shop online or over the phone. Make sure you have a website that represents your brand values and vision.
Without professional help and smart tools, it is almost impossible to improve customer service. A little investment in the right tools can help you to take your business to a whole new level. Giving your customers the needed information and service is the only way to make things better for your business and the customers.
The restaurant scene has been constantly evolving since it first came to be. The menu, location, and ambiance have all been always adapted to what’s new. This year we saw a lot of restaurants taking on unique features such as gas stations and convenience stores, food trucks, and even ghost tours. It seems the trend is switching back to more traditional ones because people want a safe environment to eat in without having to worry about what’s going on outside.
The data monitoring resources indicate that some restaurant trends are going to be there in 2022 too. So, here are a few major trends that your restaurants need to be ready for:
We’ve all been missing the days of pizza and hot subs. Even restaurants all over the world have been ordering takeout orders so they can create a more personalized experience for their customers. We’re not sure if we’ll ever go back to dining in but it’s nice that people still want to eat out.
Several restaurants decided to switch from a strictly private venue to a place that’s open to everyone. First was The Butcher’s Table which wanted to specialize in locally sourced food from around the city while still maintaining a family atmosphere for their customers without taking away from any personal space.
Articles are constantly being written about how food trucks are taking over the country by storm. People are calling it the next big thing in food. There were a lot of people who enjoyed the quick service that these trucks offered, but the only downside is you would have to make sure to plan ahead and see where the food trucks will be for the day. Instead of driving all over town or spending hours looking for one, some people just opt to order food online or decide to just prepare homemade food instead. Online food ordering solutions have changed many aspects related to food businesses.
Many health-conscious restaurants were popping up this year because people weren’t satisfied with their current options for healthy food. Restaurant owners saw this as an opportunity to change the way people thought about healthier food, so now we have options such as healthy poke and shakes.
I feel like every year, the idea of having no cashier is becoming more popular. After all, if you can order your food without needing to pay for it then why would you even need a cashier? Well, that dream changed when Retailcloud released Tikt for the seamless and contactless dining experience. Now restaurants are able to stay open even amidst the pandemic and don’t have to worry about their customers having cash on them which gives them more time to serve the rest of the customers.
As cities all over continue to grow, it’s becoming hard for restaurants to stay afloat. The various chains that have been setting up shop are still having a hard time staying open and operational at the moment as the demand for in-person dining continues to rise and the restaurant industry is still struggling with labor shortage, it is advisable for restaurants to start making smart changes.
Each year, over $1 trillion worth of goods and services are shipped by businesses across the globe with help of different order fulfillment technologies and strategies.
But not all companies can afford to hire a call center or follow up on every order manually. This problem is especially severe for growing e-commerce companies and smaller brick-and-mortar stores. As a result, many owners turn to humans who work at home as virtual assistants (VA). These operatives answer customer calls or handle orders that come into their inboxes via email or automated voice system; however, there’s one simple step they often neglect: little things like storing the information about each order in your database.
Instead of sticking to these traditional methods of order fulfillment, retail stores should consider the latest and improved solutions. The use of affordable online ordering solutions and many other advanced solutions can make the whole process a lot more efficient and easier. Here are a few steps that retail stores should implement for easier online order fulfillment:
There is one thing that most modern order fulfillment systems have in common: better and faster communication with customers. With these solutions, each retailer can build its own website and integrate it with the most popular online shopping carts and inventory management systems. They can even make it open for mobile devices, thus making the whole process of order fulfillment easier and more pleasant for the customers.
Many online retail companies still stick to traditional ways of showing off their products to customers by posting them on a website or sending brochures in mailboxes. They do not realize that every new customer is an opportunity to expand your business and generate more sales. Instead of wasting time and effort on paper, coupons, and other marketing materials, online retailers should integrate a fully automated voice system in their ordering software.
Customers love being informed about their order’s progress, but many retail stores have not yet adopted this idea. Instead of using a traditional desktop solution that sends an email to the customer when an order is placed, online shops can choose automatic notification systems that send text messages or show notifications on mobile devices within seconds after a customer enters their credit card details or selects a delivery method. The convenience provided by this technology makes users feel less rushed and generate more sales for companies.
By making these simple changes online retailers can increase their sales and cut down their costs. There is a lot to discover about improving the eCommerce order fulfilling process. It’s time for the retail store managers to adopt the new trends and strategies that can boost the business. Apart from these steps, don’t forget the shipping fees because 61% of the online shoppers abandon the shopping carts due to higher shipment charges and delivery fees.
Getting your business ready for the upcoming holiday sales seems like the most daunting task for the majority of retail merchants. The lack of agile business management systems makes it impossible for them to make the required changes without affecting the whole business operation. No one can predict the sales analytics for 2021 for the Black Friday and Cyber Monday deals.
Since we are still in the midst of the COVID-19 pandemic, most of this year’s holiday sales will come from online purchases. A great way to ensure smooth transactions is by streamlining your online ordering process. There are many tools available out there that can successfully help retailers do so with Apps like OrderUp, an easy to implement fulfillment solution app plugged into retailcloud’s commerce ecosystem.
The integration of this smart tool ensures that your system is capable of handling curbside or in-store pickup. This approach can help your business to ensure smooth flow of orders and deliveries on the upcoming holiday sale events like Black Friday and Cyber Monday 2021.
Apart from this business approach, here are a few major things that every business should consider in preparing for Black Friday and Cyber Monday 2021:
Start early so that you have more time to test everything such as how you will handle fulfilling a larger volume of customers and orders. Having enough time to study the market and prepare for the increase in sales you will be getting from will help you to ease the shopping experience for your customers.
Integrating online sales towards the Black Friday and Cyber Monday success of your business. Online sales can help you reach more customers and increase your profits so this is a very important step.
Create loyal customers through customized rewards programs, with up to three tiers of rewards, and targeted promotions based on customer purchase history.
Give special pricing & discounts exclusively to loyal customers. Customers love discounts and having club pricing makes them feel special and motivates them to shop more with your store.
Update your website with high-resolution images. Ignoring the visuals of your online store is the biggest mistake here. If you are offering sales and discounts then let the customers know about it and make sure they are visible right when they get to your website. There is no better way to advertise your deals than having a dedicated banner on the home page!
To stay ahead in this technology-driven world, it is important to work with the best agencies. If you are looking for an agency that can help your business get ahead in this hi-tech world, check out eCommerce solutions for retailers where you can harness the true power of the digital world for your business.
There are different other ways to improve the online game of your business. From social media marketing to the right integration of powerful tools, there are many business aspects where your retail merchants need to focus on to tackle the high demand of the products on the sale events.
Black Friday and Cyber Monday can be exceptionally good events for your business if you know how to manage things properly. Consumer spending rates are at the peak at these events so retail merchants need to equip their businesses with the right tools and solutions and retailcloud products can help you to make it happen.
Now that you have set yourself up for success by following all of the recommendations from Day 1 and Day 2, it is onto Day 3. Today you will begin the counting process, one of the most important steps of a successful inventory. Following these simple steps will help you in completing your inventory correctly and efficiently. Make sure you schedule a time to do this when the store is slow or closed – if doing it while closed, it’s best to section off areas as they are being counted – so you are not selling items from the counted inventory.
What to do on Day 3
Using the mInventory app you will need to go to Inventory counts and start a new project. It is best practice to name the project based on the locations you are counting.
Once you have created the project it is time to start scanning. The scanning can be done two ways. The first method is to scan every item individually, this will be the most accurate way to scan as it will make sure you are counting similar items as the correct UPC. The second method would be to scan the item once and then type in the total count for that item. If you do have similar items with different UPC you will need to make sure that you separate them before attempting to scan your inventory with this method.
Once your whole section is counted you will export the project and email it to your manager.
The manager will receive all exported project files which will contain the details of who counted each section and what was counted.
After all projects have been consolidated, the manager will compare these counts to the current quantity on hand using an IBR from the CAS Portal to find any large discrepancies.
These large discrepancies will then need to be recounted to verify that all pieces have been accounted for.
As a best practice, you can randomly select products and recount them – assuming there is no variance, you can be confident of the counts. If you see substantial variances, you may want to determine if the errors were with one counter or section and expand the recounts accordingly. Some stores keep counting until all items have been verified (the same count appears twice). The comfort you have with inventory counts is not decided in the annual count – it’s typically achieved in periodic cycle counts.
Review all the adjustment reports and confirm the count once you are satisfied that you have an accurate count.
In the next blog, we will discuss best practices in analyzing your inventory and maintaining accuracy of your stock levels throughout the year. For more details on Key Performance Indicators you can read our blog post on Retail Math.
Hopefully you have had a chance to get through all the Day 1 Activities, to review here is a list; don’t be tempted to skip through the steps in the interest of saving time today as it will result in a lot of extra time being spent on the count day to reconcile the inventory. You will be pleased to know that Day 2 is much easier than Day 1, but equally important to a smooth count.
What to do on Day 2
Have your team download and familiarize themselves with mInventory, especially the section on Inventory Counts. Make sure that each team member has their own user name and password and can log into the app; if passwords need to be reset or user created you should do so now using nGauge or the CAS Portal
On Day 1, your team would have organized the product and checked for damages, during the course of doing that they might have run across items that did not have barcode labels, this would be a good time to print those and resticker the product; if you are using CAS to print the labels you can use roll or Avery labels on your laser printer (money saving tip) or you can use Label.It for more printing styles and options.
Tomorrow is day 3, we will go through the best counting practices.Don’t forget to share your feedback and don’t forget to subscribe so you can see the next post, or you can join us on Facebook, Instagram or Twitter.
It’s that time of the year!
No, I am not talking about New Year’s resolutions – I am talking about getting your inventory done and putting in some best practices to keep your investment in inventory efficient year round.
I will be posting 5 blogs that will get you ready for your annual inventory counts – the first 3 will be to break down the activities you do to prepare for the counts and the last 2 will be on the best practices that you can implement to keep inventory managed year round. You may have already had a chance to read about how to do ABC Cycle Counts by Justin McCollom from our Major Market Team, which discusses the importance of having good inventory management to support your Online Ordering/eCommerce sites. My approach over the next 3 posts is to take you through a more granular list based process. So don’t forget to subscribe to new blog posts over on the right panel.
So let’s get into the tasks – this is really meant to be a checklist that you can share with your team, and since many of you reading this will be retailcloud customers, I will occasionally refer to specific processes within the CAS Portal.
What to do on Day 1
Almost done!
From the back of the house perspective you have accomplished a lot today, and built a foundation of success for your full inventory count.
Start organizing the inventory in the store so that it will be easy to count, have your team prepare a floor map by Department or Category of where the product is and to begin to place it. If your store is not organized and ready to be counted, then this is a good place to start getting it prepped for inventory and gather like items together.
While organizing, take some time and look out for damaged items, these should be inspected and discounted or adjusted out of inventory as needed. Good luck, please share your feedback and don’t forget to subscribe so you can see the next post – if you don’t want to subscribe, you can join us on Facebook or Twitter.
With the start of the new year upon us what better time than now to start thinking about inventory? Let’s start 2021 off on the right foot and change the way you look at completing your inventory. Year-end inventories can be a thing of the past if you incorporate cycle counts into your operation. Utilizing the tools we provide at retailcloud you can have more accurate records year-round instead of waiting until the end of the year to do the typical tedious full year-end inventory. With a multitude of backend reporting, innovative and completely free inventory management apps we will help you through the process. Whether it’s running analytics on nGauge or utilizing mInventory for all of their inventory needs, we got you covered. Users can use our apps to scan inventory for your cycle counts using the camera on your phone and complete inventory adjustments all from the palm of your hand.
Benefits of cycle counting?
There are many benefits that come along with cycle counting as opposed to doing the full end of the year inventory including:
What is the ABC analysis method?
ABC analysis is an inventory categorization technique, that divides an inventory into three categories. These categories will be cycle counted throughout the year based on the rules set by ABC. Putting your focus on the higher valued items first.
How to determine ABC
When determining your ABC categorization, it is important to factor in these 5 key pieces of data to give an overall idea of the value of each item. Once you have all these factors determined you will be able to assign them to the ABC categories based on their ranking in each field.
How often to count and who to count?
Once you have your ABC analysis completed you will be able to sort your inventory based on these factors and determine which items you need to focus on first. Your A inventory items will be counted more often and can even be added into your warehouse staff’s day to day operations. Once you complete all of your A inventory items you can move on to the B category which should be counted semiannually, and then onto the C category, with the least effect on your business these items can be counted annually. Utilizing your own staff is best practice as they will have a vested interest in the inventory and the accuracy of their counts. They will also be familiar with the many tools retailcloud offers to make these tasks simple.
Checkout retailcloud’s inventory management app – mInventory – Click Here!
Checkout retailcloud’s analytics app – nGauge – Click Here!
With different types of products and customers from different places there is no one-size fit for all orders. Getting these details right is important to have options for customers. Providing various fulfillment options is one of the most important steps. While eCommerce and Online ordering have traditionally operated on shipping only, there are various options that are available today. Customers can use Curbside Pickup, Instore Pickup or even have your own crew do the local delivery. This can sometimes save a significant amount of cost when you can control these
offering various shipping options are very important as well. It is a well known fact that customers prefer to have free shipping options. While it may not be cost effective to provide free shipping options for every single order, custom shipping rules come handy in those situations. Free Shipping based on a certain threshold, Custom Shipping Rules based on Weight and specific products are very commonly used approaches which balances business and customer satisfaction. Local businesses should be able to set up a nominal fee for local delivery along options for Delivery zones and rules.
When an order is placed it is utmost important to take care of it or keep the customer appraised of the progress. When a customer shops in store they already have the products on hand and customers are anxious to get what they bought as soon as possible. Delivery Windows , lead fulfillment times can help to set these expectations realistically as much as possible. Email Alerts or notifications will also improve when the orders are getting shipped or being processed.
It is very important to have the order processing streamlined as business. Right from Accepting orders, Keeping track of inventory all the way to fulfillment and delivery are key steps in streamlining order processing. Usage of proper tools at each stage is important for this.
A system which can track all the inventory when an order is placed or processed is important. Most of the small and medium sized businesses use one of their locations with a shared inventory pool for the fulfillment.
Solutions such as the Orderup app which allow you to manage the fulfillment lifecycle is very important where you can see all your orders, notified and processed even without having a Point of Sale or Browser. OrderUp can print delivery receipts and even send notifications to customers as you manage your order.
When you offer curbside delivery options it is also important to have available tools handy to support those customers. Orderup offers accepting payment using handheld devices and helps to perform contactless checkout and print/email receipt. Ability to fulfill orders, accept payments and
last but not least automating using available tools is important to ensure that orders are processed smoothly and efficiently. Whether it is automatically printing your picklist of orders on your printers or automatically creating shipping labels using shipstation, it is very important to understand and automate wherever possible.
Checkout retailcloud’s Order Fulfillment Solution app – Click Here!
Checkout retailcloud’s eCommerce Solution – Click Here!
1. Wait ! Are you really not online yet
In the post pandemic world, it’s rare to have a business model that does not include online sales. Here are some easy steps to get your restaurant taking online orders, fast!
With other restaurants in your area taking online orders, allowing their customers to easily browse their menus and place their orders, now is the time to add this sales avenue. Most online ordering solutions provide customers with a history of their orders, as well as allow them to place orders using facebook or instagram stores. The following are important areas to think about to ensure that your online store runs efficiently for you, your staff, and customers.
2. Keep your menu simple & expressive
Complex online menus can be confusing and frustrating for customers to navigate, especially those with complex modifier and sub modifier options. A limited selection of items, a couple of 3 course meal choices and a family pack that represent your top selling items is a great approach.
Pictures, pictures and pictures; look at pictures that your customers have posted on Yelp or Instagram and use them (with appropriate permission, if needed) – pictures are a great way to give your customer an idea of what to expect.
Include relevant details regarding ingredients, allergies and any other information that will help customers make informed decisions.
3. Set expectations
Make sure your online system allows you to manage your pick up times, delivery areas, delivery and service fees. With different types of products and customers from different places there is no one size fit for all orders. Getting these details right is important to setting reasonable expectations for customers and making it manageable for you.
Here are a few recommendations:
a) Providing various fulfillment options is one of the most important steps. While eCommerce and Online ordering have traditionally operated on shipping only, that has all changed in 2020. Most effective options may be Curbside Pickup, Instore Pickup or even have your own crew do the local delivery. This adds options that work well in today’s environment.
b) Defining various shipping rules are very important, as well. It is a known fact that customers prefer to have free shipping options. While it may not be cost effective to provide free shipping for every single order, custom shipping rules come in handy in those situations. Free Shipping based on a certain threshold, Custom Shipping Rules based on Weight and specific products are very commonly used to balance business and customer satisfaction. Local businesses should be able to set up a nominal fee for local delivery based on delivery zones and rules.
c) When an order is placed it is important to keep the customer appraised of the progress. When a customer shops in store they already have the products in hand and customers are anxious to get what they bought as soon as possible. Disclosing delivery windows and lead fulfillment times can help to set these expectations realistically. Email Alerts or notification also improve the communication regarding the order.
4. Engage your customer
Many email marketing solutions have social media engagement tools including those that allow your customers and potential customers to get to know you across all channels. Have cross promotions between your website and your social channels, tied in with a targeted ad campaign to always stay in front of your customers. They love your brand, they want to support you during the downturn – give them opportunities to do that by purchasing from you.
5. Open a gift shop
Convert your restaurant space into a gift shop – sell wines from your wine list at a discounted price – package food in serving dishes like Staub, for an upscale heat and serve option – maybe a take out meal combined with fun reusable products like those from Aplat. Offer meal subscription plans so your customers never have to worry about what to cook up for Wednesday night dinner, they just swing by and pick it up every week. Other interesting products like Repour or glasses for wine drinkers, or kitchen tools from GIR for the in home chef. Fun ways to add revenue and add excitement for your customers.
6. Streamline Order Processing
With orders coming in online, via the phone and walkin orders, it is important to streamline the business. From the time you accept the order, keep track of inventory all the way to fulfillment and delivery are key steps in streamlining order processing. Having the proper tools at each stage is important.
a) A system which can track the inventory from the time an order is placed or processed is important. Most small and medium size businesses use one of their locations with a shared inventory pool for the fulfillment.
b) Solutions such as Orderup app allow you to manage the fulfillment lifecycle, to see all your orders, notify customers of the status and process even without investing in a Point of Sale or using a browser. Orderup can print delivery receipts and even send notifications to customers as you manage your order.
c) When you offer curbside delivery options, tools should be automated to support the option of payment at pickup. Orderup offers payment acceptance using handheld devices with contactless checkout and print or email receipt
d) Last, but not least, look at automating using available tools to ensure that orders are processed smoothly and efficiently. Whether it is automatically printing your picklist of orders on your kitchen printer or automatically creating shipping labels and using shipstation, it is important to understand where efficiencies can be improved and automate wherever possible.
Steps taken now, will help your restaurant success during these challenging times and prosper in the future, as customers will demand these new approaches to ordering and restaurant services beyond the near term situation. Embrace the changes in customer expectations to improve and success for years to come.
Checkout retailcloud’s Online Ordering System for Restaurants – Click Here!
Checkout retailcloud’s Fulfillment Solution app – Click Here!
It’s time to refocus your online ordering efforts – back in March when you first rolled it out it was a stop gap measure for a few months and then outdoor dining happened and things settled back to normal – the hurdles you experienced when you set up your online store were minimized as customers returned to your restaurant and enjoyed all the benefits of outdoor dining.
Now as many states are calling for shutdowns and prohibiting outdoor dining or where the weather is just not conducive to it – it’s time to get back to online ordering and curbside delivery. Except now, you need to be more exact about how you do it – your customers continue to be loyal and supportive, but they are expecting a more efficient process from you. So how do you do that?
You need a multi-tiered strategy that allows you to draw customers using third party delivery apps but then convert them to your no commission ordering system. There are three challenges in developing your online ordering system
a) How do you draw customers?
b) How to manage orders and deliveries?
c) How do you engage customers on reorders and other promotions?
Third party providers eat up a significant part of your revenue in fees, although they do cast a wide net for you in terms of reaching customers. It’s not unusual to see fees of 20-25% from these services, and while it may make sense to pay that for delivering the customer the first time, it’s not feasible for operators to continue to pay that high a percentage all the time.
Operators must incorporate their own online technologies that will allow them to move customers from these third parties to “direct” orders thus eliminating these fees. These online systems are flat fee with no commissions, no server and hosting fees which means more money in your pocket as an operator; which is key in today’s environment. These online ordering sites can be up and running in less than 24-48 hours in most cases and have nominal startup fees, if any.
Having your own online site allows you to manage the offers, the brand experience and ultimately control your costs and margin; and while third party sites perform an important role in driving new customers; your online ordering system will provide you with key data on your customers allowing you to manage the relationship moving forward. So use a third party system; but then move that customer to your online ordering system.
The next area to focus on is order processing. Your online system should allow you to centrally manage your orders and update customers as the order gets processed and ready for pickup; keeping customers notified in real time greatly improves your customers experience and creates a very favorable impression of your brand. Updates create transparency in the whole ordering process and removes the mystery of will my order be ready, how long do I have to wait to pick it up etc. Having a way of clearly labeling and organizing the orders at the point of pickup with marketing and promotional information (such as a napkin or tag with a coupon code on your OLO site) also allows you to start the migration from a third party delivery service to your online ordering. Another way of doing this is by raising your prices on third party sites, but including a discounted price on your direct site; many restaurants find this the single most successful tool in encouraging customers to use their direct sites.
Lastly, use your POS or Online Ordering CRM to start building your customer data; create facebook and Instagram links to your OLO page for multi channel reach; promote your online ordering page in your restaurant, on your web page and through email campaigns, offer a loyalty program that’s tied into your online site that’s tied into experiences and services, rather than just free product; it’s clear that customers want to support local restaurants and are open to engaging with them as brands – you can’t do that if you are not willing to protect your brand and the relationship with your customers.Checkout retailcloud’s Online Ordering System for Restaurants – Click Here!
No one is unaffected by the impact of the COVID-19 slowdown/shutdown. We are all in this together to make it through financially, physically and emotionally. Small businesses are hit particularly hard. With small businesses accounting for employing over 48% of all workers, the shutdown has the bigger impact on this group.
The following are ways for small businesses to help weather the crisis as well as ways that consumers can pitch in and help
Offer online sales through your website, Facebook Store and Instagram Store. If you have one or more social media profiles, start posting. Take photos of products, videos of the store or update posts and get your information out there and let your customers know you are still active and how they can purchase from you.
Offering gift cards allow your customers to support your business by providing much needed cash now and continued support for the future.
If you have the ability to use a video conferencing software, do so. You can connect and sell to customers via webcam and ship directly to their home.
Buy now to use later or better yet, buy a gift card to give as a gift to a person who is working extra hard during this time, such as a health care worker, grocery store clerk or is in emergency services
Call your favorite stores to see if they are taking phone orders or purchase online to support your favorite business. This will help them and you get cool new stuff.
Many restaurants are now offering deliveries or pick ups. Call your favorite restaurant to see what your options are or order from them online
People are still working, so tipping extra will not only help them financially but also boost their morale. They are working extra hard and this will show your appreciation to them.
Do you have a social media account? Reblog, retweet, or send out props to your favorite stores to give them a boost. Liking, commenting and reblogging will help get them noticed.
Consider this as a donation at this time. It will help the business during a time of little to no income. You can help them out by not rushing to cancel and keep it open so it will be ready as soon as you’re able to go back.
Donate what you can to local food banks and pantries to help your neighborhood. Give as much as you can to help those that have little to nothing.
Call your favorite store to see if there is anything you can do to help. There are some small businesses that have crowdsourcing where you can directly donate to help them and their employees. It never hurts to ask how you can help.
During this trying time, let’s take the time to help out our neighbors and local businesses. A little extra care now will help with recovery once we are back to our everyday lives.
At retailcloud we love lists; our support team keeps a list of all features that are requested by users, our partner team keeps a list of what is important to our partners and our product team keeps yet another one on what are key industry drivers.
Recently our AI and analytics team was playing with some models to mash up all the data and see what features should be developed based on these three lists as well as what could have the greatest impact on our customer’s bottom line.
If you have been following our blogs you will see that we, and our industry, have been talking a lot about the impact of customer retention and building brand loyalty and experiences, and so while a feedback and rating system was not on our product roadmap we were not altogether surprised that our AI modeling told us that an application where customers could provide instant feedback to merchants, AND where merchants had tools and insights to make customers into fans made sense.
And so feedbk (pronounced feedback) was born; feedbk is a real time rating application that allows merchants to easily obtain feedback from their customers at the Point of Sale. It keeps track of 3 metrics for a retailer;
This feedback is automatically combined with segmentation which is critical in allowing operators to immediately identify problem areas and rectify them; it is also able to provide retailers with the ability to gauge opportunity costs that are related to such issues. feedbk operates entirely on the retailcloud platform so it can provide operators with actionable analytics on how to increase units per transaction, identify ideal product mixes, and in general, identify their most valuable customers.
It’s just version 1.0, but we are excited about feedbk and the machine learning opportunities that come from it. We believe that it is the first of many pragmatic analytic solutions from our AI team that will allow small and mid size retailers to quickly access where their staff can best focus their efforts.
To understand your customers, customer feedback is important. Companies that listen to their customers have the tools to succeed – You’ve heard this many times and you have probably even given it consideration for your business. But what’s missing is a solid explanation. You’ve heard that customer feedback is crucial to your business grow, but the how’s and why’s are what I’ll try to help clarify for you.
Here are seven reasons why a customer feedback rating is important to the success of your business
You know your product, every variation, size, color, style, feature and you have educated your team hundreds of times. Unfortunately, your passion may not allow you to see the imperfections. It is important to know what appeals to your customers, as well as what was subpar and why. Listen to your customers and provide the products that they desire.
Listening to your customer feedback makes your customers feel involved and valued. When customers feel listened to, they positively connect with your brand and direct their good experience back to you, which makes them a part of your business family and ensures return visits.
Word of mouth advertising is very successful, and referrals are the most effective, free way of advertising. These most often come from friends and family and are often the most convincing recommendations. Always remember to strive for positive feedback, if you want to gain customers through recommendations.
You can always sell something once, but the true test is getting the customer to return over and over. Feedback is helpful in providing some of the finer details that encourage the recurring business. Is maybe free shipping, same day alterations, polite/educated support team, user friendly website which is the key to solidifying the customer relationship.
Especially nowadays, with competition down the street and on line, its essential to tackle a problem or misunderstanding immediately. With the bandwidth of social media, a bad comment can do far reaching harm to your business.
Seek out a rating system can has the capability to alert you to negative feedback immediately – before your customer has left the store. Allowing the customer to share the unhappy experience and providing you with the opportunity to rectify the issue immediately.
As a consumer, one of the first things you do when looking up a business or product is to read online reviews. Make sure that you have reviews available to draw in the new business, and further more, make sure that the reviews are positive. Asking your customers for their feedback in store will allow you to react before it appears online.
Actively soliciting feedback from your customers and reacting to their opinions creates a relationship that makes the buying process more personal. The customer perceives the business as being run by friendly people that care about their experience, instead of just a company that sells product.
As you see, eliciting feedback from your customers is important and can be very beneficial to your business, as it helps you get to know your customers better, increases their engagement and loyalty and brings in new customers. As it turns out, customer feedback is quite important!
As part of the retailcloud sales team, at least 2-3 times a week I speak with a business owner who tells me that their biggest issue is staying on top of the cash flow; in fact a not to uncommon statement is that we just had a great month but I don’t know where the money went.
Managing your Cash Flow and effectively converting inventory into cash are the most important things that small business operators do. With that in mind I thought I would put together a very high level post on some basic practices on cash flow management. If you want some complexity we have other posts on managing cash flow, GMROI and sales to stock and cash to sales ratios that can take you to the next level but this for the basics.
Let’s begin by taking that money and putting it into some piles
Paying Sales Tax – this is often overlooked, but start first by running your sales tax settlement reports and put that aside for the tax man – there is no getting around that. While you are doing that, make sure that the amount you are reserving is in line with what your sales are – often items are not properly set up in your system and you may have neglected to collect the correct taxes.
Paying your Employees – Look at your time clock reports and forecast what you need to pay your employees, remember to carefully set aside withholding amounts and any other employer contributions. These are monies that you don’t want flowing into your operating accounts.
Keep your doors Open – Know what your fixed costs are (Rent, Utilities, Business Operation Fees) and prorate them so you are setting aside enough to cover these fixed expenses. Having accurate projections will allow you to forecast what your minimum sales are on a daily basis to cover overhead.
Replacing your Inventory – Finally set aside enough to replace your inventory, if you are buying on account you will need to pay your vendors and if you are paying on delivery you need to keep your items stocked at optimum levels. While doing this, consider what you stock on hand is and determine if you are better off investing in complementary products. Have a look at our posts on Increasing per Unit Sales.
See what’s left over – This is for you if there is not enough to go around, you only have a few choices
These are 4 simple checkpoints – having these good practices will help you build a strong and profitable business. The majority of business failures occur due to poor cash management.
The key to retail success is having a plan you can implement, reducing the variables and executing the plan to perfection! Ok So you knew that already, but how do you go about doing that.
Since you are reading this, I will assume you are part of the 20% of retailers that have put processes in place to monitor your expenses, manage your inventory levels and are reviewing your product mix and performance.
You might even be part of the 20% of the 20% that has implemented a CRM that tracks customer preferences and is aware of slippage activity; if you are just doing loyalty that’s not good enough.
So you are now part of the 20% of the 20%, now what – how do you get to be 20% of the 20% of the 20% that is executing to perfection. Let’s look at one of the simplest ways to get there.
Put another way :
80% of all small business are content with opening the doors and waiting for customers to come in – when they do they focus on selling them what they have and meeting whatever needs they ca,
20% of them are looking at their product mix and managing their costs and inventory levels on a regular basis – They are aware of a key KPI’s and are looking for ways to increase margin and ROI.
20% of that 20% (4% of all merchants) are taking it a step further they have implemented a CRM and have launched an online commerce store – they work hard at trying to increase their foot traffic, focusing on marketing, making their inventory visible and doing what they can to match their stock levels to customer preference.
The difference makers – the ones who seem to have all the luck the 20% of the 20% of the 20% (thats .8% or 80 out of a 1000 businesses) are focused on doing more with what they have – seems simple but often misunderstood it’s focusing your energy and efforts on where they make a difference. Make every action count! What does that mean.
How many customers come in and how many are buying – if for example 10 out of every 50 customers who come in buy something, focus on what it takes to get that to 11 – that immediately reflects a 20% increase in sales. Are they looking for sizes, color or product you don’t have – can you meet those needs using retailcloud’s endless aisle or predictive reordering to ensure you have the right mix? Does your clienteling system allow you to suggest substitute products?
Yes again you are right everyone says that , but what kind of insight does your POS system give you on similar customers, are you using machine intelligence to recommend items based on what customers have selected as well as what that customer has previously purchased? If your average units per transaction are 1.67 and you get 1 out of every 5 customers to buy one more item this could result in a 12% increase in sales.
Look at what how many customers are coming back and how often, does your POS system allow you to reach out to them with targeted offers (promos or experiences) to drive them back – the better you know your customers the more effective experience based marketing is; say for instance you know they love UnderArmour shoes, invite them back for an early preview of the new shoe line; or if they like a certain wine – allow them to reserve part of that allocation before it comes in – (use the retailcloud prepaid feature). Utilize the valuable information in your customer preference profiles. If you can increase your customer retention by 10% this again would have a huge impact on your bottom line.
So what does it take to be the 20% of the 20% of the 20% – it’s the little details; while your competition is using a scrambling approach you can focus on the details and successfully execute a winning strategy.
retail Key performance Indicators ( KPI ) in combination of recommendation & pragmatics analytics are key to solve sales challenges retail companies are facing. If you would like to learn more about the how you can improve your retail performance bookmark our blog and keep watching this space.
1. Embrace the data – Quality Data Will Replace Big Data , Have your POS data start working to provide you with information on lagging lines and to start matching product to customers more effectively.
2. Embrace the tech – The discussion has been resolved; Consumers do prefer shopping via mobile in store and out of the store. The POS has extended to the customer phone, and it’s easy for SMB to respond.
3. Embrace your online presence – Digital shopping can be a destination, and with the dropping cost of ecommerce, online insight to product and inventory is a must have.
4. Embrace customer engagement – Reset your customer service culture, train associates to provide quality in-store engagement and use your customer preferences and inventory data to provide relevant engagement through social media.
5. Don’t fear the unknown – It’s about a seamless customer journey. In store experiences and loyalty will get more relevant, the brick and mortar experience will become the secret weapon against big online.
6. Don’t fear payment providers – Payment solutions are becoming more competitive and innovative, the entry barriers to provide multiple payment options are being lowered as consumers demand more options.
7. Embrace Retail as a Service – It’s more than just carrying inventory and selling the product – customers expect more and suppliers want to do more. Endless aisle, pop-up stores within stores and customer preference data will all lead to a more curated retail experience for the consumer.
A full annual inventory can seem like a very daunting task as a whole. However, prep planning will break down the steps and make the full process less overwhelming. These steps will increase your count accuracy, reduce the time you spend counting, and lead you to a successful inventory overall.
Who & When In planning for your prep, schedule your inventory day far enough in advance that you give yourself plenty of time to prep. A good practice is to have 30-45 days to prep. It is ideal to schedule your count at a time that will not be busy in your location.
Plan the team that will be doing the prep and counting. When selecting counters, choose seasoned employees as well as those who can provide fresh eyes. A key part of planning your staff, is communicating with them the importance of their role in the overall success of the inventory. Share with your team the tasks they are assigned, and create a centralized location for tracking progress of the prep.
Organize
A majority of your prep work, will be organizing your product. Make a map your that includes dates that each section is expected to be ready to count. Assign members of the team that will prep and count each section. If you have a warehouse, it is best to start there, as your team will be able to maintain the prep work once it is done. If you have freezer/refrigerators or off-site inventory, don’t forget these in your map and timelines.
Identify
Identify what it will take to organize your product for counting day. Locate items without barcodes and decide if you will generate and affix barcodes, or prep them on a manual count sheet. Designate a space or sign that will clearly identify items that will not be counted. Any defective or obsolete product should be disposed off and removed from the count area and written off from the system quantity. It is important that any receivings/transfers are frozen and staged in an area that has been designated to not be counted inventory day.
How will you count
Establish with your team how you will conduct your inventory count. Traditionally, physical counts are done with pen and paper. While this can get the job done, it requires an extra step for someone to enter all the data. Using a scanner app, will make counting your inventory a breeze. The app will sync completed counts with your POS so once you’re done counting, you can easily update your stock levels.
Using an Inventory application or device
Using an inventory application or device enables you to complete your inventory count from a handheld device, sometimes even using your phone & its camera to scan. This saves you the time of working with manual counting sheets. This process will require the use of a fully charged device or maybe a wifi connected phone. When planning your prep, you’ll want to include the set up of your device. It is also a good idea to practice with the device or app prior to count day, and review the steps and best practices with your team.
Food and Drinks for your team
You’ll want to keep your team happy and efficient on inventory day. It is a tedious process, so keeping them on top of their game will be an important part of your planning. Have water, coffee, maybe some pizza or snacks on hand. This will also boost their morale and increase their attention to detail on this important task.
Day of the count
Pre-designate a person that will oversee the flow of the count. Making notations on sections as they are complete is a great way to avoid double counting. Double checking and auditing counts as sections are complete, will be a good idea before updating stock levels. Avoid postponing inventory checks, as the best time to do it, is while everything is fresh in mind.
After the count
Pull up your inventory reports and analyze the data to see what can be done to improve your business. Use this information to identify high risk zones, and adjust standard practices to minimize losses in these areas. A good practice to adopt would be to have frequent cycle counts of areas or items that show significant discrepancies. This will help you in identifying trends within your business.
Smooth and painless inventory days are no accident. Details planned well in advance will help you be prepared and have a more accurate count, and with less stress. Making sure you have the right tools, the right people, and the right plan will help you have a successful day.
If you liked this blog you might be interested in our previous article on this topics as well
Point of Sale Systems installed in liquor stores are an important tool to make sure operations runs smooth and seamless. Store managers have a great deal of responsibility to make sure that everything from catalog, inventory, and customer experience are handled flawlessly. As a software provider for numerous liquor stores across the country and talking to several business owners & store managers we have identified some of the most common aspects one should consider for a liquor store inventory management and point of sale system.
These 12 features are generally classified into these functional areas.
When a liquor store adopts a modern point of sale system, one of the challenges they have is how to load the product catalog. In some instances, the store hasn’t tracked products and inventory in the past, moving from a legacy cash register or simply starting a business from a buyout. A key problem in all of the above cases is lack of product tracking through an automated system. Retailcloud’s global catalog with over 50K liquor products allows an user to adopt the system seamlessly and get up and running in no time.
It is not an easy job to track inventory for all the products when you have a busy season and when your focus should be to sell more. Retailcloud inventory management module tracks the products across your business right from issuing purchase orders , receiving into the stores and managing inventory automatically into your location when you sell. Every business owner we have talked to has mentioned that accurate inventory tracking is one of the top 3 priorities they have with a new point of sale system.
With the variety of options within the liquor catalog management, one of the common struggles that liquor store managers have is how should they enter cases and packs into the system. Can I buy by the case and sell individually and get an accurate inventory? The solution to do this effectively is to have different units of measure available allowing for accurate reporting of inventory regardless of how you sell it.
Cash discounting has been one of the most sought out features in recent times. This allows the business owner to manage the payment processing cost more effectively in creative ways. The retailcloud system allows merchants to setup cash discounts, rebates for certain payments types and print on receipts.
Experts who advise liquor store operations says that the best way to have a profitable liquor store is to keep track of your profit goals. To effectively keep track of the profit it is important for a store to have tools to manage the cost of inventory and thus by reporting it back to you across your business. Many cost management systems do not provide accurate cost of good sold data. I have seen systems that update all items in inventory to the current cost price wreaking havoc on managing true cost of goods. A system which effectively calculate the weighted average cost and provide you with effective profit margins and KPI is very important. Retailcloud’s cost management and nGauge analytics platform provides these insights without additional plugins or 3rd party softwares.
Multiple employees are very common in liquor stores and having the tools to manage their sales as well as providing security against theft and abuse of the system . Have unique log ins and password/pin entry is a key necessity. Knowing which employee is ringing up the sale as well as limiting access for non key employees are among the features needed.
As a business owner one of the challenges faced is the level or access which can be provided to different employees and temporary staff. Well defined roles in the system with commonly accessed features and ability to promote or demote certain function is very handy in liquor store multi employee situations. Retailcloud POS provides unlimited users access across 10 different roles.
Age and ID verifications are important when you have mix and match of a variety of products. Automated prompts of Age and ID verification allows the cashiers verify the customers for the ID based on product category or scan on the Code Scanner for programmable beeps.
Ability to access the reports anywhere is one thing which every system should have in the 21st century. The global access to Sales and Inventory reporting anywhere anytime is key for business owners to analyze their business / profit strategies at their own time.
Irrespective of any type of business, one thing retailers across the globe will agree on is that they need ways to engage with their customers. One of the most common ways to do this is offering promotions and loyalty programs. Starting with simple discounts which can be announced through your weekly mailer or reward your most visited customers with loyalty programs can be useful tools to ensure that your customers think of your business first.
Customer engagement strategies varies from time to time. Purchase history and customer engagement drives those strategies. Ability to see the sales history and sales analysis helps businesses to better and more effectively engage with customers. VIP Clubs or Demographic based promotions are likely to improve the customer visits.
Most liquor store staff interacts on POS one way or other. Without additional software or subscription, the business owners can track employee time within the POS which is a very useful way to track the attendance. Attendance can be monitored remotely or overridden by supervisors as needed.
Checkout out retailcloud’s Liquor Store Point of Sale Features list here to learn more
Let me start by says that a product return isn’t necessarily a bad thing. Based on a six-year study from the University of North Carolina’s Flagler Business School, the study looked at the return rates from various companies. And it turns out that there’s actually a “sweet spot” that equates to higher profits per customer sales. One company was found to have a magic number of 13 percent!
But a product return may not go the way merchants want. As reported in The Wall Street Journal, that same research showed numbers that were greater than this percentage actually decreased profits. And it signaled deeper, structural problems within the company itself. It could be a strict return policy or poor record keeping from accounting. Either way, these problems can lead to dissatisfied customers, increased chargebacks and much more.
I’d like to provide four simple tips that should help your business prevent excessive returns
Allow your customers to fully experience your merchandise. Touching, Tasting, Feeling – your customers can make a more informed decision, which will minimize returns.
Many times such returns are the result of a retailer carrying a product that doesn’t have the features customers demand. They may still buy it, but the end result will typically be a return.
The best way to find out what the customers want is to ask them. Salespeople will also have great insight as to what customers are asking for that a store isn’t carrying. Paying attention to the responses and acting on them will help minimize returned merchandise. Keeping tabs on the competition can also be useful.
“With tight payrolls and a large turnover of associates, displays are more important than ever before,” says Tom Hebrock, vice president of retail services at Stuart and Associates in Brentwood, Tenn. “This is what the customer relies on if they can’t get employee assistance in the store.”
Displays need to have consistent information for one type of product. The sign also needs to include accessories that are needed but not included so the customer doesn’t get home expecting what’s not there.
Informative displays will also help store personnel communicate the benefits and features of the products they are selling. While it would be nice for associates to memorize every feature of every product, the expectation is unrealistic, and detailed displays will assist them in selling.
Follow these tips to prevent excessive returns so that you can operate in the Sweet Spot of customer returns.
Today we are announcing the General availability of PAX A920 Mobile All in one Smart Terminal with retailcloud’s point of sale solution. Last April we had launched the PAX E500 Smart Terminal. As we outlined in that post PAX commitment on suite of smart terminals has enabled us to launch more in the series.
PAX A920 Smart terminal is an all-in-one payment processing terminal with retailcloud’s full fledged point of sale and inventory management. PAX A920 is sleek, fast and secure.
With retailcloud’s Terminal on PAX A920 you can now manage your sales, engage with your customers, accept payments & print your receipts. It is a beautiful looking device which can be snapped into your pocket and use it whenever you need it.
Some of the key features & benefits of the retaicloud’s smart terminal are
PAX a920 is an engineering marvel with sleek design and comes with a HD tablet color display and integrated thermal printer . The printer is designed in such a way that it is not bulky but still fit a decent size paper roll into it. PAX A920 comes with Integrated Printer, Payment device and a high speed barcode scanner. Optional Dock is available to charge as well
retailcloud’s Software turn the A920 into a full featured point of sale software with customer engagement and cloud access. Print your detailed reports within the device or have it accessed through our cloud portal.
With the option to connect via Wifi or your cell phone provider you can take your point of sale to any location or if you need mobility for your business.
Manage your inventory for single location or multi location with retailcloud A920. Inventory is managed automatically as the products are sold from your stores.
A920 can accept all modern secure payment technologies such as EMV, MSR and Tap Payment.
Ability to do Cash Discounts, Surcharge or just add fee automatically when you make a sale is key for a lot or merchant to keep the business cost under control. Retailcloud terminal software allows the business owners to do this efficiently and display it on receipt.
If you are a business owner and exploring about mobile point of sale or adding another point of sale for your roadshows PAX A920 Smart Terminal is right choice to get started. Click the order now button to contact us if you want to learn more on how PAX A920 can be a solution for your store
In retail location matters, and brick and mortar retailers spend a lot of time and resources in getting new customers to walk in their stores, but that is just the beginning; keeping customers coming back is the key to operating a successful retail operation. Here are some tips on how to do that
Let’s start here, keep reminding them where they are – have associates greet them by using your store name “ Welcome to (store name); Can I help you find something?” Remind them where they are whenever possible – Thank you for shopping at (store name); try to use shopping bags, digital receipts where your store name is prominently displayed. Whenever possible use preprinted hangtags or if you don’t want to invest in them – try a stamp or sticker with your name and logo.
Here is a low-cost value add for your customers, have associates be aware of surprising customers with random acts of kindness (I don’t mean give away free product or discounts) – taking time to carefully package items, spending a little more time to make sure the customer experience is curated for the customer.
Provide accurate information to the customer or product availability. Give associates the tools to know what’s in stock, what’s on the way in and when it can be expected. Pay particular attention to your product mix and train your associates on complimentary and replacement product.
Loyalty and club programs (especially experienced based ones) are the cornerstone of retail – Club programs can range from simple pricing discounts like grocery stores offer or experience-based ones that many airlines focus on. One of my favorite example of a club program is a neighborhood restaurant who has a point system for visits and once you get to a certain level – they guarantee you a table anytime – I’ve seen them set up temporarily set up tables for their top customers even when fully sold out – I’m sure that those customers feel the restaurant always value their relationship.
Last but by no means least
Consumers want easy access to their favorite stores, have an online site that has accurate information on products and inventory levels (ideally connected to your inventory system) and tied to your POS (so customers have one view into all their activity). This allows customers to view product, make purchases and even process returns at their convenience.
Keep the shopping process simple yet enriching is what will keep them coming back. Keep reminding the customer where they are (frequency of impression is real) and have your associates stay focused on providing a quality experience. These are some simple yet inexpensive ways in driving return activity.
It is important that business owners are presented with business tools and hardware which fits their needs. While there are plenty of Android based Point of sale out in the market, there was still void in the space mainly the integration with secured payment integration. PAX’s bold step to fill that void with a suite of smart terminals from 4” screen size to 15” is in that direction.
We are announcing the retailcloud full features Point of sale on PAX E500 terminal. E500 is a sturdy terminal in its own class which can handle your point of sale operations, inventory management, payments and customer engagement in a secured way.
With E500 you can now downsize the Point of sale hardware but still get and advanced solution. PAX E500 comes with 8” touch screen, 3” customer facing screen, Integrated EMV payment terminal, NFC Payments, Integrated 3 inch printer, Extension ports to connect extra peripherals
Here are some other benefits of using retailcloud POS on PAX e500
PAX E500 is All in one terminal with Printer, Tablet, Payment device in single unit. It is built with high quality hardware and have gone through rigorous certifications for the payment industry. PAX E500 comes with high quality & solid performance, equipped with multiple peripherals ports, large paper roll, technologies of auto-brightness setting, magic SR and grease proofing enabling smooth touch of screen.
retailcloud’s Point of sale app on E500 provisioned through the Paxstore is one of the only Full Fledged POS software available for E500. It has
Accepting payment have evolved over a period of time. EMV is gained traction and store owners feel short when they don’t accept Apple Pay, Google Pay, Samsung Pay or Alipay. Pax e500 can accept
The Solution is PCI Certified and compliant to the Payment Standard defined by the industry.
PAX E500 with retailcloud is easy to setup and get going. If you are interested in the program please contact us where we can help you order, setup your terminal and train to modernize your store operations.
3 Must have POS feature for Pet Stores
You own a Pet Store. It may be a specialty pet store, it may be large multi lane and multi location, it may be a straight forward pet shop. Regardless, you have specific needs based on your merchandise and customer expectations. You need a POS solution that understands pet stores and successfully addresses the needs.
I’m not going to discuss the multitude of features that are needed by many or most retail businesses. I want to focus on what makes your POS needs unique.
The POS needs to be able to sell items in decimal places and return inventory levels in decimal places for accurate accountability.
Pet owners and your competing pet stores expect and appreciate creative sale techniques. Your POS solution needs to be able to offer a range of promotions, from buy one get one, to quantity discounts, and Club Pricing. Discounts should have automatic date ranges so when the sale ends, the cashier discount is no longer applied and its not left up to the cashier to decide.
It would be great to have disclaimers automatically print on the customer’s receipt on specific items or categories of items It may be a category – Live Puppies, where you would like the return policy to be very different from when you sell 10 lbs of Kibble. Select a POS system that allows you to print a specific disclaim on specific items. Better yet, add a signature line, so that the owner has proof that the customer understands the policy.
Embrace the unique POS needs of the Pet Store Industry and look for the tools that help you success.
It’s never too late to teach an old dog new tricks 🙂 .
Today’s perfect grocery store point of sale and retail management solution is full-featured, speedy, and reliable. Supermarkets need a POS solution that is seamless, running on grocery POS software that is fully connected to the rest of the store. From a single lane, multi lane, or many locations the POS solution needs to grow with the business and provide the tools for success.
The grocery store needs significantly more than a cash registers that prints receipts and holds cash. The perfect POS system addresses inventory, loyalty, analytics, and accounting. Grocery stores carry tens of thousands of products: fruits and vegetables, meats, breads, and dairy. Keeping track of product volume and sales data will maximize profit and help avoid spoilage, shrink, and stock-outs.
A strong POS system will streamline supermarket operations, cut costs, grow grocer’s profits, and maximize efficiency.
In looking at a POS solution, consider these key features:
Important to consider is the POS provider. Look for software upgrades and enhancements to be included in your monthly POS license fee, this can save you hundreds, if not thousands annually. Understand their merchant support, are they available during your peak hours. Are ou provided with training during your critical early days with the new software. And dont forget track record, are they comfortable with understanding the needs of the grocery store merchant and have the features to help your business thrive.
To begin with – Get to really know your customer!
If you are using a POS management software like retailcloud, you can get an in-depth understanding of your customer preferences, what their ideal product mix is, what their tendencies are, maybe even who their favorite employees are
Having this type of insight will allow you to create a more customer centric approach to your emails, ultimately improving your conversion rates and allowing you to target your product mix more specifically for your customers.
Online retailers gather every bit of customer data, their clicks what they looked at what they bought and what they abandoned, this may overwhelm you if you are not collecting any data today but time is on your side- start with a 3 simple things to get you started
These are just basic steps, if you are already using your retail CRM and would like a more indepth discussion on how to use preference marketing to drive additional sales (especially add-ons) email me at jordan@retailcloud.com.
According to a recent infographic from Community Merchants USA, 66 percent of all point-of-sales (POS) transactions are done with plastic – credit, debit, or gift cards. As we all know, there are VISA/MC and association fees that must be paid by the retailers to accept credit cards. A major trend in many industries is to pass on the expense to the customer at the time of the sales transaction. Tacking a small percent onto each sale, can result in a significant savings for the business.
Are Cash Discounts right for you and your customers? Here are pros and cons that can help you decide.
Reduce Fees – Obviously, the biggest pro is reducing or eliminating card processing fees associated with accepting credit cards. If you don’t process cards, you don’t have to pay for the service.
Easier to implement and explain than a credit card surcharge – Another way some merchants pay for card processing is to assess a surcharge on products bought with a credit card. There is sometimes push back. For instance, it’s illegal to add a card processing surcharge in 11 states. Implementing a cash discount, though, is legal everywhere. And it’s pretty easy to explain that all items in the store are priced with a built-in service fee, but that the fee is deducted if you pay with cash.
Encourages cash payments – Although many people prefer credit cards, a cash discount may encourage a customer to use cash instead of a card for their purchase. These means less time between the sale and when you have access to the funds. There is no processing time or wait period for cash in your hand. Plus you eliminate some fraud exposure.
Reduce chargebacks – With fewer people using cards in your store, it’s likely the number of chargebacks will also decrease. If this has been a problem for your business, this decrease may actually help reduce the card fees you do pay, because you’d be perceived as less of a risk.
Some customers may not carry cash – Lots of people simply don’t carry cash anymore. Expecting to use ApplePay, some shop armed with just their phone. And if a customer is opposed to making a purchase without getting a discount, they may walk out without buying anything. You could experience a drop in sales volume.
Conspicuous signage – To offer cash discounts, you must post what the law refers to as “conspicuous signage” throughout your place of business to let customers know they can receive a discount if they pay by cash or gift card rather than using a credit card. Also, while expressed as a discount and not as a fee, some customers may view the posted “offer” in a negative light.
Implementation – To be compliant with a cash discount program, your receipts must clearly reflect that there is a service charge on items and that that service charge was removed for a cash payment. That means revising your POS system software. Plus you’ll want to be sure you follow any changes in the laws around cash discounts in the future to avoid any penalties.
Potential Drop in Sales – Studies have show that consumers spend more when using their credit cards. If cash appears to be a more attractive option in terms of managing credit card processing fees, be aware that it could end up discouraging and depressing your overall sales results.
If you chose to implement a cash discount program, make sure you go into it with your eyes open. Follow the rules closely to avoid issues and penalties, and be sure to evaluate the success of the program against any declines in sales you may experience to be sure the program is working for you.
Brick and mortar or physical stores are still the way to get start a small business for a lot of communities across the country. A lot of these business have ambitious plans to build their store and expand it beyond their first location. However seldom think about how to get beyond brick and mortar. Today’s digital world require you to go beyond your instore strategies. This post outlines some quick ways you can adopt beyond brick and mortar
This is the quick way you can expand your channel. The easiest way is to start an online store and have start selling there . Modern retail software allows you to start online store with a few clicks without any server cost of huge maintenance. You can either use your existing site or provision a new website to do this.
Pro Tip : Use a smaller web address even if you have a long business name . This is way to remember
Online store these days are not just for online shipments. You can have Buy online and pickup instore strategies without any additional cost. These are sometimes very useful for busy shoppers where they can get orders picked up same day. BOPIS also offers Pay online or Pay in store capabilities.
Social media platforms such as Facebook, Instagram, Snapchats have become an essential part of people’s life. They also offer ways you can sell products. When you take a nice picture of your products, get your likes and if you can have your customers buy directly from that picture it would be awesome. This is what these social platform enables with commerce.
According to hootsuite here are some statistics about Instagram . If your business targets any of these demographics you know that it is right time to get into the Instagram commerce
How can you sell beyond your store, online store social media ?. The answer is market places. Everyone knows that amazon is the biggest online seller of eCommerce products. Did you know that you can also sell through amazon marketplace. Moreover did you know that you can have the products displayed across all the channels and have a single inventory view.
retailcloud online provides capability to give your instore into another dimension with and set of channels with a single Inventory view. You can sell products in store, online, facebook , instagram and marketplaces through retailcloud online.
It is that time of the year, the dreaded full inventory count. This blog lays out 10 steps to simplify the process, increase your accuracy and reduce the amount of time spent on this task
The prep planning is the key to a successful and accurate count, most of the prep work can be done during regular business hours and will both reduce the time you spend counting as well as minimize recounts. Remember, an inaccurate count affects at least two years or stock levels and KPI analysis.
Schedule the date far enough in advance so that all involved have time to prepare for it. Plan for a date/time that is less busy. Ideal timing is right after an inventory clearing sales event before the new merchandise is received into stock.
Best practice tip: Give yourself at least 30 days to plan
Assign a specific role in the process to each person and make sure that they understand the role is fixed. Explain the need for accuracy. Of course consider your staff for the task, with thought given to checks and balances. If internal theft is a consideration, you cannot depend on an accurate count. You may want to assign personnel to areas which they do not have a direct associate with or other stores. Using an outside service provides an alternative, with the downside is that they can be costly and they do not have the same knowledge of the merchandise and stock locations that your team does.
Best practice tip: Use experienced team members in key roles, who have an understanding of the product and the count plan
A fixture map is a physical layout of the store with all stock locations. Each display, rack, stock location should be assigned a fixture map code that will be used for counting. When doing the physical counts, include the fixture code on the count sheets so you are able to tell which areas are not counts and where the merchandise was, if a recount is needed. The fixture map will also encourage all team members to use the terms in describing the completed work.
This will provide a critical map to a well planned wall to wall inventory count that assures that all product is counted.
Best practice tip: Organize fixtures so that the product is not varied, and the counts can be done systematically. Once counted they should easily be tagged as completed.
Before the count date, visit your inventory to understand the layout of the store and look for obsolete and damaged items. Make sure that the inventory areas are clean and organized; product is in their proper places and not mixed up. Make sure all items have barcodes if applicable. Look for areas that may not have been considered in the fixture map, such as hold/layaway or merchandise that has fallen behind the display. Review all merchandise that needs to be returned to your vendors. Complete RMA’s and ship back or identify these items for the count. Consider products that you may want to markdown prior to the count to reduce the inventory. You can run category and attribute analysis reports and review Stock Days, Turnover and Return on Inventory Investment numbers to identify products that should be targeted for markdowns.
Best practice tip: Organize product on the shelves, removing damaged items and use discounts and promotions to clear obsolete ones.
To get an accurate count, all sales and movement of inventory must cease. Make sure that all store/warehouse transfers are completed and merchandise has been received into the system. New shipments received should be frozen, and seals should not be broken. Review Open Transfers and Adjustments and make sure they are committed or errored out as appropriate.
Best practice tip: If you can’t freeze receiving, then clearly define a physical not to be counted area for items that have not been received into the inventory.
There are a number of methods available and selecting the one that will work best for your business depends both on your type of inventory and how your merchandise and store are laid out.
Manual count sheets are simply forms to enter the product ID (SKU) and quantity. This method is effective for wall to wall counts using count teams, with one person calling out the SKU, price and count and the other recording the data. This allows you to pair an experienced person as the counter with the less experienced employee to record the information and helps less experienced personnel learn the inventory. The downfall is that there is room for mis-recorded SKU’s and it’s a manual process so more time consuming.
Preprint the count sheet from your POS System and use this for recording the count. The biggest problem is that the form will not follow the logical flow of your merchandise layout. To much time can be spend flipping through pages searching for items. If some items are not included, you are more likely to miss them altogether. However, system generated count sheets are useful in narrower spot counts or warehouse locations where the inventory is well organized. Run an inventory balance report and download it to a CSV file so that you can sort it and prepare the count sheets. Your final count sheets can be imported into the system to adjust your inventory balances; this will generate write-off amounts for you to review before you commit the counts.
Using a portable inventory device can be the most efficient way to take inventory when all items are barcoded. You will not need the two person count team and merchandise can be counted quicker. These devices also automate the reconciliation process so that the store can complete the count quicker and be ready to unfreeze the inventory in less time. The primary hurdle is the expense of the devices. There are two options here; you can use Portable Inventory scanners or any Android phone to scan and count the inventory. The Inventory Manager application can be used to load the data into the system automatically or the data from Multiple devices can be combined into one count using mInventory.
Best practice tip: Use digital tools whenever possible, organize counts in smaller groupings so you can easily recount, if necessary.
Designate a responsible person to monitor and control the distribution and return of the count sheets. If you are using electronic counting, designate one person to monitor and coordinate activities. Use the fixture map to describe the counts.
Best practice tip: Have one person in charge, who is managing the process. Everyone follows their plan.
For accuracy, enough time needs to be available to take the count, complete the count audits and recount as needed. If possible, start early in the day, while all employees are fresh and alert.
Although such a major inventory count is disruptive, resist the urge to focus on speed. The primary goal should be accuracy. Speed will come in time, but an inaccurate count does not provide any value to the store
Best practice tip: With proper planning you have plenty of time, however planning will not eliminate errors from exhaustion.
Even your best counter can make mistakes so instead of blindly adjusting inventory based on a single person’s count, steps can be taken. Have two separate teams conduct the count separately and compare the numbers to determine discrepancies and areas to look further into. Recount all items where discrepancies exist.
Best practice tip: Double count all items, and triple the count the discrepancies
Depending on device/method used, determine that all inventory has been included. Investigate discrepancies and recount as needed. Document explanations. Determine the adjustment amounts. Make necessary system adjustments based on the physical count.
Deeper research into discrepancies can always be completed at a later date – in fact several weeks or months later, but the only time a physical count can be accurately verified is at the time all movement is frozen. So take the time, while you have the staff in place and focused on the inventory count to resolve any count discrepancies.
Once all data has been uploaded into retailcloud, review the potential write-offs and recount any items where the variances are outside the acceptable differences. Check storage areas again for overlooked product.
Best practice tip: Get the count rights, resist getting involved in reconciliation or adjustments until later.
A well planned and organized physical count is the basis of determining and analyzing shrinkage. Without a reliable physical count, analysis of the results will be unproductive. It takes a bit of work to initiate the implementation of the physical count. But, in the end, when inventory is accurate and operations are running smoothly, the attention to detail will be well worth it.
Click here to subscribe to my next post on Cycle Counts
Also See 5 WAYS TO MAKE INVENTORY MANAGEMENT EASY
The sleekly designed Poynt Smart Terminal with it’s built in EMV reader and Interactive Customer Display makes it easy for small retailers to step up from their calculator registers into something that provides them with flexibility and integrations into todays must have retail solutions.
Poynt users of all sizes will have a couple of decisions to make in deciding if Register or Skycraft POS best meets their needs. This post will help navigate the waters and simplify the decision.
Both apps have the ability to create user pages to easily layout items making them easy to find, and both also support line item and order level discounts, coupons and fees, as well as the ability to set tax levels based on the item. Register has a limit of 500 SKUs per catalog so if you have more than that you will need to move up to Skycraft POS which has unlimited SKU’s.
With Skycraft POS in addition to the features mentioned above you also get category management features that allow you to run margin and performance reports by up to 3 classifications and 5 attributes. Leaving lots of room for growth. The inventory management module is also quite comprehensive allowing you to easily identify categories that are impacting your net margins.
There is also a built in CRM list builder app to easily get and launch marketing campaigns, a loyalty program to offer club pricing, discounts on merchandise to your most valuable customers as well as Time & Attendence with time sheet management. These together with Sales Tax Settlement reporting and Barcode Label printing are the most popular features on Skycraft Point of Sale App.
Other benefits of the Skycraft application is that you can add Advance Orders for online ordering with delivery or pick up in Store, you can also connect your Poynt to Windows and Android POS devices on retailcloud and there are phone apps for cycle counting and other inventory functions. You can also connect to retailcloud online and launch an ecommerce store within minutes.
Regardless of which application you select you cant go wrong with your new Poynt Smart Terminal.
If you are not considering using the Poynt to get one view of your transactions, inventory and customers, there are some other apps (most of these features are already included or available in Skycraft POS) you may want to also consider
Let me know if you have any questions or feedbacks on the apps recommended here. You can reach me on twitter @retailmadesimpl or post your comments below
You are looking for ways to attract customers and do all you can to make sure that they come back again and again. One surefire way to entice their repeat business is by offering incentives through a loyalty program. Loyalty programs can be structured in many different ways and the different programs succeed for different industries.
Here are the top customer loyalty programs with pros and cons of each, so you can select the program that best fits your business type to attract your customer’s repeat visits.
1. LOYALTY POINT PROGRAMS
Loyalty роіnt programs let customers accumulate points thаt thеу саn rеdееm fоr rеwаrdѕ оr free рrоduсtѕ/ѕеrvісеѕ. This type of loyalty program is ѕо easy tо set up thаt 73% оf loyalty рrоgrаmѕ are points based, making thіѕ the mоѕt рорulаr tуре оf loyalty рrоgrаm bу fаr.
A lоt оf buѕіnеѕѕеѕ ѕtrugglе tо get сuѕtоmеrѕ in thе dооr. If thаt’ѕ a problem that’s keeping уоu up late аt night, rеfеrrаl mаrkеtіng саn hеlр. And уоu can take thаt to the mаx wіth роіntѕ bаѕеd loyalty рrоgrаmѕ.
Not аll points are tied tо money trаnѕасtіоnѕ – some may bе earned from ѕосіаl sharing, еmаіlѕ, or оthеr асtіоnѕ сuѕtоmеrѕ tаkе tо drіvе trаffіс tо уоur store. In fасt, your loyalty рrоgrаm ѕhоuldn’t bе рurеlу trаnѕасtіоn-bаѕеd. Gеt уоur bеѕt сuѕtоmеrѕ tо send уоu mоrе buѕіnеѕѕ аnd rеwаrd thеm fоr helping уоu.
Pоіntѕ рrоgrаmѕ аrе the most рорulаr lоуаltу рrоgrаmѕ. Thеу’rе еаѕу to uѕе and can encourage ѕресіfіс consumer bеhаvіоrѕ.
Prоѕ
Cons
Who does this Loyalty Program appeal to
Thаnkѕ tо thе еаѕе оf uѕе аnd сuѕtоmіzаbіlіtу оf роіntѕ рrоgrаmѕ, thеу’rе реrfесt fоr most businesses, regardless of ѕіzе оr tаrgеt market.
2. Sреnd Programs
In spend рrоgrаmѕ, customers get lоуаltу сrеdіt fоr thе аmоunt thеу ѕреnd аt your buѕіnеѕѕ. Yоu саn uѕе ѕіmіlаr dіѕсоuntѕ wіthоut an upfront еmаіl capture to kеер customers соmіng bасk, but you’d lose out оn a lot оf valuable information (and a captive аudіеnсе!). This kіnd of рrоgrаm is very еаѕу to understand, create, аnd maintain. They’re аn еffесtіvе way tо сut your сhurn rаtе аnd іnсrеаѕе transaction amounts.
Spend programs аrе a great орtіоn for еnсоurаgіng іnсrеаѕеd transaction vаluеѕ аnd rеduсіng high сhurn rаtе. Thе ѕіmрlісіtу mаkеѕ it еаѕіеr to get сuѕtоmеrѕ tо ѕіgn uр.
Cоnѕ
Spend programs are a grеаt орtіоn for rеtаіlеrѕ in fаѕt fаѕhіоn оr other, ѕіmіlаr іnduѕtrіеѕ thаt rely оn a hіgh numbеr оf trаnѕасtіоnѕ and rеtаіl рrоduсtѕ wіth high mаrkuр.
3. Tiered Prоgrаmѕ
An іmрrоvеd vеrѕіоn оf роіntѕ рrоgrаmѕ, tіеrеd loyalty programs gіvе сuѕtоmеrѕ rewards bаѕеd оn dіffеrеnt lеvеlѕ оf ѕреndіng оr роіntѕ. Tiered Loyalty is grоwіng ԛuісklу іn popularity bесаuѕе thе program саn bе highly tаrgеtеd аnd сuѕtоmіzеd еаѕіlу, аnd сuѕtоmеr ѕеgmеntѕ саn be tаrgеt рrе аnd post-payment. In some tіеrеd рrоgrаmѕ, сuѕtоmеrѕ are оffеrеd gіftѕ, free рrоduсtѕ/ѕеrvісеѕ, рrіvіlеgеѕ, or exclusive рrоduсtѕ.
Nееd to сut your churn rаtе, ѕаvе оn уоur lоуаltу рrоgrаm expenses, аnd tаrgеt ѕресіfіс ѕеgmеntѕ or асtіоnѕ? Spend loyalty programs might bе thе rіght ѕоlutіоn – еѕресіаllу іf you’re іn the luxurу mаrkеt.
Tіеrеd рrоgrаmѕ аrе great сhоісеѕ fоr е-соmmеrсе ѕеrvісе рrоvіdеrѕ, luxurу rеtаіlеrѕ, аnd companies іn thе trаvеl аnd hоѕріtаlіtу іnduѕtrу.
4. Paid Prоgrаmѕ
Paid loyalty рrоgrаmѕ рrоvіdе аn еxсluѕіvе fееl bу іnсоrроrаtіng a mоnthlу or уеаrlу fее that mеmbеrѕ рау fоr ассеѕѕ tо ѕресіаl ѕеrvісеѕ, dіѕсоuntѕ, or unique орроrtunіtіеѕ. Althоugh the сuѕtоmеrѕ thеѕе рrоgrаmѕ drаw mау require mоrе соddlіng, thе іnсrеаѕеd trаnѕасtіоn vаluе іѕ ѕubѕtаntіаl. Thе program’s bаrrіеr to еntrу drаwѕ рrоѕресtѕ furthеr іntо your mаrkеtіng funnеl, аnd provides an іnсеntіvе tо continue mаkіng рurсhаѕеѕ оn your ѕіtе.
A fee tо join is the hаllmаrk оf thіѕ lоуаltу рrоgrаm, аnd it’s a twо-еdgеd ѕwоrd. It gіvеѕ уоu the сhаnсе tо сultіvаtе an extra rеvеnuе stream, hіghеr trаnѕасtіоn values, аnd hіghlу-tаrgеtеd саmраіgnѕ, but the value may not bе арраrеnt to all customers.
Pros
Paid рrоgrаmѕ are реrfесt fоr larger rеtаіlеrѕ, аnd аlѕо mаkе a ѕmаrt pick for luxury product аnd ѕеrvісе ѕіtеѕ. Information businesses саn аlѕо mаkе gооd uѕе оf thіѕ lоуаltу program model.
5. Punсh Programs
Onе оf thе ѕіmрlеѕt and оldеѕt loyalty program dеѕіgnѕ, рunсh рrоgrаmѕ are extremely popular in brick аnd mоrtаr buѕіnеѕѕеѕ, but thеіr аdорtіоn in е-соmmеrсе isn’t аѕ рrеvаlеnt. The іdеа bеhіnd punch саrdѕ іѕ thаt сuѕtоmеrѕ аrе rеwаrdеd fоr рurсhаѕіng a particular рrоduсt оr ѕеrvісе wіth “рunсhеѕ.” One punch is gіvеn реr purchase. Aftеr a ѕеt numbеr оf punches аrе collected, thеу receive a product оr ѕеrvісе оf еԛuаl оr lеѕѕеr vаluе frее оf сhаrgе.
Punсh рrоgrаmѕ are іntuіtіvе, еаѕу tо uѕе аnd track, and low cost. Unfortunately, thеу tеnd tо be targets for frаud, thоugh. If you саn integrate the punch program into your POS system, this would eliminate the fraudulent punch cards. As you are able to trасk уоur сuѕtоmеrѕ buying habits and frequency, the integrated punch program makes a great орtіоn fоr a easy to implement and understand loyalty рrоgrаm.
A grеаt сhоісе fоr nеw lоуаltу рrоgrаmѕ in the café and Quick Serve Restaurant industries. Ideal fоr еxреrіеnсе-bаѕеd іnduѕtrіеѕ like travel, although thеу wоrk wеll with соnѕumеr gооdѕ thаt аrе hіgh value and high соnѕumрtіоn, too.
This is the first in a series of blogs about loyalty programs to help you make sense of all of the options that are available to you and guide you through the myriad of programs. The series will cover business benefits of customer loyalty programs, tips for launching your loyalty program, as well as measuring the effectiveness of the program you implement.
There are over 42,000 liquor stores in the US! This is an industry with very specific and unique requirements and not just any POS will do. When selecting a Point of Sale for Liquor Stores everything begins with Inventory Management, from handling a large number of items, pre-loading catalogs and case management. Inventory visibility and reporting is only rivaled by speed of use and reliability of the point of sale hardware. POS equipment should be sturdy and capable of handling the high activity that’s prevalent in this segment. Tablets while small and compact do not provide the power and reliability for liquor store usage. Centralized reporting and proper cost management is also key as individuals frequently own multiple stores or are in buying groups where they may even want to share certain information about sales and inventory.
These are broad areas and the need of liquor stores are varied, however here is a list of 12 must have things, when looking at point of sale solutions for liquor stores.
Inventory management by Cases & Bulk – Be able to purchase your inventory by the case and easily track and reorder, as you sell by the case, 6 pack or single
Preloaded inventory catalog with items and classifications – This will save time setting up your POS as you have the items already added and ready to sell. Prices should be modifiable upon first ring up to update to your selling prices
Print barcode and shelf labels – Easily print our product labels and shelf labels (including reviews) so that customers have current pricing and adequate information to make informed buying decisions
Upload catalog and price changes from supplier to support automated ordering and PO management – Using the current pricing catalog from your supplier, automatically modify selling prices
Flexible pricing options to allow for single, multi packs and mix and match scenarios – Inventory comes in all shapes and sizes and you need to be able to sell it (and price it) for the various ways that your customers want to make their purchases
Automated VIP and club pricing – Define the discounts for your VIP and club members and automatically apply the discount at the register
Item or transaction discounts by category or quantity – Create the discounts that work best for you with date range flexibility, quantity discounts and automatic discounts applied to categories
Reorder level reporting and purchase order module – Make inventory ordering more accurate and save time with the predictive reorder and purchase order modules
Centralized reporting for multi store multi owner environments – Have the tools to manage and report for the entire enterprise or individual stores, with sales tax and pricing set by location if desired
Employee management with time and attendance, pin or password based logins – Have the tools to manage your employees with role based individual logins and clock in/out from the POS
Remote Management with alerts for monitoring key function access and use by employees – It’s key for owners and managers to know what’s going on in a store while at another location or away from the business. Your POS system should offer mobile access to key analytics and sales data as well as emailed alerts that when events you specify occur (such as cash drawer limited reached or price changes)
Ability to use the credit card processor of your choice – Dont let your POS system provider tie you in to a specific credit card processor. Make sure that you have the ability to chose the provider that you want to work with.
Making sure that your POS System can handle these functions on an easy to learn system that’s scalable as your business grows, is key to selecting the POS that’s right for your liquor store.
A lot has been written about drawing new customers and retaining your existing customer base. Statistics show that it is wiser to emphasize your efforts on retaining existing customers, as it’s 6 to 7 times more expensive to attract new customers than to keep existing customers. That being said, you probably have underutilized tools, that you are already paying for, that can help you reach new customers that will love your products.
You want to grow your business not only through catering to your existing customer base but reaching all those potential customers out there. There are a number of paths to explore with ways of attracting new customers into your store.
You are the eyes and ears of how to make your business succeeds in your community. You know the demographics of who your products will interest. Explore beyond the obvious and expand to new avenues that potentially could expose additional consumers to your store that may not have even thought of you as a viable option.
You need to think about how best to reach this audience. Give this some thought, so that you can tailor your marketing to best reach the consumers most likely to respond, seek you out and enjoy the buying experience at your store.
There are numerous ways to market to your targeted buyers, ranging from elaborate marketing tools to flyers plastered on car windows. Look at the systems that you have in place to leverage the features that you may already have and that you may not be using to their fullest.
Once you have the marketing campaign in full swing, you want to have real time data to assess the success of your program and then can pivot to increase effectiveness. You’ll want to know which marketing campaign is bring in the new customers and what kind of shoppers are they. What are their Units per Transaction and other Key Performance Indicators, are they repeat customers once they discover your business, in general how did your marketing campaign increase the bottom line.
Whatever you have put in place to reach your new consumers, it needs to be user friendly so that you can easily modify the parameters to get the results desired. A complex third party application that requires expensive development to alter may not only take too long to change, but may also come with a price tag that does not work for you.
I recommend looking no further than your POS system for advanced marketing tools. Partner with a POS company that can help you get seen by the consumers you are trying to reach.
What to ask your POS Provider to explain:
These tools should be available on your POS system and are often underutilized as merchants think that they need to look elsewhere for these solutions and often hire a third party when it’s already provided on their POS. Your POS, not only helps with sales and tracking inventory, but uses your customer data and integrations to give you incredible market reach.
Is mobile an effective sales channel for retail?
Given that Forrester states consumers have spent $60 billion from mobile phones in 2016 alone and have influenced over $1 trillion dollars in brick and mortar sales, that question may have to be marked “Answered and Resolved!”
No doubt you have seen the various posts on the demise of bricks and mortar retail over the past few months; however, there are some conflicting stats. Accenture surveyed nearly 10,000 consumers and found that while social media is the most preferred method of purchasing for millennials and post millennials, for 77% of them, bricks and mortar were preferred.
This being a generation that has spent their entire life depending on smartphones, its inevitable that devices play a key role in finding product, comparing prices, looking for reviews and promotions; so let’s look at the top things they are doing on their devices
Where brick and mortar retail excels is in its ability to provide superior brand engagement to consumers – there is a personal authentic experience that cannot be replicated in online sales; however, giving consumers transparency to the inventory and experience from their mobile devices is a key component of this process.
Gen Z consumers are typically looking to start the shopping experience before they even walk into the store, they want a high level of engagement on the store floor but a frictionless easy checkout process. Ideally, surveys show most of them would prefer checkout directly from the devices (Amazon & Walmart are already making inroads in this capability).
While online will continue to grow, I believe that traditional brick and mortars refusal to provide their consumers a mobile interaction channel is really what will ultimately be more of a detriment than the online boom. What their customers want is the ability to provide a high engagement experience that incorporates the online and offline experience in one seamless process. Mobile will continue to be the key in enabling that process
Increasing your units per transaction is often what determines success versus failure for the small to mid size retailer. How best to do this hinges primarily on understanding and engaging with your customers. This article identifies key practices to increase your units per transaction covering different aspects of your interaction with your customers.
Selling more is a direct reflection of you and your staff. Placement and signage are only so effective. The key is engaging with your customers starting with the interaction from your sales personnel on the floor. They are the first point of interaction a customer will have with your business. Besides hiring sales associates with experience and providing training, now they need the tools to build relationships with the customers. This not only will build the trust and result in additional add ons being purchased but also increase return visits.
Drop the “Would you like a … (scarf to go with your sweater)”, customer are so tuned to this that they have the “No thanks” formed before you have completed the sentence.
Try suggesting
Notice that these techniques do not ask the customer to buy the product but instead the sales associate is asking if they have tried, noticed, or been told about the item. The phases are conversational and encourage the customer to consider the option brought forth by the sales associate.
This is a prime opportunity to solidify your relationship with the customers. It’s no longer enough to complete the transaction, bag the merchandise and politely say good bye. You have a captive audience from your customer and one final opportunity to increase your units per transaction and ensure a repeat customer.
The customer is generally relaxed and impulse items are easier to sell. Your POS may have custom tailored recommended items prompts, similar to your Amazon on line purchasing experience. Ask your POS provider to add this vital feature, if available.
Does your POS has customer history, this provides another opportunity to reach your customer on a personal level. By mentioning recent purchases, the sales associate can remind the customer that they may need to replenish the purchase or have a related product that enhances their experience with the original purchase. This type of personal interaction is reminds customers as to why they still shop in the traditional brick and mortar shops.
Focusing on a particular product line, or area for a week or a month can also help generate add on business. Sales Associates are motivated to recommend these items and the internal contest keeps it fun for the employees. You POS System should be able to track sales by employee so you can update your employees as the contest runs.
This blog covers a number of techniques to improve your UPT, but wouldn’t it be great to tie it all together with matrix so that you can see how effective these improvements are to your success. Focus on Key Performance Indicators (KPI) to track from a retail store perspective. Your POS System will provide reports and/or a mobile app so that you have immediate access and can tweak your approach to get the desired effect.
These positive sales experiences all hinge on your salespeople being able to build solid customer relationships built on authenticity. Your goal is for your sales associates to be seen as trusted advisors to your customers. Sales isn’t an art, it’s a science. Teach your sales associates the basics and with continued mentoring will tweak and develop their authentic approach. Use the tool provided by your POS system to give your employees access to the knowledge about your customers to further build that relationship.
A customer who is enjoying their experience in your brick and mortar store is easier to upsell and more likely to buy add-ons. That’s what raises your UPT – not promotions and discounts that might increase units sold but destroy overall profitability.
The fact that retail is no longer just about product is not a secret, that it is all about engagement is not a surprise, that customers expect a unified experience is natural; but how retailers should pivot and aggregate all this data into one view remains a mystery and keeps many small and mid sized operators up at night. This has created a pressure on businesses to revisit their online strategies even those whose primary focus is their local market.
“It’s like watching an accident in slow motion, you know you got to do something but the question is what and how and for how much”
There are many sources of data to consider but let’s focus on a few simple yet meaningful places to start with. Before we get started, let’s talk a little bit about tracking or customer preferences; while no doubt most consumers do not want their every activity tracked and stored, they do not mind doing so if they can receive something of benefit and the data is stored securely. Think about how willingly we allow the cell providers to track our every movement so long as they know exactly where we are when we need directions.
To begin aggregating this data you need to start with a reliable CRM software. Ideally this is will be built into your POS application as that will solve the instore piece of it, assuming that it has the functionality of a CRM software.
In Store POS sales activity is the easiest and simplest to do; does your POS provide robust segmentation so you can classify your products into departments and categories, as well as flexibility in creating item attributes (in apparel for example size, color, style, season, brand) and does it provide you with flexibility in creating customer groupings across all channels, so you can group customers based on initial channel of the relationship or other groupings. Remember that there has to be some benefit for a customer to provide you this detail and loyalty programs are the most common, however perhaps more effective has been club pricing (like in grocery stores) or access to premium experiences (like with airlines or hotels). As you design this pick the one that works best for you.
Get our free “How to design your Loyalty program” ebook
Other benefits can be more lenient refund policy to know customers or a more restrictive return policy to anonymous transactions.
Getting your store online with insight to up to date product availability will provide you with a trove of data; encouraging customer to quickly register and login to get special pricing also rewards and encourages customers for sharing their data with you.
Customer expect to connect with their favorite retailers on their terms; when they are available and from the devices of their choice. As a result retailers are experiencing a lot of pressure to deploy online stores; unfortunately too many do this as a reactionary move and not part of a strategic move.
It is commonplace for customers to go to sites and get real time access to products and their availabilities from any device. Just think about the increase in “some product” stores near me searches in Google. Does your store appear with images that accurately represent the product and the quantities; as inventory is added or depleted from your POS system is your online store reflecting it. Does your Retail CRM aggregate customer and transactional data no matter where it happens? Does it make it available to online and offline stores easily.
Sounds complicated but it’s not, in fact any POS, Cart and CRM solution that you are using should be able to do this as a matter of fact, without much work on your end.
It’s true that most small and mid-sized operators are not doing future planning beyond the next order; however your retail CRM should be able to generate reports based on classification and attributes to not just determine what to buy buy for whom to buy it for.
In retailcloud for example our Grow and Pro users can filter product to 3 classifications and 5 attributes to determine with a fair amount of accuracy who is likely to buy new product; or to include a discount modeling to see who is likely to buy overstocked product. Your retail crm should help you minimize your investment in inventory at a product level which should free up investment in complementary inventory to increase units per transactions. Having a CRM that just stores the data is pointless, how can you utilize the crm to create personalized offers to customers, and to plan stock levels to meet your customer needs.
Retail CRM is a must have for retailers today, it does more than just give you a historical perspective of your transactional data; it should establish the relationships between the variables that affect sales and revenue; such as product mix, availability, trends etc.
Ideally it should provide tools to drive revenue growth, such as identifying tailored upsell opportunities or other methods to increase units per transaction, while helping identifying ideal product mix using overstocked and understocked algorithms.
Most crucially it should serve you all the information in a clear easy to digest and use manner , so all your operators have to do is act.
Building successful business is on every business owners mind. Increasing market share and customer loyalty is a retailer’s primary goal. The more customer’s satisfaction the more their customer loyalty, the more customers shop in their store and the more likely increase of sales and profits. Consumers, however, have different choices as to what they purchase and to whom they purchase it from. They may choose either catalog, retail store or the internet.
Customer satisfaction is used to measure how products and services provided by the retailer meet or surpass customer’s expectation. It is an important aspect of your business because it provides you with a metric that you can use to improve your business hence improving your profits and business growth. These are the four top reasons why customer satisfaction is so important for your business.
Customer’s satisfaction will determine if a customer will make a purchase in the future or not. A satisfied customer can be your potential advocates who can preach to other people about your company, products, and services. You can safely expect them to make back with their friends and make repeat purchases at the same time introducing their friends.
Business is a competitive marketplace where you compete for customers. Customer satisfaction should be your key differentiator. Companies who provide amazing customer experiences create a conducive environment where customer satisfaction is high and advocacy is plenty.
Customer satisfaction plays a huge role on how much revenue your customer will contribute to your business. Successful businesses understand the importance of customer satisfaction, they understand that if you increase your customer satisfaction rate, you increase your marketing dollar returns. Satisfied customers contribute to more revenue than a somewhat satisfied customer.
It costs you more time to acquire new customers than retaining the already existing customers. Acquiring customers cost a lot of money. Your company spends thousands in marketing to get customer attention, nurturing them and leading them into sales. You save a lot more on customer retention. Customer satisfaction leads to customer loyalty.
Customer satisfaction plays a huge role in the success of your business. Not only does it increase revenue or used as a differentiation key point, but it’s a leading indicator to identify an unhappy customer and measure your other customer loyalty. Customer loyalty has significant implications for retailers and small businesses.
That is an amazing statistic, online marketing accounts for 8% of total retail sales while still driving online commerce companies like Amazon to a market cap of close to 400 billion only behind Apple, Google, Microsoft and Berkshire Hathaway.
Technology is the what is driving this change, there is nothing quite like having a supercomputer in the palm of your hand to empower you to connect to any retailer or to find the product you are looking for. Anywhere and Anytime!
While Amazon and large retailers have had a jump start, technology has even the playing field for small retailers; they now have a chance to allow consumers to discover their product and offer the same global access to these products.
However global access is not the only or even the primary reason to get online, Millennials have expressed a clear desire to get back in stores, they want access to store data and availabilities on their phones, technology drives their entire shopping experience. To compete for the spending dollars of this fast growing segment you have to be where they are making decisions
Everyone loves lists; so here is my list of the Top 4 reasons you should have an online presence;
This is one of the fastest growing type of searches. Looking for shoes, just type in shoe stores near me in a chrome browser and see where consumers are being driven to? Try it yourself, when the local listings come up which one are you likely to click on, the ones that show address and phone number or the ones that have product websites.
Consumers can very easily see what product you carry and what is available in your stores. With easy search capabilities they can search for any product based on their size or see all color style and size choices available for pick up today in your store.
Connecting your online store to your brick and mortar makes it easy to buy or exchange product from anyplace. Connected commerce allows you to easily grow not only to an online store but to easily support and integrate all the new distribution options available in social media commerce. Remember you have to be able to show your product where consumers are buying it.
Deploying a web store and connecting it to your physical inventory is no longer complicated, a few simple clicks and you are up and running. For example the retailcloud web store product can deploy an online store that is fully integrated into your customer lists and inventory within a few minutes; using the launch email feature you can also trigger an email to everyone in your database telling them about the store; convenient, connected and simple. It’s why online shopping is only just scratching the surface.
The digital world is growing so is everything in businesses including giving receipts to customers. Retailers are doing things differently, they are providing digital receipts to their customer instead of the common paper option. These are clearly not the kind of receipts that many people are used to, but they can be sent to customers by retailers through email. What does this do to retailers and their customers?
More and more people are taking advantage of receiving receipts via email. Customers prefer digital over paper receipts, meaning customers would purposely buy from a retailer who provides digital receipts. They don’t have to worry about losing the receipt, handling and storing because digital files are much easier to store and retrieve when needed.
For retailer providing digital receipts save them money and help them do business in an eco-friendly way. It gives the perception of tech-savvy, especially when dealing with Millennials.
People love choice and convenience. These are the two main traits of digital receipts. In the retail arena, digital receipts are now beginning to be accepted by customers in different businesses notably banking. If banking sectors see the need of converting from paper receipts to digital, you should too. It’s convenient for many customers and also the choice they prefer.
Some people still prefer paper receipts because they are concerned about privacy when using the digital platform. Shoppers are not free to give their email addresses for digital receipts and believe you won’t misuse their personal information. Don’t assume your customer won’t want e-receipts, they are just concerned about their privacy. It’s upon the retailer to assure their customer about their privacy. Be transparent about what you do with your customer’s data and they are more likely to accept bad go for e-receipts when they see what’s in them.
A Receipt is not just an email or piece of paper, it’s a way of communicating. This powerful communication tool should be used to add value of your products and services to keep customers coming back whether it’s in store or online. Instead of using discount cards or coupons why don’t you upgrade to digital receipts and keep your customers coming back?
Digital is transforming business, the best way to keep the pace and bridge the gap between both the retailer’s side and customers is by offering e-receipts, it’s an easier option.
retailcloud premium receipt
Why do companies do it?
Reducing inventory costs is mostly based on reducing carrying costs. The carrying costs occur when your predicted sales are not in line with the reality and there are too many products left on the shelves in your store. There are simply too much costs related to inventory from costs of capital, to expired costs and handling, storage and counting inventory damage costs. Also costs for rent and electricity must be included as well.
The Well-Known Notion
The notion that in order to keep your inventory costs low, you need to keep your inventory count low as well is a well-known notion. It seems quite logical, but in reality, with use of a POS software and smart, feature-rich inventory management software you can manage to do it.
How lower Inventory and inventory costs
The first and most useful tip is to make an efficient plan. Then a strategic plan to move your slow mowing inventory is a must. Using the best inventory software can be of great help in achieving this.
Another way to lower costs is to not liquidate all of the items or to plan the liquidation better.
Liquidation is not always the best option as it can decrease revenues significantly.
Of course the most effective way in reducing inventory costs is establishing and effect inventory systems like just in time inventory. But this is not possible for all businesses. The businesses that can assure quick orders from their vendors, can significantly reduce inventory costs and keep the inventory count high.
Another interesting option is used by several popular entrepreneurs. Their companies is keeping the inventory count high and if they have many leftovers they don’t do liquidations, but instead donate the products to different charities. They later use that for creating good PR and public image, and are also doing a good deed.
Using POS software you can easily track and manage your inventory. So, at last, you can always have high inventory count when you expect huge number of sales, when you achieve a slower period, you can easily manage the inventory with your inventory management software and reduce costs.
Final Thoughts
No matter the POS software you are using, having all possible features for inventory management can be of great help. Simply, you need to find out what works best for your business. Whether it is a JIT system, or managing your inventory in various ways during different periods of the year. One thing is certain, reducing the inventory costs while keeping your inventory count high will increase your profits, because your costs will be lower and your sales will be higher.
After starting a small business, you want nothing but growth. Growth is brought about by happy customers who will come back again and this time with a friend. Point of sale software has seen many small business owners succeed. This is because it makes work easy for you in through the analysis of the retail trends of your business. As such, you can track the records of your customers.
POS software will track the retail trends of your customers. With the POS system, you will never have stock outs. The POS software has inventory control programs that will notify you or your employees once the reorder level of a product comes. Most small business owners will stock up the shops with their preferred product stocks rather than preferred customer products. Point of sale software helps you by giving you reports on what products are fast movers for which customers. This helps you to make more informed decisions when restocking.
POS software will track your customer’s data to see the most preferred methods of payment for your customer. Once you open a small business, you might be having cash as the major form of payment in your business. However, you need to accommodate those customers who cannot pay in cash. There are other different methods of payment such as credit and debit cards, checks and other forms of payment. As a small business owner, use your POS system to track methods of payments of your customers to ensure that they are always available.
A good POS system will help you track who your best customers are and what they like. With the customer’s purchase history report available at the cash register. As such, the owner of a small business will be able to notify their customers when restocking of their favorite products has been made. POS System also helps in the quick query with a barcode scan on the availability of a product as the customer is inquiring.
Good point of sale software will help increase sales in your small business. This is achieved through improvement of customers experience in your business. One of the most important aspects of sales improvement in business is giving customers what they want and need. With a POS system, you can quickly collect and keep track of customer preferences and buy history. You can also include details like the customer personal taste, allergies, aversions and other information. This information helps the business better their target markets when campaigning and up sell at the point of sale. It also helps to cater offerings to individuals or groups of customers to improve the customer experience.
POS software helps you to track the most loyal customers. It also gives you the degree of loyalty and therefore leaves you more informed on how to maximize your profits with these customers. It classifies the customers who have the most impact on the point of sale, those who are likely to come back, and those who are not worthy of the time and effort to pursue. Combine all this with loyalty programs, rewards, and gift cards all built into your POS system and you will have a return customer powerhouse.
What is layaway?
Many retailers used this feature to attract customer instead of discount, and in many cases, it is indeed a great option. When a product is on a layaway, your customers can pay in smaller increments. These payments can go from 8-12 weeks and are a great way to get new customers and make them returning customers if you respect the layaway process.
How it can work better than discounting
First of all you wouldn’t use the revenue you usually give when discounting. Second of all, payments over few months are attractive to customers as they can get expensive products and are most likely to buy your products that are higher priced.
Additionally, if you have a good point of sale system, with layaway point of sale features included, it is much easier to manage these products and organize the layaway process. With a good POS system, they can be easily tracked and registered in your sales.
Customers satisfaction is also bigger because there isn’t any interest in layaway, like there is in their credit cards. So, in a way it is a two-way street, you benefit because you won’t lose money giving various discounts for your products, and customers can plan and spread their payments to fit their budget.
Layaway is a great option for businesses that sell products that cost more than $200 or $300, or simply products that require bigger portion of the family budgets. Instead of discounts, offering any type of product on layaway will increase the sales potential.
Another great option for using layaways instead of discounting is that it will spare you from many unpleasant situations that can create a bad image around your store. Often, retailers, are making desperate moves and giving false or extremely small discount just to get new customers. These attempts often are ending bad and many customers just start to have bad opinion about the business utilizing these types of bad discounts.
Maybe the best combination is using both discounting and layaway. Huge retailers like Wallmart and ToysRUs are already using layaways for a reason, they are seeing much more profit and revenue with the use of layaways.
Layaway point of sale
Although our POS software includes the layaway feature, not all POS systems have it. Usually, the layaway is included in the inventory settings of the POS systems. The layaway option is given after a product is purchased. When you manage the invoice of a certain product you’ve sold, there should be options that you can manage and one of them is layaway. When you select layaway, the product will be put in that category and you will be all set. POS System that includes layaway can give you great revenue and management option.
Change is the only permanent thing that brings along improvement, though quite hard to accept for most people. However, it is inevitable especially when you clearly know it will be beneficial to you and especially your business. When starting a small business, you require POS software that will improve your customer service. The customer is king, and therefore we need to keep them happy. The point of sale system your small business can help you improve your customer service in the following ways:
POS software provides a detailed real-time account of sales for all customers.
This will allow you, as the business owner, to analyze which customers purchase what products and in what quantities. This helps you to be able to offer discounts to their clients. Also, you can access customer trends or history and reports of their transactions,
Give your customers what they want
The primary component of excellent customer service is giving the customer the product that they want. It is important to know the reorder level in your small business to avoid stock outs. The POS software will always notify you when you hit the reorder level. It will also help you to see the products that are fast movers to avoid the dead stock, which are a waste of time, space, and money. With a cloud-based system, you can run numerous reports that highlight the top selling items. This will help you to make wise decisions, which will keep your customers happy.
The point of sale for small businesses improves levels of efficiency
POS software allows you to spend less time on paperwork, sales record keeping, accounting, and inventory management, as well as managing such programs as marketing and special advertising. This helps you focus more on your customers. It ensures that you have enough time to handle your customer complaints and concerns efficiently and as quickly as possible.
Improved speed
A long queue is not exactly what your clients want. The sight of 5-6 people waiting to check out is enough to make a customer run for the door. A reliable POS software will minimize the time customers spend at the register and will eliminate human error by employees. Small business owners can organize menu items on their computers based on the category and make ‘hot keys’. Slow transactions or inventory errors will no longer be an issue. POS software providers now offer integrated barcode scanning which increases speed and efficiency. This method eliminates manual entry and gives fast transactions. This keeps your customers happy as you generate more profits.
Flexible payment options
It is important for small businesses to have several flexible payment methods. The days of carrying huge sums of cash have since expired. Luckily, the point of sale for small businesses has made it easier than ever, for business owners to accept just about any payment method. These include; checks, cash, credit card, gift cards EMV chip cards and apple pay. Customers will be happy with all these payment methods and will always come to your business.
Today, getting customers is very hard for most companies, but keeping them is very easy. Customer loyalty mainly focuses on incentives to your current customer base so as to make more purchases. This kind of interaction is aimed at building trust and the desire in the customers to maintain a relationship with you. Most companies today achieve this through customer loyalty programs.
Competition among businesses today has led to most companies putting in real energy and effort to maintain a consistent customer base. A great product does not mean that the customers will come back for more unless you gain the customer’s loyalty. Below are some effective ways to building customer loyalty.
All these are just some of the effective ways that will ensure you build customer loyalty to your business. The success of any business can be determined by the size of the customer base and building customer loyalty gives you a large customer base that the business needs.
Having the wrong point of sale system can be quite messy to a business. An effective point of sale system is vital to smooth the operations of any business. Choosing a system that will effectively work for your business needs is as easy as the snap of a finger. However, there are four basic points that you should have at the back of your mind before and after purchasing a POS system for it to work effectively:
Gone are the days that the businesses relied on conventional cash registers; cloud-based POS systems has taken the industry by storm. No matter whether you run a retail store or a restaurant, a POS system can increase the productivity significantly. Other than playing just the role of a point of sales, these systems are capable of generating vital reports for a business. But what such reports can you run on your POS system, you ask?
No matter what the type of your business is, the ultimate goal should be sales. Having a perfectly generated, detailed sales report is highly beneficial for a business. In fact, such facility should be a prerequisite of any POS system. A comprehensive sales report should emphasize sufficient information enabling you to draw a clear picture about your business. Which items make most profits for your business, which period you experience a boost in your business and which items needs to be eliminated from your product list are some of the facts you can determine referring a sales report. Below is a list of facts that can be found in a sales report.
Although sales are the bread and butter of a business, the amount of actual payments determines the amount of money you have made during a particular period. Again, POS can help you to track critical information like cash flow, credit card payments and other information that affects your payments. Such report is a great way to prevent employee theft, errors in billing, preferred payment methods of customers and determine the discounts applied on sales. POS payment reports include information such as:
Integrating CRM software to a POS is a very effective way to monitor information pertaining to important customer activities. You will be able to monitor repeat customers, develop specifically targeted marketing campaigns and develop customer loyalty programs. Modern CRM software programs are capable of capturing the customer details real-time and update the databases accordingly. Standard CRM reports include information like:
Modern POS systems come with inventory management software too. This is a great way to manage and maintain adequate stocks to be compatible with the sales volume. A report generated via this inventory management software emphasizes information like the quantities, values of the inventory and items that you are running low. Those who need in-depth reports can rely on third-party software integration to the POS.
Having understood the benefits these reports can bring to your business, it is a wise business owner to use an up-to-date, hi-end POS and rectify the potential mishaps. What you spend on a POS as a business owner is a wise investment that associated both short and long term benefits.
We all know that a good retail POS system is hard to find. Yes, there are hundreds of solutions, but none of them really guarantees a full, quality and reliable service and functionality. There are several parameters that need to be overlooked and analyzed before selecting one final POS system solution.
The great point of sale software enables adding and handling of thousands of inventory items. On top of that, these items need to managed in multiple locations of the stores in order to achieve the goals. Be sure these two features are included in the POS system as they are crucial for any small business.
Another key feature of the ideal POS system is the ability to return defective or damaged products. These situations are frequent and having a software that can smoothly and automatically update these occurrences is a must.
Employee management is really important for small businesses. That is why the reliable, full-featured and quality POS system must include employee management. Ideally there needs to be an ability to track the working hours of the employees and possibly the progress of each task or project.
The order management of the point of sale software needs to be full-featured and versatile. This means that the ability to regulate multiple vendors, orders and stock levels need to be included and organized in an intuitive way. It also needs to include great calculation and analysis possibility and ability to create special orders directly into the purchase orders.
When you buy a POS software, the selling features need to be specially analyzed. The great software solutions, usually automate the process and simply enable you to follow the situation. Usually, the great POS software will integrate with automated promotions and enhance sales on a predefined time frame. The store functions and layout also need to be simplified and to include integration with barcode scanners, cash drawers and other important sell items. Which leads us to the next question.
Usually the companies that provide such software offer hardware products to completely secure you with a total package. Thus, you must look for the price and quality of these items. Don’t be fooled, the software can be affordable and cheap, but the hardware may be costly.
Smartphone and tablet point of sale can enable you access to your store and business from anywhere. They are great for progressing on the go and managing the things much better. However, problems can occur at any time, so when you search for the great POS, customer support is a must-have!
Finally, when you select 1-2 or two solutions, do a thorough online reputation research. Search for user reviews on Captera or other similar software review websites. Also, check the social media accounts of the software and find some feedback there. If all of the previous steps are done, you can be sure that you have the perfect POS system for your business.
Having a POS system is the best thing that can ever happen to your business. It manages almost everything in your business and you are left with a little to keep up with. Thanks to advances in technology, the POS systems are becoming easier to acquire for any business. In the past, people used stand-alone terminals in their businesses because a point of sale system was very expensive to get. Today, however, things have changed and you can even use your phone or your tablet as a point of sale system. You will just have to get POS software and install it on your device. There is free POS software, and you can still buy an advanced POS system. No business today is limited by its size or profits when it comes to a point of sale system. A point of sale system reduces the amount of work that has to be done in business. It almost reduces every job by half.
A point of sale system can also help in employee management. Employee management is an essential element of a well-run retail business. It allows you as the owner of the business or the manager to keep track of your employees’ hours. The employees will clock in and clock out of the system when they report to work and when they leave respectively. It comes with modules that have the clock in and clocks out features. If an employee forgets to clock back in after their break, the time can be modified by the manager or the supervisor and make the required correction. This helps to efficiently keep track of the hours employees are working. There are more advanced point of sale systems that can assign sales commissions to the employees. You won’t have to worry about who worked overtime and for how many hours because your POS software has you covered on that. It also provides employees with a very easy access to their schedules.
The data that is collected by the POS system helps in producing a hustle free payroll. Everything is set from the number of regular hours an employee has worked combined with all the overtime hours and the sales commissions. This makes it easier to draft a payroll. The POS system will do this by consolidating and sorting the data for every employee. It then prints out the results as a payroll. No more guessing how much to pay your employees or getting confused on the commissions they have. The point of sale system gives reports on a daily or weekly basis, so it is hard to lose track. If you want incentivize your employees, the point of sale system will help you. It will help you know the top seller every month, and you can award them with a bonus. This is difficult to do without a POS system.
Are you a vape shop owner that wants to improve managing and tracking the different brands and juices that you are selling? Are the upcoming regulations keeping you up at night as you wonder how to handled the imposed changes? These are just two of issues facing vape business owners today. Vape store owners should be aware of all the options to help smoothly run their business.
retailcloud, a Windows and Android cloud-based POS solution, is your answer. Why? It has the many features that vape store owners will find that retailcloud has the solutions to help with the issues unique to their industry in order to make their business work. Here are just a few of the essential elements that retailcloud can provide you with:
Vape store merchants should be aware of the essential elements that should be present in their POS solution in order to have a successful business. With retailcloud’s solution, you will be on the right path.
For more information about our POS solution, email us at support@retailcloud.com.
The best way to retain your customers is by having a loyalty program. A loyalty program is a kind of a rewards program that is offered by a company to the customers who make frequent purchases. The loyalty program can reward the customer either by free merchandise, coupons, rewards and even some advance released products which other customers would not get. Customers automatically get more value from businesses that they are loyal to as compared to the one stop shops. A loyalty program should work for both the company and the customer. It should not be biased such that only the customer is benefiting from the program, and it is not profitable to the company.
One good reason why loyalty programs work for small businesses is that they use a loyalty point of sale system. This is POS software awards the customer automatically every time they reach a certain level in the royalty programs. Remember a loyalty program has an absolute limit of purchases that a customer should reach for them to be rewarded. The point of sale system will automatically record the number of times that the customer has visited the business and the purchases done during those visits. Sometimes the customer might have difficulties keeping up with the loyalty program, but the point of sale system makes it easier.
POS system help increase the business revenue by raising the visit frequency of a customer and the amount they spend per visit. It does this by offering an attractive reward structure and as well as attractive points per visit. For a small business with a good POS system, it’s very easy to term transactions into relationships with their customers. The more you get the customer to come back and spend on your store, the more you get to know them as individuals. This way the small business learns to treat their customers as individuals by knowing their tastes and preferences. This is easier for small businesses because it is not hard to keep up with a group of customers in your surrounding as opposed to the large companies where customers come from different places making it hard to keep up with them.
A small business with good POS software can sell the idea of a loyalty program to customers in a much better way. The POS will keep the record of the customer’s transactions based on each visit. When the customer reaches the rewards level, the small business can even reward the customer using cash. This is because the POS software keeps track of the transactions of the loyalty program per customer. A small business will reward the customer with free merchandise and also cash. A cash reward might seem risky for the business, but it is not if the business has good POS software. This would be harder for big business because of the complexity of their POS. The small business can keep a good loyalty point of sale system that will be profitable to them and also to the customer. The business will be able to retain and even call back some of its inactive customers. This way they increase sales revenue significantly.
Having a small retail business can be overwhelming if you have a traditional stand-alone point of sale terminal. A retail business can be more profitable if one is using a point of sale system. The system will be able to manage the stock, handle purchases, place orders when the stock is about to get replenished and so forth. The time when buying POS hardware was hard for small retail businesses is far gone. Thanks to advance in technology, there is free POS software that is readily available for businesses. It is very easy to acquire a point of sale system today at a low price. If you have a tablet, you can download free POS software and install it on your device. You can even have a tablet point of sale system. This is POS software that is installed on a tablet.
The right thing with the tablet point of sale is that your staff can approach customers where they are. They don’t have to wait for customers at the terminal. The staff can assist the customer in making a decision about an individual item and then make a purchase for it directly where they are. This will ultimately increase sales. According to a study, customers are more likely to buy an item when they are making a decision on whether to purchase the item or not. It is easier to convince them to purchase the item before they move from where the item is.
Small businesses should be concerned about the kind of POS hardware and software they are using. The best inventory software will alert you before the stock runs out. This way you can place an order and still have stock to sell before the order arrives. There are free POS systems which are very integrated. They will keep historical data on sales and estimate when there is likely to be a low stock condition. This kind of system can also place an order for certain inventory just in case it runs out.
If you are a small business retailer, make sure that you get the best POS hardware and software there is in the market. This will increase the sales revenue for your business in an amazing way. The POS can manage your business, and this makes things easier for you and your staff. Remember taking stock and keeping track of it is the most time consuming and labor intensive job. It is one of the most important things in a retail business. Having too much stock or too little stock is risky for the business. However, this will not be a problem if you have the best inventory software in your point of sale system.
Small retail businesses should be more concerned about how well they manage their stock and how safe they are from running out of stock. The retail business should also be concerned about gaining trust with their customers. The customers will be more confident when entering their credit card details at a point of sale system rather than a person’s mobile phone. If you are a small business retail owner, invest in a good POS system and you will have an easy time while managing your business
A point of sale system is the lifeline of small business operations. A Point of Sale system used to be a very expensive and serious undertaking for a business to get this sort of system. But today that has changed thanks to advances in technology almost everyone can acquire and set up their POS systems very quickly. Today, small businesses don’t have to depend on the stand alone terminals to handle point of sale transactions. There is software in the market that can turn your computer or tablet into a point of sale terminal and it is easy and most of this software is free. Remember that having a good point of sale system means that you can get better insights into your business, and it can also help you keep track of what your customers prefer which in turn will help you boost sales magnificently. The best POS system should be affordable and easy to use. It should be integrated such that it can do more than just accept payments and process sales.
A good POS system must have an inventory management system or an inventory program. This will help you take a good look at your stock anytime you need it without having to go to the store. It should record how much of the stock is in the store and depending on the sales data; it should be able to estimate the period which that stock will last. Anytime the stock runs low, the point of sales system should alert you that you need to acquire more stock as soon as possible. The inventory management system should be up to date all the time to avoid issues of failure. Remember if an inventory management system fails, there is a risk of your retail business going out of stock without your knowledge. For the small business retailer, the inventory management system is not complicated and it is very easy to keep up with at all times.
Your retail business should always be safe stock wise if you are using a point of sale management system. The inventory program should look at the historical data of sales and use it to predict when a low stock condition might hit your retail business. It should also be able to create orders for replenishment on low stock conditions. Remember the point of sale might not be so complex as to send an order to the supplier directly. However, it will print out an order request for you asking you to order more stock before a particular time.
A retail business is best run by a point of sale management system. Don’t let your business run on the traditional stand-alone terminals. A POS system is a tool that will increase your sales revenue. Also based on the kind of system it is and how integrated the system is, it should be able to help you market the business increasing the number of customers.
Do you feel like your POS resembles the ancient, bulky cash register from the early 2000s or do you have a tablet POS system that you installed two years ago that is not even able to show you customer purchase history? Do you feel like there could be a solution out there that can truly simplify the tasks of running your retail store? Now is the time to look into the advances that are now available and affordable for the small to mid-size shop.
Retailers today most likely do not want to stay late after closing, checking off what products have been sold that day on an excel sheet, or worse, by hand on a piece of paper. Switching to more efficient POS systems will help benefit your small business by not only making your life and your employees lives easier, but also contributing to higher profits and creating better customer satisfaction.
Not convinced? Well, here are some more reasons why you should keep your POS system updated:
These are just a few of multiple other reasons why you should update your POS system today. So, what are you waiting for? Go update your POS now!
93% of all online experiences begin with a search engine
97% of all consumers search for local business online
It’s no wonder that in a recent Constant Contact survey, the majority of small businesses (SMBs) said it was “important for them to be found on major search sites, local search apps and directory sites.”
Local independent retailers who want to draw local consumers need to appear in the Google Snack Pack, which is a listing of the top 3 local business based on seo. Consumers typically do not look beyond these top 3 listings and perceive them as the best matches. For that reason, it’s crucial for local independent retailers to work on getting into the top 3.
As a SMB retailer who may not have a team, or a budget, to engage in local seo here are some things that you can do to connect your retail business to the cloud and improve your position.
Claim your Google My Business page. Make sure that your business name is descriptive and includes your business category. Make sure your phone number, address and website is correctly listed (if you don’t have a website; more on that later).
Make sure that your social profiles are all up to date and actively managed, verify that the business information on your social media pages, matches the google my business information.
Manage your reviews on yelp and similar sites, thank those that give you good reviews it encourages others and respond to those who give you negative ones.
Get your website up, show product in stock with good descriptions. Most POS companies (including the free ones listed here) have integrations to allow you to quickly and easily launch an e-commerce site and display your product. Good descriptions are a seo goldmine.
These are just some quick tips to start you on the road to building your local seo. Imagine being at the coffee shop and doing a search for “shoe stores near me”. Would it make a difference to you to be in the top 3 results?
Everyday, consumers are constantly on the look-out for products that are new and sometimes old. With this in mind, merchants have to consistently update their inventory. This can be an extremely tedious task, especially if there are products going in and out of the store daily.
Managing inventory can be quite laborious, especially for small business owners as they would have to keep track of their products through maybe excel sheets. This can be quite exhausting since the merchant could be dealing with the inflow and outflow of products all at once. Organization of inventory is of ultimate significance because it helps calculate and keep track of the numerous point of sales that occur in a single day.
Keeping track of inventory for any small business retailer is a large single investment. Inventory management is crucial for small business POS because it helps the user understand which of their products are selling and which are not. With proper inventory management, the operator is allowed to keep their investment in a product at a minimum while providing a large range of options to their customer. Aside from keeping track of what products are selling and which are not, the merchant can also keep an eye out on the current retail trends at their POS. This can definitely aid in strategizing their small business more.
Currently, in order to help inventory management come at an ease for small business merchants, there are inventory softwares available, especially through the cloud. Using cloud inventory management software allows operators to see what is selling through multiple sources, such as in their brick & mortar stores, their web stores and mobile applications. Through this, users are able to manage and analyze their product mix from any location by using a secure software that can only be accessed by themselves!
One of the key aspects of retail cloud POS and inventory programs is to provide small business retailers with customer data that was inputted at the time the POS was established. Its secure inventory management software is able to collect customer data as well as everyday store activities that create an impact at small businesses. After collecting this information, the merchant can determine how he or she can better improve their sales and know what the current retail trend is.
Inventory management programs are critical for POS. If you are still managing inventory manually or through excel sheets, it is time for a new upgrade as times are certainly changing just as the inventory for your business.
retailcloud is happy to introduce a new Zero POS hardware bundle. The package couples the immense power of Zero POS, a free cloud-based Android point-of-sale software deployment and strong hardware integration. This hardware is comprised of a Samsung Galaxy tablet, EMV reader, socket scanner, Star Micronics receipt printer, cash drawer and Stabile Pro pivot stand. From every standpoint, the system is holistic, seamless, and practical. However, that isn’t all as it offers unmatched flexibility and reliability that is simply absent in traditional POS systems.
But at the core of this bundle are two components that are a formidable force to reckon with: Star’s WiFi integration (drawer and thermal printer) and Stabile Pro pivot stand. Without the two, the bundle ceases to offer its incredible flexibility and tenacity. I must admit: right from the outset, I was amazed by Thought Out’s ingenuity and total engineering.
Finding the right mounting solution for a tablet-based POS system can be an uphill task. Thought Out’s Stabile Pro is quite a sight. From every dimension, the pivot stand is a total work of American engineering. They come in two colors: black-on-black and black-on-silver.
For all POS aficionados out there, TSP100III thermal printer is a must-have. What’s all the fuss about TSP100III? Well, for starters, it operates entirely on Wi-Fi. That is, its entire connection with the drawer, scanner, reader, and tablet is fully wireless.
By far and large, its “push” and “connect” capability deliver unmatched options that are poised to bring even the most grounded retails on board. Other notable features include complimentary Star SDK, robust auto-cutter, rapid-print technology, and so forth. In all, the thermal printer makes the bundle a worthy investment for anyone looking to garner an industry’s best POS system.
With the thermal printer, this drawer by industry’s leader Star Micronics works seamless and without any hassle associated with traditional POS hardware. The drawer offers unrivaled security, fast turnaround times, and sturdy feel. In yet another elegant, smart design appeal, Stabile Pro takes the steel to a surprisingly miniature point right beneath the ball joint, accentuating the immense strength of the metal. Thought Out also offers another option in the form of a cable manager right above the ball joint. That is if you need your tablet to operate upside-down. By integrating the great power of Zero POS as well as amazing new hardware, retailcloud aims to provide a POS system that will offer small businesses an easier way to handle their day-to-day POS.
Sign up for your free retaicloud account here. If you have any questions on this bundle of account setup please click the chat button to connect to an Implementation Specialist or email us at support@retailcloud.com
I don’t think so!
I believe most SMB’s only care about one thing, Smart Data! If you don’t have smart data it’s all noise. Smart data is about how the data is interpreted and presented to users in easy to implement steps that make their processes better. It’s not about quantity and dimensions, it’s about presentation to the consumer of that data.
With that in mind it’s important to focus on providing SMB’s with actionable analytics that help them improve daily operations and better understand their customers. At retailcloud our focus is on providing the data in such a manner that it intuitively conveys source, context and perception. Our KPI application, ngauge and our TabPOS dashboard at a glance will allow the merchant to see how inventory segments are performing and how associates are engaging with customers.
Smart data is not limited to dashboards, our recommended items algorithms based that is used to increase units per transaction at the POS and also to drive traffic to the retailer’s ecommerce site using our premium receipts and our Stock Index which ranks top and bottom performers using an algorithm based on Stock days, GMROI, opportunity costs and other data points are examples of ways that smart data can be used to increase sales and optimize inventory levels.
It does not require a business owner to process data, the visualization of the data should convey a feeling of what requires additional investigation and then the retailer can drill down to review actionable analytics and in some cases some predictive modeling.
So as a consumer of the data, give me smart actionable data that can be visualized and recognizable and I’ll leave the big data as well as the binomial, nominal, and ordinal data for you.
Often the butt of jokes, CVS Pharmacy has always had a ridiculously long printed receipt. They recently announced that they will be offering digital receipts to their reward members (and in the process save thousands of trees).
In an era when in many cases customers are even digitizing their payment and loyalty cards, the notion of a printed receipt is becoming obsolete. Especially a printed receipt that is so long and crowded with information it becomes a source of jokes for late night TV hosts. CVS is taking what should be a universal step of allowing customers to opt out of printed receipts, at least if they are committed enough to join a loyalty program. After all, loyalty programs are supposed to make the shopping experience better, not more burdensome.” DAN BERTHIAUME, Chain Store Age.
Many customers prefer the digital receipt so that it cannot get lost if needed for a future return of merchandise and ease of check out. Retailers look for ways to enhance the customer experience and offering digital receipts is just one additional way to accomplish this.
An added advantage to offering digital receipts is that you are building your customer database, as you now have your customer’s email address. This will allow you to deploy targeted marketing based on your customers buying habits and further enhance their experience with your store, as you cater to their purchasing needs.
Digital receipts have always been a standard feature of retailcloud’s POS products and retailers have been enjoying the benefits for years. The feature is easy to implement (check the box to enable on your device) and use (the cashier is prompted for digital receipt at the end of the transaction).
Going one step further, is the Enhanced Digital Receipt (shown) available on any retailcloud device as an Add On Feature. Not only does the customer have sales transaction information, they also have recommended items that are aimed specifically towards the customer. This Enhanced Receipt allows for a review of the products and further engages the customer with your business and your product line. If used with the retailcloud eCommerce integration, click on a recommended item to easily make another sale.
Small business retailers are typically focused on the day-to-day tasks of operating the business and it’s not unusual to see many retailers use KPI’s just for scorecards. It’s unfortunate, as this approach would be like getting to your destination and then checking the traffic instead of using Waze to provide you with real time information on traffic conditions.
Below are some of the KPI’s to consider in managing your business on a daily basis, and while no one by itself will give you any great insight, the combination of all of them will let you know if the road ahead is a green, red or orange line.
The most important performance indicator for a retail store is the sales totals and the cost of the product (including freight) associated with those sales. Look at this number at both an overall and at a category level and if possible even at a brand or supplier level. Take a look at the inventory levels and compare the cost of inventory on hand to the overall contribution to sales and to the margin during the period. Over time this could help you identify under performing, mispriced or overstocked items.
Gross margin refers to gross profits expressed as a percentage of sales. This is an important indicator of a company’s financial performance. Gross margin is also important for determining the markup percentage for products. When pricing consider gross margin and historical markdown percentages on a category.
If you have enabled the time and attendance module, look at the Margin Minus Labor as well as any commissions paid to sales associates to see the impact of labor on your operation. Run this report by day to see if there are days that you are overstaffed, in addition consider customer activity and units per transaction for those days to see if what if anything can be done to improve the overall Margin minus Labor number.
Many SMBl retailers do not bother with this metric. They focus primarily on sales – product cost, and as long as the sales keep rolling in they stay focused on keeping the shelves stocked (too often at any cost); sales does not equate to profitability.
GMROI measures your profit return on the dollar amount invested in inventory and may be the most important KPI to track, as it provides you a snapshot of the overall picture of your store’s performance. It essentially tells you what your return was for every dollar you invested into inventory. Run this at an overall and category level to see if your product mix is right, and a brand or vendor level to see if you should be repricing or renegotiating pricing on any lines. Is this return worth your investment in inventory?
Scan Return reports over a period of time to identify any potential problems in quality of lines or a category. High returns across multiple lines may mean that there is a problem with information provided by your sales associates on products and may be a simple matter of improving their understanding the product. Irrespective of the reason, this is a number that retailers should be aware of try to reduce as it impacts their costs, and negatively impacts their units per transaction.
While reviewing returns, also run customer and cashier reports to see if there is any unusual activity associated with specific customers or cashiers.
Just as it sounds, this KPI will tell you how many units are being sold pre-transaction. Compare this number over different periods and see the performance of your sales associates. Having the entire team focus on this number can have a direct impact on overall profit as there are typically no additional fixed costs associated with an increase in this number, increases in units per transaction have a direct impact on overall profitability.
Stock turn, is the number of times inventory or stock is sold over a period of time, typically annually. It tells you how quickly you sell your stock. In most cases a high stock turn indicates that you are operating efficiently and don’t have money being tied up in inventory for long periods. Review this number at a category and a brand or supplier level to determine if your product mix needs to be modified to improve efficiency.
A higher than usual stock turn may indicate that you don’t have enough inventory on the floor, and you want to see what the impact on other numbers are, are your units per Transaction slipping? Are sales dropping?
Compare this ratio to industry benchmarks if available, remember while a low turnover implies poor sales and, therefore, excess inventory but a high ratio could be caused by either strong sales or ineffective buying.
This KPI is the percentage of items sold, compared to the amount of items that were available for sale. This tells you how a product is performing and should be run at a category and an attribute level. This information should be used when ordering product, or to decide how to bundle product to encourage sales movement. This can also be used to rest your displays.
The inventory to sales ratio can signal potential problems in cash flow. For example, an increase in inventory to sales ratio from one month to the next indicates that one of the following is happening:
No matter which situation is causing the problem, an increase in the inventory to sales ratio may signal an oncoming cash flow problem.
Likewise, a decrease in the inventory to sales ratio from one month to next indicates that one of these is occurring:
Here again, no matter which situation is causing the reduction in the inventory to sales ratio, either one suggests that you are effectively managing your business’s inventory levels and its cash flow.
To reiterate it is important to just not consider one KPI and draw a decision on it, these should be viewed in totality and see if the road ahead is red, green or orange. For example you may see the your inventory to sales ratio is dropping and your stock turn is dropping which suggests your inventory efficiency is improving and decide you need to do nothing. Next you look at your Units Per Transaction and see that it has dropped, as are your total transactions and sales. Putting all these data points you may conclude that your drop in inventory is causing you to have product Out of Stock losing sales opportunities with your customers which in turn start having them shop elsewhere.
If this all sounds interesting, download our KPI dashboard app or sign up for our monthly KPI webinar.
Saturday was a typically busy day, the farmers market across the street always brings in a lot of lookers. With our new shared goals of encouraging customers to sign up for our promotion list and to focus on units per transaction I found the team more social with customers. It was a much friendlier and energetic atmosphere which in turn made people linger longer and talk more about the displays. I made a note to be more aware of my traffic patterns, next Saturday I was going to pull out the counter.
The associates liked the ability to check the POS to look for products and stock levels, and had some great ideas on how to improve the classification of the product. Having color as an attribute was clearly something that they wanted. We opened the portal and made those changes as they came up directly on the system.During the day I checked the phone app and saw that we our average units per transaction were just below 2, I had nothing to measure it to as we have never tracked it before.
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Today’s email which was the 5th of the series, and continued on yesterday’s theme of building customer awareness. It had a post on how to raise customer awareness of my brand by having “billboards” in their wallets and inbox.
The POS solution has a gift card program, where in addition to the standard cards with my logo, you can also have customers buy and sell gift cards using mail, text and even facebook. I liked this and it made me think of how I had been neglecting my facebook business page. I looked over the gift card company’s agreement and it seemed pretty simple, there were no monthly fees and i was able to order a 100 gift cards which I did. The gift card company would contact me on how to activate the text and facebook ordering, and they were also able to put my cards in their online store for anyone to buy. Seemed worthwhile as I only paid them if someone bought a card and a transaction fee when the redeemed. I was also able to use the send by facebook feature for promotions to attract new customers.
Today was the 5th day since I activated my retailcloud account, and I received email 4 of the boarding series. It was about how to create a mailing campaign and some promotions, it also guided you through how to check the effectiveness of the campaign.
As you may recall from my Day 3 blog, I started with about 400 customers and added a few more since then, at the POS. I scanned through my Inventory Balance Reports as well as my Bestseller and Sales Summary Reports and was not sure what direction to go. Back on chat support and we concluded that after less than 3 days of sales there was not enough data to run a targeted campaign, so I decided to run a general promotion.
If you would like to know more about these product updates for May 2016 and how they can help your business, please reach out to support@retailcloud.com.
I have been using the new POS now for a couple of days and the front end operations have been going well; today I focused on understanding the reports that came with Zero POS.
There are 18 reports that come with Zero POS in 6 different groupings (Sales, Inventory, Customers, Employee , Transactions, Warehouse), using my old system I was able to see sales reporting and SKU level sales activity data, but I was not able to get any data that provided me high level reporting. I wanted to see how the new reporting would help me make better day to day decisions on inventory and cash management.
Got email 2 in the 10 email series and today it suggested I add any customer data into the system, as well as turn on built in features to add customers to the mailing list. This would allow me to generate mailchimp campaigns on demand.
I had customer lists on constant contact, mailchimp, an excel spreadsheet and a note pad. I started by downloading the lists from constant contact and mailchimp after which I entered the names and email addresses from my note pad onto the excel sheet. The chat support asked me to share the files with them, and after looking at it determined it was more involved process to combine the data so they asked me to open a ticket and they would create a file for me that I could then import. Which I did.
On Day 2, I received an email from retailcoud telling me that I had 10 days of white glove support and how to schedule an appointment to make sure of it. It also listed the free inventory tools that were available in their app store specifically mInventory and Inventory Manager.
Since I knew I still had to add items that were missing from my list and mInventory seemed like a good option, I downloaded it and installed it on my phone. There is only an Android version which was fine with me. I scanned a few items and was able to add them into the database, sometimes it prepopulated the information on the missing items with available descriptions and prices and other times no data was available and I had to enter it myself. This looked like it was working well, so we downloaded it on two other phones as well and began scanning the whole store. One cashier was also checking items directly on the POS and adding them there if they were not imported from the QB file.
Once I opened and received my retailcloud welcome email, I went to the management portal as it recommended to update my default settings. I entered my store information and sales tax rate for the store. I imagine that this will all show up on the POS receipts.
Next, I exported the data from my current system and checked the UPC numbers and noticed that some of the numbers were much smaller than others, in looking further, I realized that the leading zeros were not being exported from QB. I got on retailcloud chat to see if there was a way to get them and they told me not to worry about it as they had a flag to append leading zeros in their solution.
“Already loving the retail made simple concept.”
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All inventory must be included in the counting procedures at least once during the year. A popular method to schedule the counts is the ABC method. Under this method, the inventory items are designated based on value or number of inventory turns as A items, B items, or C items.
The A items are considered most critical and are counted frequently throughout the year. Typically these are inventory items that turn over often or have high value. The C items typically have less movement or carry a lower value and therefore may be included in the count only once or twice during the year. Accordingly, the C items are expected to carry a lower risk of material differences. Any given inventory count includes a large number of A items, some B items and very few C items.
Whatever counting method is used, the frequency of inventory counts is important. The counting process ideally occurs on a daily basis — weekly at a minimum.
Placing controls on the cycle count process will help maintain the integrity of the counting process and the number of times inventory items are counted during a given year. If a scheduled item is not counted, or is swapped for an easy-to-count item or an item that is known to possess an accurate quantity, the validity of the sample is compromised. As a result, any issues residing beneath the surface like stock shortages, unidentified spoilage or unrecorded transactions could go undetected, greatly undermining the goals of the cycle counting program.
The business should also perform blind counts to restrict the ability to make changes to the counted results. Blind counts are performed without knowledge of the quantity that is listed in the accounting records. If blind counts are not performed, the person performing the count may see the system quantity on the count sheet and simply match its count to the system quantity to avoid the hassle and additional time of investigating variances. By exercising discipline in performing blind counts, this risk is virtually eliminated. Some companies even use a double-blind counting system, which involves a second count team that recounts, on a blind basis, certain components or locations of inventory.
Also critical to an effective cycle counting program is the development and implementation of a tolerance threshold for investigating count variances. A company should document count differences in both quantities and dollar amounts, and the differences should be measured on their gross (absolute) value. To be useful, the tolerance threshold should not be too high. If many individual differences are uncovered but the aggregate net quantity or dollar variance is minimal, an underlying issue is still causing the inventory variances. The fact that a net difference is low could simply be the fortunate result of the particular sample that was selected for counting. A sample on a different day could produce dramatically different results if the error frequency is similar but the differences are consistent instead of netting out to a small difference
For example, a company counts 100 inventory items on one day and finds differences for 10 of the items. Some of the differences are overstated and some understated, so the net dollar difference is a small amount. The next day, again the company counts 100 inventory items and again finds differences for 10 of the items. This time, however, the differences for all 10 items are directionally consistent that is, they are all either overstated or all understated and therefore the overall difference is more significant.
This phenomenon — where the key underlying problem is the error rate — highlights the importance of evaluating the dollar differences in terms of their absolute value instead of net value. If a company can eventually achieve a variance rate of less than 1%, the system is likely to be accomplishing the desired objective. However, results and expectations can vary among businesses.
When implementing a tolerance threshold for count variances, it is important that the investigation process occur as designed and that the count discrepancy resolution process be documented well. The business should determine error thresholds that automatically trigger both a second count by a different individual and an investigation of the cause of the error. An experienced separate individual should perform any second counts the program requires. Any differences that remain unreconciled after the second count and, after examining shipping and receiving activity, should be adjusted in the system.
If problematic trends become obvious, management might determine that it is necessary to flag various locations or types of products and perform additional counts on these items. In some cases, it might be possible to increase test-count coverage by changing the characteristics in the cycle counting program (for example, changing a B item to an A item, or providing for certain flagged items to be selected on a more frequent basis).
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Have the benefits on cycle counting from our last blog convinced you of the value cycle counting can bring to your business? If so, it’s time to implement your cycle counting program for optimal inventory management. Keep the following tips in mind as you develop your cycle counting plans:
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Cycle counts can be done during down-time and do not necessitate closing or disrupting regular business. As cycle counts are for smaller subsets of inventory, use those quiet times to tackle the count (early one morning per week or if you never see a living soul in the shop between 1 pm and 3 pm). In addition, problems and discrepancies are more easily spotted and corrected. This saves you labor costs and hours of time.
When you implement ongoing cycle counts, you’re forced to continuously assess your inventory. By having smaller check-ins, focusing on a subset of inventory, your buying decisions are more informed and targeted. You can focus on just one area of your business, so use the opportunity to not only count, but make decisions about that subset of your business.
By shortening the time between counts, you are decreasing the amount of time an error could have been made. It will also help you identify loss patterns and even have a more precise idea of when a theft occurred.
Inventory can often be the most frustrating part of owning a retail business. Implementing smaller cycle counts allows your entire team to see your stock accuracy as a vital part of your business. Now you can transfer merchandise between stores to optimizing the inventory mix at each store, having the stock available for sales of exactly what the customers are looking for. Employees and customers will feel more confident about the business decisions you’re making.
Real time accurate visibility into your inventory allows for greater productivity. For example, if a customer wants a particular item, you can quickly and easily locate it, without having to purchase another item and wasting your customer’s time and losing their confidence.
Understanding product movement can also enhance your sales. For example, if a product line performs better than expected, you can expand your supply of those items.
When you’re rifling through your merchandise more often, it provides a perfect opportunity to dust things off and keep your displays sharp.
Implement Cycle Counts
Inventory cycle counting is the process of counting physical inventory in small subsets, in a specific location. It is an ongoing process of validating the accuracy of inventory as you move through your inventory allowing you to focus on a subset of inventory.
Cycle counts are less disruptive to daily operations and can be tailored to focus on items with higher value, higher movement volume, or that are critical to business processes. This can occur on a daily or weekly basis, depending on your preferences. Cycle counting ensures that every item in your inventory is counted at least several times a year.
Inventory Manager can help companies easily manage their inventory audit process by simplifying the way inventory is counted. If the inventory data is updated in smaller doses on a regular basis, there is no need for lengthy physical counts. Companies who perform cycle counts rarely need to shut down to perform physical counts. It’s simply too expensive to shut down for the day. If cycle counts are regularly performed, inventory numbers will always reflect well managed data, allowing for accurate inventory decisions. More on benefits of Cycle Counts here.
So ditch the annual inventory count and opt for something a little less taxing – ongoing cycle counts.
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Finally, a winning POS combination that everyone can use!
Zero POS and Star mPOP flexible powerful and beautiful!
Zero POS was designed to be the ideal merchant solution, beautifully designed, simple to implement, simple to use and priced perfectly. All that was missing was a hardware solution that matched its principles and ideals; and then suddenly Zero saw mPOP; it was love at first site.
What’s a mPOP you ask?
Its an an all-in-one POS Solution! Star Micronic’s mPOP is to POS what combination VCR TV’s were to the 90’s! Still thinking about what that means? The mPOP is a combined cash drawer, printer and tablet POS hub. Its sleek, streamlined look is refreshing in a world of clunky, noisy, cash drawers that take up valuable counter space. Best of all it is designed, manufactured and supported by Star, a company with a long history in providing reliable hardware solutions to retailers. Pair this station with a Samsung tablet and retailcloud tabPOS software and you have yourself an updated point of sale location that is bound to satisfy any retailer.
When we first saw Star’s mPOP solution in their early development stage we were impressed by its footprint, look and potential affordable price point. From that time it was a constant commitment from Star’s Product team , their belief in retailcloud solutions and follow up which got things exciting. We were also able to get our hands on an early pre-production version which was important for us to build and test for viability.
The Integration of Zero POS with mPOP is important because Zero POS is the only solution which offers a full fledged mobile POS Solution for such a great price; zero dollars per month for the software.
– Sign Up for ZeroPOS & get ready with your account (5 min)– Turn on your mPOP Hardware (under 1 sec)– Pair the mPOP hardware in bluetooth settings (under 1 min)– Choose the paired bluetooth mpop in the Zero POS hardware settings (under 2 min)
– QSR or espresso bar type environment when you want to pair it with many Start Printers (LAN)– Clienteling scenarios to allow associates on the floor with tablets to communicate both the customer and with the mPOP at the cash wrap
– The looks – These have a techy modern look that suggest your business embraces cutting edge technology. Customers love seeing new technology especially in small mom and pop type stores.– Customer Impact – Shoppers feel like they get more value while shopping at a small store that has a fancy point of purchase. There’s -something special about a place that can maintain its character but also stay modern with their business side matters.– Smaller footprint – Less clutter on your counter always looks good.– Full featured – Tablet applications include all the features small and midsize retailers need.
– Screen size limitations – If you are looking for a large display, desktop solutions have better options.– Lower memory capacity – Applications will not be as robust.– Sacrifice performance – You should limit use of other applications on tablets to optimize performance.– Fewer portals to attach peripheral devices– High Volume traffic business may find that the desktop is able to process quicker
You don’t need to have a big computer on your counter to make it seem like you have a top of the line point of sale. mPOP only takes up a fraction of your counter space and paired with retailcloud, has a full lineup of features. Consider what features you need today as well as what you will need as your business grows. This will help decide what hardware solution is best for your business.. mPOP and Zero POS prove that you can deliver reliability, power, design and efficiency at a price retailers will love.[/vc_column_text][/vc_column][/vc_row]
skedool the Scheduling Tool
We Listen
We listen to our customers for feedback, new improvements and criticism. We wanted to start 2016 with a bang by giving customers what they want. This is how we decided to develop an app for the most sought out feature in Q4 2015. So skedool was born, although there is another story on how we named it and you can read it here.
What is It?
A scheduling tool that is great for businesses who schedule their appointments and sales; from hair salons to auto repair. It is a quick and easy application to access and start using.
Simple to Use/ Simple to Implement
A one stop shop for creating and managing appointments. skedool is a Web-based scheduling application that businesses can access anywhere. All you need is internet to login and create appointments for your customers. From the available filters, you choose which appointments to display. You have the flexibility to display the schedule for the day with all employees or by customer. You can schedule, change and cancel appointments. You can even assign employees to customers at their request.
“Last week I was managing all my appointments through a combination of paper, online calendars and memory. Needless to say it got confusing fast. To confirm an appointment, I had to play a game of telephone!”
Integrated
No more is the need for a third party calendar that will never integrate with your POS. skedool is integrated with your back-office so employees and customers are already in the system. This tool is available from your tablet POS, Desktop POS or via URL.
Beautiful
An intuitive, one-page layout.
Key features
Nobody is too cool for skedool! Add skedool to your retailcloud account and it is available for all locations for one low monthly fee.
The sales team spent months successfully pushing for the product, the business team did the market evaluation and analysis, wrote and rewrote the requirements, crafted the user stories, the design ninjas wire-framed the screen, and built prototypes and collected customer feedback. Then the engineering team got their hands on it; APIs were developed, code was written, testing was done, another round of merchant validation and then a small live test. They said it was ready for delivery; but was it?
The product had no name nor icon for the retailcloud marketplace; the easy work had been done, but the heavy lifting was just beginning. This is where the brand brains got together; the name needed to meet the retailcloud brand and naming guidelines; come up with something as clever, as pun-ish (is that a word?) as n-gauge; our dashboard, engagement KPI application.
What were the guidelines you ask? “A unique, descriptive, made up word or a real word with a twist, ideally a verb, and could be said out loud. Looks cool written down and evokes an emotion.”
That’s it! Simple. Not like writing lines of code.
So after much deliberation the list of names were reduced to 5:
Then icons and imagery were created for the names, and for days we said the names out loud; got some feedback from some sales partners and finally skedool emerged as the winner. It was the name that was highly rated as unique yet descriptive, was fun to say out loud and looked cool written down. We hope you like it because we have gotten very used to it.
As far as imagery, we went through several renditions before selecting something simple, suggestive that showcased the fun to say name. Go ahead, say it out loud!
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Our article, published in CIO Magazine November 2015
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According to various research reports, revenue from global retail PointOfSale (POS) terminals is growing at a Compound Annual Growth Rate (CAGR)of 13.37 percent. Such significant escalation indicates the growing acceptance of multichannel sales strategies including ecommerce, online advertising, and online product information, specifications, and comparisons. Despite the proliferation of latest POS technologies, “not every solution provider can effectively convert raw data into realtime actionable analytics,” begins Kevin Colaco, Founder and CEO, retailcloud. “Today’s highly evolved retailers seek an advanced POS solution that not only helps in sales enablement, but builds great customer experiences.”With these new touchpoints multiplying along path to purchase, the retail industry requires a dedicated partner capable of harmonizing the demands of both retailers and consumers. Fulfilling all of these requirements is retailcloud—a company that offers cloud-based POS solutions to enable Small and Medium Business (SMB)retailers increase sales, better managing inventory, and collect valuable data on customers’ shopping habits. “We specialize in blending cuttingedge technology with massive amounts of data to provide superior customer experiences,” says Colaco.
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The company offers three different POS applications that run on desktops, tablets, and smartphones. Apart from advocating flexibility to operate on disparate devices, the company’s applications could be used either on the floor or at the counter. “The presence of a cart with complete clienteling options makes our application absolutely useful,” expresses Colaco. Additionally, the applications are supported by Central Administrative Server (CAS),a powerful browser based portal which stores and consolidates the complete information of a merchant’s enterprise. The information includes data from distinct areas such as inventory, purchasing, consumer habits, and reporting functions. Besides these functionalities, CAS also possesses the ability to manage supply chain and predictive reordering practices of the firm. “The ability of our POS solutions to offer actionable information assists sales associates to improve operations and drive campaigns for low performing products,” explains Colaco.
Download the PDF of this Article
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Besides boosting sales operations, retailcloud leverages its domain expertise to mitigate the impediments faced by midsize businesses. “Most of the regular and medium size traders are bogged down by under performing Units Per Transaction (UPT),” remarks Colaco. retailcloud alleviates the challenge by providing realtime curated data to salespersons. “Our POS solutions provide relevant data at the point of sale and capacitate sales associates with improved margins, refined product mix, and increased UTP,” states Colaco.
Assisting the retail industry in similar ways, the company provides a holistic solution that facilitates an enterprise to launch a webstore with just a few clicks. The online store is subsequently connected to retailcloud’s backend server to garner realtime insights into stock levels. Such consistent support enables retail enterprises to update and manage inventory in a streamlined manner.
The company draws on its broad industry experience and hundreds of successful implementations to recommend retail enterprises with next best actions. Driven by its proficiency, the company has helped several customers thrive in their business environments. For instance, an online store capitalized on the prowess of retailcloud to increase their sales. “Our integrated POS solutions enabled the client to accumulate entire information in one centralized server and achieve real time actionable analytics,” extols Colaco. retailcloud plans to expand its geographical footprint by opening offices in five different continents. In addition, the company seeks to strengthen their global network by building dedicated partnerships in the retail arena. With such determined focus, retailcloud will continue to offer POS solutions that will ultimately results in promoting great customer experiences. “We believe in the power of customer relationship, as it turns browsers into buyers, and buyers into repeat customers,” Colaco ends on a strong note.
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Benefits of adopting advanced inventory control:
• Increased cash reserve
• Improved cash flow
• Safeguard against stock obsolesce
• Increase complimentary items, increasing units per transaction
• Track order to delivery to pricing variances
Optimizing your inventory levels serves many purposes, the most important being that it will increase cash reserves and improve cash flow, safeguard against stock obsolesce and allow you to extend your offerings to include complementary products.
Reorder level reporting will allow retailers to order just enough to meet their anticipated demands over a shorter frequency and can generate and transmit purchase orders to vendors. A reduction of your order frequency from Quarterly to Monthly can free up capital equal to as much as two thirds of your inventory investment.
Using the integrated purchase order function completes the cycle from creating the purchase order to receiving merchandise and printing barcode labels. Reports are provided which show cost variances and unfilled orders to keep you informed of potential issues. In addition Periodic Sales also reflect the pending PO’s making review your stock and replenishment levels a snap.
Some other things that you can do to generate better inventory control is to increase the segments or attributes that are associated with each SKU. Using attributes you can make sure you have the proper style and color mix and using segments will allow you to make sure that you have you have both a good substitute and complementary mix. Having a good product mix is key in increasing your units per transaction. Customer Activity reporting will also provide you valuable information at a customer level in predicting demand on new products.
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