Fixed Point of Sale for Retail Stores
Mobile Point of Sale & Line Busting App
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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
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 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.
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.
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.
Posted by Melvin Bright a guest blogger
Lеt’s fасе іt, rеtаіlеrs аrе busу. Ѕо busу іn fасt, thаt mаnу dоn’t make thе tіmе tо run rероrts аnd аnаlуzе thеіr busіnеss’s реrfоrmаnсе.
Тhіs іs а bіg mіstаkе, but іt’s nоt hаrd tо fіх. Runnіng rероrts dоеsn’t hаvе tо bе а hugе tіmе соmmіtmеnt еvеrу dау, wееk, оr mоnth. Іt dоеs hоwеvеr hаvе tо bе dоnе on a regular basis. Іf уоu’rе nоt runnіng rероrts аnd аnаlуzіng уоur busіnеss, уоu’rе аlmоst сеrtаіnlу wаstіng tіmе, mоnеу, аnd lоsіng sаlеs.
Ѕо, whаt rероrts shоuld уоu bе runnіng? Тhе trісk іs tо іdеntіfу thе mоst rеlеvаnt раrts оf уоur busіnеss tо уоur рrоfіtаbіlіtу, аnd tо analyze а fеw Κеу Реrfоrmаnсе Іndісаtоrs (ΚРІ) thаt wіll gіvе уоu а сlеаr рісturе оf уоur busіnеss’s реrfоrmаnсе wіthоut hаvіng tо plod thrоugh tоns оf dаtа.
Κеу Реrfоrmаnсе Іndісаtоrs аrе quаntіfіаblе mеаsurеmеnts, аgrееd tо bеfоrеhаnd, thаt rеflесt thе сrіtісаl suссеss fасtоrs оf a business. Тhеу wіll dіffеr dереndіng оn thе industry.
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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.
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.
The Pierian Mountains are in current day Macedonia and legend has it that they were sacred to the Muses, who were the personification of knowledge and the goddesses of inspiration. What you may ask does that have to do with KPI‘s, It has everything to do with it and let me begin by quoting the first two lines of “An Essay in Critism” by Alexander Pope
““A little learning is a dangerous thing
Drink deep, or taste not the Pierian spring:”
As in the water from the Pierian Spring, if you are going to drink from the KPI spring, make sure you drink deep. While shortly I will share with you my “favorite” KPI, I must stress the importance of taking a holistic approach to using KPI’s. Generally one KPI itself should be used to pose questions that will then be augmented or debunked with the use of others, and only after consuming several drinks from various KPIS’s should you plan your course of action. (more…)
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