Retail TNT

If you don’t have a full-blown POS system for your retail business, you are losing money — guaranteed!

The following are 10 reasons why,

1.Time is money.

As you sit at your desk, head in your hands trying to reconcile your balance sheet, the store next door, the one with the full-blown POS system has accomplished the same task in less than 5 minutes.

Most POS systems automate a wide variety of functions that normally take retailers tons of time to accomplish. Tasks like inventory and sales reports, end of the day balancing, purchase orders, and more. A full-blown retail POS system will automate all of those functions making hours of work take virtually seconds. As long as it takes you to push a few buttons. This saved time means hours on the clock, hours that you’re paying employees, hours that could be spent making sales.

2.Inventory shrinkage.

Stores without a POS system are more susceptible to employee theft; nearly 50% of retail shrinkage comes from employee theft.
POS software can help to significantly reduce or eliminate incidents. With instant access to “voided/cancelled/deleted sales reports,” “returned transactions” reports, and “inventory adjustments reports” you can easily tell when something fishy is going on. Additionally, with many POS systems you can password protect any area that you do not want employees to have access to.

3.Poor customer service means lost money.

Customer loyalty is fleeting, especially if you don’t give them anything to remember you by.

Your business and your customers can significantly benefit from a POS system. The most basic customer service benefit is the amount of time that is reduced at the checkout counter. But imagine being able to call up your customer’s profile based on your caller ID or being able to instantly check the status of a layaway or special order.

Additionally, digital copies of your receipts allow you to modify your return policy and take returns from customers without receipts.

4.Missed upselling opportunities and decreased sales.

Do you know what your customers are buying? It’s impossible to remember everything but your customer remembers and if you had a POS system, you would too.

POS systems enable sales associates to access information about customer’s previous purchases so that they may assist them better or provide them with information for upselling opportunities at the point of sale.

This excellent customer service means that you’ll increase your sales too. If for example a customer enters the store looking for an item that is out of stock, a quick check of your inventory on your POS system will show you what complimentary products are available.

5.Missed client marketing opportunities.

Do you have a customer loyalty program?

Did you know that many POS software systems offer client management and marketing features? These features enable retailers to send targeted letters, emails, and direct mailers to their customers based on demographics and past purchases.

Many POS software packages can easily produce a list of your top customers in minutes. Imagine being able to personally invite your top customers to a sale or offer them a discount for being such good customers. Some retailers use their systems to send thank you notes to customers after they’ve made a large purchase or letters to customers that haven’t made a purchase in a long time.

6.Ineffective check verification systems mean lost time and money.

The benefit to having your check verification system tied directly into a POS system is that the transactions, information, and all necessary tracking of the accounts are done automatically, thus eliminating the many steps of paperwork that would still be required if you operated a check verification system independent of a POS software system.

Steamlined systems mean that your time is spent making sales instead of handling paperwork. Each point of sale transaction is speedy and all information is available from one location — your POS terminal. Additionally, you’re adding the extra security that your customers deserve by having your transactions, check verification included, run through a secure point of sale software system.

7.Pricing mistakes and missed profit margins

Do you know what products are selling and at what price they sell the best?

POS software enables you as a retailer to easily determine which products are your fastest sellers and at what price point. This makes it easier to find that ‘ magic price point that allows you to maximize profits. Additionally, regardless of the size of your inventory, prices can be updated in a matter of minutes.

Additionally, pricing mistakes are virtually eliminated because you don’t have to rely on your employees to calculate the price of items. The computer has already done this, and your sales tax, and any discounts that may be applied.

8.Unhappy relationships with suppliers

Many retailers fail to ask for discounts because they don’t feel like they have the leverage of the big boys. In many cases, that’s simply not true. And if you have the facts and information to justify your request it’ll make your pitch all the more convincing.

If you utilize your POS inventory system to track markdowns and clearances, you can print a report that shows your supplier that your profit margin on their products is 6% lower than your profit margin from competing products. That should get their attention! Take advantage of that information and use it to negotiate better prices for future orders.

9.Website shopping carts?

If you currently sell your products online or ever plan to, then an integrated shopping cart POS software solution can save you a huge amount of time by automatically creating orders and new customers for you. An integrated shopping cart – POS software solution can also reduce errors because human data entry is always prone to more mistakes. These mistakes can make frustrate customers, eat valuable time, and mess-up your inventory. An integrated shopping cart – POS software solution can save you loads of time by synchronizing the inventory information and pricing in your POS software with your website.

Imagine for a moment that you want to start selling a brand new product line on your website. How long would it take you to manually add all those new products added to your website? With the right technology, all you have to do is check a box in your POS system and that inventory will be uploaded to your website. Your POS system will send product numbers, descriptions, images, pricing and other various inventory information to your website.

10.Inaccurate inventories and tedious ordering processes.

Ordering too much or too little of a product can create huge problems for retailers. POS software inventory control features enable you to keep your inventories streamlined by automating the ordering process. As soon as a product reaches a designated level, a purchase order can be automatically generated and sent to your distributor. Imagine the time you’ll save with that feature!

The unprecedented growth of the retail industry has had wide spread effects on the education segment and that too in more ways than one. It had its share of disappointments when the global economic downturn was in full force, but with economies from all across the globe developing swiftly, it is high time you admit yourself into retail management courses, if you really want to ride these favorable waves of the market.

The jobs in Retail industry are burgeoning and this is the perfect time to pitch in. you can start by pursuing Retail management courses in some top notch educational establishment. Marketing courses and finance courses come under MBA and you have to choose an institution, which can fulfill your unique requirements.

Finance courses are crucial because economy plays an important role in most of the countries and society and it is infeasible to think of one without it. Finance courses will make certain that you innately comprehend the underling principles of the functionality of economies and not to mention finance careers are pretty lucrative and alluring. They can endow you with the perfect opportunity to show your expertise in this cut throat competitive market.

You hear about the merge between various top corporations and business expansion plans of some MNCs; these are done by professionals who have had sound finance education. To make certain you land a high paying job, you must make certain that you pursue Finance courses at some reputed MBA College and that it is accredited world wide. There are many MBA institutes, which proffer custom tailored courses which can either be full time, distance and part time.

We all reckon the significance of marketing in this business driven world where business and commercialism has taken over almost everything. Be it a start up business, a low or mid sized one or a large blue chip corporation, everyone needs some degree of marketing to boost their sales and escalate ROI (Return on Investment). Pursuing a Marketing course will lay the foundation to a lucrative career.

Some of the most sought after and renowned Finance courses are: – Accounting Technician Course (ATC), Advanced certification in Capital Market, Advanced Diploma in Banking, Finance and Insurance, Advanced Diploma in Financial Accounting & Taxation (ADFAT), Advanced Management Programme in Banking & Finance, Advanced Option Trader, Advanced Technical Analyst, B Com (Honours in Accounting and Finance), and a lot more.

On a similar note, if we discern some of the most esteemed and distinguished Marketing courses, we will stumble upon courses such as: – Doctor of Business Administration (DBA), Doctor of Philosophy (Ph.D.) in Management, Fellow Programme in Management (FPM), Ph.D ( Business Management), Management Development Programme, Postgraduate Diploma in Management E-Biz and a lot more. These courses can be pursued after you have completed your MBA degree. Now let us sneak a quick look through some imperative Retail Management courses: – Post Graduate Certificate in Management (Retail Management), Post-Graduate Diploma in Management (Retail Management), MBA (Retail Management), Post Graduate Program in Retail Management (PGPRM), etc.

Infinite Courses, a foremost name in the arena of web sites and portals offering umbrella solution to all education related queries and dilemmas. Explore Finance Courses, Marketing Courses, Retail Management Courses and much more.

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Shoplifting has become a common and serious problem for shop owners. Every month shopkeepers are deprived of thousands of dollars due to theft. To prevent these losses, businesses both small and large are massively employing CCTV cameras. According to a study, a CCTV camera is considered the most effective anti-shoplifting device. With a CCTV camera, shopkeepers can observe all the activities happening in their retail store from a fixed location. They can effectively notice the individuals behaving suspiciously and keep a tight check in areas that need more surveillance.

Various retail stores, malls, department stores are extensively employing these spy cameras to restrain criminal activities like shoplifting, employee thefts, armed robberies, violence and vandalism. You can also provide high-end security for the employees and customers and make your store safer and friendlier to shop and work. Retail store managers can constantly monitor all activities happening in the store with the help of CCTV cameras. It provides peace of mind by protecting the store from break-ins and thefts 24×7.

Areas to Install Spy Cameras in a Retail Store

Cash Counter: This is the most sensitive area where each customer who buys a product has to visit. Also since all cash transactions takes place here, criminals and robbers can attack this vulnerable area. Hence, it is most important to monitor consumers at and near cash counter especially during rush hours. In case of any incident, the recordings can be used for evidence and investigation.
Expensive products area: This is the most frequented place of shoplifters, especially if the products are small and easy to steal. Hence, you must surely install a hidden camera where expensive products are displayed to prevent shoplifting.
Store rooms: Installing cameras in store rooms will help you protect your inventory. You can monitor staff movement in the store room and will get clear evidence in case of theft. If employees know all their activities are being watched, they will not engage into activities like stealing and will focus on their work. This can further boost sales.
Entrance/Exit: You must install CCTV cameras and spy cameras on entrance/exit, stairs/elevator and walkways, etc. to keep an eye on the movement of traffic. If possible, you must also install cameras in parking lots. If some kind of stealing or robbery takes place, CCTV camera footage can be used for investigation and for identifying the suspect.
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Retail and wholesale buyers are involved in the process of buying commodities or items. A significant difference between the two parties relates to the end point where the goods are traded.

Retail Buying

Retail buying relates to obtaining stock for local stores. This is sold direct to the end consumer. Retailers are likely to get involved with negotiating prices with suppliers, tracking inventory and market research. It is crucial to continue to conduct the market research to make sure the latest fashions or trends are available to buy. Because the retailers are the smallest entity on the supply chain, they are certain to buy supplies in smaller quantities compared to the wholesaler.

Since the prices can vary with the many wholesalers, it is crucial for the retailer to shop around to attract the most competitive prices. By getting the best price in the marketplace, a retailer is in a better place to make the desired profit on the prices marked up in store.

Wholesale Buying

Wholesalers purchase stock in greater volume. This stock is made available to the businesses or retail establishments. Since the wholesaler is able to get supplies in such high volume, they are able to offer the merchandise to retailers with a decent profit margin. Wholesalers obtain the supplies direct from the major manufacturers or distributors. A wholesale company purchases in bulk and offers the goods in smaller volumes to many retailers.

Pricing Options

Even though retail and wholesale buying can share certain similarities, the amount paid for the merchandise is certain to vary. A retailer is quoted a higher price to source the supplies to market direct to the end consumer because the wholesaler is able to buy in higher quantities. By purchasing in bulk, the wholesaler is often able get competitive pricing or discounts from the manufacturer or distributor.

Quantity of Stock

The buying aim of the wholesaler is to buy inventory at such high volume that they are able to get low or discounted prices. This still lets them make a profit after trading with the businesses or retail establishments. Retail buying power is smaller. A retail store selling direct to the end consumer is able to buy in smaller volume to match the size and reach of the particular business. Retailers are still able to get the attractive prices, which enables them to make a profit when making the merchandise available to the consumer.