With the economy in a seemingly unending nosedive; many small retailers are finding it increasingly harder to survive. It is quite simple, as people are tightening their budgets; they are cutting back on their leisure spending or finding more economical alternatives to what they used to do in the more opulent times. So how can you save your stores? One way that you can increase efficiency while cutting down on inventory shrink levels is through an investment in point of sale software.
How exactly can hosted software ease your burdens? Well, one effective way is through customer tracking. The system can track all of the purchases made by each customer to detect patterns and to reward customers who have certain performance levels. The saying goes that the best customer is a repeat customer.
Next, hosted point of sale software will allow you to track your inventory so that you can see which units of stock are not performing. With this knowledge, you can know to stop purchasing certain items and you can know which items are in desperate need of a promotion to get them off of your sales floor. Inventory management is critical for the retail chain’s survival.
Another way that you can improve your business via hosted point of sale software is through employee tracking. You can have your employees put their unique identification tags in for every sale that they are responsible for which will create a record of their sales performance. The employees may not appreciate the added stress of having to perform, but this will certainly revitalize your company and give your employees incentives to sell. Point of sale software can improve employee performance and make sure that they do not shirk their responsibilities.
Along with the measurement of employee performance, point of sale software can measure supplier performance. You might think that a particular brand is doing your company a lot of good, but with the cold hard facts, you will actually know which brands are over performing and which are under performing. You can increase orders from the suppliers that are over performing and help the underperforming suppliers to exit your company. Less waste gives you a better shot at increasing your profit margins and taking your company into the black.
A hosted point of sale software system can help you cut back on inventory shrink, employee theft, and just theft in general. If your system is telling you that there are 5 items in the stock room, but you cannot find them, you will know that it is time to increase security and surveillance in the stockroom. You could also conduct interviews with each employee to see if they have any information regarding to the missing merchandise. Without the point of sale software, you would only be able to assume that the stock was missing or you may even think that it was sold.
It is clear that point of sale software can help your business to become organized and make money. There is no good reason to stay with the old cash register and allow valuable resources and time to slip away. Make the smart decision and upgrade today. Point of sale Software