Benefits of POS Retail Software

One of the best technologies that your company can ever invest in is POS retail. It is a great way to be able to connect all of your business locations together. For example, if you have business locations in several different areas it is important that you be able to manage all of their sales properly. With POS retail you can organize your business in a way that was never before possible. POS retail allows you to keep track of your company’s entire inventory, and to stay up to date on the latest sales in all of your company’s locations. When you decide to purchase POS retail software it is important that you look for a few vital elements. There are several companies that offer some type of POS retail programs, but their individual values can be the determining factor between your company’s success or not.

Before you consider purchasing POS retail software you will need to make sure that your company has the main factors that will actually benefit from POS retail software. You should have anywhere from 3 to 25 business locations. It does not necessarily matter where they are, or the distance between them. The best POS retail software is typically used for locations when they have 10 to 25 locations. POS retail software is typically used for companies that focus on clothing and apparel, footwear, sporting goods, and electronics. Virtually any type of retail store can use POS retail to help connect all of their locations together.

If you purchase the right type of POS retail software you will not need to worry about polling. In fact, all of your locations will be extremely easy to manage because they will be so well linked together. POS retail software can range in a variety of different prices. You want to be sure that you get the most affordable, powerful, and easy to use retail system available. If you are looking for the best POS retail software for your dollar, you will also want to make sure that the POS retail software is using the most advanced technology in the POS retail industry.

One of the most important things that you will want to look for is the overall support system that the company offers. The majority of Americans are not familiar with this concept, and most business owners do not have time to worry about their POS retail software. Business owners should have the peace of mind that their software is working properly and all of their business locations are being linked together correctly. You want to be sure that the company that you choose to do business with can easily manage your system. You want to be sure that they can easily set up your software, while you manage your business. If you are going to spend money and take the time to learn about this new software, you want to be sure that you are getting the best service available. You want to work with a company that has a history of being credible and has installations worldwide.

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How To Succeed In Retail

How To Succeed In Retail Business

When last have you heard of trusted employees who betrayed their employers trust? Here are three of the more common instances.

(One) A former Marks & Spencer department Section Manager based at the Trafford Centre, received an eight month suspended sentence and 240 hours of community service for stealing 6,700 from the stores POS terminals between July and August 2009.

(Two) In September 2009 a Tesco checkout assistant in line for promotion as the face of Tesco, turned out to be an illegal immigrant.
A major high street retailer in Manchester contacted police in connection with a warehouse worker who was suspected of stealing DVDs. A subsequent Police search of the employees residence exposed what was described as another warehouse full of goods. This was a trusted employee with over four years continuous service.

So what do these cases have in common? They highlight the fact that these retailers had failed to establish or follow standard operating procedures.
In this article I will attempt to outline the main factors that are responsible for the demise of a majority of retail organizations. I will also offer a number of best practice strategies that can be utilised by any organization.
Our research has identified four root causes of the demise of any retail venture,
The lack of robust policies
Employee error
Fraud
Policies compliance.
The creation of good policies and ensuring their compliance is vital for the success of all retail businesses, and especially large national & international retail brands. The flip side of this is that when there are strong operational standards and best practices built in success comes that little bit closer. However, having a good policy on its own does not automatically guarantee success. What is required? A simple answer is nothing short of robust checks and balances that are aimed at ensuring compliance.
There are numerous factors responsible for the success of a retail organization. Here are the three I have singled out as most relevant:
(a) Smart buying
(b) Strong sales
(c) Shrinkage reduction.

However, the implementation of these strategies is sometimes dependent on external circumstance. For example, smart buying is dependent on suppliers, the availability of merchandise, the supply chain, currency exchange and to an extent the mood of the Chinese leadership. Like smart buying, strong sales/turnover depends on the economy, fashion trends and so on. Shrinkage is the only factor that is within the control of the retailer.

Every retailer in the UK loses on average 2.5% of their turnover to shrinkage, which is a considerable amount in an industry particularly when margins are sliding.

Shrinkage occurrence can take many forms: shoplifting being the most prominent. However, internal activities in retail organizations, themselves cause more shrinkage than shoplifting. Cashier theft or error, accounts for 32% of retail shrinkage, general employees 24%, receiving 10%, errors and damage 13% while shoplifting accounts for only 21%.

I recently asked a number of retail employees if they have received shrinkage awareness training. The response that I received from all of them was shrinkage, “what is shrinkage?” Given the importance of shrinkage to the success or failure of any retail organization, one would expect it to be a buzzword in retail circles.

For the benefit of those and others like them, shrinkage is simply the difference between the value of goods received and the amount received for those same goods at the point of sale. Now the question of how does merchandise lose value from the time of delivery to the time of sale is at the heart of the success or failure of many retail organizations; it all boils down to good operational standards and best practices.

The employment of an illegal immigrant would have cost Tesco 5,000. Marks and Spencer nearly lost 7,000 though it managed to recover a bulk of it from the offender, it will take time to recover the legal fees and the damage the incident caused to its reputation, considering the fact that this individual had already been cautioned for dishonesty by another retail employer will not help.

Poor adherence to recruitment and selection procedures allowed this individual to gain employment. Had accurate reference checks been carried out, a trail might have taken them back to the previous employer. What retail jargon views as unnecessary expenditure is in truth and in fact, a factor in what is considered shrinkage. I should also note here that the other big retailer might not recover a single penny from the warehouse employee. So then it behooves each retailer to ask the question”what will an additional 2.5% of profit do for my organisations balance sheet”?

To succeed, in addition to smart buying and increasing sales retailers must focus on shrinkage management and reduction. This is a truly controllable cost. Robust policies & measurable operational standards will also ensure success.

Gaining a Competitive Edge with POS Retail

POS retail is being used by several large companies to help them better manage their inventory at multiple locations. By using POS retail software or services it takes the stress off of the business owner to manage the operations of every store, and rather lets them focus on other aspects of their business that need more attention. POS retail is a relatively new technology that has brought success to several large corporations worldwide. If you are a business owner that is looking for a way to better manage your business, POS retail is definitely worth using. It can give you the competitive edge you need to better organize your business, and become more successful in the future.

There are a few things that you need to consider before starting to work with any POS retail service provider. You need to make sure that the company offers a service instead of software. Several POS retail providers offer a type of software, but only a select few offer a service where all POS is managed in real-time. You certainly want to purchase a service versus software because it is more efficient and the results are more positive. You will want to look for companies that offer software as a service or (SaaS).

The next thing you will want to look for in a POS retail service provider is their past history. You will want to make sure that they have a long track record of doing business with several companies. You may want to investigate the type of companies that they have worked with; this can help you narrow down your choices. You should also make sure that the POS retail service provider has installations worldwide. Some companies have only worked in the United States, while other companies have worked all over the globe. You want to make sure that your service provider has international experience and has several installations not only in the United States but other countries as well. The next thing that you should look for in a service provider is the type of technology that they use. You want to be sure that the POS retail service provider that will be working with your company is using the most advanced technologies in the industry. You can find this information out online. If you search for POS retail service providers through a search engine you will find results that can help you decide the best company to go with.

POS retail companies should also be affordable. These companies should not be so out of your means that you cannot afford them. Make sure that the company that you hire is a powerful and easy to use retail system. You should also make sure that the POS retail service links all of your locations together. This is one of the biggest benefits of using POS retail; you can easily manage your operations at every store with the help of POS retail services. The last thing you should look for in a POS retail service provider is how secure their Internet connection is.

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Managing Your Business Using a POS Retail System

Managing your business is one of the most important, yet hardest things that you can do. There are so many different things that go into running a business that sometimes it is hard to know what you have done and what you need to do. Something that may help you in keeping organized is a POS retail system.

A POS retail system, also known as a point of sale system, is basically a cash register that performs many other functions as well. These POS retail systems are used widely in the sales industry for business like retailers of apparel, clothing, sporting goods, electronics, and even the food service industry. A POS retail system can take your business to the next level especially if you have multiple store locations. POS retail systems make it possible to communicate between stores and keep track of things like inventory and hours worked by employees giving you a central source of information and streamlining the process of data collection. With a POS system that links your stores together you will be able to tell a customer which store has an item that may be sold out or unavailable at your current location.

If you own a company that has multiple business locations, you know how important it is to maintain organization and manage your operations at each individual store. POS retail service providers can help make your job a lot easier by managing your store operations for you. If you are interested in working with a POS retail service provider you need to do some research and learn about the best companies in the industry. First, you will want to make sure that the company offers a service instead of just software. This means that the POS retail provider will be managing your store operations in real-time. This is a huge advantage over POS retail providers who only offer software.

The next thing you should look for in POS retail service providers is their history. You want to make sure that they have a track record and have worked with several companies worldwide. In fact, you should research how many installations the POS company has throughout the globe. This will help you better understand the company’s reputation in the industry. Possibly one of the most important things is making sure that the company is using the latest technologies. If you are going to spend money on POS retail, then you need to make sure that you are getting the most affordable, most advanced, and easiest to use retail system available. You should also make sure that the POS retail service provider has a reputation for getting the right items at the right place at the right time.

A POS retail system can be the perfect addition to your business as long as you choose the company and product that fit your needs best. Be sure to compare many different POS retail systems and companies so that you are not limited only to a few different options. Investing in a quality POS retail system may be the thing that takes your business to the next level.

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Choosing a POS Retail Software

Organization is one of the most important concepts that business owners need to understand if they wish to be successful. Multimillion-dollar companies realize that if they do not have a great organization system set up, that it could become extremely difficult to manage all of their locations. Several large corporations have used the POS retail system to help them manage their business locations more efficiently. If you wish to operate a successful business, and be a competitor in the world of business, it might be wise to look into a POS retail service. This could greatly benefit the future of your business and make your job much easier because all of your inventory will be managed properly.

If you are interested in working with POS retail company, you will need to consider a few different factors. For example, POS retail works best for retailers with 3-25 locations. If your business specializes in clothing, footwear, electronics, or even various gifts, then POS retail could be a great benefit for your company. With the help of POS retail you will be able to easily manage your entire inventory from multiple locations across the world. This becomes a huge benefit for individuals who own companies that have a lot of inventory in several locations.

While there is POS retail software available, there is also something known as Software as a Service (SaaS), which uses a hands on approach to helping you manage operations at each store. The benefits of using a POS retail service versus a POS retail software are quite significant. With the help of a POS retail service, everything will be managed in real-time. This is a huge benefit for corporations who have locations worldwide. It also lets business owners worry more about running their business, while the POS retail service can handle the system. With software, the business owner is responsible of managing the business and the software. If you are looking for a way to break away from your competitors and have an efficiently run business, POS retail is the way to go.

You will need to research various POS retail companies before you settle with one. This is one of the most important steps in the process of having your company become a POS retail user. While you are conducting your research, you will need to make sure that the company has a reputable background. Look for their track record. What kind of experience do they have in the field? How long have they been in business? What companies have they worked with? What is their target audience? You will want to be able to answer all of these questions before settling on a POS retail company. You will also want to look at how many installations they have worldwide. For example, if a company has 3,000 installations worldwide, they most likely would be a very reputable company to hire. Remember that one of the biggest keys to look for though is the difference between services versus a software.

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Retail Executive Dashboard Does Not Serve Front Line Sales Managers

Retail Dashboards are pictures of spreadsheets used by executive managers to visually identify around five key performance indicators. Dashboards have gauges, like the speedometer in a car, and graphs and colour, to draw attention to areas of strong and weak performance of each retail store and the organisation as a whole. They may display: sales per hour, items per sale, average sale, conversion rate, and wage to sales ratio at the store, regional, and national level.

The purpose of the Dashboard is to enable executive managers to effectively communicate strategy and objectives to area managers who then reinterpret the strategy into actions for each store manager. Ultimately it is the Salespeople on the shop floor who carry out the activities that satisfy the objectives of the company.

Sophisticated Dashboards allow executives to produce what if scenarios, save them, and send them down the line to their area managers. But mostly, there is an upward reporting of numbers and a downward communicating of strategy – meaning that the statistics are lost at the individual Salesperson level.

For example, an executive dashboard may show each stores sales per hour KPI (Key Performance Indicator) compared to each other store but it does not show each Salespersons sales per hour compared to each other Salesperson within the store. Therefore it is impossible for the executive to know at the individual Salesperson level how to improve sales performance.

Particular to the retail industry sales are made on the shop floor. Not by telephone or meetings, or online purchase. While branded merchandise and store design attracts customers to the shop it is almost always the Salesperson who makes the sale. But in almost all cases Salespeople have no individual daily sales target because there is no system in place to generate objectives, goals, targets at the individual sales level.

This represents a problem because area managers, who have been tasked by executive managers to improve sales performance, have no further information about the KPI activities within that store.

Once the merchandise and store displays have been checked by the area manager, the next logical step is to look at the POS (Point of Sale) reports to identify poor areas of performance. And here comes the surprise! – Not a single POS system is able to tell managers which Salespeople performed better than others. Why, simply they do not have a time sheet (roster) attached to Sales Targets so have no way of calculating predicted or actual individual sales goals.

Some attempts use spreadsheets to figure out individual sales goals but spreadsheets fall over. They inaccurately produce goals as they do not weight fast and slow periods of the day. They are not connected to a dynamic time sheet meaning if the roster changes the goals do not, but should. Spreadsheets take time to copy, past, edit, modify, and correct mistakes. And there is no feedback system for comparing actual performance compared to everyone on the shift.

While an executive manager can see that a particular store is underperforming, because a KPI is lower than the other stores, they cannot determine who in the store is underperforming on the same KPI.

So whats the big deal? If you cannot determine low KPIs at the individual Salesperson level in retail then you cannot improve individual sales performance based on statistics and dashboards are pretty pictures about statistics – which we interpret as instructions for changing behaviors. Dashboards cause executive mangers to want to change behaviors across the organisation but, as you can see, they do not help front line store managers change behaviors at the individual staff level.

Effectively increasing sales in retail by focusing on the sales skills and behaviors of each individual salesperson, requires a sophisticated, easy to use, web-enabled system, that communicates the objectives of the organisation to each individual salesperson on a level playing field. Such a system will report both up and down the organisation so that staff at every level can understand the objectives of the organisation clearly, statistically, and fairly.

Raise Profits In Store Through Retail POS System

In this article we will go over three special benefits of retail point of sale solution, or retail POS solution, including retail POS software plus the retail POS system, above the customary cash register equipment. These benefits are: Immediate feed back regarding sales and costs, Theft minimization and Sales incentives. Ebay suggests to install this kind of retail POS software whenever your total annual gross sales meet or exceed $500,000. However, I will give you a totally different advice: Check these following points and then carry out the math. If you find that your working retail POS solution can so much more than cover itself in a short time, you might want to put in a retail POS system.

Immediate tendency prediction

With many modern day retail POSs you’ll have access immediately to product sales and expenditure information from your shops during the business hours. You are able to gather pertinent developments as of types of products being purchased at any given time of working day. You can now notice trends as they show up. This could result in a extremely effective bump to your bottom line profits. Simply by using a retail POS system, the information you have will be exactly where you really need it for your calculations as well as for trends spotting, right away.

Shrinkage reduction

As shrinkage is one of the key costs in many reseller companies, the modern retail POS solutions are generally aimed toward preventing theft. Suppose you’ve got a individual who you actually suspect of stealing some money from your cash register. Having a strong retail POS, it’ll be easy to correlate that individual or individuals time-table with all the minute-to-minute product sales details. Combined with the mounted security camera information, a modern retail POS system will be a major theft prevention.

Employ sales incentives

Discounts incentives are easily put in place with a modern day retail POS system. Both setting up the discount campaigns and redeeming consumer discount coupons is easy. This will help supercharge sales. As for the sales staff performance, their own sales figures can be tracked through a retail POS software, and a commission structure and payouts can be posted daily. This information will certainly help increase product sales through clear as well as timely incentives.

Increasing Profitability Using Retail POS System Software

If you are a retail company with anywhere from three to fifty stores, you might be very interested in the new wave of retail point of sale software. Many retail chains appreciate having real-time information from each of their locations. It is also important to maintain an inventory matrix that allows one the ability to view all facets of the items that you sell and purchase. Some retail point of sale software systems offer one of these items at the expense of the other. However, what you want is the combination of live information and current inventory so that you are highly informed about what is going on in your business.

If you have looked into retail point of sale information systems in the past, you may have felt that they are so expensive that there is no way you could afford this necessary business tool. Especially for small companies on their way up, cost is a factor that can determine whether or not new systems can be tried. It is exciting to know that there are companies that provide retail point of sale system software for very reasonable prices. Looking for a company that doesn’t require a long-term commitment is also essential. If you are unhappy with the services you are receiving, you don’t want to be stuck paying high prices for a long-term contract.

Some of the benefits of retail point of sale system software include reduced costs, increased sales and higher profitability. Knowing in real-time your stock on hand as well as that on order or in receiving docks helps you maintain better control. If you have ever experienced a time when the information was slow, you will know how expensive it can be to order something that hasn’t been received yet, just to find out it was sent to another location or was simply in transit. By having real-time information connected to all your locations, you will immediately know what you have and where it is, thus reducing costs.

If you have ever lost a sale because a customer wanted something that wasn’t at a certain location and you had to take several days to find out which other location might have it, you will see the benefits of this type of system. No more sales will be lost simply because of the lack of information about item location. Obviously, if your retail point of sale system software is keeping you updated on all items and their locations, you can’t help but have a higher profitability margin.

One who is looking for such a system might be wary of all the hardware that is usually required to be able to have such immediate information. However, there are some software system companies who do not require the expensive POS terminals. There is a new generation of ?Thin Client” platforms that are available to serve retail chain businesses. Software support is a big part of what a retail point of sale system should include. Having to pay extra for technical support makes such a system difficult to swallow, so be sure to do your research on what exactly is included in the packages offered. Soon, your retail point of sale business will be integrated and smoothly informing you of the things you need to know to improve your bottom line.

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Importance Of A Point Of Sale For Retail Store Programs

A point-of-sale (POS) system is a computer automated replacement for a cash register. Point of sale equipment plays a pivotal role in the management of a business’ day to day operations. The POS system can perform various functions such as record and track customer orders, process credit and debit cards, and manage inventory. These systems contains a computer, which consists of application-specific programs and I/O devices designed for particular work settings. POS systems can be found in most businesses that serve customers such as restaurants, hotels, entertainment establishments, and retail stores.

In recent years, the technological advancements in the equipment have significantly improved the business operations. Although remarkable improvements have been made in the area of inventory and sales, there are a number of other areas that have shown significant advancements.

Point of sale allows businesses to know their customers. Point of sales software lets the businesses track the most popular products through various customer profiles. Retailers can quickly determine what products they should market based on customers shopping preferences. They allow businesses to track their customers so that they can understand their needs properly. This will allow them to cater to their customer needs, and in doing so, will increase customer loyalty.

Retailers have the ability to implement special promotions or establish customer loyalty programs to encourage customers to purchase popular items. It lends them a better sense of who are their best customers and why they are buying, to focus more on their needs and to serve customers. It provide them the ability to test pricing concepts and new products better.

For the food industry, there are point of sale devices that will allow food orders to be sent directly to the kitchen. This cuts down on food service delivery time allowing more customers to be served at a faster rate.

POS helps businesses in reducing the amount of accounting errors. By eliminating double-entry bookkeeping and integrating credit-card transaction with a Retail Management System, data entry mistakes and correction re-entry is greatly reduced. This makes accounting much easier than before and eliminates the need to maintain paper copy accounting records. There will also be less accounting errors so bookkeeping will less stressful and more accurate.

POS allows businesses to reduce labor costs. Simplifying transaction and record keeping, and eliminating the need for separate point of sale terminals, businesses will have more time to focus on customer service. As well, businesses can keep track of peak selling periods so they can adjust employee schedules based on the time of day when the volume of traffic is high. With integrated barcode readers, label printers, and receipt printers, manual labor is drastically decreased.

In today’s hard-hitting economic circumstances, losing just one customer impacts negatively on a business. Point of sale equipments are developed to help a business operate more efficiently, increase sales volume, and improve the customer’s shopping experience. Saving time and money is a key factor when acquiring point of sale equipment.

Loyal and happy customers are the important ingredients for a successful business. Modern point of sale systems make a business more efficient. Point of Sale equipment not only allows businesses to make improvements with sales and inventory, but also in all other aspects of daily business operations. The overall affect is a successful and profitable business.