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Keeping Sales up in a Down Economy
upheavals of the last few months are making for some of the worst retail years since 2004. The
International Council of Shopping Centers projects that 5,770 stores will close by the end of 2008.
To survive the down, you, as a small retailer needs to re-evaluate how you run your store. You
need to be clever, optimize your cash flow and find ways to keep your customers coming back and
spending their money in your store.
International Council of Shopping Centers projects that 5,770 stores will close by the end of 2008.
To survive the down, you, as a small retailer needs to re-evaluate how you run your store. You
need to be clever, optimize your cash flow and find ways to keep your customers coming back and
spending their money in your store.
| Replace Your Cash Register with a Point of Sale System |
One relatively inexpensive way to enhance efficiency is to computerize sales and inventory
operations.
What do you get for your investment? Without a doubt, the biggest advantage is the ability to
get an immediate, up-to-the-minute, accurate assessment of your inventory, daily, weekly and
month sales and detailed customer information. Closing any gaps in this information will help
you manage your cash flow and help you drive repeat customers who spend more.
Wouldn't you like to know, right now, who your best customers are? How much they spent with
you over the last year? Would you use that information to target your marketing efforts to
those customers, perhaps offer them a loyalty discount to get them in your store for the
holiday shopping season?
operations.
What do you get for your investment? Without a doubt, the biggest advantage is the ability to
get an immediate, up-to-the-minute, accurate assessment of your inventory, daily, weekly and
month sales and detailed customer information. Closing any gaps in this information will help
you manage your cash flow and help you drive repeat customers who spend more.
Wouldn't you like to know, right now, who your best customers are? How much they spent with
you over the last year? Would you use that information to target your marketing efforts to
those customers, perhaps offer them a loyalty discount to get them in your store for the
holiday shopping season?
| Use Leasing or Payment Plans to Purchase your Point of Sale System |
Most sellers of Point of Sale systems offer lease financing; you avoid an up-front payment and
have predictable expenses month to month - making it easier for you to manage your cash
flow. Furthermore, incidental costs, such as sales taxes, can be bundled into the lease rather
than paid upfront.
have predictable expenses month to month - making it easier for you to manage your cash
flow. Furthermore, incidental costs, such as sales taxes, can be bundled into the lease rather
than paid upfront.
| Spend more Efficiently On Inventory |
Stock too much inventory and your money is tied up. With so much money invested in your
inventory, it's essential that you stay on top of it. That means that your inventory figures need
to be constantly updated. Relying on a cash register or paper-based transactions does not
automatically update your inventory. Retailing requires that inventory tracking occurs in real
time - as you ring up sales, inventory data should be recorded and stored. Then you'll always
have access to accurate, real-time information about what's selling, what's not, what you have
decisions that help eliminate unnecessary inventory expenses allowing you to better manage
your cash flow.
inventory, it's essential that you stay on top of it. That means that your inventory figures need
to be constantly updated. Relying on a cash register or paper-based transactions does not
automatically update your inventory. Retailing requires that inventory tracking occurs in real
time - as you ring up sales, inventory data should be recorded and stored. Then you'll always
have access to accurate, real-time information about what's selling, what's not, what you have
decisions that help eliminate unnecessary inventory expenses allowing you to better manage
your cash flow.
| Don't waste Money By Ignoring Shrinkage and Failing to Secure Against Theft |
Shrinkage is all merchandise that is taken out of stock without being paid for. Studies
consistently show more people will steal if they think they can get away with it. You might not
even realize that theft, whether by employee or customer, is actually going on in your store.
The more items you have in your store, the more difficult it is to track all of your stock on hand.
Being able to track all of your inventory, in real time, with a Point of Sale system, will help your
store reduce shrinkage and not waste your valuable cash flow.
consistently show more people will steal if they think they can get away with it. You might not
even realize that theft, whether by employee or customer, is actually going on in your store.
The more items you have in your store, the more difficult it is to track all of your stock on hand.
Being able to track all of your inventory, in real time, with a Point of Sale system, will help your
store reduce shrinkage and not waste your valuable cash flow.
| Bookkeeping Errors |
A second cause of inventory shrinkage is not talked about as much, but it is an important
component: unrecorded dollar fluctuations and other bookkeeping errors. We are talking
about unrecorded markdowns, transfers, giveaways, damaged goods, misreading or
mis-recording sales and/or receipt invoices and similar bookkeeping sloppiness. Although
these may not represent an actual loss of goods, both can be very costly components in the
discrepancy between book inventory and physical inventory. Unrecorded dollar fluctuations
and bookkeeping errors distort your financial statement and negatively affect planning
decisions.
A Point of Sale system give you the ability to audit and review transactions, which helps you to
catch any security issues affecting your profits. Additionally, it helps you to track what you
have ordered and received from your vendors. Because you can readily compare the two,
you can catch vendor errors and other issues that impact your costs and net profits.
component: unrecorded dollar fluctuations and other bookkeeping errors. We are talking
about unrecorded markdowns, transfers, giveaways, damaged goods, misreading or
mis-recording sales and/or receipt invoices and similar bookkeeping sloppiness. Although
these may not represent an actual loss of goods, both can be very costly components in the
discrepancy between book inventory and physical inventory. Unrecorded dollar fluctuations
and bookkeeping errors distort your financial statement and negatively affect planning
decisions.
A Point of Sale system give you the ability to audit and review transactions, which helps you to
catch any security issues affecting your profits. Additionally, it helps you to track what you
have ordered and received from your vendors. Because you can readily compare the two,
you can catch vendor errors and other issues that impact your costs and net profits.
| Drive Extra Purchases with Promotions |
Promotions and coupon offers encourage your customers to take advantage of special purchasing
opportunities by spending more. Those higher spending levels boost your revenue while the
advantageous pricing is boosting customer satisfactions. For example, you can drive extra purchases
with promotions that offer a per-unit discount on quantity purchases e.g., "Buy 5 of an Item for $15 Instead
of $17." Another example is this; A small crafts shop owner creates tasteful $5 off coupons for a new line
of handmade silk bags. Placed near the bags, customers find an instant incentive to purchase the bags.
A Point of Sale system tracks your customers as well as your inventory and sales, you can then make
good decisions about which items to special-offer at which price points. You can even reward good
customers individually, because you know who they are. Promotions and coupons produce sales and
extra purchases, and again, QuickBooks Point of Sale helps you maximize those sales.
opportunities by spending more. Those higher spending levels boost your revenue while the
advantageous pricing is boosting customer satisfactions. For example, you can drive extra purchases
with promotions that offer a per-unit discount on quantity purchases e.g., "Buy 5 of an Item for $15 Instead
of $17." Another example is this; A small crafts shop owner creates tasteful $5 off coupons for a new line
of handmade silk bags. Placed near the bags, customers find an instant incentive to purchase the bags.
A Point of Sale system tracks your customers as well as your inventory and sales, you can then make
good decisions about which items to special-offer at which price points. You can even reward good
customers individually, because you know who they are. Promotions and coupons produce sales and
extra purchases, and again, QuickBooks Point of Sale helps you maximize those sales.
| Loyalty Programs |
The airlines know how effective frequent-flier programs are at instilling customer loyalty. Why not
launch your own frequent-buyer program? For example, many small retailers issue loyalty cards
offering a free item after ten visits. Such loyalty programs help to boost customer satisfactions,
increase repeat business and customer retention, and generate valuable customer shopping data for
after analysis.
What works best? Loyalty plans that focus on immediate customer value or provide free goods or
services, according to Rhonda Abrams in "Creating Customer Loyalty." She recommends plans that
offer:
It all sounds great as a way to nurture repeat business, but how can you administer such a program
efficiently? Do you have enough information to start a loyalty program? A Point of Sale System makes
tracking and analyzing customer information effortless. You always know what each individual
customer is buying and when Rewarding that customer's loyalty, whatever type of program you
implement, becomes a simpler task.
launch your own frequent-buyer program? For example, many small retailers issue loyalty cards
offering a free item after ten visits. Such loyalty programs help to boost customer satisfactions,
increase repeat business and customer retention, and generate valuable customer shopping data for
after analysis.
What works best? Loyalty plans that focus on immediate customer value or provide free goods or
services, according to Rhonda Abrams in "Creating Customer Loyalty." She recommends plans that
offer:
- Free goods or discounts for buying in advance - a free gift if you purchase a $30 gift certificate
- Free products after you purchase a number of products - the free sandwich example
- Random discounts sent to your best customers - everyone loves a surprise
It all sounds great as a way to nurture repeat business, but how can you administer such a program
efficiently? Do you have enough information to start a loyalty program? A Point of Sale System makes
tracking and analyzing customer information effortless. You always know what each individual
customer is buying and when Rewarding that customer's loyalty, whatever type of program you
implement, becomes a simpler task.
| Know your Customers' Needs and Meet Them |
One of the worst mistakes retailers make stems from basing decision on guessing what customers want
rather than on solid evidence. Do you truly know women want the white louse over the red one, or do you
just think they do? How do you know customers prefer one soda compared to another without asking
them? All such examples fall under the category of "I know best for my business." Such certainty usually
proves mistaken, you cannot maximize the amount your customers purchase.
How then do successful retailers know their customers' needs? The most important way is to track what
customer buy, when they buy it, how much of it they buy and what they pay for it. QuickBooks Point of Sale
software automatically records this data a puts it at your fingertips.
Another good way to learn about your customers' needs is to ask them. Whether it's asking customers a
few questions at check out or asking loyal customers to meet for a focus group, by learning their needs you
gain deeper insight into what makes them buy.
rather than on solid evidence. Do you truly know women want the white louse over the red one, or do you
just think they do? How do you know customers prefer one soda compared to another without asking
them? All such examples fall under the category of "I know best for my business." Such certainty usually
proves mistaken, you cannot maximize the amount your customers purchase.
How then do successful retailers know their customers' needs? The most important way is to track what
customer buy, when they buy it, how much of it they buy and what they pay for it. QuickBooks Point of Sale
software automatically records this data a puts it at your fingertips.
Another good way to learn about your customers' needs is to ask them. Whether it's asking customers a
few questions at check out or asking loyal customers to meet for a focus group, by learning their needs you
gain deeper insight into what makes them buy.
| Expand the Variety of Top-Selling Items |
When you focus on expanding top-selling product lines while shrinking or even dropping poor sellers,
you are delivering what the majority of your customers want. It also enables you to boost shelf space
for these hot sellers and increase the opportunities for customers to spend on the products they want
to buy. Of course, cutting back on some items and increasing shelf space for other can be risky without
accurate, up-to-date information on what is selling and what is not.
Consider this wince store scenario as an example. Lacking sufficient sales information, the manager
ordered wine varieties by feel. Sometimes he'd order more Cabernet, sometimes more Merlot. In
summer, he'd favor whites over reds. But making the change to Point of Sale software gave him actual
sales data. He realized that customers rarely purchased White Zinfandel, but went crazy for Sauvignon
Blanc. His response? He dropped White Zinfandel altogether and gave the shelf space to Sauvignon
Blanc. Customers now have more choices of the product they want, helping to dive sales. The point is,
with the right product data, you can satisfy your customers with top sellers and maximize your profits.
you are delivering what the majority of your customers want. It also enables you to boost shelf space
for these hot sellers and increase the opportunities for customers to spend on the products they want
to buy. Of course, cutting back on some items and increasing shelf space for other can be risky without
accurate, up-to-date information on what is selling and what is not.
Consider this wince store scenario as an example. Lacking sufficient sales information, the manager
ordered wine varieties by feel. Sometimes he'd order more Cabernet, sometimes more Merlot. In
summer, he'd favor whites over reds. But making the change to Point of Sale software gave him actual
sales data. He realized that customers rarely purchased White Zinfandel, but went crazy for Sauvignon
Blanc. His response? He dropped White Zinfandel altogether and gave the shelf space to Sauvignon
Blanc. Customers now have more choices of the product they want, helping to dive sales. The point is,
with the right product data, you can satisfy your customers with top sellers and maximize your profits.
| Place Impulse-Buy Items Near Checkout for Customer Convenience |
There are three reasons your customer pick up impulse-buy items as the stand in line at the register: they
either want these items or they need them, or both. From large supermarkets to small convenience stores
overall sales. It may be just low-cost "fun" items, or personal essentials, or items that your customers
simply need from time to time, but they will sell near the register. As with any other inventory item,
QuickBooks Point of Sale can easily generate sales reports that enable you to determine which items your
customers want most at the register, or when it;s time to rotate in new items. The impulse items will sell,
but Point of Sale helps you to maximize this important selling opportunity.
either want these items or they need them, or both. From large supermarkets to small convenience stores
overall sales. It may be just low-cost "fun" items, or personal essentials, or items that your customers
simply need from time to time, but they will sell near the register. As with any other inventory item,
QuickBooks Point of Sale can easily generate sales reports that enable you to determine which items your
customers want most at the register, or when it;s time to rotate in new items. The impulse items will sell,
but Point of Sale helps you to maximize this important selling opportunity.