Do you have difficulty in keeping control of your stock numbers? Would you like to have more information about your customer’s buying trends? These two aspects are critical in the smooth and efficient running of any retail business.
Good retail software should give you this and much more. The ability to see exactly what stock you have can cut down on surplus stock and wastage, as well as ensures that no customer walks away disappointed due to lack of product stock. A good point of sale system will provide you with up to date, accurate data on stock levels, as well as give you insight on actual buying trends.
Any retail business needs to be able to know what stock is available at any given time. Running out of stock means frustration for the customer, lack of sale for the business and potentially more sales for rival businesses. By using an inventory management software, you can eliminate this problem. A retail software solution like that offered by Retail Express will show you exactly your product numbers that you have in stock, so the likelihood of running out is minimised. You can use the data to plan deliveries and help with stock takes.
Having an inventory management system also means that you will never have too much of a product, which, depending on your business, could lead to wastage. For businesses involved in the food industry for example, it is vital that everything is sold before its sell by date. Anything that is not would have to be thrown away and this is not economically viable for any business – at least one that wants to stay in business.
Point of sale software also enables businesses to identify trends amongst consumer buying habits. This information is fundamental in helping plan for the future. This could be in deciding what product to push through marketing, special deals, or planning deliveries.
A point of sale system can also aid you in a better understanding of your customers. You will learn about who they are, and what and how they are buying, and this, in turn can help you run your businesses more efficiently and give a better customer service.
Information provided by a point of sale software is extremely valuable in the development of new products. As retail businesses, we spend a fortune developing, producing and marketing new products, so it is crucial that you have an idea on the correct and appropriate product to develop. By understanding the consumer trends, you can ensure that you are on the right track with any new products.
If you have more than one retail outlet, it is very useful to be able to look at each store individually, but also as one big store. Retail Express’ point of sale system accomplishes this. This means that if one shop is running out of something in particular, another can come to its rescue. It also means that you can spot similarities and differences between different stores and locations, and this works for online shops too.
Ultimately, point of sale systems and inventory management will ensure that your business runs efficiently and economically.
To see how a point of sale system works and can fit into your business, view our product demo here at our website.
Topics Covered: All
Date of Post: 2014-01-07