Take stock of the situation and ask yourself whether you are really enjoying the business or not? Are you able to sell the highly desirable prices of your store at high gross fat margins? If not why? Is stocking inventory the problem or you are unable to predict demand?
At times, there can be an issue in how you place inventory in the store. Top selling items offering high gross fat margins should be kept at eye-level. Users when they enter a store, often look left and that’s where your most popular items should be placed so that they can fly off the shelves and can be replenished faster.
Other items which are fast moving, but offer smaller margins can be placed lower or above the ones offering higher margins. Getting the right information through POS software about daily sales data will help you manage inventory better. Superior quality POS software can raise the efficiency of the store by a few notches and keep employee morale high, since order fulfilment becomes a breeze as the frontline staff, gets good response from customers. Else the brickbats, they receive on the phone will be transmitted right to the top of the hierarchy and it will lead to an enterprise wide slide in morale. When expectations from the company are sky-high, disappointment is a free-fall.
Out of stock inventory is something that you need to avoid at all costs. Since you are selling through both online and offline modes, this may be a real prospect. Anecdotal evidence shows that at times 4000 sunglasses may get sold in a single day through the web route. And fulfilling such large orders becomes an issue with the procurement and order-fulfilment teams. So, your suppliers should be on high alert at all time (by message alerts from the POS) to handle sudden spikes in demand. It might happen in the carnival season or festive season. You might need some extra working capital loan to add more inventory during the festive season. Tying these loose ends and keeping your financial backers in confidence is important for the health of your business. Constantly running out of inventory is a prospect that you should avoid at all costs, as your high net worth customers might feel frustrated. These are certain intangible variables, that you need to consider as a business manager and embrace more technology in your business, to get it right.
Engender a rewards program that brings back loyal customers back in the fold
Few ideas work better than a loyalty program to keep those shiny 20% customers that bring 80% of the business for a store. Gold members, as they are often called, appreciate the fact that you value the relationship through a loyalty program that gets updated from time to time and offers good discounts and trigger repeat purchases. Going without a loyalty program might just get give the message that you take your customers for granted and treat all of them at par. Something, they might not like always. A POS software automatically updates all client purchases in the database and help immensely in email sales.
Too much traffic not enough sales: This is a classic problem of sales forecasting which a POS software can solve through its robust data forecasting abilities. They use sales data to forecast trends and future purchases, which might be in sync with your buyer’s expectation. Other things like scheduling the right kind of employees as per footfall so that crowd management becomes a breeze is also carried out by point of sale software.