7
Mar

Is Shrinkage Eating Up Your Profits? Combat Your Retail Enemy With These Handy Anti-Shrinkage Tips

download (26)Running a successful retail business isn’t just about driving tons of traffic, generating hefty sales and standing out in the crowd. But it’s also about determining potential or ongoing loss-generating events and laying out a well-planned strategy to prevent loss and reduce factors turning profits away.

That being said, shrinkage remains one of the biggest concerns for retailers, costing them a lot of money every year as a result of fraud, shoplifting and employee theft. It’s not only necessary for retailers to be vigilant about factors driving revenue losses, but you may need to nip the lingering issue in the bud to ensure that your business runs smoothly and is more profitable.

Here are a few ways you can improve security around your store and prevent shrink before it starts.

Invest in an Inventory Management System

Keeping track of retail stock is paramount to loss prevention. And this can be achieved with a robust inventory system integrated into your business. An efficient inventory system will help keep track of merchandise by conducting frequent stock counts and spotting unusual inventory patterns and discrepancies.

And a POS Cash Register

A cash register is vital POS hardware for any retail business that performs numerous product base transactions on a daily basis. Not only does a cash register facilitate easy and efficient record keeping but it also comes with a cash drawer that offers a safe and reliable space to store cash and receipts.

Surveillance Cameras

Today, video surveillance systems and cameras are installed in almost every retail store as an advanced security solution to monitor the movement and happenings taking place inside the store. By installing cameras in and around your store, you can help reduce shrinkage, theft and manage liability while creating a safe environment for your customers as well as staff.

Mirrors

For small retail stores, mirrors can work as an inexpensive yet effective tool to detect shoplifting and other suspicious activities. Mirrors can be installed in blind spots including corners and areas that are covered by fixtures and shelves and aren’t clearly visible from the point of sale.

Employee Training

While you invest in advanced technologies and tools to reduce loss prevention around your business, training your employees on professional selling etiquettes can help a lot. By conducting training and loss prevention programs frequently, you can make employees aware of good retail values and principles and train them to identify shoplifting and theft activities.

 

2
Feb

5 Mistakes to Avoid When Choosing a POS System

download (23)One of the most significant things a business owner must have to effectively run his business is a way to keep track of the inventory. The best way to achieve this task is to have a powerful point of sale system in place. These systems not just monitor sales, inventory, and cash flow, but manage the business as a whole. A high performance POS system helps you to improve business operations by streamlining inventory, keeping track of the most popular items, and managing reports of daily sales.

To choose the best retail management software for your business, you need to avoid these mistakes.

Not doing enough research

Most business owners who end up disappointed with their point-of-sale software are those who don’t do enough research before purchasing one. A simple Google search will give you plenty of options to choose from. You can request demos and free consultations from the ones which you have shortlisted. Based on the demos, you select a system that best suits your business needs.

Not checking references

Most of the vendors will provide you their best references, but by requesting them to provide a local reference, you can save yourself from purchasing a poor-quality product. You must visit the local restaurant/retail store, which is using the POS system of the same vendor to ensure its quality and effectiveness. Having seen the product, you will be able to choose the best product in terms of both features and quality.

Not looking for the support options

Support options are essential for any software or hardware. A reliable support system is invaluable to every pursuit in life. So, make sure that your vendor provides assisted support services to meet all your requirements.

Purchasing a system that doesn’t offer detailed sales reports

It is not enough to purchase a POS system that keeps the record of all your sales transactions. To run your business profitably, you need to have actionable insights. And, these insights are provided by the daily sales reports generated by the point of sale solution. With the help of these insights you can easily identify the top performing and least performing items in your store.

Buying Hardware First

Many business owners make the mistake of purchasing POS hardware before selecting the software system. Always remember that not all software are compatible with all hardware. The software system will have hardware and operating system requirements. Moreover, each program of the software will only work with certain types of scanners, printers and card readers. Ensure to buy your software first and then buy the recommended hardware.