Tag: Inventory management

Empowering Retail Mobility with Mobile POS Software: Enhancing Sales and Customer Experience

Posted on by Omprasad Devadiga

Today’s retail environment requires mobility to succeed. Retailers must fulfil the expectations of their customers, who want the freedom to buy whenever and however they like. Retailers may empower their staff members and enhance customer experience using mobile POS software.

The Following Are Some Advantages Of Utilising Mobile Pos Software:

Increased sales:

By enabling staff to accept payments anywhere in the business, mobile POS software can aid companies in boosting sales. This can free up cashiers at the front of the business to concentrate on serving customers. Retailers who want to track sales data in real time and make educated decisions regarding inventory and promotions can benefit from mobile POS software.

Improved customer experience:

Mobile POS software can help retailers improve the customer experience by providing a more personalised shopping experience. Employees can use mobile POS software to look up product information, recommend products, and process payments. This can help customers feel more valued and appreciated.

Reduced costs:

Mobile POS software can help retailers lower costs by eliminating the need for traditional cash registers. Mobile POS software can also help retailers save money on labor costs by allowing employees to work from anywhere in the store.

Mobile POS software is a great option if you’re looking for a way to empower your employees and improve the customer experience. Many different mobile POS software solutions are available, so you can find one that fulfils your specific needs.

Choosing the Best Mobile POS Software to Use

A mobile point of sale (POS) software solution is crucial for businesses trying to optimise their operations and improve the customer experience in today’s hectic retail climate. With so many options available, it’s crucial for shops to carefully evaluate a few things before choosing the best mobile POS software for their unique requirements. The following are important things to bear in mind:

Store Size and Layout:

The kind of mobile POS software you should select depends a lot on the size and layout of your store. Consider whether you operate a tiny boutique, a sizable retail space, or a pop-up store. In order to accommodate the necessary checkout points and meet the layout of your store, a mobile POS software system should be scaleable and adaptable.

Product Types:

Different companies offer a range of goods, from groceries and electronics to apparel and accessories. Make sure the mobile POS software you use can handle the exact products you offer. It should manage variants like sizes and colours and various pricing structures and effectively track inventories.

Integration Capabilities:

It’s critical to pick a simple mobile POS software solution to link with other retail systems to streamline operations and get a comprehensive view of your organisation. Real-time inventory tracking and automatic product replenishment are made possible by integration with inventory management software. You may track consumer information and deliver individualised experiences by integrating with customer relationship management (CRM) software.

Ease of Use:

A user-friendly interface is essential when choosing a mobile POS software solution. Your staff members should be able to learn the system quickly and do jobs effectively. Look for layouts that can be customised, easy-to-use functions, and intuitive navigation. The programme should have a low learning curve to reduce training time and ensure efficient operations even during peak usage.

Updates and Support:

Take into account the degree of support offered by the programme manufacturer. Do they provide technical support and troubleshooting? Do they provide frequent updates to fix any bugs or security flaws? Strong customer service guarantees that any problems may be fixed quickly, minimising inconveniences to your business.

Conclusion:

Choosing the best mobile POS software necessitates carefully taking into account variables, including the store size, product types, employee management, budget, integration capabilities, the convenience of use, and support. Increase operational effectiveness, enhance customer experiences, and spur growth in your retail business by weighing these variables and choosing a solution that matches your unique business needs.

ETP Mobile POS software is a valuable tool that can aid merchants in enhancing productivity, customer satisfaction, and sales. Retailers may empower their staff members and give consumers a smooth and convenient shopping experience.

Enhancing Retail Operations with Advanced Retail Software Solutions

Posted on by Omprasad Devadiga

In the fast-paced world of retail, staying competitive requires efficient and streamlined operations. Traditional manual processes can be time-consuming, error-prone, and hinder growth. Fortunately, advanced retail software solutions have emerged to revolutionize the industry. This article explores the benefits of leveraging retail software to enhance various aspects of retail operations, from inventory management to customer relationship management, ultimately helping businesses thrive in today’s competitive marketplace.

Streamline Inventory Management:

Retail software offers robust inventory management capabilities that streamline the entire process. With real-time inventory tracking, businesses can avoid overstocking or stockouts, reducing costs and improving customer satisfaction. Advanced software can automate inventory replenishment, generate accurate demand forecasts, and integrate with suppliers’ systems for seamless stock ordering. With these features, businesses can optimize inventory levels, minimize carrying costs, and ensure products are always available for customers.

Improve Point of Sale (POS) Efficiency:

Efficient POS operations are crucial for providing a smooth and enjoyable shopping experience. Retail software solutions provide advanced POS functionalities that go beyond traditional cash registers. Modern POS systems are equipped with barcode scanning, integrated payment processing, and real-time inventory synchronization. These features enable faster transactions, reduce errors, and provide customers with accurate product information and pricing. By improving the efficiency of your POS operations, you can enhance customer satisfaction and boost sales.

Enhance Customer Relationship Management (CRM):

Retail software solutions offer robust CRM capabilities that help businesses build and maintain strong customer relationships. These solutions can centralize customer data, including purchase history, preferences, and contact information, allowing businesses to personalize their interactions. By leveraging CRM tools, businesses can create targeted marketing campaigns, implement loyalty programs, and deliver personalized promotions based on customer preferences. Effective CRM through retail software leads to improved customer satisfaction, increased loyalty, and higher customer lifetime value.

Optimize Supply Chain Management:

Managing a complex supply chain is a challenge for many retailers. Advanced retail software solutions provide comprehensive supply chain management capabilities, facilitating better coordination and visibility. These solutions automate and streamline key supply chain operations from procurement and vendor management to order fulfilment and logistics. By optimizing supply chain management, businesses can reduce costs, improve order accuracy, and enhance operational efficiency.

Utilize Business Intelligence and Analytics:

Data is a goldmine for retailers, and retail software solutions excel in providing robust business intelligence and analytics tools. These tools enable businesses to analyze sales data, customer behaviour, and market trends, empowering data-driven decision-making. By gaining actionable insights from retail software analytics, businesses can identify opportunities, optimize pricing strategies, identify top-performing products, and forecast demand accurately. Data-driven decision-making allows businesses to stay agile, make informed choices, and gain a competitive edge in the market.

Automate Back-Office Operations:

Administrative tasks such as payroll, accounting, and HR can be time-consuming and prone to errors if done manually. Retail software solutions automate these back-office operations, streamlining processes and reducing manual effort. By integrating with accounting software, payroll systems, and HR management tools, retail software can automate tasks like employee scheduling, payroll processing, and financial reporting. Automation frees up time for staff to focus on more strategic activities, improving efficiency and reducing costs.

Embrace Omnichannel Capabilities:

In today’s retail landscape, offering a seamless omnichannel experience is crucial. Advanced retail software solutions enable businesses to seamlessly integrate multiple sales channels, such as online stores, brick-and-mortar locations, and mobile apps. This integration allows customers to browse, purchase, and return products across channels, providing a consistent and convenient experience. Retail software solutions also enable unified inventory management, ensuring accurate stock visibility across all channels and minimizing the chances of stockouts or overselling.

Conclusion:

In an era of fierce competition, leveraging advanced retail software solutions is essential for enhancing retail operations. By streamlining inventory management, improving POS efficiency, enhancing CRM capabilities, optimizing supply chain management, utilizing business intelligence and analytics, automating back-office operations, and embracing omnichannel capabilities, businesses can unlock new levels of operational efficiency, customer satisfaction, and profitability. Adapt to ETP retail software and take your business to new heights in today’s dynamic retail landscape.

How to Avoid Poor Inventory Management

Posted on by admin

 

How to Avoid Poor Inventory Management | Omni channel Inventory Management

Nearly 81% of consumers experienced an “out-of-stock” situation in the past 12 months, resulting in lost sales for retailers and lots of disappointment for in-store shoppers. Globally, retailers recorded losses of a whopping $1.75 trillion due to mismanaged inventory

 

We don’t want to be too hyperbolic here, but poor inventory management could cost you your business.

That’s why it’s important to recognize that this kind of fundamental problem would negatively affect your bottom line and business growth long-term.

 

But how do you know if you’re managing your inventory properly?

 

Poor Inventory Management Symptoms

Depending on your industry, there are many signs your inventory management is bad and getting worse.

Here are the most obvious symptoms of poor inventory management:

A high cost of inventory

Consistent stockouts

A low rate of inventory turnover

A high amount of obsolete inventory

A high amount of working capital

A high cost of storage

Spreadsheet data-entry errors

Shipping the wrong items to customers

Lost customers

Imbalanced lead times

Of course, there are usually many factors that help produce these negative symptoms, but all of them have a root connection to the way you manage your inventory.

 

What causes poor inventory management?

 

Causes of Poor Inventory Management

Spreadsheets and manual inventory tracking

Manual inventory management practices such as using Excel is usually the first tool small-to-medium sized businesses use to manage their inventory. While spreadsheets and the likes work fine in the beginning when you’re a small operation, they can quickly lead to crippling issues.

 

In the same way, manual inventory tracking and stocktaking can be suitable for small businesses but again become time-consuming and erroneous as your company grows. Not only does this impact your business’s ability to foster growth, but data errors can also have snowballing effects.

 

For example, there may be a wrong quantity recorded in an SKU. As a result you order 1000 units instead of 100. If this 1000 does not sell, this becomes wasted capital and can have very costly implications for the business.

 

Large inventory volumes

Large volumes of inventory can lead to management nightmares as they can cut into your profits. Most businesses have 20 to 40% of their working capital tied up in inventory stock. Inventory reduction is difficult to do, but it is essential if you want to go from poor inventory management to great inventory control and management. Here’s how you can reduce your stock.

 

Inadequate forecasting

If you are not using accurate data to identify sales trends, best-selling items, customer behavior and more, you’ll either order too much and experience the problems of excess inventory stock, or order too little and experience stockouts and lost customers. With accurate reports, you can better forecast your customer’s future behavior and order accordingly to meet customer demand.

 

How retailers can leverage O2O effectively!

Posted on by admin

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The O2O concept is not new, rather it has been a buzzword for a few years now but in the last couple of years this concept has started gaining importance. In simple words O2O means online-to-offline where online channels are used to drive customers to the offline stores. The main aspect here however is to make this experience flow between the virtual and the physical channels seamless and impressive.

Below are three ways how retailers can use their existing resources to leverage O2O effectively.

Brick And Mortar Stores:

By treating stores not just as sales channels but also as distribution centers, retailers can leverage their store network to satisfy customer needs by using store level inventory to deliver orders to customers’ homes as well as for click-and collect orders. With these new fulfillment options enabled by the store, consumers can click, collect and return goods as per their convenience. Modern day customers are demanding a better combination of value, convenience and experience and brands who strike the right balance between delivering great product value and offering superior customer experience and convenience will emerge as customer favorites.

Combination Of Channels:

About a few of years ago retailers went about developing websites and mobile applications to expand their presence and some retailers also shifted to an online-only presence without having any offline stores since the trend seemed like the customer was increasingly going ‘digital’. Moreover running and managing brick-and-mortar stores were seen as an expensive and time consuming affair. But the modern day retailers have realized the need to go ‘omni-channel’ i.e. seamlessly integrating both their online and offline channels to enable customers to research, purchase, earn and burn loyalty points, and return, across channels. Brands focusing on getting their omni-channel right will definitely win the customer experience race.

Data Management:

In order to get it right in omni channel retailing, retailers need to manage their customers and inventory across channels. As customers randomly switch between channels while shopping it is imperative for retailers to ensure that the customer demands are satisfied, irrespective of the channel they choose. Here is where data management will help. Having insightful customer data such as past buying patterns and purchasing history, as well as accurate information of the product inventory and stock, and having all this available in near real-time will allow retailers to be proactive towards managing demands across channels effectively and thus mitigating chances of lost sales. Moreover profiling customers will also enable retailers to create and execute targeted promotions and campaigns to spike customers’ interest in the brand and thus boost sales.

Also Read: How Can Retail Leverage The Benefits Of Blockchain

The 3 important ways POS data can be used

Posted on by admin

Etp-blog-Making-the-best-use-of-POS-data-

The modern day point-of-sale (POS) has evolved to become more than just a transaction processing tool. Technology has advanced since the original cash till, and today, the POS has business benefiting features that retailers can really use across processes. Let’s focus on one of the most important benefits of the POS which provides value in intelligence and decision making – data collection.

While most retailers over the last few years have started collecting data at the POS, it’s those who are actually processing this data in the right way and drawing insights to enhance their businesses are getting ahead in the retail arena. Below are 3 important aspects of POS data and how it can be used.

Inventory And Stock Optimization:

When the POS is used to record data about inventory, it enables retailers to stay on top of stock levels thus making it easier to track items — from ordering through the point of sale (and even returns). This further aids in better inventory forecasting, purchasing, and this is also useful in retail marketing decisions. Some modern retail POS software provide some important features related to inventory such as conducting inventory counts, managing returns, automating re-order points, checking stock levels at stores, among others. Analyzing the inventory data collected at the POS can enable retailers to have the right product at the right time.

Enhancing Customer Experience:

The POS software can be used to collect customer information while registering customers, look-up already registered customers, capture their feedback, track the frequency of their visit to the store, and also monitor their ticket size, the kind and quantity of products they generally purchase. All this data can be processed to draw powerful insights to analyze shopper behavior and their buying patterns thus allowing retailers to personalize customer experience along with having the right inventory at the store. Further, the information can also be fed-back to the store-staff at the POS to enable cross/up selling. Also, having the inventory data will allow the store associates to proactively let shoppers know about the availability of certain products. These efforts can enhance the overall customer experience.

Improving Staff Performance:

The POS software can be used to collect data related to sales staff. Some of the valuable metrics in addition to total sales could be basket size in-terms of price and quantity, walk-ins converted to registered customers, customers issue resolutions, and so on. The data can then be processed to learn about employee performance and understand the areas where improvements are required in terms of training and also recognizing the achievements of the store employees. In addition to this, factoring in the staff to sales ratio is an essential parameter to decide about the staffing needs for the store.

Also Read: What Retailers Need To Understand About The Omni-Channel Customer Experience

5 Festive things retailers should do to relish a successful shopping season.

Posted on by admin

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It’s time for the festive holiday season once again, and for a retailer, this should only mean one thing: it is time to ramp up the planning and implementation of processes. The festive season is the biggest shopping period of the year, and for many retail businesses, festive shopping can be the opportunity to really boost their sales. It goes without saying that retail owners will do their best to rise to the occasion and add that extra bling to their business. In-order to help retail companies ring in higher festive shopping sales, here are a few simple things that need to be done.

1.Festive displays –

Ensuring the displays, those at the window and in-store, shop layouts, online websites, and mobile apps are aligned with the theme of the festive season, and are attention grabbing, enticing consumers to at least take a look. Once they peek, the merchandising and product displays should be able to hook the shoppers and lure them to take further actions. At the brick-and-mortar store level, elements like lights, signage, and props can be used whereas on e-commerce sites and mobile apps, color theme, banners and images can be used to bring that festive look.

2.Festive merchandise –

Merchandise and products need to have the flavor of the festive season. As such, having limited edition merchandise for the festive season or running attractive offers on certain merchandise exclusively during the festive season is sure to spike interest amongst shoppers. In some cases, even planning and arrangement of merchandise on the shelves with some festive touch can be good enough for consumers to notice.

3.Festive inventory –

To ensure that shoppers are able to get the desired products in their preferred quantities and time-frames that they are looking for as well as to reduce the out of stock situations, retail owners must plan their festive inventories right. Not only that, they should keep a track of the stock turnover and order new inventory accordingly, keeping it ready to replenish stocks without delays. In some cases, it may be advisable to have additional stocks in order to avert no stock situations. Using techniques like ‘endless aisle’, retailers can avert lost sale situations when the inventory is not obtainable at the store.

4.Festive support –

If retailers are expecting shoppers to pour in large numbers especially during peak and rush hours, they need to hire additional staff not only at the store, but also at the call center or online support to handle such situations. This would ensure that adequate number of associates are available to assist customers in such situations. In addition to this, having extra point-of-sale (POS) counters for check-out, using handled/mobile POS devices for billing can help forestall long queues. Also, retail owners should manage their websites and apps well so that they load and update quickly despite heavy traffic. All this will ensure that shoppers experience no lags and reduced wait times warding off situations of cart abandonment.

5.Festive offers –

In the festive season, shoppers look forward most for the umpteen discounts and promotions that retail brands offer. Festive discounts and promotions are a norm now and most of the retailers run various marketing campaigns to attract customers. Thus, it is important for retail businesses to offer more relevant and personalized promotions that will entice shoppers. Using cross-selling and up-selling techniques would further benefit both customers and retailers.

Retail and the importance of integration

Posted on by Omprasad Devadiga

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Operating an e-commerce website should not be considered as a separate and isolated business practice instead it is an extension to the retailer’s physical presence that helps drive sales and improve the bottom line. More often than not, it is the inability of retailers to understand the necessity of integrating their physical stores with their e-commerce website or marketplaces, which could cost them dearly in terms of sales, revenue, and clientele.

E-commerce websites, if implemented efficiently could help increase footfalls at the physical stores by enabling retailers to implement newer and innovative strategies such as Click and Collect, Click and Deliver among others. However, operating an e-commerce website in isolation cannibalizes their own physical stores. There’s a reason why most of the e-commerce and online market players make losses despite of clocking healthy sales. To improve the online sales, retailers often indulge in offering hefty discounts and free deliveries, without realizing that it causes the overall sales to take a hit. They should realize that to compete with marketplaces and e-commerce giants, they are not needed to have a price war with the existing players. Indulging in a price war might increase the number of visitors to the website but it also makes customers search for newer avenues where they can find the desired product at a lower price.

Retailers should rather focus on customer loyalty, inventory management, assortment planning, promotions planning and in-store shopping experience which can certainly be done by integrating the e-commerce website with the physical stores. Integrating the two helps in getting real time updates regarding customers, sales and inventory, while allowing the retailers to come up with innovative business strategies. For instance, retailers can implement click and collect that could increase the chances of cross selling and upselling along with serving the aforementioned purposes. This in turn would help retailers in improving the bottom line while being on the right path of growth that ensures sustainability and scalability.

In most cases, cannibalizing can have catastrophic repercussions on the overall performance of the business. It is better to research on the possible outcomes of having an e-commerce website along with preparing an efficient plan to integrate it with the physical stores using the right technology, such as ETP Connect. This being done, there does not exist the minutest possibility of missing out on the advantages of going omni-channel.

Also Read: Omni-Channel Technology Solutions For Your Retail Business

Why managing inventory the right way matters?

Posted on by admin

ETP-inventory-management

Technology has completely transformed the way people make purchases. From online marketplaces to brick-and-mortar stores, retailers tend to implement innovative measures to better cater to the needs of customers. 

They incorporate promotion planning, customer analytics, and mobile payments to enhance the shopping experience. But, one thing that forms the backbone of retailing is somehow neglected in the entire retail chain. Yes, we are talking about inventory.

Managing inventory is not just a single task encompassing certain limited activities; it is a process that involves some complex calculations such as sell through rate, inventory turnover ratio, GMROI among others. 

It is an uphill task to perform the aforementioned calculations, which in turn makes it difficult for retailers to manage their inventory. Retailers require a tool that bridges the gap between brick-and-mortar stores and marketplaces, and provides them with a single, simple, and holistic view of the inventory.

One such powerful tool is ETP Connect – a robust, multifunctional, and comprehensive tool that connects the brick-and-mortar stores with the ecommerce sites and marketplaces. It provides real time updates to the stores and head office of the retailers about the purchases being made both offline and online. 

Whenever a purchase is made through website or marketplaces, ETP Connect routes the information to the head office, where the designated authority can view the immediate effect on the inventory in real time.

Also, since retailers get access to real time data, it simplifies their task of computing complex inventory calculations, thus enabling them to take timely decisions to further speed up their entire retailing process. The effects of this are manifested in the form of satisfactory customer experiences and a robust bottom line.

ETP Connect is a one stop solution for leading retailers to end their inventory management woes, by enabling them to better plan their business strategies. It also allows retailers to have a unified view of customers, endless aisle, and features such as Click and Collect, and Click and Deliver. 

Put an end to all your retail woes by implementing a futuristic and powerful ETP Connect and embrace the omni-channel transformation the right way.

Also Read : Retail And The Importance Of Integration