You understand that your Cloud POS system is an abundance of knowledge, and you’re not one to scoff in learning a new retail strategy, but a POS power user? Who has time for that? The thing is, you do! Superior […]
You understand that your Cloud POS system is an abundance of knowledge, and you’re not one to scoff in learning a new retail strategy, but a POS power user?
Who has time for that? The thing is, you do! Superior Magento POS systems are configured in ways that all you need is a few minutes a day to learn and take advantage of all your system has to offer. But since we know time for all small business owners is tight, we took the liberty of putting together for you a couple of our favorite strategies.
1. Create a Sales Forecast
If you are using a cloud-based POS system, you should be able to easily take a peek at your year-to-date sales quantity and compare it to last year. Establishing a baseline for the current year’s performance in comparison to last year’s is necessary for forecasting sales in the future. If sales are trending downward, will this continue? Likewise, if your sales are up 15 percent, you need to determine if this trend will continue. Establishing a baseline prediction will help both you and your staff know your goals moving forward.
2. Track Your Client Activity
The lifeblood of your business is knowing what your customers want. When you realize that, you can focus on determining how to send to your customers exactly what they desire. Using your POS system for a CRM (Customer Relationship Management) tool can help you determine what your customers will buy before they even step foot in your store. Pulling a Client Activity report can help you do just that.
This report may come in many forms, but at the bare minimum, it must show the top customers in terms of frequency of visits and purchase amounts. It should also track the number of new customers you’ve added. If your point of sale system does not offer these features, you may want consider making a switch.
3. Run X and Z Reports
We are all about enabling employees — no one likes to feel as if they must keep a hawk eye on their employees at all times. And we know that employees appreciate the trust. But sometimes, keeping a close watch on staff activity will be an important factor for your success. This report will provide your cash drawer equilibrium at any point in the day. It’s cumulative, meaning that it does not reset to zero, but only keeps a running total of action at the register. If you are running’X’ reports, then you are likely to want to run’Z’ reports also. A’Z’ report is generated when you want to understand the final balance of your cash drawer. Like the’X’ report nonetheless,’Z’ reports do not reset your drawer to zero, so you need to run this report at the end of the day or after every shift. Each of these reports tell the story of your cash drawer activity and what your employees have been doing at the register. When viewing these reports, confirm that the total recorded matches the amount present in the drawer to guarantee the integrity of your workers. Granted, mistakes are inevitable, but frequent ones or — even worse — purposeful theft, can destroy your bottom line.
4. Use Well-Defined and Unique Item Descriptions
You might already be doing so, but just incase, make certain that you’re creating well-defined and unique item descriptions for all of your products. We can’t emphasize the importance of this enough. Item descriptions which are vague or too similar to other item descriptions aren’t only confusing, but can result in major (we repeat major) inventory and ordering mistakes. To get yourself in the habit of creating unique item titles, we recommend coming up with a consistent template for how to tag your products. By way of example, are you selling mugs with numerous kittens on them? Make sure that each mug is marked on your inventory with the size of the mug, colour of mug, breed of kitten, and vendor. This way, even if you end up with three different mugs that all have pictures of Maine Coon kittens, you’ll be able to differentiate between them. Prefer to use a modifier other than vendor? That’s fine too. Just be certain that your inventory list is constant and that all — we replicate all — employees locate the system intuitive and simple to use.
5.Run Inventory Reports and Trigger Points
With the exclusion of service companies, inventory management is among the most important, but also laborious, tasks for small business owners. If you’re tracking inventory quantities on paper, you are doing yourself a big disservice. Not to mention piling a load of extra work on your plate. Robust POS software has reports that track your inventory quantities and update in real time as each item is sold. You can even enter a minimum volume or’trigger point’ to alert you when specific items are running low, a great tool to make certain you’re never caught without a product. After all, there really is nothing worse than losing a sale because you simply ran out of stock.
So does this power user status feel different? We thought so! Adopting retail strategies by leveraging POS tools is one of the most time-efficient initiatives you can embark on. While learning all of your system has to offer can often feel like a marathon — like most things in life — it is all about the journey, not the destination. So keep your head down and keep selling!
►►► ConnectPOS is a cloud-based POS software compatible with multiple platforms including Magento, Shopify & Shopify Plus, and BigCommerce.