As most of you probably know, there is abundant speak on TV and in the papers today predicting that the US economy is heading for a slow down. I started my company over 25 years ago and are through a range "recessions". This experience has provided me with insight on the way to navigate through these a lot of difficult times.
Technology and efficiency become significantly more vital throughout times of economic uncertainty. I've got seen many retailers that started their businesses throughout prosperous times and did not have the experience or systems in place to drive their businesses through the powerful times.
I have been around as most of you have got, to recollect how it was, when stores did not even use computers the least bit and have watched as technology has grown beyond what I imagined. And in recent times, the pace of these enhancements is faster than ever - with several programs turning into obsolete in short order after they are implemented.
However, the great news is that POS developers never take vacations. Regular updates help retailers increase the ability and suppleness of their POS systems without having to exchange them, and also the increased management advantages can be huge.
Yes, POS technology is state-of-the art for retailers, however inevitably needs to be modified for every retailer. Tim Allen star of the hit comedy Home Improvement said it best "I rewired it" - many retailers become creative with ways that to boost the operation of their POS systems to suit their unique needs.
Well, today's buyer of retail technology is continuing to change. People are additional tech savvy than in the past, thus it's really necessary for technology to regulate for every retailer's unique needs.
It isn't very just concerning the various product out there, but conjointly how that product is delivered, therefore that the retailer, in the end is truly succeeding with it and not just using it as an expensive money register.
Retailers want to keep up with changing technology to be on the leading edge as a result of that offers them a competitive edge.
If your current system isn't meeting your needs, I highly advise you to take a hard examine the corporate you are operating with, along with what new technology has to offer. You need to be connected with a company and system on that vanguard, particularly if you are a more moderen retailer, 1st time through a amount of economic travail or if you're in an exceedingly growth stage.
I need to tell you about an article I read...
It described all the things that a large chain of store was doing to reinvent themselves, and how, thence they improved their worth per share, inventory turns, and revenue.
In trying through the article for their inventory management technology, you could see what this massive retailer was doing, and how they were leveraging the same sort of technology that Wal-Mart was using to improve their performance.
The article began by discussing where the corporate was at when they were not doing thus well and also the research they were did to boost their image. But what caught my eye was how they were using "a number of the most sophisticated systems for gauging demand, predicting sales, and filling orders within the business today." And that they spent a lot of than $500 million in the last decade to develop it. Wow!
The company's CEO says, "Technology has allowed us to require back our destiny." Those are words that I actually perceive and will get behind. However I still needed to grasp regarding the juicy stuff of what they actually implemented - that took their turns from 12 to nineteen per year.
One would possibly suppose, "they probably developed some new technique, some new live of inventory and sales to do that."
Well, this new technology that the corporate leveraged allowed any store manager to tug up real-time data regarding what merchandise are selling best at their location. Hmmm, nothing new here. The store managers can also get inventory info on alternative stores within the chain.
Conjointly, to permit them to tweak their inventories, the corporate developed a hand-held device that permits them to recount inventories on an everyday basis, thus that they will be positive they're wanting at accurate numbers.
They conjointly use these handhelds to assist place orders for things that need to be replenished. The article describes how one particular store manager used the system to calculate how a lot of merchandise moved since last week so as to counsel orders.
The stores recommend purchase orders to the corporate location, that are then converted to real orders and then shipped. This empowers the shop managers to order what they are assured they'll sell.
Then the article goes into merchandising. I am sure this can be where the important refined stuff is going to return out. So, it describes how they look at sales by location to figure out what is selling. They also use sales knowledge from their system to develop new products. It talks concerning the clever changes they made to their merchandise offerings - higher, more current selections, etc. in products.
And then the article ends!!
Thus where were the vast technological changes I heard concerning? Did I miss the new formulas, new methodologies, new cutting-edge technological advances?
The reality is, everything they created and implemented we already provide our customers and have for years! How will that be?
I suppose there are not any new secrets. The fundamentals of retailing are what build stores profitable. Primarily, we tend to already provide tiny to mid-size retailers a heap of what this huge retailer discovered.
As I believed more concerning the article, I felt obligated to let more retailers recognize that they can use the technology we supply to the same advantage that this huge chain store retailer had. And it surely won't be the $500 million that they invested!
Despite the challenges of an ever-growing and ever-changing industry, POS developers have kept up with the times, constantly revamping their software to help freelance retailers increase potency and profitability. Things like tracking customers and discounting at the purpose of sale to ordering product based mostly on movement, in depth product sales analysis for getting, loyalty cards, kiosks and integrated credit and debit payment.
Even with the most recent technology, many retailers fail to completely utilize their POS systems. I think most retailers don't get the most out of their systems, as a result of they don't spend enough time learning a way to use it and that they learn to use it primarily based on how they need perpetually done business.
To get the most out of a system, a retailer needs to open his or her mind to change and perhaps doing things differently. Smart retailers use their system to their fullest potential. They explore the on the market choices and utilize the options to their benefit.
Author Resource:
William Evan has been writing articles online for nearly 2 years now. Not only does this author specialize in Retail, you can also check out his latest website about:
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