As most of you almost certainly recognize, there is much speak on TV and in the papers these days predicting that the US economy is heading for a slow down. I started my company over twenty five years ago and are through a variety "recessions". This expertise has provided me with insight on a way to navigate through these a lot of difficult times.
Technology and potency become considerably additional important throughout times of economic uncertainty. I have seen several retailers that started their businesses during prosperous times and did not have the expertise or systems in place to drive their businesses through the powerful times.
I have been around as most of you've got, to recollect how it had been, when stores did not even use computers at all and have watched as technology has grown beyond what I imagined. And lately, the pace of these enhancements is faster than ever - with several programs changing into obsolete in short order after they are implemented.
However, the great news is that POS developers never take vacations. Regular updates facilitate retailers increase the facility and suppleness of their POS systems while not having to switch them, and also the increased management advantages can be huge.
Yes, POS technology is state-of-the art for retailers, but inevitably wants to be changed for each retailer. Tim Allen star of the hit comedy Home Improvement said it best "I rewired it" - several retailers become artistic with ways in which to enhance the operation of their POS systems to fit their unique needs.
Well, today's buyer of retail technology is constant to change. People are additional tech savvy than within the past, so it is really important for technology to regulate for each retailer's unique needs.
It is not very just regarding the different product out there, however also how that product is delivered, thus that the retailer, in the top is actually succeeding with it and not just using it as a chic money register.
Retailers need to stay up with changing technology to be on the vanguard because that provides them a competitive edge.
If your current system is not meeting your needs, I highly advise you to take a onerous examine the corporate you're operating with, in addition to what new technology needs to offer. You would like to be connected with an organization and system on that leading edge, especially if you are a more moderen retailer, first time through a amount of economic travail or if you are in an exceedingly growth stage.
I wish to inform you concerning an editorial I read...
It described all the items that a giant chain of store was doing to reinvent themselves, and the way, hence they improved their value per share, inventory turns, and revenue.
n wanting through the article for his or her inventory control technology, you'll see what this massive retailer was doing, and the way they were leveraging the identical sort of technology that Wal-Mart was using to enhance their performance.
The article began by discussing where the company was at after they weren't doing therefore well and also the research they were did to boost their image. But what caught my eye was how they were using "some of the most sophisticated systems for gauging demand, predicting sales, and filling orders in the business today." And that they spent more than $five hundred million within the last decade to develop it. Wow!
The corporate's CEO says, "Technology has allowed us to take back our destiny." Those are words that I actually perceive and can get behind. But I still wanted to understand concerning the juicy stuff of what they actually implemented - that took their turns from 12 to nineteen per year.
One may assume, "they most likely developed some new technique, some new live of inventory and sales to do that."
Well, this new technology that the company leveraged allowed any store manager to drag up real-time information about what merchandise are selling best at their location. Hmmm, nothing new here. The store managers can conjointly get inventory info on alternative stores in the chain.
Conjointly, to permit them to tweak their inventories, the corporate developed a hand-held device that allows them to recount inventories on an everyday basis, thus that they will be certain they're looking at accurate numbers.
They conjointly use these handhelds to assist place orders for items that require to be replenished. The article describes how one specific store manager used the system to calculate how a lot of merchandise moved since last week so as to recommend orders.
The stores recommend purchase orders to the corporate location, which are then converted to real orders and then shipped. This empowers the store managers to order what they're assured they'll sell.
Then the article goes into merchandising. I am certain this is often where the important refined stuff goes to come out. So, it describes how they give the impression of being at sales by location to work out what is selling. They additionally use sales knowledge from their system to develop new products. It talks regarding the clever changes they made to their merchandise offerings - better, a lot of current choices, etc. in products.
And then the article ends!!
Therefore where were the vast technological changes I heard about? Did I miss the new formulas, new methodologies, new cutting-edge technological advances?
The truth is, everything they created and implemented we have a tendency to already offer our customers and have for years! How will that be?
I suppose there aren't any new secrets. The fundamentals of retailing are what build stores profitable. Basically, we already provide little to mid-size retailers a lot of what this large retailer discovered.
As I believed additional about the article, I felt obligated to let additional retailers apprehend that they will use the technology we have a tendency to supply to the identical advantage that this large chain store retailer had. And it surely will not be the $five hundred million that they invested!
Despite the challenges of an ever-growing and ever-changing business, POS developers have kept up with the times, constantly revamping their software to help freelance retailers increase efficiency and profitability. Things like tracking customers and discounting at the point of sale to ordering product based mostly on movement, in depth product sales analysis for purchasing, loyalty cards, kiosks and integrated credit and debit payment.
Even with the most recent technology, several retailers fail to totally utilize their POS systems. I think most retailers do not get the foremost out of their systems, because they don't pay enough time learning the way to use it and they learn to use it based mostly on how they have continually done business.
To induce the most out of a system, a retailer needs to open his or her mind to vary and perhaps doing things differently. Smart retailers use their system to their fullest potential. They explore the offered choices and utilize the options to their benefit.
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