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Editor’s Note: An earlier version of this post ran in 2019. We’re publishing this update because retailers and small businesses continue to need ideas on how to increase profits amid the changing retail landscape.
A retail point of sale (POS) system can do a lot more than just ring up transactions. Day after day, the equipment sits on your counter absorbing data just like a sponge. From capturing the times when most of your customers shop to seeing which inventory items are selling, your POS is a goldmine of useful information. All that data can be easily pulled to give you actionable insights that help increase your store’s profits!
Take full advantage of your retail point of sale with these 6 smart ideas:
A cutting-edge POS like Exatouch® streamlines your inventory so it’s easy to keep tabs on stock counts and understand how your investments in inventory are performing. You can quickly pull sales reports to identify which items sell the fastest, which ones aren’t moving, and which items are the most profitable. With that information, you can tweak your next vendor order to maximize your investments. Exatouch also retains your past purchase orders, enabling you to view how many items you ordered the last time you replenished stock, how long it took to sell through those items, and how much you paid for each unit. Make adjustments in how you spend your inventory dollars based on past performance—it can make a big difference in your overall retail profits!
Whether Memorial Day weekend is coming up or you’re preparing for the rush of holiday shoppers, knowing how your retail location has performed historically can help you get ready for your busiest times. With Exatouch’s reporting features, you can see how many team members worked on certain holidays and how much you did in sales. This kind of insight enables you to staff the appropriate amount of employees to ensure your customers are properly cared for and that you’re not paying for extra labor hours you don’t need. The same goes for inventory. If you consistently sell through the same top ten items year after year, you’ll know how much inventory to purchase ahead of time to make the most of your sales.
What type of retail store do you consider your shop to be? While you may think of yourself as more of a clothing store, your sales may tell a different story. Are most of your customers buying scarves, purses, and belts? Maybe it’s time to clear some shelf space to focus more on stocking accessories. Are you certain your current operating hours are the ones in which your customers want to shop? If you’re making the majority of your sales in the last 30 minutes that you’re open and it tends to be slow for the first couple hours of the day, consider adjusting your opening hours to accommodate your customers’ shopping habits. Opening and closing just one hour earlier or later—especially on certain days—can make a world of difference in your profit margin! By running some of the dozens of business reports available in Exatouch, you can discern this kind of key business information to reposition your retail store for maximum earnings.
Are there several business partners involved in your establishment? Do they live in different locations or provide feedback from off-site? If it’s a struggle to keep relevant parties updated on your latest figures, Exatouch can be programmed to automatically email a daily sales report that provides a snapshot of your overall business. This feature is also helpful for sending your accountant the information they require to complete their duties—saving you time, frustration, and money in the long run!
When it comes to staying connected with your customers, Exatouch makes that simple, too. Email your shoppers birthday greetings, appointment reminders, or details about your upcoming sale. Staying top of mind and keeping your patrons informed is key to encouraging repeat visits.
In any retail business where cash is in play, there’s opportunity for theft. Exatouch’s built-in reporting features allow you to assess how many voids, discounts, and refunds each employee is processing per shift. Is one particular staff member giving an excessive amount of refunds? They may need additional training on your store’s return policy. Does someone on your team give unauthorized discounts? The more information at your disposal, the more you can detect fraud, thwart stealing, and keep money in your business!
POS reports help you identify top performers on your staff to recognize and reward their outstanding service. It may even be beneficial to have these salespeople train other employees on best practices and effective sales tactics. Happy workers translate into happy customers who are more loyal and spend more money in your store, making it advantageous to pull sales by employee reports regularly.
With a smart POS system like Exatouch, there are unlimited ways to measure the success of your retail business—and countless insights that can help you build on that success! Learn more about how Exatouch can grow your store’s bottom line. Schedule a complimentary and personalized demonstration when it’s convenient for you.
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