Strengthening Retail Cybersecurity: A Focus on Retail Stock Control Software
In the face of digital disruption, connected systems and technology have become synonymous with retail and an enhanced omnichannel or unified commerce customer experience. Among the many solutions deployed by retailers, retail stock control software plays a pivotal role in such a system for effective management of inventory and optimising supply chain logistics. However, as the retail industry embraces the technological advancements, it also grapples with the escalating threat landscape posed by cybercriminals. Here, the retail professionals from Eurostop delve into the challenges of cybersecurity in the retail sector and examine how secure retail stock control software assists in fortifying defences against cyber threats. The Retail Sector Today: Navigating Digital Transformation The retail sector is undergoing a significant shift propelled by technological advancements and changing consumer behaviours. From traditional brick-and-mortar stores to online marketplaces and social channels, retailers are harnessing technology to adapt to evolving market dynamics and stay competitive and relevant. This digital transformation has revolutionised core operations, from inventory management and point-of-sale systems to customer relationship management (CRM) platforms. Why is Retail a Prime Target for Cyber-Attacks? Several factors contribute to the attractiveness of retail organisations as targets for cyber-attacks. Firstly, the sheer volume of payment information processed by retailers presents an enticing opportunity for cybercriminals seeking financial gain. Additionally, the extensive network of third-party vendors and supply chain partners introduces vulnerabilities that can be exploited to infiltrate retailers’ systems. Understanding the Cyber-Threat Landscape in Retail Recently, cyberattacks targeting the retail industry have surged in both frequency and sophistication. Retailers are entrusted with a wealth of valuable information, including customer payment details, personal information, and transaction histories, making them prime targets for cybercriminals. The consequences of data breaches in retail extend far beyond financial losses, encompassing reputational damage, regulatory penalties, and an erosion of consumer trust. The Modus Operandi of Cyber Criminals in Retail Cybercriminals employ a diverse array of tactics to target retailers, ranging from phishing and malware to ransomware attacks. Phishing remains a prevalent threat, with cybercriminals masquerading as legitimate entities to deceive unsuspecting employees into divulging sensitive information or clicking on malicious links. Cybersecurity Awareness Training: Empowering the Human Firewall Investing in cybersecurity awareness training is paramount for retailers to give employees the knowledge and tools they need to recognise and respond to cyber threats effectively. By educating staff on phishing detection, secure password practices, and safe browsing habits, retailers can significantly enhance their cybersecurity measures. Third-Party Risk Management for Retailers: Mitigating External Threats Effective third-party risk management (TRPM) is imperative for retailers to mitigate cybersecurity risks stemming from external vendors and partners. Retailers must conduct rigorous assessments of third-party suppliers, evaluating their security posture and adherence to industry best practices. Implementing robust contractual agreements and monitoring mechanisms can help mitigate the potential impact of third-party breaches on retailers’ operations and reputations. Contact us today for cutting-edge retail stock control solutions Eurostop supplies secure retail technology that focus on protecting your valuable systems and data. In addition our services extend to backup and recovery of your data should you be in the unfortunate scenario that you are exposed to a threat. Our priority in this case is to assist you to get up and running with minimal disruption to your business. Optimise your cybersecurity with our innovative retail stock control software. We also specialise in mPOS systems, tenant management solutions, and more. Contact us online today or call +44 (0)20 8991 2700 for more information.
Decoding Loyalty Programs: Mastering the Art of Customer Engagement
In the realm of customer retention, loyalty programs are indispensable for fostering lasting and quality connections with retail customers. When implemented effectively, they speed up the duration of the loyalty life cycle, make customers feel more appreciated so influencing their purchase behaviour, helping you to build a strong customer base. With a longer customer lifetime value, the return on investment is significant. As everyone well knows it costs far more to acquire new customers than to retain existing ones. But the benefit of retaining loyal customers doesn’t end there, because someone who is enthusiastic about your brand is also highly likely to influence their friends and family to purchase with you too. That’s why the retail experts from Eurostop have highlighted some best practices when it comes to implementing loyalty programs and why investing in a cutting-edge EPOS system is essential. 1. Fostering Meaningful Connections: Frequency of Communication & Engagement Availability of loyalty programs and the ever increasing number of potential brand-customer touch points provide excellent opportunities to keep your brand at the forefront of your customers’ minds, reminding them of the value of your product offering. Effective communication lies at the heart of any successful loyalty initiative. Communication needs to be relevant, personalised where possible but also at the right frequency. Not only that, but engaging in a dialogue can foster trust, an enduring relationship and new brand fans through word of mouth. In a highly competitive arena, it’s imperative to deliver a service which differentiates and helps to improve customer retention. Yet, too many communications or irrelevant messaging can also have a negative impact. With significant saturation in the market, it’s worthwhile investing time to make sure that you really get to know your customers, their preferences and how often they would like to hear from you. 2. Illuminating the Path to Engagement: Promote a Clear Value Proposition Also at the core of a thriving loyalty program lies a crystal-clear value proposition that resonates with customers compelling them to purchase and repeat purchase your products or services. This is particularly significant in the current economic climate when most consumers are considering their budgets and looking for value. When defining your value proposition, the customer must lie at the heart of your considerations, with their needs and wants truly at the focus of your marketing efforts. Deviating from this focus can lead to less meaningful or even detrimental strategies where it is possible to damage any existing relationship that you have with your customer. To address this challenge, a useful tool to consider is to conduct thorough market research and customer analysis to identify the most compelling incentives that align with target audience’s preferences and motivations. Additionally, ongoing feedback mechanisms and performance evaluations can help fine-tune the value proposition to ensure its continued innovation and ensure and promote customer satisfaction. 3. Complex and Confusing Program Structure: Simplify to Amplify: In an era where time and convenience reigns supreme, convoluted loyalty structures can easily discourage engagement. Loyalty programmes need to be simple and provide rewards that your customers really perceive as valuable so that they are effective and keep customers convinced of the benefits of repeat purchases. Customers need to be compelled to utilise your rewards programme and you need to ensure that once they decide to do so, there aren’t any barriers to using your scheme. Imaginative and yet simple programs structures can harness a range of psychological behaviours associated with loyalty strategies, including encouraging specific behaviour through positive reinforcement or fear of missing out! Reward the brain pathways to give customers a feel good feeling when making purchases with you, encouraging repeat purchases which is your ultimate goal. A tiered system for example can foster a feeling of progression or achieving goal targets. Psychologically, this triggers positive reinforcement through feel good hormones, driving your customers to spend more. 4. Harnessing the Power of Insights: Measure & Optimise When implementing loyalty strategies and programmes, it is imperative to complete the process by tracking and analysing the performance of your campaigns. To do this, you will need to have software in place to record the correct key performance metrics as well as business intelligence to generate the correct insights to see what was effective and what wasn’t. Being able to drill down into the detail will really allow you to react in response to performance to make sure that you are getting the best possible results and return on investment. If you can do this in real-time, you can even increase the impact further by making any strategy adjustments during the same campaign. Retailers with leading EPOS systems can collect customer data and purchase histories, personalising their loyalty programs and ensuring they remain relevant in an ever-evolving marketplace. 5. Tailoring Experiences for Lasting Impact: Personalise In today’s hyper-personalised landscape, one-size-fits-all approaches fall short of capturing customer loyalty. Failure to tailor rewards and communications to individual preferences risks alienating customers. Harness the power of data analytics via EPOS systems to segment your audience and deliver targeted incentives that resonate with their unique needs and desires. Providing a level of reward customisation such as allowing customers to select what incentives they are working towards can also provide a sense of personalisation, hence building a relationship with your customer. People always remember how you make them feel and so you need to go to every endeavour to ensure that it feels good to shop with you. Contact us today for innovative EPOS systems, stock control, and more Successful loyalty programs are built on a foundation of transparency, personalisation, and continuous optimisation. By heeding the lessons learned from common pitfalls and embracing strategic best practices, businesses can cultivate lasting customer relationships and drive sustainable growth in an increasingly competitive landscape. Optimise your loyalty programs with a cutting-edge EPOS system from Eurostop. We also specialise in mPOS systems, stock control solutions, and more. Contact us online today or call +44 (0)20 8991 2700.
Overcoming Retail Challenges: Enhancing Tenancy and Engagement in Shopping Centres
The retail landscape has been evolving rapidly and under particular pressure to remain relevant are shopping centres, with landlords continuosly seeking innovative ways to meet today’s challenges so that they can adapt and thrive. The current economy has meant that turnover based rents have risen to the forefront of our attention with the said tenancy arrangement allowing both tenants and landlords to benefit from the arrangement. The tenants’ rent is based on an agreed percentage of their turnover, so affording tenants a little more flexibility when trade is slower and during peak times, both the tenant and landlord benefit. This is one of the key benefits of such an arrangement but we also look at some of the range of additional positives here. The question is, what is the most efficient and accurate way to obtain the all important turnover data on which to base this calculation? In this context, a sophisticated Tenant Management System (TMS) becomes pivotal in managing the agreement. Specialised technology powering your real estate An automated technology system and the correct infrastructure are essential for collecting and collating sales data from your tenants so data is collected and collated with efficiency, accuracy and security in mind. The figures must not be tampered with and should be trasnferred securely to your central system so that you have availibility of real-time insights into how various locations in your shopping centre are performing (we’ll touch on this later). This kind of system will ensure that you are able to perform the relevant calculations based on your tenancy agreements and invoice accordingly. In the fast-paced retail world, the ability to gather and analyse data effectively can allow you to operate successfully and set a shopping centre apart. A Tenant Management System (TMS) from Eurostop automates the collection and analysis of sales data from tenants. Leveraging Data for Strategic Insights This functionality is crucial for understanding consumer preferences and purchasing behaviors. By providing detailed insights through advanced reporting capabilities, including performance analytics and mobile reporting, such a system empowers shopping centre landlords with the intelligence to make informed decisions and strategically tailor their offerings. For example, knowing who your top performing tenants are and also those that are facing more challenges allows you to react and manage your shopping centre in direct response. The right insights will allow you to analyse which type of retailers are generating the most footfall and sales and also how floor and location may be affecting trade. This way you can organise your real estate to generate the best outcome, which will of course be mutually beneficaly to you and your tenants under this agreement. A footwear retailer may be best located in a certain area, while a popular department store may be placed strategically in another. Furthermore, having an automated system affords you retail time insights so that you can also react to any seasonal or special promotions in your centre. Revolutionising Marketing with Digital Integration The decline in effectiveness of traditional marketing channels necessitates a shift towards more dynamic, digital-centric strategies. A robust TMS plays a crucial role here. By utilising the rich data it gathers, shopping centres can develop targeted marketing campaigns that resonate with contemporary consumers. This approach ensures that marketing efforts are not only seen but also engage the audience meaningfully, thereby increasing the potential for higher foot traffic and sales. Personalising the Shopping Experience Modern consumers seek personalised shopping experiences. A TMS enhances this aspect by providing insights into customer preferences, enabling shopping centres to offer custom-tailored experiences. ‘Best laid plans’…although often carefully planned in advance, promotions may be affected from anything from the weather to world events, so being able to see how your promotions are acutally performing in real time will allow you to adjust accordinly, generating the best return on investment. From reactive digital loyalty programs to promotions that cater to real life preferences, the system enables a level of customisation that significantly enhances the consumer experience. This level of personalisation is not just a luxury but a necessity in today’s retail environment to maintain relevance and customer loyalty. Technological Innovations for Modern Retail A TMS needs to be technologically advanced yet user-friendly. Features such as cable-free architecture and cloud-based hosting simplify implementation and maintenance, making it an attractive proposition for shopping centres. Additionally, robust data security measures like SSL encryption and strict user permissions ensure that customer and business data remain secure, a critical concern in today’s digital age. In conclusion, the integration of a sophisticated TMS like Eurostop’s e-mall is more than just a technological upgrade; it’s a strategic move towards reshaping the future of retail in shopping centres. By harnessing the power of data, personalising the customer experience, and embracing digital marketing, shopping centres can not only overcome the challenges of the modern retail landscape but also set new standards in consumer engagement. For more information on how a Tenant Management System can transform your retail space, contact us for a detailed demonstration.
Navigating the Retail Revolution: Retail Management Solutions for Success
In the ever-evolving realm of retail, staying ahead of the curve is paramount for success. As we delve into 2024, the retail landscape is witnessing seismic shifts propelled by technological advancements, changing consumer behaviour, and economic uncertainties. Let’s take a closer look at the key trends shaping the industry and unveil actionable strategies to thrive in your retail environment. Here, the team of retail management solutions experts from Eurostop have collected some tips for you. Harnessing AI for Retail Reinvention AI’s pervasive influence extends beyond conversational commerce to revolutionise inventory management, merchandising, and fraud prevention. Retail giants like Walmart and Amazon leverage AI to predict inventory trends and enhance security measures. By embracing AI-driven solutions, retailers can optimise operations, enhance customer engagement, and future-proof their businesses against evolving market dynamics. Offline Retail Resurgence Contrary to predictions of its demise, offline retail is experiencing a resurgence. With Forrester projecting offline sales to soar to $4.2 trillion by 2028, integrating online and offline channels is essential. Adopting an omnichannel strategy, facilitated by robust retail management solutions like those offered by Eurostop, ensures seamless customer experiences across all touchpoints. Fulfilment Disruption: Embracing Innovation for Expedited Delivery The landscape of retail logistics is undergoing a profound transformation, driven by rapid technological advancements, and shifting consumer expectations. With the rise of e-commerce and the growing demand for expedited delivery services, retailers are facing unprecedented pressure to optimise their fulfilment processes and enhance the speed and efficiency of order delivery. That’s why innovation is key to staying ahead of the competition and meeting the evolving needs of today’s consumers. From drone delivery initiatives pioneered by tech giants like Amazon to autonomous delivery vehicles and robotic warehouse systems, retailers are embracing a wide range of technologies to revolutionise their logistics. Labour Market Uncertainty: The Imperative of Software Solutions The labour market is characterised by unpredictability and fluctuating demands, so businesses must adopt agile HR strategies driven by technology. Traditional approaches to human resource management are often inadequate in addressing the rapid shifts in workforce dynamics. This is where retail management software plays a crucial role. By leveraging advanced software solutions, retailers can streamline their recruitment, scheduling, and training processes. These systems offer real-time insights into workforce performance metrics and training needs, empowering businesses to make informed decisions swiftly. Mitigating Escalating Retail Crime through Technology The prevalence of retail crime continues to escalate, posing significant challenges for global businesses, so the imperative for advanced security solutions has never been greater. From petty shoplifting to organised theft rings, retailers face a myriad of threats that can undermine profitability and jeopardise the safety of employees and customers alike. In response to these challenges, retailers are increasingly turning to technology to bolster their security measures. Advanced surveillance systems equipped with artificial intelligence (AI) capabilities and data analytics play a crucial role in proactively identifying theft patterns and enabling swift intervention. By leveraging AI-powered cameras and predictive analytics algorithms, retailers can detect suspicious behaviour in real-time and deploy security personnel to mitigate potential risks effectively. In addition, using a powerful and accurate stock control system provides transparency and can enable retailers to identify any stock discrepancies and therefore issues as quickly as possible. This goes a long way to affording the opportunity to identify what the problem is and rectifying before there is significant impact. Diversifying Payment Options for Enhanced Customer Experience With the variety of diverse payment preferences these days, prioritising a seamless and secure payment experience is paramount for retailers. Embedded payment processors, seamlessly integrated within comprehensive retail management systems play a pivotal role in streamlining checkout processes while bolstering transaction security. These integrated payment solutions enable retailers to expedite transactions and also instil confidence in customers regarding the safety of their financial information. Additionally, by expanding the array of payment options available to customers, retailers can effectively cater to the evolving preferences of modern consumers. Whether it’s traditional methods like credit and debit cards, alternative options such as mobile wallets and contactless payments, or emerging technologies like cryptocurrency, offering versatility in payment choices ensures that retailers are adapting to the needs of their clientele. This commitment to flexibility not only improves the convenience of the shopping experience but also fosters customer loyalty, demonstrating a commitment to meeting individual preferences and enhancing overall satisfaction. Driving Growth with Deals and Promotions In the current climate consumers are increasingly price-conscious, so the strategic use of promotions and discounts has become essential for retailers aiming to stimulate sales and cultivate brand loyalty. By harnessing the power of data-driven insights, retailers can tailor their promotional strategies to resonate with their target demographic, thereby maximising return on investment (ROI). This approach not only allows retailers to optimise their promotional spend but makes certain that their promotions are aligned with consumer preferences, ultimately unlocking growth opportunities, and enabling retailers to thrive in more competitive markets. Unlocking Revenue Potential through Service Offerings As consumer spending shifts towards services, retailers can capitalise on additional revenue streams by integrating service offerings into their business models. Whether it’s jewellery cleaning services or bike repairs, providing value-added services enhances customer loyalty and drives revenue growth. Social Commerce: Capitalising on Consumer Engagement The explosive rise of social commerce has opened up unprecedented avenues for retailers to interact with consumers and drive conversions. Establishing a robust presence on social media platforms and leveraging innovative features such as shoppable videos empowers retailers to tap into the vast potential of social commerce. By embracing and adapting to emerging social commerce trends, retailers can significantly enhance brand visibility, forge deeper connections with their audience, and ultimately fuel revenue growth. The inherent interactivity and shareability of social media means retailers can create immersive shopping experiences that truly resonate with consumers. Contact us today for cutting-edge retail management solutions, and more Staying atop the retail revolution requires adaptability, innovation, and a strategic embrace of technology. By leveraging retail management solutions like those provided by Eurostop, retailers can navigate the complex retail landscape with confidence and take advantage
Optimising Retail Operations with Retail ERP Software & More
Operating a retail business can be a daunting task, especially in an omnichannel and connected world where a brand’s touchpoints extend across multiple brick-and-mortar locations, internationally, online and on social. However, there are always ways to improve processes. In addition to implementing today’s leading retail ERP software, our team of experts from Eurostop has collected a few more tips, so you can get the most returns. 5 Retail Optimisation Tips 1. Centralise Your Company’s Inventory One essential requirement to improve your retail processes is to centralise your company’s inventory. What this means is having a comprehensive, accurate and single view of all your stock, especially if you manage multiple locations, channels or online stores. This includes knowing what stock, at micro and macro levels, you have available across your entire business and also where exactly it is located. This can be a complex process easily prone to error if you don’t invest in the the correct technology. Without the right system in place you risk having excess capital tied up in dead stock or losing potential sales and disappointed customers. 2. Conduct Regular Inventory Counts Although you may be automating inventory tracking with ERP solutions and implementing other best practices, don’t overlook the importance of conducting a physical inventory check, or stock take, on a regular basis as well. This is required to double-check the actual numbers match with your stock control software and can helps to identify any issues with your processes or sources of shrinkage as soon as possible. There are two ways of performing a physical inventory count, full or perpetual. The former is a full count of everything in your store while the latter is counting small amounts of products on a continuous basis. 3. Inventory Management & Replenishment Processes Implementing efficient inventory management including allocation and replenishment processes will make the most of your valuable stock. Retailers will want to ensure that their product lines, variants as well as units are allocated and later replenished across channels and locations according to demand, so that every single potential sale is maximised. Again, this is where having reliable retail ERP technology is a must because it will also provide you with all the necessary reports and metrics such as KPIs like items sold, product performance, general sales reports, etc. to manage these processes with the correct insights. There are a host of inventory management/ordering tasks you can automate with the right stock control solutions that can help you build your bottom line and even thrive during off-seasons. Additionally, the more processes you can automate the fewer chances of human error and the more efficient and streamlined your business. The investment in the right technology stack soon more than pays off. 4. Focus on the Customer by Automating Key Processes All retailers know that the customer is always the most important person in the room. With empowering technology and automation in place, they can focus better on providing a superior customer service. 5. Ask Customers for Feedback Keep the focus on the customer further and foster meaningful relationships by asking them for feedback via surveys or other communication channels. Not only does this make them feel a more personal connection with your brand, but also provides insight into smoothing and streamlining the in-store (or online) experience. Product reviews are another great way to gain insight and customer feedback, as well as talking to them face-to-face while they’re shopping. Contact us for cutting-edge retail ERP software and more Implementing today’s leading retail ERP software can help boost sales and enhance the customer journey. If you want to explore your options Eurostop would love to speak more about them with you, so contact us online today or call +44 (0) 208 991 2700 to speak to a retail expert.
Festive Season Marketing: How to Get Your Retail Store Prepared
The festive season can certainly bring a boost to your retail establishment’s sales and customer base, especially if you’re well-prepared and offer seasonal incentives. Also worth considering during busy periods like these is how you will keep queues down and make your customer experience as frictionless as possible. Using innovative POS systems to track sales and make the payment process seamless is essential. Here the team of experts from Eurostop has collected some insightful tips, so you can get the most out of this festive season and continue to grow your business. 1. Segmented Email Marketing Using segmented email lists is akin to a tailored shopping experience. It enables personalised communication with different customer groups. For instance, early-bird shoppers might appreciate exclusive previews and early access to promotions, enticing them to shop ahead of the crowd. Deal seekers, on the other hand, are motivated by discounts and would respond favourably to targeted promotions for Black Friday and Cyber Monday. 2. Strategic Festive Offers Determining the objectives behind your festive offers is crucial. Correctly identifying the audience that you wish to attract allows for crafting offers that resonate with their preferences. Understanding what your best customers value can help create offers that stand out, whether it’s bundled products, limited-time deals, or exclusive perks. This not only gets the best return on investment but helps build customer loyalty by demonstrating that you know your customers and are invested in building a meaningful relationship with them. 3. Potent Flash Sales Flash sales inject a sense of urgency into the buying process. By setting up time-limited discounts and changing the products on sale daily, you create an environment that encourages repeat visits. Theme-based promotions enhance engagement and entice customers to return, increasing the likelihood of making multiple purchases. 4. Utilising Email Tools for Targeted Reach Eurostop’s retail system can help build and securely maintain customer loyalty information and marketing preferences which are essential when harnessing the power of email marketing. With precise targeting to the right customers, your promotions land directly in front of the intended audience, boosting conversion rates and customer engagement. 5. Referral Program Power A referral program amplifies word-of-mouth marketing during the festive period or other promotional occasions. Eurostop POS systems simplify this process, making it easy for loyal customers to advocate for your store. Shoppers are more likely to trust recommendations of people they know, so as well as this being an extremely effective method of spreading the word about your brand, this symbiotic relationship benefits both parties, fostering customer loyalty while expanding your customer base. 6. Post-Holiday Engagement Strategies Extending the festive fervour into January by offering exclusive discounts to gift card users creates a seamless transition from the Christmas rush to continued sales momentum. In addition, introducing gamified secret discounts can add an on-trend and fun element to the shopping experience, increasing customer engagement and potentially driving sales. 7. Post-Season Analysis & Refinement Finally, analysing campaign results is crucial in completing the cycle and understanding the effectiveness of various strategies employed during your promotions. For this you will require a retail system that enables you to report on your sales and offer the right insights so that you can adjust future promotions and campaigns accordingly. Making the most of your data ensures that you can continue to grow your business and respond to current trends. Further, segmenting email lists based on customer behaviour allows for even more targeted and personalised communication. Contact us today for advanced POS systems and more By implementing these points in a cohesive and strategic manner, your retail store not only navigates the festive season successfully but also lays the groundwork for sustained growth and customer loyalty beyond the festivities. To learn more contact Eurostop online today or call +44 (0) 20 8991 2700.
5 Tips for Your Retail Store to Conquer Black Friday
Black Friday—the thrilling frenzy that marks the official launch of the shopping season. For retail businesses, this is the moment to gear up, strategise, and ensure a successful ride through the festive rush. Whether you’re a physical store, an online powerhouse, or the seamless fusion of both, the time to prep is now. That’s why the mobile point of sale experts from Eurostop wanted to dive into five crucial tips to ensure your retail venture thrives amidst the bustling festive season. 1. Inventory Intellect Before the Black Friday and festive avalanche hits, take a meticulous inventory check. Regardless of your retail landscape—be it brick-and-mortar or exclusively online—accurate stock knowledge is your superhero. Prevent any glitches in online sales and ensure an ample stash of your star products to seize the season’s potential. 2. Power of mobile POS Mobile point of sale (mPOS) systems allow the acceptance of cash, credit, debit, and gift cards effortlessly, plus staff can walk around the store helping customers and minimising long queues. Many mPOS systems also offer an analytics dashboard for insights into your hottest products and busiest days. 3. Marketing Momentum Fire up your social media engines to spread the word about upcoming sales. Tug at your customers’ curiosity with personalised newsletters announcing exclusive invites. Spice it up with added incentives for your social and email followers, stirring a buzz within your community. 4. Enhance the In-Store Experience Elevating the shopping experience extends far beyond announcing your sales. It’s the finer details that create the excitement. This includes captivating promotional window displays, complimentary samples, and charming little tokens upon purchase that craft an unforgettable memory for your customers. Ensuring your inventory is brimming with essentials—gift boxes, shopping bags, and wrapping necessities—is pivotal for navigating the rush. Also, consider augmenting your customer journey with innovative additions like customer-facing screens at the checkout. Imagine the enhancement a vibrant multimedia rear screen could bring, showcasing exclusive in-store offers or promoting additional services. This not only transforms your customers’ wait time in the queue into an engaging experience but also serves as a prime opportunity for cross-selling your offerings. 5. Go Beyond Black Friday Think beyond Black Friday to Small Business Saturday, Cyber Monday, and Boxing Day, where you can also offer discounts and incentives. Consider introducing a free shipping threshold to nudge customers towards larger orders as studies have proven that free shipping often results in a boost in order sizes. Contact us today for innovative mobile point of sale solutions and more Eurostop specialises in mPOS systems, in addition to today’s leading EPOS software and stock control solutions. Our mobile point of sale system is equipped with the most efficient and innovative technology, making checkout time seamless. With our mPOS solutions, it’s also easy to pull up pricing information, customer purchase history, and much more all at the click of a button. Learn more about how we can help your retail establishment get the most out of this festive season by contacting us online today or calling +44 (0) 20 8991 2700.
How Can an Advanced EPOS System Help Manage Your Jewellery Store?
Whether you own a jewellery brand or manage a store, keeping track of staff and making sure clients are happy and get what they need is key. That’s why having the most efficient retail EPOS system is essential. Not only will it process sales, but it will also help streamline your daily processes, collect customer information, help you manage stock and much more. Here the team of retail experts from Eurostop wanted to share some of the biggest benefits of implementing high-quality retail EPOS systems. Insight into Your Customers’ Buying Habits Arguably one of the most important aspects of retail EPOS solutions is that they help you collect information about customers and their preferences. Furthermore, if you have the right reporting and insights to use this data effectively, you will be able to analyse buying habits and really get to know your customers to build a relationship with them. In store, sales associates can utilise this information to provide a personalised shopping experience, making recommendations for cross-selling and up-selling based on past buying history. Such information can also be used by head office or your marketing department for targeted marketing campaigns, customer loyalty programs, and more. Offering Discounts by Category When people purchase jewellery, they’re often celebrating an important occasion or looking for a special gift. You can take advantage of this by segmenting data and perhaps offering targeted promotions at particular times of the year or discounts which can also be setup and applied automatically at point of sale. Offering promotions in certain stores may also be used to increase footfall in targeted locations. Creating & Tracking Orders Another important advantage of retail EPOS systems is that they can be connected to your central Head Office system and other business applications. With this integrated tech stack you can create records of suppliers and manage and track purchase orders, deliveries and transfers across your warehouse and store estate. This all helps you to record and maintain accurate visibility of your stock to allocate and replenish stores according to demand. Contact us today for information about our retail EPOS systems If you want to streamline your daily processes and increase your bottom line, implementing an advanced retail EPOS system is a must. Eurostop’s connected retail EPOS system is a sophisticated omni-channel and multilingual sales tool designed to help you provide the best customer experience. Specifically designed for fashion, footwear, and jewellery retailers, our EPOS solutions enhance the in-store experience for customers, in addition to providing you with key reporting and insight. In addition to our retail EPOS systems, we also offer best-in-class MPOS systems, mobile retail apps, tenant management systems, fiscalisation services, and more. Contact us online today for a no-obligation demonstration or call +44 (0) 208 991 2700.
What is a Stocktake Count? A Brief Guide
When customers take time out of their day to visit any of your retail stores, the last thing you want is for them to be met by understocked shelves or have trouble finding what they’re looking for, right? That’s one of the reasons why it’s important to have a stock control system in place, but also critically a process for regular audit of your stock. A stock control system can go a long way in helping to provide transparency of how much stock the business holds, however discrepancies can and often do arise, either due to human error or they can be a sign of a deeper rooted issue such as process problems or theft. A stocktake will help you identify any system stock inaccuracies as soon as possible, leaving you to investigate and diagnose the issue before it becomes a larger problem and affects your business more significantly. Having accurate stock levels not only ensures that you minimise the risk of stockouts, but going one step further, it also provides accurate data on which you base your all-important purchasing, merchandising and allocating decisions for the business. Incorporated correctly into your retail inventory routines, it’s a process that enables you to ensure the proper amount of stock in your warehouses, at all your brick-and-mortar locations and ultimately on your shelves; as well as helping to reduce shrinkage. The retail ERP software experts from Eurostop take a look at both a full and perpetual stocktake and what you need to consider when deciding which option is right for your business. What is a Stocktake Count? A full stocktake is where every item of stock is counted and although not strictly necessary, retailers often opt to shut down operations, or to perform the exercise out of hours to focus fully on the stocktake. A manual count needs to be taken for comparison to the system count to determine how accurate the latter is. In order for this comparison to be meaningful, stock movements need to be frozen so that for example, sales or transfers do not distort the figures and the stock can also be counted accurately. Finding an appropriate time and resources for this operation can understandably be a large undertaking, and yet it is imperative that a stocktake does occur on a regular basis to ensure that everything is running as it should. Is There Another Option? In comparison, a perpetual stocktake involves counting a subset of your stock and using this as an indicator of global stock accuracy. This count is also compared to a snapshot of system stock and because it is a smaller operation, it is much easier to perform during trading hours if desired. Since only a sample set of stock is counted it is much less labour intensive, quicker and less disruptive than a full stocktake. Improving Accuracy During Stocktake Counting It’s important to ensure that you have both the right conditions and resources for whichever stocktake option, or combination, you select. Accuracy is key, so distractions need to be minimised and retailers should ensure that they have the right number of staff on hand to take the count. Some vendors also offer solutions that help automate the counting process which involve barcode scanners to assist in identifying and counting your stock inventory. They can then upload the ‘manual’ count into your system for the all important comparison. Eurostop offers a suite of mobile retail apps, which include both full and perpetual stocktakes. A well organised warehouse and or store portfolio also aids in the process. Which Type of Stocktake is Right for Your Retail Operation? When it comes to selecting the right option, it really depends on how your business operates and what kind of product offering you have, but here are some of the considerations: How quickly is it necessary for any discrepancies to be identified? If you have fast moving product lines, then stock discrepancies can be more significant, leading to stockouts. In this case, implementing perpetual stocktakes can help identify any issues before they affect the business. How Accurate is the Stock Control System? If you find that your stock levels are reasonably accurate and that you have well defined business processes, then you may find that an annual stocktake is sufficient for recalibrating your system figures. Alternatively, some retailers may use a combination of both a full and perpetual stocktake in order to keep the retail business running smoothly. What Are the Benefits of Stocktakes? As we have indicated, stocktakes should be an essential part of your stock control processes. They help to keep your retail operation running as it should and offer business benefits including: Increased accuracy of stock levels Reduced stockouts and improved customer satisfaction Smarter merchandising decisions based on accurate data Improved profits by identifying and providing an opportunity to address shrinkage improve product turnover Contact us today for leading retail ERP software and more The retail ERP software from Eurostop comes with a mobile app named SKapp Stocktake that easily allows you to scan and count stock. This stocktake information can then be automatically uploaded to the head office stock control system and compared to ensure total accuracy. Learn more by contacting us online or calling +44 (0) 20 8991 2700 today.
A Guide to Effective Retail Upselling & Cross-Selling
For retailers looking for ways to drive sales and maximise their profits, upselling and cross-selling are both proven techniques for doing exactly that! However, when implementing one or the other, or both, there are some important aspects to consider and ensure you get the most returns. As one of today’s leading retail POS system providers, the team of experts from Eurostop has collected this in-depth guide to help you implement the most effective strategies for your brand. 5 Top Upselling & Cross-Selling Techniques There are a number of upselling and cross-selling techniques that have proven to be effective. However, the perfect strategy for you will depend upon your particular retail sector, the size of your business, and your company’s overall short and long-term financial goals. But here are some great ideas to get you started. 1. Upselling Add-On Services Traditionally, many think of upsells as a term that means simply suggesting additional products to customers during or before they complete their buying journey. However, it’s much more than that. Nowadays, upselling is all about providing value-added benefits and buying incentives. For any products you carry that may include add-ons, special features, or accessories, consider suggesting them to your customers as an extra incentive so they can receive the very best product and brand experience possible. For retailers in the jewellery or fashion sector for example, perhaps you’re also offering monthly courses on cosmetics or creating fashion accessories. Using their purchase as a point to offer perhaps a discount on such courses can provide a further buying incentive that also adds more value to what your customers are purchasing. 2. Exclusive Bundle-Discounts Offering exclusive or limited-time bundle discounts is another great opportunity for your business to give customers something a little extra, as well as provide more of a buying incentive. Perhaps a customer is looking to purchase a single item, but there’s currently a limited-time bundle deal where they can get that item, plus others like it at a discounted price. Again, you’re giving them what they were looking for plus something more, all at a discount. This is a successful upselling technique that can require some finesse on the part of the salesperson because it combines not only value and convenience but exclusivity (the perception they’re getting something they can’t get anywhere else). This is like limited item discounts, where the customer is enticed to purchase a product because of the scarce number of products available, but instead, there’s a time constraint rather than a limited number of products. 3. Always Recommending Best-Selling Items This seems like something that might be stating the obvious, but you’d be surprised at how easy an upsell opportunity can arise simply by showcasing or mentioning a best-selling item or two during the sales process. Recommending your choicest items is a class cross-selling technique that enables retailers to easily make a better sale. It’s also a great choice if a customer has selected a specific item and there are no related items in the same line. However, it’s important to do this after they’ve already made their mind up on purchasing what they came in for. 4. Providing Engaging Product Demonstrations Another way to make the most out of your sales team and really exercise their strengths is by having them perform attention-catching and engaging product demonstrations. What does this mean exactly? When a customer enters your store looking for a particular piece of clothing, jewellery, accessory, or another item, it’s your sales staff’s chance to shine and highlight your brand’s range of items. You can discuss the benefits of particular ones and even showcase some items that might be pricier but offer benefits that are worth paying a little extra for. Showcasing your best products and providing in-depth knowledge of how to meet the customer’s needs through engaging demonstrations also provides your sales team with great cross-selling opportunities. They can also show the customer products that complement the one they have their eye on purchasing. 5. Rewarding Your Customers Loyalty programs are always a great way to get more sales. They provide an incentive for customers to keep patronising your retail business, as well as spread the word about it and refer potential new customers. After a customer’s initial purchase, help them continue their journey with you by rewarding their spending habits and commitment to your brand. There are a variety of ways to do so including providing exclusive discounts or giveaways at certain price levels, or VIP treatment when they’ve made a certain number of purchases such as exclusive access to purchase products prior to their launch, etc. This is where some of the information collected by your POS system will come into handy, such as reports on specific customers’ purchasing habits and how long they’ve been patronising your retail business. How Can Retail POS Systems Benefit My Upselling & Cross-Selling Efforts? Today’s best POS systems facilitate not only an omnichannel experience but also aid in upselling and cross-selling efforts by enabling you to easily process transactions, pull up customer purchase histories, product details, stock levels and use this information to connect with them on a more personal level based on their preferences and purchasing habits. You can suggest items based on their personal purchase history and tailor your sales approach specifically by suggesting a similar item they’ve purchased in the past or one you’ve noticed has a newer model, etc. Additionally, POS systems provide retailers with a deep dive into the data behind your sales approach and will show you how well your upselling and cross-selling campaigns are working, and what needs to be tweaked to optimise sales. Contact us for POS systems, mPOS solutions, stock control, & more For those looking for a streamlined, omnichannel sales solution to boost sales and customer service, contact Eurostop online to learn more about our POS systems and stock control solutions, or call +44 (0) 20 8991 2700 today.