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4 Reasons Why Demand Planning is Vital
When it comes to forecasting and making decisions for your retail establishment, demand planning is key to customer satisfaction and your business’s bottom line. It offers a host of advantages for retailers, so the team of experts from Eurostop has collected some valuable insight for you here. Why is demand planning important? Read on to find out. 1. Proactive Business Decisions Demand planning is a necessity for any retail establishment because it provides your business with visual and actionable insight, especially when utilising effective reporting software. Your company can make better decisions for the future that helps grow your business and predict consumer trends. 2. Helps with Agility When running a retail establishment, finding proactive solutions to problems that arise rather than reactive ones are paramount. Recently, throughout the UK, postal strikes drew many retail establishments to a halt. However, having the proper demand planning system in place can enable your business to adjust to unforeseen events and take advantage of alternative shipping arrangements, thus minimising losses. 3. Increased Customer Satisfaction Doing everything possible to keep customers happy and build trust and loyalty is important. As retail evolves, consumers expect a hyper-personalised experience. Demand planning can help you prepare for big sales spikes and seasonal influxes and avoid stockouts, boosting brand loyalty and keeping your business at the forefront. 4. Reduces Operating Costs Stockouts or having trouble keeping up with customer demand force the need for costly, last-minute stock orders, or worse, losing a customer sale. But demand planning aligns sales and operations, making certain all your business’s offerings are in line with the consumer’s needs. Such planning not only ensures you don’t run out of products but that you’re not paying costly warehouse fees for an influx of unsold inventory due to shrinkage. You can make informed decisions regarding your supply chain and the right planning software can help you save time, as well as money. Contact Eurostop for best-in-class inventory reporting and business intelligence solutions! To get the most out of your retail planning processes, contact Eurostop online today to learn more about our EPOS systems and inventory control solutions, or call +44 (0) 208 991 2700.
Training Retail Staff: 4 Great Ideas
The right EPOS system can unlock a whole range of new opportunities for retail establishments to improve customer retention, make tasks easier forsales staff, and reach the ultimate goal of a connected and hyper-personalised consumer experience. In Eurostop’s experience, a common customer concern can be the ability to maintain operations while the new system beds in. Having a smooth rollout, with minimal disruption to the business, is an important part of the process. That’s why effective training of retail staff is an integral part of migrating POS estates. Here the team from Eurostop offers some leading tips for training your company’s staff members! 1. Train Retail Staff Directly on Your New EPOS System When implementing/renewing POS estates, training retail staff directly on your business’s new system will provide invaluable, hands-on experience and insight into the proper processes. A variety of training resources may exist, such as videos and manuals, but nothing can compare with hands-on experience. When employees begin training, set up the new system exactly the way it will be once it’s implemented and used on the floor. Familiarising staff before migrating systems will build confidence and minimise confusion, as well as queues of customers during the checkout process. 2. Complete Real Transactions on Your Business’s New System After the new retail software is implemented, have retail staff complete some real transactions to ensure they feel comfortable. Test it by completing different purchases and processing different types of payments, transactions and POS lookups to provide a valuable learning experience. The best EPOS systems allow for simulations of different situations, such as declined credit card payments and other things. This way they’ll already know how to troubleshoot issues. 3. Provide Retail Staff Time to Acclimate Themselves You must provide your business’s retail staff with the proper amount of time to acclimate themselves to your new POS estate, rather than simply throwing them behind the cash register. Part of the training process is developing the right muscle memory to easily perform tasks like ringing up purchases or processing returns. It may be necessary to spend individual time with retail team members who are struggling more than others to adapt. 4. Ask for Retail Staff Feedback After you’ve implemented and begun using your business’s new EPOS software, ask employees for feedback. Are there any problems that are arising either individually ot across the board? It may be that further training is required, potential features are not being used to their maximum potential, or that your POS vendor may be able to assist in customising the system for any particular requirements that you have. What are some of the benefits your employees are seeing? This can help your retail establishment implement the best system and tweak it to make it easier for staff to use. Contact Eurostop today for a no-obligation demonstration! If you’re thinking of migrating to a modern POS estate, Eurostop can help make the process seamless by providing training and support. Contact us online today to learn more or call +44 (0) 208 991 2700.
How to Maximise Your Business’s Retail Digital Marketing Campaigns
Like most sectors, the retail industry is undergoing a major digital transformation and it’s essential for businesses to maximise their digital marketing efforts in order to remain relevant and competitive. Customers want a hyper-personalised approach and digital marketing can help retailers deliver it. The right digital marketing campaign can boost brand recognition, drive website traffic, and increase sales. Let’s review the essential strategies your business can use to maximise its retail digital marketing strategy. Retail Digital Marketing Explained The lines between digital and offline retail are blurring, and with that, retail digital marketing has become both more important and more complex. Retailers must create campaigns that are tailored to their target audiences, leveraging all the digital channels available to them. This includes creating a strong presence on social media, optimising content for search engines, and using targeted email marketing to forge stronger connections with consumers. Employing Digital Marketing to Pull Shoppers into Physical Locations In today’s digital world, retailers must use digital tactics to bring shoppers into their stores. This can be done by creating engaging content that drives customers to in-store events, offering exclusive deals and promotions on their website, and leveraging location-based marketing tactics to target nearby customers. Digital Strategies Can Be Used to Improve the In-Store Experience Retailers can also use digital marketing to improve the in-store experience and strengthen customer loyalty. This can be done by offering free Wi-Fi in stores, providing interactive digital displays, and utilising technologies like beacons to provide customers with personalised messages and promotions. Consumers & Smartphones In-Store Retailers must also understand how consumers are using their smartphones in stores. According to a recent study, over two-thirds of shoppers are using their mobile devices to search for product reviews, compare prices, and search for discounts. Retailers can take advantage of mobile technology to provide customers with an engaging, seamless shopping experience. Use Email Marketing for Personalised Campaigns Email is one of the most effective digital channels for personalising customer experiences. By leveraging email marketing, testing and analytics, retailers can create targeted campaigns that are tailored to the individual needs of their customers. This can include sending special offers and discounts, providing product recommendations, and sharing content which enhances your product offering. Mobile Experiences Drive Successful Sales Funnels The mobile experience defines success in retail. Retailers must ensure their websites are optimised for mobile and that they have a mobile app providing customers with a seamless shopping experience. This includes investing in technologies like responsive design, mobile commerce, and push notifications. Shoppers want to interact with your brand in the most convenient way for them at any given time (be this online or offline), so brand touchpoints must be connected, seamless and slick for a great omnichannel experience. Top Ideas for Retail Digital Marketing To stay ahead of the curve when it comes to digital marketing here are some digital marketing ideas for your retail business: Branded Hashtags Hashtags are how social media categorises certain posts. Your business can use them to sort and organise its tweets or posts and make it easier for customers to find your posts and products. To create a great branded hashtag, take into consideration some of the things your customers might be searching for when they use social media. Live Video Feeds Live videos are a great way to engage with customers and build a loyal following. Your business can use live videos to show off new products, answer questions, or give a behind-the-scenes look at your store. This will help your company create a more personal connection with your customers and give them an inside look at your business. Seasonal-Specific Posts Take advantage of holidays and special occasions to create exciting posts on your business’s social media channels. This could include offering discounts, special sales, or even hosting contests and giveaways. Not only will this help build interaction, user generated content and brand loyalty, but it will also encourage repeat customers. Create & Build Facebook Groups Facebook groups are a great way to create an online community for your business’s customers. Use your retail company’s group to share tips and advice, answer questions, and even promote your products. Contests for Product Giveaways Contests and giveaways are a great way to drive engagement and get consumers talking about your brand. Your business can use contests and giveaways to promote new products, reward loyal customers, or simply generate more interest in your business. Use Videos & GIFs in Content Videos and GIFs are great ways to engage with customers and make posts more exciting. Your business can use videos and GIFs to showcase new products, give customers a behind-the-scenes look at your business, or do something more creative and fun. Send Promotional Emails Regularly Promotional emails are a great way to keep customers updated on new products and promotions. Use emails to offer discounts, provide product recommendations, how they can make best use of your offering or simply keep customers in the loop about what’s going on in your store. Create & Display Employee Spotlights Employee spotlights are a great way to provide customers with a personal connection to your business. You can use employee spotlights to showcase the people behind your retail company and put a personal face on your brand. Contact Eurostop today for a no-obligation demonstration There are so many synergistic strategies available for retailers to combine digital marketing efforts for online and in-store sales. Your business can further maximise its return on its marketing investment by leveraging the powerful EPOS and mPOS solutions from Eurostop that support your services. These solutions allow your business to easily manage customer data, process payments, and control inventory, creating a smoother and more efficient buying experience. It also enables your business to gain valuable insight into the customer journey. Contact us today for a no-obligation demonstration or call +44 (0) 208 991 2700.
What is Retail Marketing? Some Effective Strategies
Retail marketing is a type of marketing strategy that focuses on the promotion of products and services to consumers through retail outlets. It is an important part of a business’s marketing strategy, as it not only helps to drive sales but builds brand awareness and loyalty. There are numerous types of retail marketing tactics that can be used to reach consumers in different ways. Let’s explore these strategies and a few examples of successful retail marketing campaigns. What is Retail Marketing? Retail marketing encompasses all efforts aimed at promoting products and services to consumers through retail outlets. The four main channels of retail marketing are product, price, place, and promotion. Product refers to the actual product or service being sold, price refers to how much it costs, place refers to where it is being sold, and promotion refers to how it is being promoted. By leveraging these four components, retail marketers can create effective campaigns that target their desired audience. Product Marketing any product requires careful consideration of how it is positioned in the retail sector. This involves analysing price points, features, and benefits. Additionally, product packaging and labelling are important, as they are part of the product experience and create a memorable impression on consumers, differentiating your business from the competition. Price Price plays a key role in retail marketing. It’s the main factor that drives consumer purchasing decisions. Pricing strategies should be carefully planned to ensure that your business’s product can be competitively priced while still providing a profitable margin. Also, accounting for the price sensitivity of your business’s target audience and how it affects their purchasing decisions is vital. Place The distribution of a product is an important part of retail marketing since it determines where the product will be sold and how easily accessible it is. This includes verticals like geographic location, physical stores, online stores, and any other channels where your company’s product is available. Physical location and in-store merchandising are extremely important for drawing in new customers and fostering loyalty among existing ones. Promotion Promotion is the most visible part of retail marketing. It informs consumers about your business’s product and encourages them to purchase it. It encompasses traditional methods such as print, radio, and television ads, as well as digital methods like social media, search engine optimisation, and email campaigns. Types of Retail Marketing There are a variety of types of retail marketing to consider for your business, each with its own advantages. Store-Based Marketing Store-based retail marketing consists of all the marketing efforts your business implements in its physical retail location designed to market to existing/repeat customers and walk-in customers discovering your business for the first time. Samples Giving away product samples can provide a more personalised marketing approach, enabling customers to try out a product and inspire them to purchase it, generating new users. Events Holding in-store events draws attention to promotions, can create buzz around your brand, and bring more customers in to experience your business’s products and services. In-Store Displays & Presentations Attractive, in-store displays of products can draw attention to them and help forge a connection with consumers by creating an engaging shopping experience. Digital Interactive Boards Interactive boards can be used to display information about products, services, and promotions, keeping all your new and current customers up to date. In-Store Promotions and Deals In-store promotions can help to drive footfall, sales and create loyalty among customers. One of the most effective in-store marketing strategies is to put promotional advertising on the customer-facing screen of your business’s point-of-sale system. Non-Store-Based Retail Marketing Non-store-based retail marketing comprises all the marketing efforts that your business implements outside of its physical retail locations. Common non-store-based retail marketing strategies include direct mail, posters, TV ads, press releases, and word of mouth. Implementing a customer loyalty program built into these efforts is a good way to offer a personalised experience to consumers and forge a deeper connection. Additionally, all customer marketing preferences should be thoroughly tracked to ensure GDPR compliance. Direct Mailing Direct mail should be tailored and hyper-personalised for current customers and include promotional offers and information about new products/services. Physical Posters Posters can be used to advertise products and services in public places. TV Advertising TV ads can be used to reach a wider audience and create awareness about your business. Press Releases & News Articles Press releases can be used to give news outlets information about new product releases and in-store events. Word-of-Mouth Sales Word of mouth and brand ambassadors can be a powerful tool to spread information about your business. Digital Retail Marketing Digital retail marketing comprises all the marketing efforts a business implements through digital channels, such as websites, social media, and email. Engaging Website Design A website displays information about your company’s products, services, and promotions, enabling customers to explore more in-depth information on the products they are interested in. It also offers an opportunity for you to provide information on your brand, vision and ethics. Knowing that shoppers are purchasing from a retailer that supports their own lifestyle choices and is trustworthy and provides reliable customer service can be the differentiator when deciding whether to make that purchase. Social Media Marketing Social media marketing will reach a large audience and boost your business’s interaction with past, current, and new customers. Text Message Marketing SMS marketing can be used as an additional way to send out promotional offers or information about new products. Most people have their smartphones on hand throughout the day, so this channel offers a quick and instant method to get your message across. Sending Email Newsletters Email marketing is one of the most effective marketing methods because it targets customers that may have signed up to receive communications and are already interested and in your business’s sales funnel. The ROI for email marketing is also extremely high. In the UK, for every 1 pound spent on email marketing, a business can expect a 35.41-pound return. Examples of Successful Retail Marketing Campaigns Apple’s
An In-Depth Guide to Creating Your Own Price Penetration Strategy
In the simplest of terms, price penetration is when a retailer offers a new product at a lower price at first to grab the attention of consumers. This helps stores get customers through the door quicker and can attract a lot of initial attention. Of course, it’s a bit more involved than that but the right strategy can generate huge returns for retailers. That’s why omnichannel retail EPOS experts from Eurostop have compiled this in-depth price penetration guide for you here. What’s the Difference Between Price Penetration & Price Skimming? Before diving too deep into the details, it’s first important to understand the difference between price penetration and price skimming. Although they’re both ways to introduce new products to maximise profits, penetration pricing is when a retailer sells products at lower prices to first build a customer base, resulting in lower profit margins but heavier sales volumes that balance out the lower pricing strategy. As the increase in demand for the product rises, your business then raises the price accordingly. Price skimming is best used when your business has already piqued the interest of current or potential customers for a particular product. It entails charging a higher price at the very outset to maximise the profit potential, then slowly lowering the price to bring in added customers. What Are the Goals of Penetration Pricing? With the current cost of living crisis and supply chain challenges, consumers are looking to make every penny count, while retailers will want to build and maintain their customer base.There are several advantages to penetration pricing including: Building Brand Loyalty: Attracting new customers and keeping current ones is all about building brand loyalty. Your business can capitalise on penetration pricing by offering loyalty programs with the first purchase of a product. Additionally, by providing rewards and discounts you can offset product prices without lessening their value, since it will inspire consumers to spend more, giving you more returns over time. Capturing Market Share: According to the Law of Demand theory, penetration pricing helps retailers capture more of a market share by securing more customers and making them think they’re getting more for less. It’s a great way to introduce new products in an already saturated marketplace with similar products to the one your business is launching. Drawing Customers Away from the Competition: Another added advantage of penetration pricing is that it helps your retail establishment remain competitive. With lower prices, your business can draw attention away from competitors to your brand, which is offering the same product at a higher price. Your company can capture the consumer’s attention, then entice them with some of the deals and discounts mentioned above to further build a loyal customer base. The Advantages & Disadvantages of Penetration Pricing PROS: Attracting more customers Decreasing the competition Lowering costs Boosting brand loyalty Enhancing market leadership CONS: Getting into possible price wars with competitors Upfront costs Poor brand perception (being seen as a less premium brand due to offering lower prices) What are the Keys to Implementing a Successful Price Penetration Strategy? Avoiding Price Wars If you do find your business’s brand involved in price wars with competitors, you can avoid falling into such a trap by being upfront about your intentions and offering to match competitor prices or revealing your product’s cost advantage. It’s also important to convey the quality of your product and how it’s different than that of competitors. This often involves lauding the lesser-known features of your product that sets it apart. You can also offer bundled pricing, loyalty programs, and promotions. Building Long-Term Loyalty Once your business has attracted the attention of customers and they’ve purchased your new product, it’s important to start strengthening your relationship with them and building brand loyalty. This means providing the best customer service possible, in addition to segmenting and hyper-personalising customer experiences. Also, enable customers to leave feedback, whether it be positive or negative, and respond to that feedback. Lastly, promote shared values to forge a personal connection with your customer base. Making Certain There’s High Demand for Your Product Ensuring there’s a high demand for the product you offer is key for a successful penetration pricing campaign. This means that your prices aren’t perceived as cheap but simply lower in terms of the value in the overall market. This means that price penetration strategies will always work best in markets that are price sensitive. To have a successful price penetration campaign, your business will have to sacrifice profitability at the forefront, so it’s essential that the product you’re offering is in high demand to make up for any financial losses at the outset of your launch. Contact us today for a no-obligation demonstration If you want to launch a new price penetration strategy, the team from Eurostop can provide you with all the tools you need to make it a success. We offer today’s most innovative EPOS systems, stock control software, mobile POS solutions, and more. Contact us today for a no-obligation demonstration or call +44 (0) 208 991 2700.
Planograms & Their Role in Visual Merchandising
Also referred to as retail schematics or shelf-space plans, planograms are a tool that retailers use when planning their store layout, placing special emphasis on their point-of-sale (POS) locations and product placement. As one of today’s leading retail EPOS providers, Eurostop wanted to detail how a planogram can help streamline your processes and boost your bottom line. How are Planograms Used? Firstly, it’s important to understand precisely how planograms are used in the retail management process. Planograms are most often used by larger retailers with ample floor space and storage in their brick-and-mortar stores, however, even if you’re not a large franchise or big-box company you can still draw inspiration from them to help you organise your products and services. Some of the most important aspects of a planogram include showroom organisation, product packaging dimensions, product turnover, and shelving layout. There are six different types of planograms that you can take advantage of, such as: Product placement based on margins Product placement based on commercial status Product placement based on market share Vertical product placement Block product placement Horizontal product placement The right one for you will depend upon your needs, the layout of your retail stores and what you hope to accomplish with your planogram. What Are Some of the Benefits of Retail Planograms? When it comes to your retail stores, using planograms for management and planning purposes offers a host of benefits including: Maximising Your Space One of the foremost advantages of using planograms is that they help you get the most out of your valuable retail space. Ensuring your space is well-organised means that you’ll be running a cost-effective business and helping offset rental costs. Additionally, it enables more effective inventory control and management, as well as provides those that work with third-party vendors rules and guidelines for the space they’re allotted. Maximising Sales The main goal of any retailer is to find innovative ways to increase sales in an easy, efficient manner. Planograms enable you to do exactly that by providing key metrics for your sales and the success of your product display strategies. By implementing planograms over the long term, you can gain insight into what type of product placement works best for your customers and gets you the most returns. It enables the knowledge needed for strategic product placement, such as displaying more expensive items at eye level to attract the consumer’s attention. Planogram Compliance & Resets Before going any further and creating your own planogram, it’s important to understand what planogram compliance means, as well as what a planogram reset entails. The former is quite simple, it means sticking to the plan laid out by your planogram; the latter is when a retailer implements a new planogram that requires extensive layout and display changes. Creating Your Own Planogram There are several ways you can create your own planogram. The right one for you will depend upon your retail goals and the processes you already have in place. The three best ways to execute a successful planogram are to: Use Planogram Software: There is a variety of planogram software available for retailers that want to try their own approach to the process. Some offer free services limited by the number of products, and there are also paid planogram programs that provide more extensive solutions and are designed to be user-friendly and easy to implement. Consult with an Expert: There are many consultants that specialise in creating planograms for every type of retail establishment. For companies that don’t feel it’s necessary to hire an in-house planogrammer for their needs, hiring a third-party one can often provide great results and be more economical. Many employ tactics like behavioural research and buyer persona analysis to provide the best results. Hiring a Planogrammer: A dedicated planogrammer performs services specifically based on your sales goals and customer behaviour. They’ll be able to create a customised retail planogram specifically for your business and goals. Additionally, they’ll also have the insight and visual merchandising expertise to make your retail establishment a success. Key Components of Your Planogram There are some important things to include in a comprehensive planogram. You’ll also need to be able to read it properly if you didn’t create it yourself and instruct your staff on its execution. Firstly, your planogram should include dimensions for your entire store, such as shelves, aisles, and displays. Be precise about what type of display will be used for each section, whether it be slat walls, bins, or other fixtures. Additionally, your team should be aware of what products go where. You should be as detailed as possible and include everything from sizes, pricing, and packaging to shelving details. Always make sure that your team understands your planogram and how it can provide them with insight into how to best help the customers that visit your store. Contact Eurostop today for retail EPOS solutions, inventory control, and more When it comes to helping your retail establishment excel, Eurostop offers a host of tailored solutions for your needs. We provide inventory control solutions to manage your merchandise, mobile POS solutions, business insight and reporting software, and more. Our clients range from independent retailers to large companies with more than 12,000 locations, all around the world. Contact us today for a no-obligation demonstration or call +44 (0) 208 991 2700.
What is an Inventory Report & How Does it Benefit Your Retail Business?
When it comes to running a growing retail establishment, having the right tech stack in place to monitor your performance and processes is essential to your success. In addition to having the proper EPOS system in place, investing in the right inventory control and reporting software is also key. That’s why the team of retail EPOS and stock management experts from Eurostop has collected some important information for you here regarding inventory reports. What Exactly is an Inventory Report? In the simplest of terms, an inventory report is designed to provide you with real-time data regarding your company’s current stock position. They can provide your enterprise with transparency of how much stock you currently hold, where it is and how your products are performing at any given time. Furthermore, inventory reports are essential for forecasting and planning purposes and making certain you always have your shelves stocked with your best-selling items for consumers; and importantly avoiding dreaded stockouts. How Often Should I Check My Inventory Reports? There are various types of inventory reports, so the right options for you will depend largely on your specific outfit and your needs and goals for the future. Your retail business relies on having the proper inventory to meet customer demand and to be able to stock up for future consumer influxes (such as promotions, special events or the holidays). It’s vital to review your inventory reports regularly in order to have a clear outlook on every aspect of your business. Such reports need to be data-driven and provide metrics both at the micro and macro level. How Do I Customise My Inventory Reports? With a reliable stock control system, your inventory reporting may be customised. However, if you want to get relevant insights and make sure they are as comprehensive as possible, some important must-haves key metrics will include: Building a List of Products/Assets Often, at least some of this information can be exported easily from a retailer’s POS system and will include the most basic information on your products, such as the number of available units on the floor and stocked elsewhere (including different locations), as well as different variants, prices, SKU numbers, etc. With proper Inventory Reporting, you can tailor your product list to be more precise and give you the exact outlook you need. This may involve adding reporting data that is relevant to your business and how you operate, or being able to drill down to analyse information at the correct level. Develop a Timeframe A reliable stock control system will enable you to report on everything from annual data to hourly data if necessary. Your inventory data could be extensive but it’s important to select a suitable timeframe to report on so that you can gain meaningful insights. When comparing seasonal inventory reports, be sure to account for influxes due to seasonal holidays and sales, promotional days, etc. Furthermore, to analyse growth or perhaps the effectiveness and return on investment of various strategies or promotional campaigns, it is also important to mine data across comparable date ranges. Run the Numbers After you’ve outlined your scope, it’s time to use your stock control software to generate the reports you need. For more general inventory analysis, you may want to start with one of the automated reports offered by your inventory control system to become familiar with how the process works. You should be able to generate reports to outline specific areas for growth or identify low periods of sales or other inventory issues, such as shrinkage. It may also be able to create customised or more complex reports to identify trends for your particular business. How Often Should I Run an Inventory Report? Like the section above, there’s no hard and fast rule here for when precisely you should run an inventory report. However, it should be done regularly with some general recommendations for doing so, such as: On a Weekly & Monthly Basis One way you can make certain that you’re optimising your business’s performance and supporting your teams at every level is by generating weekly and monthly inventory reports. Doing so can, for example, provide vital information to sales managers on the floor, in addition to giving you an overview of how your business is doing. You can track sales trends on a weekly, monthly, and quarterly basis. After Holidays or Busy Selling Seasons By automatically generating inventory reports after holidays and busy selling seasons, you can not only determine how the occasion affected your sales, but also how much your business has grown over the years. You can also identify any stockouts so that you can better understand your product offering and demand. Armed with this valuable information, you are then able to manage your most valuable asset, your inventory, better. Such tools are also great for marketing purposes and determining what sold a particular year and what didn’t, enabling you to respond and adjust your marketing plans accordingly. Specific Reports Based on Your Operations Inventory reporting is a great way to take a look at your general operations to determine if any business processes need review or changing. They enable you to identify any issues before they become too much of a problem and make the necessary adjustments. Take a look at how often you’re ordering items, whether you are ordering too much or not enough and whether your allocation is meeting shopper demand across your POS estate. Different Types of Inventory Reports to Generate As previously mentioned, there are a wide variety of inventory reports your stock control system will be able to generate, some of the most common being: Stocks and Sales Reports Product Performance Reports Target Stock Reports Turnover Reports Replenishment Data Comparative Analysis Reports Contact Eurostop for best-in-class inventory reporting and business intelligence solutions For today’s most innovative inventory reporting solutions for your retail business, Eurostop provides a range of products to meet your needs. Additionally, we also specialise in mobile retail apps, business insight reporting software, fiscalisation
Modern Retail Store Counter Ideas to Increase Sales
Running a retail store can be difficult, but with the right tools and set up, it can be a lot easier. One of the most important tools, and a key brand touchpoint is your point of sale, or shop counter. This is one of the main locations where your customers will interact with you, and you want to make sure it’s as welcoming and pleasant an experience as possible. Here are some modern shop counter ideas that will help increase sales for your business. Keep it Sanitary As a result of the COVID pandemic, one of the most important things you can do for your shop counter is to keep it clean. This means regular dusting and vacuuming, as well as wiping down the surface with a suitable sanitising solution. Providing a reassuring environment for customers to shop in can go a long way to encouraging more footfall in your physical space, especially with the recent competition from online retail. Use Visual Merchandising Your shop counter is the perfect place to showcase or upsell additional merchandise. Use it as an opportunity to do some visual merchandising and make sure your products are looking their best. This could entice customers to make a last minute decision and increase their basket spend at point of sale. Additional ideas for visual merchandising include using promotional signage, displaying items in creative ways, and adding props that complement your products. Promote Your Store’s Loyalty Program If you have a loyalty program for your store, make sure to promote it at your shop counter. This is a great way to encourage customers to sign up and start taking advantage of the benefits. Aquiring new customers is important but it has been shown that repeat customers generate more sales for a business. Loyal customers make more purchases, are easier to sell to and often promote your brand for you. There are two steps to promoting a loyalty program at your shop counter: Make sure the loyalty program is prominently displayed on the rear screen of your POS system. Make sure your staff is knowledgeable about the program and have the right technology to capture new customers, their information and marketing preferences (a GDPR compliant POS system is essential). This will help ensure that customers are more likely to sign up. Use a Modern Point of Sale System Finally, make sure you’re using a modern point of sale system at your shop counter. The right technology and information at till point along with a range of payment options will facilitate a quick and efficient checkout process, allowing your sales staff to concentrate on interacting with your customers. Speeding up payment means less queuing, which can be a potential cause of lost sales, and improving the customer experience at this touchpoint can encourage customers in store. Implement Your Shop Counter Ideas, Starting with Your Point-of-Sale System from Eurostop Now that you know some modern shop counter ideas, it’s time to start implementing them in your own store estate. And there’s no better place to start than with your point-of-sale system. Eurostop has a wide range retail software and system solutions that can be tailored to your specific needs. Contact us today to learn more and schedule a call.
Want to Increase Sales in Retail? Here’s Your Guide
Want to Increase Sales in Retail? Here’s Your Guide Retail sales managers have their work cut out for them. With the changing retail landscape now spanning multiple channels and international borders, retail has never been so competitive and consequently, retailers are under pressure to be on top of their game and to look for new and innovative ways to increase sales. Luckily, there are several strategies that have been shown to be effective in increasing retail sales. Let’s explore how to increase sales in retail, with both general tips as well as specific tactics that can be used depending on the industry you’re in and the business you run. Develop Star Employees The best thing you can do right off the bat is to hire and develop stellar employees. After all, they are the face of your brand and are one of the key touch points with your customers. A knowledgeable associate who is passionate about your products and what your brand represents can be invaluable in growing a loyal customer base. There are a few key things you can do to make sure you’re hiring the best of the best: Make sure your job postings are clear and concise. Screen candidates rigorously. Look for passion and potential. Create a positive work environment. Once you have your star employees in place, it’s important to nurture and develop their skills. One way to do this is to put powerful tools in their hands to maximise productivity and success. With a top-notch POS system and stock management, they’ll be able to handle more sales while making sure customers are satisfied. Social Responsibility Works With recent global events, such as the COVID pandemic, conflict in Ukraine, supply chain issues and rising cost of living, retailers are under pressure to review their business processes and reduce their environmental footprint. ESG (Environmental, Social and Governance) principles in retail are extremely important because: They can help attract and retain customers – Customers are increasingly interested in where their money is going and what it is supporting. Socially responsible companies often have a loyal customer base who appreciate their values. They can improve a company’s performance – Many studies have shown that companies with strong ESG performance often have better financial performance than those without it. They drive change through technological innovation – Ethical material sourcing and manufacturing, as well as technologies like digital receipts, make every step of the retail process more convenient for customers, and better for the world. Are You Selling the Right Products? If you really want to know how to boost your sales, check to make sure you are selling the absolute best products. With the right technology, such as a specialised retail stock management and ERP systems along with POS solutions, you will have true visibility and accuracy of what is selling best so that you can optimise your merchandising and sales strategy from there. Using connected retail systems will afford you a single view of stock, best enabling you to provide an omnichannel customer experience, with a holistic view of how your retail business operates. Pair it with other innovative in store technology, like MyShoppr and you can enhance the in store experience further, catering to the digitally native, mobile and on demand consumer generation. Start Growing Your Sales Now with Eurostop. If you’re still wondering how to increase your sales in retail, Eurostop has the answer. Our retail ePOS and mPOS systems for fashion, apparel, jewellery and more can increase your sales and put you on track for growth in every area. Contact us today for a free demo.
Why All Businesses Should Have a Modern ePOS System
Why All Businesses Should Have a Modern ePOS System If you’re a business owner, then you know that there are a lot of complex, interlinked, and variable processes to maintain to ensure that your business runs smoothly. You have to make sure that your products are in stock (and conversely that you don’t hold too much stock), that your employees are doing their jobs correctly, and that your customers are receiving the best omnichannel experience. One way to facilitate this, and also make your life a little bit easier, is by implementing a modern ePOS system into your POS estate and retail business. Here are the benefits of retail ePOS systems and why every business needs to use them. Rapid Transactions Your business will be able to serve customers much more efficiently with an up-to-date ePOS system. An intuitive and connected retail system will let your sales associates process transactions quickly and easily with fewer mistakes, with the correct information available at the point of sale to provide the best possible customer service. This also means that you’ll be able to make more sales, which will boost your business’ productivity and bottom line. Additionally, there will be fewer mistakes per transaction, which brings a host of benefits. First, you’ll save time since you won’t have to go back and fix errors or have inaccurate data. Second, you’ll avoid the hassle and cost of returns or exchanges. Finally, your customers will be more likely to have a positive experience with your business, which could lead to repeat business or referrals. Improved Reporting You’ll be able to track your sales data more accurately with a connected ePOS system. With the right tools, this valuable data can provide a wealth of information, enabling you to make informed decisions about your business. For example, a well-designed retail and reporting system can allow you to report by attributes such as season, or level in your hierarchy. That way you can see how well certain categories, such as T-shirts, are selling – with options to report down even to colour and size variants. See what is selling well and what cover you have so that you can adjust your purchasing and merchandising accordingly. You can also use customer loyalty data to improve your marketing efforts or target specific discounts or upselling opportunities. This is particularly important as retail evolves and consumers expect a hyper-personalised service. Productivity Benefits Spread to Other Areas Once you’ve implemented a modern ePOS system, you’ll start to see productivity benefits in other areas of your business as well. For example, your employees will be able to spend more time helping customers, since the right technology will empower them, providing the best platform and data to enable them to focus on the customer experience. Additionally, you may find that you have more time to focus on other aspects of your business since the ePOS system will be handling a lot of the grunt work. Retail ePOS Systems from Eurostop Are Perfect for Fashion and Footwear Retailers At Eurostop, we offer retail ePOS systems that are perfect for fashion, footwear, and lifestyle retailers. We have a wide range of products to choose from, so you can find the perfect system for your business’s needs. Contact us today to learn more about our retail ePOS systems and how they can benefit your business. We offer no-obligation demonstrations, so you can see for yourself what a game-changer this is for your business. Contact a retail specialist now