It is time that we did something for the environment and now we are finally doing something. It has been noticed that the growing number of retailers who emphasize on the fact that you carry your own bag while going shopping is increasing rapidly. Is this something good or bad?
Imagine this. You own a retail clothes outlet. A customer buys an expensive shirt. Two days later he is back complaining about a stain or the fit or a torn button. He returns the garment and gets his money back. You end up with a shirt which you either put on sale or discard completely.
Or think about this. A man walks into your shop with a pair of jeans and a receipt. He shows you some defects in the jeans. You have no choice. You have to refund the money to the man and throw the piece of clothing away. Then you find out that the receipt is a fraudulent one.
Or worst case. Your employees just make a return entry of existing stock from display rack and pocket the money.
In either case, you lose money.
These instances are called sales return fraud. There are various other ways of swindling your business for money.
Now, if you are using a point of sale (POS) software, you can use it to prevent these losses from occurring. Here’s a look at how you can make your POS software and ally in sales return fraud prevention.
POS software will help you track your return statistics
You can be sure of return fraud occurring by checking a few things:
- Sudden increase in the return rate
- More number of returned items have to be discarded
- The number of items returned that can be resold has gone down
POS software features can easily track down this information. Additionally, you can stop store employees from committing this crime.
POS software enables you to print digital signatures
Another cause of return fraud is when stolen merchandise is returned for cash or gift coupons. If you have digital receipts, the returned item can be verified. If there is no such receipt, then you are sure to have a thief on your hands.
It is easy to train the staff to use the POS software to check for digital receipts. This would allow you to have less strict return policies. Customers would remain happy.
Posting notes against customers in the POS software
The POS software can display special notes or reminders about customers. Now, if you have a customer who is a habitual returnee, you can always check the items returned closely and follow return policies.
Using a “Exchange module” of POS software to counter fraudulent return
In apparel retail store, it is common that customer comes back asking for changing this size to that size or changing this color for that. POS software can be programmed where it can scan the item to exchange AND then scan the new item. This will help you know what's going on. And this will also help the cashier to handle the case.
So, if you have a retail store business and you are constantly disturbed about sales return frauds, stop worrying. Make your POS software an ally and you can sleep peacefully knowing that your business is safe.
Thursday 24-Nov-2011 is a historical event for Indian retail industry when the Union Cabinet has decided to allow up to 51% FDI in multi-brand retail. It also increased the FDI limit in single-brand retail to 100% from 51%.
This is how Indian government thinks of FDI
- Common people: It will create up to 10 million (100 lakhs) jobs in next 3 years
- Farmers will get more than 12-15% of the consumer price they get for fruit and vegetables. 70% of retail is in food items and these are mostly sourced locally. Government will have the first right over procurement of farm produce.
- Consumers will get products at cheaper prices, as competition will bring down price. → Continue
Many a times, we have asked people what time do you close your shop? They say actually we close the sale at 8 pm but close the shop by 9.
Why? We need time to do the cash balancing.
Cash drawer balancing seems to be easy at first. It’s only when you actually sit down to do it that you realise that you could use some help. One mistake and you have to start all over again! That’s a real bother.
While there are a number of technologies which can help make our jobs easier, we sometimes don’t trust them enough to actually try them out. Most people find them too complicated to understand. However, in today’s day and age, you have to go with the times. Not being technology savvy can work to your disadvantage.
Retail Management Software helps you to handle your cash when balancing the cash drawer. The cash count always takes place at the end of the day – the time when you are exhausted and tired. In such a state, you can end up making mistakes unintentionally. That’s why it is always a better option to use a Retail Management Software to handle your cash drawer balancing.
A few tips which you can follow when managing your cash by using a Retail Management Software are:
- Choose the software carefully to suit your needs. If you need the software to record sales according to employees, make sure this facility is available before using the software. It allows an employee to conduct himself or herself in a responsible manner and reduces the errors which can otherwise be made.
- Make sure that the amount which is given by the customer is entered. This makes the job easier for the employee. It also reduces mistakes while returning the change.
- When you are managing the cash and balancing it, make sure there are certain rules which are maintained. For instance, rules for handling notes must be established and upheld.
- Make sure that the cash is kept in an orderly way inside the register drawer. If you keep the drawer messy, you will have problems when it comes to sorting out the notes later.
- Finally, in order to secure the safety of your money, keep an upper limit for the cash count, above which a trusted person should be given the responsibility to count.
By following these simple guidelines, you can make cash counting an easier job.
Avoid wasting too much time on handling cash drawer balancing. The FusionRetail software has been created in order to make the task easier for you – check out a free demo version.
A store can increase profits through various ways. Cutting down on overheads or increasing the margin between buying and selling prices are just two of them. Another tried and tested method of increasing profit is to boost up the sales volumes.
Now, let us discuss some ways to increase sales. In the present times where people live by the minute as value for time is very high, to manage a store successfully, point of sale (POS) software has become essential. This software helps in many different functions, from speeding up the billing process to maintaining customer relations.
Let us observe a few points which highlight how POS software boosts the sales for an increased profit margin.
Increases size of transaction per customer
Customers do spend a long time choosing their products but when it comes to billing they are not willing to wait. POS software integrated with hand held scanners to scan the bar codes and a touch screen interface helps the sales / billing operators to work faster. As a result, customers opt to pick up more products as they have comfort feeling of going through the billing process quickly for all their purchases.
Provide customer satisfaction
Point of sale software not only reduces billing time, it also stores customer's information. Interacting / greeting a customer with personalized information on person’s lifestyle, work or residence location makes a customer feel special. Such customers tend to visit the store again and again to enjoy that personalized approach of sales staff. Also, there is a high chance such satisfied customers recommend the store to their friends and family. A bigger customer base translates into higher sales.
Maintaining correct inventory
POS software automatically maintains an updated record of which products are coming in and which products are going out. This helps in assessing the demand for each product and making correct stock compilations. There are lesser chances of running out of a product which has a very high demand. At the same time reducing or eliminating the burden of dead inventory of those products with low or zero demand improves the fund utlisation.
Maintaining schemes and promotions
Most businesses offer different types of schemes and promotions from time to time. POS software helps to track the current schemes and promotions. Further, data collected over a period of time by the software helps in determining which schemes and promotions were most profitable and in which time phase. Such an analysis helps in planning the schemes and promotions to boost up sales.
POS software definitely helps in increasing sales and as a result has direct influence on increased profitability. So, next time you feel any doubt about using the POS software, think about the goal of your business – i.e. making profits. And you will definitely find the advantages of using a POS software to further that goal. And here is the POS software that is highly recommended for your store.
Searching on how best to manage your sales and increase the gross profit? The point of sale (POS) software lets you control your business and maintain an electronic record of your sales in a simplified manner.
The greatest challenge for any business is to maintain proper sale registers and increase the margin of profit. Now this problem of yours is completely taken care of by the retail management software. It is a specialist in managing such problems and gives you the best possible output.
Advantages of using POS software
Your business flourishes with the use of the right software and makes the management of work much easier. The POS software offers you a range of benefits including:
· Maintaining an electronic sales record
The software makes your work easily manageable. Your energy input is reduced. Electronically maintained records will not allow any mistakes in the sales register.
· Usage in various sectors for varied purposes
You can use the software for various purposes. This can be used to maintain sale records, otherwise a cumbersome job. Transaction records can also be updated in big businesses.
· Reduces excessive time investment
If you had to maintain a written record of transactions, imagine the amount of time it would have consumed. Thanks to retail management software, the workload gets heavily reduced. And you can have a perfect error free register maintaining all your records.
· Maximization of profit
The electronic register gives you a perfect view of the reports. So, keeping track of your gross profit is easy and less time consuming. Now you are free to concentrate on marketing your business to further increase the profits.
These features enable you to maximize the utility of the software and also to expand the business.
Do you get bogged down with complex software? The flexible features with intuitive and friendly interface are an important aspect of FusionRetail management software. It is highly user friendly and the ease of operation is a welcome change from the complexities of the competing products.
Retail management software – a perfect business assistant
Whether you have a small store or a chain, the store management software is there to support you. The flexibility and compatibility helps a varied range of businesses. From departmental stores to textile industries and everything in between. Once you have installed this software, all issues regarding efficiency management, data registering and even records of your customer are totally taken care of.
Precision and perfection in maintaining data allows you to have a clear view of the transactions taking place over a time period. The electronic register does not need any manual work. So number of workers required goes down. That is a major issue taken care of in present highly competitive conditions.
Ready to make the switch to efficiency and productivity? Check out FusionRetail Store management software.
You may be using the best retail management software available. It increases efficiency and available free time for you and your team. But is that enough for speeding up your business? Does the software provide complete satisfaction to your clients? Your competitors might use the same software. How will you have an edge over them?
Customer satisfaction and retaining old customers
Customers are the most important part in the growth of your venture. It is essential for you to provide complete satisfaction to your customers as well as find means to retain them. Loss of customers can really be a huge blow for your business. On the other hand, satisfied customers are likely to recommend you to their friends and acquaintances.
Following some simple procedures with the help of your retail management software you can achieve and maintain a solid customer base. The easiest way is to get the customer's profile registered in the system. Personal information like birthday, profession and location can all be fed into the system.
So, the next time the customer walks into the store, you can greet and mention some personal details like, “Happy Birthday Sir / Madam! How was the party?” or “Is your new computer working well?”. Trust me, the customer will be impressed, and he would have a reason to come back again and again.
Improving speed and efficiency
With availability of touch screen interface for retail management software, it is easier and less time consuming to enter the product details for purchases made by the customer. Additionally, bar coding the products and scanning the same for price information also speeds up your business. Bar coding helps in reducing theft and that translates into higher profits.
Financial Management
It is wasteful to stay back after the end of the shift with a ledger book and manually enter sales, profits, losses, stock inventory and other figures. One just wants to go home after the shift is over. Good Retail Management software is programmed to do just that – from capturing the price of each sale to managing the inventory. Everything is taken care of by the software.
So after the end of a hard day’s work, at the press of a few buttons all queries relating to transactions, number of items sold in each category and every other data is printed out. It helps you to organize stocks – you can order for those which are dwindling in stock. It also helps you develop an understanding of the pattern of sales to help you plan effectively.
Chain Store Management
Having a chain of stores increases the scope of your business. It also increases the number of issues that you need to take care of. Retail management software helps you to keep track of things in every store and helps you to manage your business in a more efficient manner.
Very rightly we can conclude that retail management software does speed up your business by bringing in efficiency in short time and helps it grow bigger and profitable in the long run. Be a hero – let your employees go home early by using the efficient retail software.
How you are effected as a retailer who wants to send SMS for customer loyalty using retail store software?
The Telecom Commercial Communications Customer Preference Regulations come into force from September 27, 2011.
Under the new guidelines
- Consumers can choose their preference to receive or not to receive commercial communication from 7 pre-defined categories.
- Commercial communications, other than transactional messages can only be sent to a consumer between 9 AM and 9 PM.
- Users also have the option to either block all commercial calls and SMSs or to block only commercial calls while receiving SMSs of their choice.
- Instead of Sender ID, now it will go as a alpha-numeric ID in XY-RZZZZZ format. For example: RanceLab is now LM 066139.
- (more info from here)
Consumers can register in National Customer Preference Register (NCPR) one of the two categories:
RanceLab has announced participation in AAHAR, International Food Fair 2011, to increase the awareness about it’s Point of Sale, Retail Management software and POS hardware products, an Initiative by Indian Trade Promotion Council.