It can be observed that retailers have a fast eye on delivery tracking, styles and personnel, but surprisingly the amount of guesswork that goes into purchasing is staggering and industry-wide (don’t worry; if that’s you, you are not alone).
The topic of inventory management is rarely a top priority amongst retailers; “inventory management” conjures images of hours spent in the back office with a clipboard, nights spent trying to understand rows and rows of numbers and calculations and maybe… a magic 8 ball. You sit there wondering “What am I looking for?” “What should I put on sale?” “How much should I put it on sale for?” Not to mention finding those pesky lost profits.
The objective of inventory control goes as broad as creating realistic projections and obtaining profits. However, it can also be as narrowed as avoiding theft. Unfortunately, inventory control can get lost somewhere in your 18 ...
It would be pretty tough to start a meaningful conversation if you don’t know whom your audience is. Small talk can get you only so far but once that’s over it’s easy for your customers to lose interest. You’re used to face-to-face interaction so getting past the small talk comes naturally. But what do you do when you’re talking to potential customers online? You can send out general communications blindly to your shoppers, but you’re sure to lose their interest quickly. Keep your customers interested in what you have to say by learning more about your online community.
One of the best ways to gain insight into your social community is through Facebook Insights—go figure, right? Because not all of your customers Like your business page and not all of your Likes are necessarily customers (yet), Facebook Insights can tell you a lot about your online audience.
Tailor Posts Based ...
A few decades ago, technology as a general interest was once limited to the “nerds” in the “IT” department. Today, business professionals of all levels and departments are unleashing their inner nerd and keeping pace.
The evolution of consumer technology has created a social sub-culture where people define themselves by their choice of technological products and brands, and how informed they are on those technologies and processes. Today, people rave about the latest application they just downloaded, discuss the pros and cons of different products and software, and share strong opinions about content seen on their favorite social networking sites. Intense conversations that were once reserved for politics are now commonplace in technology discussions—an occurrence recently coined as “talking nerdy.”
And as fast as technology is expanding, so is our vocabulary of tech terms. Keeping up and understanding this world and its language is critical to executing effective online strategies ...
Small business owners have to make a lot of really tough decisions. Not the least of which is about health insurance for their employees. This can be really confusing, frustrating and mysterious process. It’s expensive; one mistake can cost tens of thousands of dollars for the company and the employees and it’s hard to know if one plan fits all or if the timing is right or which provider has the best coverage. These four tips will help small business owners as they approach this decision.
1. Know your employees. How old are they? Do they work out? Do they have families? Getting this information before you pick a plan can help make sure you have the right coverage so you don’t “overinsure” and end up covering things your employees don’t need.
2. Know where the money goes. Most small businesses have no idea where the money they spend on ...
Your retail Point-of-Sale (POS) system isn’t just a computerized cash register – it performs a variety of functions with regards to sales, inventory, marketing, and more. You use it to run sales reports, to manage your inventory, and to identify the items, days, and times that result in the most profit.
You can get even more from your POS system by utilizing the following features:
Your POS system tracks customer data in a variety of ways. Your system’s customer database collects not only customer names and addresses, but purchasing data, purchasing frequency, and lifelong customer value. You can put this information to good use by:
- Using it to identify your target demographic, and build your marketing campaigns around that group’s preferences.
- Identifying your most valuable customers and enabling you to take proactive measures to keep them satisfied and coming back to your business.
In tough economic ...