Retailers should take a strategic approach to going online and multichannel
Independent retailers can be very successful online, bit it helps if they properly consider where their strengths are for the online market
If the word strategy feels a bit grand, it shouldn’t. A strategy is just a plan that fits your business. It gives a business focus and direction, a sense of purpose. You don’t need to create a 30 page business plan, a business strategy can be jotted down on a single page of A4. In my experience, small retailers rarely have written strategies unless they are just starting out. Yet it doesn’t take that long to create one and it can have a huge impact on success. It also has a positive impact on morale because it feels like the company is going somewhere and not just ‘same old’.
The value of stock turn for retailers
What is stock turn and why is it so important?
Stock turn indicates how quickly a retailer’s stock is sold and then reordered. A simplistic calculation is: Stock turn = Number of items sold ÷ Average stock level. For example. A retailer sells 10,000 items in a year, and on average holds 2,500 items at one time. 10,000 ÷ 2,500 = 4. Therefore the stock turn rate is 4. This means the retailer is carrying 3 months supply.
What is the value of knowing this? Well, there are three main reasons why successful retailers try and achieve the highest possible stock turn rate without having stock outages and disappointed customers.
Intelligent Retail helps retailers meet best practice guidelines
Retail productivity has been slipping in comparison with the US, there are ways that retail technology can help turn this around
The BERR’s "Productivity in the Retail Sector" Report describes how best practice in retail is about increasing productivity. Productivity is the measure of making more profit from the same resources. The bottom line is that improvements in productivity will improve your profitability. And there appears to be room for improvement as recent figures from the Institute for Fiscal Studies showing that retail productivity in the UK has reduced significantly against the US since the 1990’s.
Multichannel retailers: What about images?
There is no doubt that images sell products, here are some tips on how to get images for your website
Q. I am launching an e-commerce arm to my retail business. I am wondering about the software required to present the product shots on my store website. Is this part of the job of the company who provides the web-design?
How to choose the right EPoS software (five top tips)
Advice on how to select point of sale software for your shop
So, how on earth do you find EPoS software that will suit your business and deliver true benefit? Here’s a guide to help.
1. Choose an EPoS partner not a supplier.
Head and shoulders the number one priority is to find a partner you are comfortable with. This is not like buying a television from Comet. It will not be a one-off transaction, you are actually selecting an IT partner for your business. A good partnership should result in your IT partner being available to advise on how different technologies can further improve your business.
1. Choose an EPoS partner not a supplier.
Head and shoulders the number one priority is to find a partner you are comfortable with. This is not like buying a television from Comet. It will not be a one-off transaction, you are actually selecting an IT partner for your business. A good partnership should result in your IT partner being available to advise on how different technologies can further improve your business.