Outsmart the Competition: 5 Best Books for Retail Management

There’s not one characteristic that makes a great business leader, but people agree that being open to learning new skills and strategies is incredibly important. The best leaders are constantly reading new books and articles about retail and other industries. So, to help retailers develop and grow, we put together a list of the best books for retail management to provide an insight into retail and people management skills.

There’s always something new to learn, and each of the titles on our list of the best books for retail management offers a different take on managing a retail business.

5 Best Books for Retail Management

1. The Retail Revival: Reimagining Business for the New Age of Consumerism, by Doug Stephens

My sense in talking with business executives across North America was that many believed that what we were going through in the retail industry was a ‘bad cycle’ being driven largely by the economic turmoil of 2008.

Retail expert and author, Douglas Stephens, believes that the landscape of modern retailing is rapidly changing and that these changes are significant.

In his new book “The Retail Revival”, Stephens explains how a new generation of consumers is forcing retail brands to redefine themselves.

This book provides insider’s perspectives on how major shifts in demographics, economics, and technology are forever changing this profession.

He also looks at how these changes have affected consumer behavior.

2. Delivering Happiness: A Path to Profits, Passion, and Purpose, by Tony Hsieh

Without conscious and deliberate effort, inertia always wins.

Customer service is a huge part of what makes a company successful. And, of course, having a strong culture is also crucial.

In this audiobook, Zappos CEO Tony Hsieh discusses how he motivates his employees and focuses on making everyone happy. He provides examples of his personal experiences to show why this approach can lead to success.

In his book, “Delivering Happiness: A Path to Profit, Passion, and Purpose,” Hsieh shares the secrets to his company’s success. He outlines his 10 core values which have helped the online retailer grow from $1 million in sales to $1 billion in 10 years.

3. The Design of Everyday Things, by Don Norman

Develop the skill of observation. Question the obvious and you will discover many hidden insights. What seems to be obvious often is not.

Don Norman is one of the most influential designers in the world, and he has a lot to say about industrial design. In this book, he covers everything from how to make products easy to use, to how to make them aesthetically pleasing. If you want to learn more about design, this is the book for you.

When we try to use a product and can’t figure out how it’s not because we’re stupid. It’s because the design is poor.

When we can’t figure out how to turn on light switches or burners, it’s not because we’re not smart. It’s because the designer of the appliance was bad.

In his book, “The Design of Everyday Things,” Norman talks about how bad design can negatively affect users.

The issues he raises include unclear and hard-to-find controls that are arbitrarily related to each other, as well as a lack of feedback and an unreasonable amount of memory required.

4. The New Rules of Retail: Competing in the World’s Toughest Marketplace, by Robin Lewis and Michael Dart

We are entering what we call retailing’s Wave IV, in which its leaders, grappling with a new, fully birthed technology era, are attempting to address the enormous challenges it brings…

In “The New Rules Of Retail,” authors Robin Lewis and Michael Dart discuss why consumers now have more power than ever before. With technology, consumers are more informed than ever, and with the internet, they can shop anywhere. This shift of power is forcing businesses to adapt, and with the right tools, they can thrive.

They argue that companies must adapt their business models to survive in today’s volatile environment. They suggest three core competencies that are most likely to succeed: preemptive, perpetual distribution; a neurological customer connection; and total control of the value chain.

What has followed in the years since the publication of this book is the realization of many of its predictions.

In this updated edition, the authors revisit timeless case studies like Ralph Lauren and Sears, as well as recent retail upstarts like Trader Joe’s, Lululemon, and Warby Parker, to assess how retailers must continue to evolve in the era of e-commerce, data mining, and tiered distribution.

They also identified the top five trends that are shaping consumer behavior, including the integration of technology and channels as exemplified in the business model of Amazon.

5. Reality Check: The Irreverent Guide to Outsmarting, Outmanaging, and Outmarketing Your Competition, by Guy Kawasaki

I meet companies every day who say, ‘well we’re software services, and we’re also consulting…‘ And you know what, it’s hard to do any one of those things, try doing four.

If you’re looking for a great read on entrepreneurship, be sure to check out one of Guy Kawasaki’s many fantastic books. You won’t be disappointed!

This edition is filled with valuable insights from a well-known leader in the tech industry that will have you laughing out loud as you flip through the pages.

This famous entrepreneur has shared his wisdom from a quarter-century of experience as an author, investor, and speaker, in over a dozen best-selling books. “Reality Check” is no different.

In his 2008 book “The Art of the Start“, entrepreneur and venture capitalist Guy Kawasaki offers advice on creating companies that can stand the test of time and withstand the fickleness of fads.

This book compiles, updates, and elaborates on his most popular blog posts and presents his unique perspective on anything from effective communication to dealing with office jerks.

Conclusion

If you’re looking for the best books for retail management, look no further than Guy Kawasaki’s “Reality Check.” In this irreverent guide, Kawasaki shows you how to outsmart, outmanage, and out-market your competition. With his trademark wit and wisdom, Kawasaki provides an invaluable resource for anyone in retail management.

8 Steps on How to Grow Your Retail Business

As a retail business owner, you are always looking for ways how to grow your retail business. Whether it’s adding new locations, selling on new channels, or staying top of mind with your customers, there are many ways to expand your store. But how do you know which growth strategy is right for you? And how can you make sure that your expansion plans are successful?

In this blog post, we’ll share 8 tips on how to grow your retail business. From expanding into new markets to increasing customer loyalty, these strategies will help you take your store to the next level. So if you’re ready to learn how to expand your retail business, read on!

How to Grow Your Retail Business: A Plan for Success

There are several ways to grow your retail business. You can increase the number of products you sell, the number of locations you have, or the number of customers you serve.

You can also improve the quality of your products and services, or offer new and unique products and services that appeal to a wider range of customers.

Whatever approach you take, make sure you have a clear plan and strategy for growing your business and be prepared to invest the time and resources necessary to make it happen.

8 Ways to Expand Your Store

Starting a small business is risky and difficult. There are many unknowns and you can’t predict what will happen. However, if you are determined and passionate about your business, it is worth the risk.

Half of all businesses do not survive past their fifth year, so if your business has made it to that point, congratulations!

Once you’ve established a retail location, it’s time to find ways to grow your business.

But, what is the best way to grow your small business? It takes a lot of time and effort to plan out how you’re going to grow your sales.

So let’s examine some ways to grow a retail business.

1. Add New Locations

If you want to grow your business, you can do so by adding new locations.

Opening a new office location is a big decision and not one that should be rushed into. It requires a lot of work and a significant financial investment.

When entering a new market, it is important to recognize that each area will have its own distinct customers.

While it may be tempting to simply replicate your successful business model, this may not be the best approach. Instead, you should spend time researching each location and tailoring your approach to meet the specific needs of that community.

What works in one town or area might not work in another location. It’s important to tailor each approach for each new place.

When it comes to your operations, you want to maintain consistency across all your locations.

You can keep all of your business’ operations the same, including your communications, point-of-sale, and employee management.

This helps you to easily track key metrics from just one of your stores or to compare multiple ones. It also makes training new employees much easier and more efficient.

Expanding your business to new areas can be a great way to grow, but it’s essential to do it the right way. Taking on high-risk, low-reward opportunities is not worth the hassle. It’s smarter to wait patiently for the right chance.

2. Sell on New Channels

Expanding your retail business to an additional channel rather than opening a new location can be a great way to grow your business.

The first thing you should do is start your own online store. While it may seem overwhelming, getting started with an online business is easier than it’s ever been.

Most modern e-commerce platforms, such as Woocommerce and or Magneto, integrate with your POS (point of sale). This means that your sales and your inventory will be recorded under the same software.

Selling on online marketplaces, such as Walmart, Target, and eBay is a quick and easy way to get your product in front of a large audience.

Social media has quickly become a fast-growing sales outlet, especially if you have a large audience and an established presence on Facebook, Twitter, or LinkedIn.

You can sell products directly through your social media accounts, or your online store. Other services further facilitate this process, taking the weight off of your shoulders.

3. Expand Your Product Line

Expanding your product offerings can be a great way to grow your brand. However, this should only be done if it fits with your existing brand and image.

When a customer comes into your shop, think about what else they might be interested in. Think about who they’re with or what they could be looking for.

A liquor shop may carry other products such as mixers and “hangover cures”. A department store may also offer last-minute items for kids or parents. An outdoor gear retailer might also focus on eco-friendly products.

Although these examples may seem basic, they illustrate the idea that you should target as wide an audience as possible.

When looking to expand your product offerings, you must measure the performance of each item against your existing offerings. A point of sale (POS) solution can help you do this and enable you to make informed business decisions.

Product reports give you the ability to see how successful each new product is and make decisions based on that information. This makes it easy to know what is best for your business.

4. Set Up Pop-Up Shops

Pop-ups are a great way to get customers excited and familiar with your brand. They are relatively inexpensive and easy to set up.

And, they also come with some great benefits for your retail business.

Online retailers can use pop-up shops to interact with customers face to face. It’s a great way to get some local media coverage from influential bloggers and journalists. You can test out new products to see how they’re received. You can move slow-moving items to clear some space in your inventory.

If you’re interested in taking your retail business to the next step, consider opening up a temporary pop-up store.

5. Partner with Businesses

If you’re looking to introduce a new product, service, or new target market, consider partnering up with an established company. This will help you avoid most of the initial start-up costs, and you’ll have the help and support of a partner.

Partnering with another company gives you access to their resources, infrastructure, and target market.

If you are looking to expand your children’s clothing business into the young adult market, consider partnering with a local business that already has a presence in that market. By carrying a few of your test products in their store, you can gauge customer interest and get valuable feedback. This partnership can also help build your brand awareness in the community.

By partnering up with other local stores, you can increase your reach, get more exposure to your business, and form relationships with other store owners.

6. Use Automation

Now, you can use automated services to do a lot of the grunt work, like scheduling appointments, sending out emails, and following up with potential customers. This frees up your time so that you can focus on the big picture ideas that will help grow your business.

Automation can help take your business to the next level by freeing up your time to focus on other tasks. Social media posts, sales, and product reports, accounting, CRM, and email marketing are all examples of automated business tasks that can save you time and energy.

7. Invest in Modern Marketing Methods

Some new, more innovative ways to market a small business include using technology like SEO and social media, as well as traditional methods like print and broadcast advertising. When used together, these marketing techniques should help your business grow.

8. Improve the Shopping Experience

With more companies than ever, your business must stand out. Providing a great customer experience is a great way to do so.

By implementing a uniform training program, making a great first impression, providing free samples, optimizing the user experience, and speeding up the checkout process, you can provide customers with an outstanding online shopping experience that they’ll love.

Conclusion

If you’re looking for how to grow your retail business, there are many ways to do it. From adding new locations to selling on new channels, there are many options for expansion. But how can you make sure that your plans are successful? By following the tips in this blog post, you’ll be well on your way to expanding your retail business successfully. So what are you waiting for? Start planning your future today!

Is Inventory Turnover a Percentage? Here’s What to Know

If you’ve ever wondered, is inventory turnover a percentage? you’re not alone. It’s a common question that businesses ask because it’s such an important metric. Inventory turnover measures how efficiently a business is selling its products and is used to assess the health of the business.

A high inventory turnover ratio means that the business is selling its products quickly and efficiently, while a low ratio indicates that the business may be struggling to sell its products. So, is inventory turnover a percentage? And how do you calculate it? Keep reading to find out everything you need to know about this key metric.

Inventory Turnover Definition

Inventory turnover is a measure of how many times a company’s inventory is sold or used in a time period, such as a year. It is calculated by dividing the cost of goods sold by the average inventory. A high inventory turnover means that a company is selling a lot of inventory and replacing it quickly. A low inventory turnover means that a company is selling less inventory and it is taking longer to turn over.

Is Inventory Turnover A Percentage? Understanding Inventory Turnover

The inventory of a company is an account of all the goods it has, including raw materials, work in progress, and finished goods that will be sold. The inventory typically includes finished goods, such as clothing in a department store.

Inventory can also include raw materials that go into the production of finished goods. For example, a clothing manufacturer would consider taking an inventory of the fabric used to make the clothing.

The number of times that a business sells and replaces its stock over a given period of time is known as its turnover rate. This indicates how effectively the business is managing its costs related to sales and production.

Inventory turnover is a measure of how many times a company sells and replaces its stock of goods in a period. A high inventory turnover means that the company is selling goods quickly and there is considerable demand for its products.

Low inventory turnover, on the other hand, would likely indicate weaker sales and declining demand for a company’s products. Inventory turnover also shows whether a company’s sales and purchasing departments are in sync. Ideally, inventory should match sales.

Calculating Inventory Turnover

Inventory turnover is a ratio that measures how many times a company’s inventory is sold and replaced over a period.

To calculate the inventory turnover ratio, divide the cost of goods sold (COGS) by the average inventory for the same period.

Inventory turnover rate formula: Cost of goods sold / average inventory = inventory turnover rate

Average inventory is used in the ratio because companies might have higher or lower inventory levels at certain times of the year.

To calculate the turnover rate, you first take the cost of sales for the period and divide it by your average stock. The inventory formula:

Turnover Rate = Cost of Sales / (Average Stock + Beginning of Period).

The formula for calculating days’ supply is: Days’ Supply = (Ending Quantity – Beginning Quantity) / (Quantity Sold / 365) Reworded: To work out your number of days’ supply of a product, you subtract your starting quantity from your end number, then multiply that by 365.

Inventory levels are different for different companies, so the average is used to determine a ratio of how many salespeople are needed.

(BBY) would have higher inventories leading up to the holiday season, and they would lower their stock count after the holidays.

Days Sales of Inventory or Days Inventory

DSI = 365 inventory turnover For example, if a company’s inventory turnover is 10, its DSI would be 365 10, or 36.5 days. This means that on average it takes the company 36.5 days to sell all of its inventory.

DSI is a helpful metric for managing inventory levels and cash flow. By understanding how quickly inventory turns over, businesses can make better decisions about stock levels and working capital needs.

A low Days Sales Outstanding (DSO) is optimal since it translates to less time spent turning your inventory into money. But DSO can vary greatly between different industries.

Comparing DSI between companies in the same industry can help investors get a better understanding of how each company is performing. For instance, grocery chains like Kroger tend to have lower DSI than automobile manufacturers such as GM.

Example of an Inventory Turnover Calculation

For 2019, Walmart had sales of $514.4 billion dollars, a 2.4% increase from 2018. Their inventory was $44.3 billion, a 0.4% decrease from 2018. Their COGs were $385.3, a 0.3% decline from 2018.

Walmart’s inventory turnover for the year was 2.1 times.

Walmart’s inventory turnover for the year equaled 8.75. This means that, on average, Walmart was able to sell its entire inventory about 8.75 times throughout the year.

Its days of supply are:

To calculate its inventory turnover, divide: $1,000,000 ÷ $23,200 = 43.48 times Its inventory turnover equals: (1 ÷ 8.75) x 365 = 42days To calculate its inventory turnover, divide: $1,000,000 by $23,200 which equals 43.48 times.

This means that, on average, it takes 42 days for an item to be sold at Walmart.

Special Considerations

The Inventory Turnover Ratio is a measure of how efficiently a business turns its stock into sales and shows whether the company is purchasing too many or too few products.

The sales-to-inventory ratio shows how well a business is managing its stock. If the company’s revenue is down, it could be because the economy is doing poorly.

A lower employee turnover means you have more employees selling the same number of products.

A high ratio of available stock to sold goods could negatively impact a company’s bottom line, as there may not be enough product to satisfy customer demand. The inventory turnover rates should be compared to industry standards to determine if the company is effectively controlling its supply.

Inventory Turnover Optimization Techniques

There are many strategies that retail businesses can employ to increase their inventory turnover.

There are many ways to improve your stock turnover. Some of these methods involve increasing demand for your inventory through marketing, renegotiating your supplier prices, and asking customers to place orders in advance.

Other ways you can increase turnover include, double-checking your prices, grouping similar inventories, choosing products that sell well, and changing your marketing strategies.

You can also use an inventory management system to keep track of your sales and inventory. With the right software, you can be able to discover the health of your business.

Conclusion

Inventory turnover is a key metric for businesses because it measures how efficiently they are selling their products. A high inventory turnover ratio means that the business is selling its products quickly and efficiently, while a low ratio indicates that the business may be struggling to sell its products.

So, if you’re wondering, ”is inventory turnover a percentage?” the answer is yes! You can calculate your inventory turnover ratio by dividing your sales by your average inventory.

10 Ways How to Retail a Product and Get It on Shelves

Have you ever had an amazing product that you just couldn’t seem to get on store shelves? It’s a frustrating feeling, but don’t give up just yet! There are a few things you can do to increase your chances of success. Check out this blog post for 10 tips on how to retail a product successfully.

How to Retail a Product Successfully

There is no one answer to this question as there are many ways to retail a product, depending on the product, the retail environment, and the retailer’s goals. However, some tips on how to retail a product successfully include knowing your target audience, creating an appealing and inviting display, and providing excellent customer service.

Only a select few product-based companies ever achieve the goal of being carried by major retailers.

If you want to sell a product to major retailers, you’ll need to be persistent and able to persuade them why they should carry your products. Here are some things to keep in mind to increase your chances of getting their product on store shelves.

10 Ways To Get Your Product On The Shelf

1. Find Similar Products

Find out which products on the store’s shelves are comparable to yours. How much will the retail outlet make if they switch?

If you don’t sell our product, you’re leaving money on the table! Use sales data from similar stores to see how much you could be making.

2. Know The Needs You Can Fulfill

The best way to get your merchandise into retail stores is to show them why you’re the right fit for their store’s demographics. Explain to them how your brand is the type of product their shoppers are looking for.

Show the retailers how your business can be a profitable venture for them and how it can add value to their brands, too.

3. Provide Your Prospects With Valuable Information

Show that your product is a solution to a problem your audience is already facing. Provide all data in a digestible way.

To make sure that our product is the best match for the audience, we need to gather information on competitors. This will allow us to compare our sales to revenue and gauge our overall success.

If you have a great idea for a project or product, craft a pitch that leaves your audience with no reason to say no. Once you have your pitch ready, ask them to say yes.

4. Show That Your Product is Worthwhile

The best way to convince a retailer to stock your product is to show them evidence that people will buy the product.

Testimonials and statistics are great, but the most persuasive way to close a sale is by conducting your own focus group.

5. Start Local

One of the best ways to get your product on shelves is to start locally. Networking and establishing relationships with storeowners is a great way to get your foot in the door.

Local pride and word of mouth can be extremely effective, so encourage your customers to shop at their favorite store and ask the manager to carry your new product!

6. Market Your Product

Start marketing your products on social media before putting them on store shelves. Creating a good hashtag is essential to increasing your reach online.

Once you have created a buzz around your product, it will be easier to convince retailers to stock your product on their shelves.

7. Show Your Value Proposition and Profitability

What you need to show retailers is your value proposition and how profitable it is. If you have a great product but a tiny profit margin, you’ll have a tough time getting into stores. Make sure your value proposition is clear and profitable to increase your chances of success.

If you want your retail product to be put on store shelves, you need to provide your retailer with a detailed plan that outlines how the product will be profitable for them.

8. Offer a Money-Back Guarantee

Offer a money-back guarantee and great customer service online. This will give the retailer the chance to sell the product without having to worry as much about customers and any unknown issues.

By offering your customers a money-back guarantee, you give them peace of mind and show them that your store is trustworthy.

9. Tell Retailers How Your Service Will Benefit Them

When contacting large retailers, it is important to mention how your products will benefit them. Rather than simply presenting your pitch and asking for a discount, it is beneficial to present any market research you have gathered beforehand. This shows them that you are knowledgeable of their goals and demonstrates that you are offering them something valuable.

If you can show that your product is in demand among their target audience, you’ll be more likely to reach a favorable deal.

10. Show Your Capability To Handle Big Orders

If you’re looking to sell your products in a retail setting, you’ll need to make sure that you’re capable of meeting their requirements for product placement.

When selling to retailers, be sure to mention your ability to provide large quantities of products. Emphasize your capacity to find alternative materials if needed. This will demonstrate to the buyer that you can supply the products they need.

You want to show that you can supply as many different products and services as you need.

Benefits of Getting Your Products in Retail Stores

Retail stores are an excellent place to sell your products. Most business owners prefer to sell their products in retail outlets because of the following benefits:

Increased Sales

Having your products in authorized retail locations is one of the best ways for small business owners to increase revenue. Retailers already have an established relationship with their customers and know how to market similar items, which can increase the visibility of your brand and your sales.

Sell to a Wider Audience

Selling products through retail stores is a great way to expand your product’s geographic range. You can sell your products to almost any location, depending on the scope of retailers where you place your merchandise. This is a fantastic way to get your items out there and boost your revenue.

You can expand to other markets without having to open new physical storefronts. This can help your company to grow without needing to invest a lot of money.

Opportunities for Business Growth

Businesses that sell products in retail stores can enjoy many benefits, including success and growth.

If you’re an entrepreneur who has successfully sold your products in smaller retail stores, you can quickly get documentation for sales proof. This will help you immensely when it comes to seeking out new opportunities for business growth.

It is easier to seek funding from lenders if you have contracts with retail stores to sell your products.

Retailers and grocery stores can advise on how to boost sales, including how to improve packaging or increase brand awareness.

Lower Operating Costs

One of the benefits of having your products in retail locations is that it reduces your cost of operations. Since customers get the product straight from the retailer, you do not have to worry about incurring any shipping costs. This is an excellent way to increase your profit margins!

You don’t have to spend a lot of money on marketing campaigns to get exposure for your products.

Convenience

Dealing with a retail location can be easier than managing multiple individual customers.

If a customer needs a product delivered quickly, it is more convenient for the entrepreneur to have their products in a retail store where they are easily accessible. This way, the entrepreneur can focus on fulfilling the customer’s order without having to worry about coordinating multiple deliveries.

How to Pitch a Product to a Retail Store

Unless you’ve been selling products for years, knowing how to pitch a product to a retail store can seem a little intimidating. And, in all honesty, it’s something you’ll probably learn over time.

If you want to be successful in selling your product to a store, you need to know how to pitch it correctly. This can be difficult if you don’t have experience with face-to-face sales, but following these tips will give you the best chance at success.

If you already know how to sell, this will serve as a refresher and help you formulate your plan.

1. Get in The Door

When approaching a retail location, you should first make an appointment to visit them, rather than going in and trying to sell them on the spot.

Be as specific as possible with times and dates. This will eliminate any back-and-forth and save you both some time. Even if you’re not actually in town, let them know you’re nearby. This will create a sense of urgency and encourage them to meet with you sooner.

2. Give a Demo

Giving a demo of your product is a great way to demonstrate its value.

First, customize your demonstration to the customer. Every customer is different so it’s important to do your research and find out what would appeal to them specifically.

Second, tell a story. People relate better if you involve the product in a story rather than just giving a straightforward demo.

Third, rehearse. Good sales reps prepare and rehearse the delivery multiple times so that they know exactly what they’re going to say and do.

Fourth, test everything beforehand. If your product has the possibility of breaking down, make sure you test it before you walk in the door.

And finally, close the deal. Asking for the sale is something a lot of people forget to do, but the best time to ask is right after the demo when they’re already interested in the product.

3. Leave a Product Sell Sheet

A product sell sheet is a one-page document that outlines the key benefits of a product and provides ordering information. This tool is used to help customers understand what a product offers and how to purchase it.

Keep your sales sheets focused on the benefits of your products. This will make it easier for your customers to see how using your product or service will improve their life.

For example, if you have a foot care product that eliminates unsightly and painful corns, your heading could read:

“Eliminate painful and ugly corns in 3 days.”

Instead of using long, boring chunks of text, try breaking up your copy with bullets, short sentences, and callouts.

And don’t forget your call to action. Now is your chance to ask for the business – don’t be afraid.

If you want to close more sales, always ask for a commitment. If you’re not asking people to buy, you’re leaving money on the table. Use your product selling sheets as a way to ask for the sale and close more deals.

Make your CTA stand out by making it bold, large, and eye-catching. Use a different font, make it a different color, or do whatever you can to make it pop.

What If You Can’t Secure a Meeting?

Demonstrating a physical product is a wise move, especially if the product is not easily demonstrated remotely.

Although it is possible to close a sale with just samples and literature, it is always more effective to do so in person.

Products like software are much easier to demonstrate remotely, and it’s worth considering if your customers are in different parts of the world. This can be a great way to connect with them without having to travel.

If for whatever reason, you find yourself with too many meetings with retail buyers, you could consider reducing the number of these meetings. You could hire someone else whose job it would be to meet with these retailers and do all the talking.

Conclusion

Now you know how to retail a product and get your merchandise on store shelves. By following these tips, you’ll be well on your way to getting your products in front of potential customers and increasing sales.

How to Greet a Customer: The Do’s and Don’ts

We’ve all been there – you walk into a store, and the salesperson greets you with a smile and asks if they can help you find anything. You politely decline and say you’re just browsing, but they continue to follow you around the store or try to engage you in small talk. It’s annoying, right? If you’re a business owner, you want to know how to greet a customer properly.

It’s important to strike the perfect balance when greeting your customers. You want to be friendly and welcoming without being too pushy or sales-y. Here are some quick tips on how to greet a customer (and make them feel welcome) without coming across as intrusive.

How to Greet a Customer

The best way to greet a customer is with a smile and a warm welcome. Thank them for coming and let them know you’re happy to see them. Ask them how their day is going and if there’s anything you can do to help them. Be genuine and sincere, and make sure to keep eye contact.

There are four categories of customer interactions:

  • Small talk
  • Familiarity
  • Commonality
  • Orientation

When you first see a customer walking into your store, it is important to make eye contact and smile. This will help the customer feel welcome in your store.

Once the customer is close enough, greet them with a verbal greeting such as “Welcome to our store!” or “Thank you for coming!”

It is also helpful to ask the customer if they need any assistance. If the customer does need assistance, be sure to orient them to the store layout and let them know where they can find what they are looking for.

If the customer does not need assistance, you can still engage in small talk by asking them how their day is going or commenting on the weather.

Small talk will help create a more personal interaction between you and the customer and make them feel more comfortable in your store.

How to Greet Customers in Retail

Some shoppers feel that they aren’t acknowledged by retail staff when they are in the store, and this is considered one of their main complaints about shopping. This may be one of the reasons why a Salesforce report found that only 32% visit stores because they enjoy the experience.

The first impression you make on a customer in person is through your opening line.

A proper customer greeting is the first step in creating a positive shopping experience. By taking the time to greet each customer that comes in, you set the tone for the rest of their visit.

There are a few different ways to greet customers, and it’s important to find the method that works best for you and your business.

One way to greet customers is by using scripts.

Scripts can help ensure that you cover all of the important information during the greeting.

Another way to greet customers is by using your CRM system. This can help you personalize each greeting and make sure that you’re providing the best possible experience for each customer.

No matter which method you choose, it’s important to be friendly and welcoming when greeting customers. A positive attitude will go a long way in making sure that your customers have a positive experience with your business.

I remember distinctly being with some friends around a year ago in Cherry Creek. This is an upscale neighborhood known for its shopping, dining, and hotels.

My friend’s wedding was coming up in a few months, so he stopped by the tuxedo rental store to pick up his and his groomsmen’s suits. The staff greeted him by name and offered him a cold beer. They shook his hand and congratulated him on his upcoming nuptials.

When we walked out, I asked my companion, “Do we know them?” He replied, “Yes, they are helping with my tuxedo.”

The connection between them was built on a customer-brand interaction, but it felt real.

If I were in the market for some formal wear, I’d definitely go to Tuxedo Junction.

First impressions matter, especially in retail. How you greet your customers and interact with them can make a lasting impression. Investing in improving the customer experience is a low-cost way to improve your results.

A study found that 51% of customers would return to stores where they received “excellent” service. That’s compared to 30% of customers who said they’d return for “good” service and 13% of consumers who said they would return to a store after “poor” service.

Instead of always using a script, vary your sales greetings and wording. This shows your prospect that you’re not a robot and that you care about them.

When retail associates are allowed to interact with customers in a multitude of ways, it allows them to share the company’s brand values and vision with the customer. This shows them that the company is authentic, aware of what’s going on in the store, and authoritative and present in the store.

Customers must be able to easily communicate with you. According to research from salesforce.com, 75% of customers want to interact with salespeople. This communication is essential for providing the best possible customer service.

Small Talk

Breaking the ice with small talk is a great way for reps to establish a friendly and personal relationship with customers.

By asking questions that invite two-way conversation, you can get to know them better and build a friendly relationship. Avoid yes or no questions, as they can quickly lead to dead ends in the conversation.

It’s not the first or second question you ask that is the most important, or your first or last greetings.

After receiving a response from a prospect, it’s important to continue your conversation naturally. Your follow-up question should flow with the previous response.

How are you enjoying the rest of your day? I’m glad you stopped by our shop.

How did you find out about it? We’d love for you to let other people know too!

Did you stay up to watch the end of the game? I did too!

How’re you doing? I hope it’s going well.

What are you up to for the rest of the day? We can help you get everything you need and more!

Who are you buying for?

The Chick-fil-A staff is known for being extremely friendly and engaging in small talk with customers. They always have smiles on their faces and are always trying to make the customer’s experience a good one.

They chat with you while you’re waiting for your food, and one time they offered me 12 complimentary salads that were about to go bad.

But it’s not just me who’s happy — they’ve been ranked number one in customer satisfaction by the American Customer Service Institute in their sector.

how to greet a customer (Source)

Familiarity

Having established a relationship with the customer before, familiarity can help you create a better, more positive experience.

Now it’s all about building that relationship with them even further. Continue to show your clients that you care about them and that you’re doing your best to get to know their needs.

Using your point-of-sale system, you can track past purchases made by your customers. You can also make notes on them, which will help you serve them better.

You can use customer data you have on return customers to tailor your customer experience. This will make them feel more welcome and appreciated as a shopper.

Salesforce’s research indicates that a large majority of consumers prefer receiving personalized offers from the brands they frequent. In fact, over half of respondents said they would switch to a different brand if they felt that personalization was lacking in communications. These findings underscore the importance of making regulars feel like they are part of a community.

What brings you back to see us again? We’re always happy to see familiar faces around here. Is there something in particular you’re looking for today?

The familiarity of a customer’s first name is a powerful way to personalize a call.

A loyal customer base is a major selling point for hair salons. People tend to form close bonds with their hair stylists, which is why they return year after year.

The personal relationship that stylists have with their clients is what keeps clients coming back to the same salons. My mom drove 45 minutes to her old hairstylist after she moved to a different city because of the strong bonds they had.

What if we think of our sales associates as our own personalized stylists? The one who helps us create a genuine, human interaction.

Commonality

This is when your representatives share a part of themselves (and by extension, your company) with your customers. This creates a connection through something happening together.

Your sales staff are the perfect people to establish commonalities with your customers – through shared values, perceptions, or even just a helpful tone of voice, you can make your brand relatable and instill trust.

I love those shoes! They look like they would be really comfortable.

Yikes, it looks like the traffic is really bad out there. You must be getting soaked out there! It’s been raining so much. It certainly has been nice having some nice weather.

I haven’t been to that shop yet, but I’ve heard great things about it.

Here are some tips on commonality.

1. Be specific: Rather than just asking ‘how about this weather?’, try to ask ‘did you go out to enjoy the warm day?’

2. Be personal: Encourage sales associates to personalize their interactions with potential customers by sharing anecdotes about their personal lives that are relevant to your brand. Personal testimonials are important when you’re establishing commonality and they definitely need to be true and helpful.

3. Be genuine: Consumers can tell when you’re being fake, so it’s important to be authentic.

4. Be positive: Rather than saying ‘when will it stop raining’ say ‘you are more than welcome to stay here as long as you need’. This is called putting a positive spin on a negative situation.

I was in the market for a new snowboard so I went to my local sports shop. The sales associate was a snowboard enthusiast himself and he shared his own experiences with the different board types with me.

Even though I had originally intended to shop around, I instantly trusted him because we both had a passion for snowboarding. I bought my board from him that day, and we’ve become good friends ever since.

Orientation

When customers first enter your store, it is important to orient them to the space. This involves welcoming them and familiarizing them with the layout of the store. This way, they can find what they are looking for more easily and without any hassle.

Offer them product information that they may not have thought about.

If you’re looking for running shoes in our sports apparel shop, don’t forget to check out our running socks too! They’re buy-one-get-one, and available on your way to the shoe section.

Take your time looking around. Some visitors stay as long as 45 minutes just exploring the store. If you need any help, just let us know.

After your initial engagement with that prospect, check in with the customer to see if they need help. Offer to carry their items or help them find what they are looking for.

Would you like a basket?

Can I free up your hands?

How about I start a fitting room for you while you continue looking around?

Would you like me to hold your cup of coffee at the counter so you can shop easier?

Are you finding what you thought you would?

Whenever I go into my local outdoor gear store, I am immediately greeted and welcomed by an employee. They usually stand near the entrance and exit doors, greeting and saying goodbye to customers.

When customers walk in, they typically ask which products they need or which services they require.

The sales associate then guides them through the store and helps them locate what they need. This is a great way for the associates to welcome customers to a store and help them navigate a large retail space.

Using digital signage is a great way to greet customers and guide them around the store in a larger area.

Seasonal

During major sales periods (like Christmas, Valentine’s Day, and Back to School), it can be helpful to have a holiday-themed message in your back pocket.

Happy Holidays! Need some gift ideas? Come check out our holiday specials now.

Best Non-Verbal Practices for Greeting Customers

It’s not just about what you’re saying, but also how you say it. Your tone of voice, body language, and facial expressions can all influence how a customer perceives you.

Look The Part

Of course, your appearance and grooming are important when talking to your customers. The more likable your look is, the more likely customers will respond positively to your greetings.

Dressing appropriately for your line of work is important. The appropriate attire for a formal business setting is different than the apparel appropriate for a children’s toy store.

Be sure to freshen up your makeup and hairstyle before hitting the sales floor.

Time Your Greeting Properly

When making sales in retail stores, it’s best to wait until about 15 to 30 seconds before approaching a customer.

Try approaching them after they’ve had a chance to adjust to your shop. Otherwise, they may be overwhelmed.

Be Mindful of Your Body Language

Your posture and the way you carry yourself are a key part of helping customers feel comfortable. Keep your hands at your sides and make eye contact to show that you’re open and approachable. You should also respect their space by maintaining a comfortable distance.

how to greet a customer (Source)

Conclusion

When it comes to how to greet a customer, striking the perfect balance is key. You want to be friendly and welcoming without being too pushy or sales-y. By following the tips above, you can learn how to greet a customer in a way that makes them feel welcome without coming across as intrusive.

How to Design a Retail Store: The Ultimate Guide

As a retail store owner, you want your shop to be inviting and appealing to customers. But how do you design a retail store that will achieve this goal? This article teaches you how to design a retail store perfectly in order to maximize sales.

I remember when I first started my own retail business. I had no idea how to design a retail store! I didn’t want it to look like all the other retail shops on the high street, but at the same time, I wanted it to be professional and stylish. After doing some research, trial and error (and spending way too much money), I finally figured out what works best for a successful retail store design.

Here are some top tips that helped me.

How to Design a Retail Store

Retail store design is more than just creating a beautiful store with attractive displays. It is also a strategy to arrange a store in a way that maximizes space and maximizes sales. The retail store design can establish brand identity and serve safety precautions such as protecting against shoplifting. 

The following tips will help you make your store look great:

1. Use a perfect floor plan

Your floorplan layout is integral to the flow of your store. It will largely depend on factors such as the size of your business, the types of products you carry, and who your target customers are?

The layout of your store requires both creativity and testing. There are a few common tactics that you can apply when planning the arrangement of your store. Below are some tips to help you get started.

Straight Floor Plan

This layout plan will position your shelving or racking in an efficient way that will ensure smooth customer flow.

This floor plan is most economical and efficient for large retail spaces, supermarkets, or stores that use shelving to showcase merchandise. This layout creates an organized flow of traffic by positioning shelves or racks in straight lines.

Racetrack or loop plan

This store design encourages customers to follow a “path” around the store. You place displays and products in a way that forces them to walk in a circle.

Angular floor plan

This store’s layout is very unique, with its curves and angles. It gives off a sophisticated vibe that I’m sure customers will love.

Many high-end retail stores use a unique layout that focuses on a few popular items while reducing the overall amount of floor space. This is seen as a more upscale way to present merchandise and may lead to higher sales.

Geometric floor plan

If you want a store to have a modern, contemporary vibe, then go with geometric shapes for your floor plans. This will create a unique, one-of-a-kind appearance.

Free flow plan

A free-form design allows you to be as creative and as flexible as you want to be in your warehouse. This type of floor plan doesn’t limit you to certain retail layouts or shelf placements.

The free flow plan is a great way to encourage shoppers to browse and explore your store. There is no set path, so people can go in any direction they please. This can help create a more relaxed and enjoyable shopping experience for everyone.

2. Ensure that your product quantities are appropriate

The question of whether to have too much or too little inventory on hand is difficult to answer.

On the other hand, having more products on the store’s shelves has been shown to increase profits. When Dollar Store increased its shelving to 78”, its average sale per foot went from $165 to $201.

What happened when Walmart reduced its inventory? Sales steadily declined, so the company remodeled its stores to add stock back.

While sales were down, overall satisfaction was up. However, this doesn’t mean people were happy with their purchases.

According to William S. Simon, Walmart’s then-chief executive for the US division, customers actually enjoyed having less stock on the sales floor, even though it led to them buying less overall. This indicates that brand perception is important to customers, and too much product on the sales floor can negatively impact how a store is perceived.

If you have too many products on the store’s shelves, it can give off the impression that the store is not high-end or a boutique. This can result in a dip in the brand’s reputation.

According to “Why We Buy” author, Paco Underhill, when store shelves are full, shoppers tend to view those products as “cheap” or “inexpensive.” However, when shelves are empty, those same items are seen as being “pricey” or “high-end.”

The amount of inventory you carry in your retail store will have an effect on your retail space, the brand image you portray, and the customer experience you hope to provide. By being smart about your inventory, you can create a better shopping environment for customers.

If you’re a discount retail store, then filling your store with products may be a good way to maximize your profits.

If you’re a boutique, then it’s probably best to curate your collection and put only a few selected pieces on display.

3. Have enough space between products and fixtures

If you’re looking to pack your shelves with merchandise, that’s perfectly fine—just be sure to give customers their personal space. No one likes the butt-brush effect, after all.

To avoid the but-brush effect, make sure there is adequate space between the products you’re displaying and any nearby displays. The but-brush effect is a shopper’s tendency to stop and look when he or she is nudged or brushed. By providing enough space between your products and any surrounding items, you can prevent your customers from feeling like they’re being jostled around.

4. Use your layout to drive impulse buying

Your store layout can be a powerful tool to increase sales. By placing key items in strategic locations, you can grab the attention of customers and encourage impulse buying. Supermarkets are experts at this; they often use their checkout areas to showcase popular impulse buy products like gift cards, candy, and other items.

A grocery store can maximize its profit by placing items at the checkout that customers may purchase impulsively. Popular examples include candy, toys, and gift certificates.

5. Freshen Up Your Displays

How often should you change up your display? That will depend on who your customers are and what type of business you have.

Most experts recommend changing up your store’s displays at least once a week. This could involve something as simple as changing the outfits on your mannequins, or featuring a different upsell item. Either way, it’s important to keep things fresh so that customers always have something new to look at.

As new merchandise comes in, it’s essential that you change your displays to keep customers interested. This will attract both new and old customers and encourage them to come back.

You’ll also want to take into account the amount and nature of traffic you’re getting in your store or shopping center. For example, do you get a lot of the same shoppers walking by?

If you’re on a crowded street, you’ll need to change the display on your sign often to catch people’s attention.

The last thing you want is for customers to get so accustomed to your store that it doesn’t even register when they pass by. You need to change up your displays frequently in order to grab people’s attention on a consistent basis.

6. Appeal to Multiple Sensitive Sensations

While most of the design of a store is based around the visual elements, other senses such as smell, taste, and texture can also impact how a customer feels about a particular location.

Create a store that appeals to all senses. Using smells, sounds, and tactile sensations, you can create a memorable shopping experience that customers will want to return to.

Here are a few ways:

Sound

Choose your music carefully. The atmosphere you want to convey should determine the type of music that you play.

While music may boost sales of some products, it may not work for all. For instance, some businesses find that playing music helps sell to a younger demographic, but the same strategy may not have the same effect on older customers.

Scent

Scent Marketing is a marketing strategy that utilizes smell to attract customers. Although bakeries and coffee shops are a common example, it is not limited to just those industries.

Scent Marketing in Action

Some high-end retailers like to use the smell of a baby’s skin in their clothing departments. Hotels and cruise lines also use scents in their rooms, hoping to bring back pleasant memories for their guests.

According to Brand Communications Director for North American, the scent of their products is so strong because they use a combination of their most popular items.

When I walk into Lush, I can instantly smell our popular products like the Avobath, the Karma, and the Vanillary. These items are some of our best sellers, so it makes sense their scents are noticeable as soon as you walk in.

The smells you incorporate in your shop are an important component of creating a welcoming atmosphere for your clients. Do some research to find out which aromas will entice your target demographic and convince them to stick around and buy something.

Touch

One method retailers can use to make their stores more engaging and interactive is to allow customers to test out the products they are interested in. This hands-on experience allows customers to more directly connect with the product and can make the overall shopping process much more enjoyable.

The Apple Store was one of the first retail stores that allowed customers to see products on display instead of in cardboard boxes.

Other computer and electronic stores soon followed Best Buy’s lead, and consumers loved the new policy.

Taste

If you operate a food business, try having tasting booths in your store. This will encourage a more hands-on experience and make it easier for shoppers to feel comfortable.

To entice customers, brandless set up an interactive coffee/tea bar in their Los Angeles pop-up shop. This gave people a chance to try their goods in person, which made them feel more comfortable buying.

Even if you don’t sell food products, you can still make your store more appealing to shoppers by offering drinks and snacks for them to enjoy while they shop. This will help create a more pleasant shopping experience that customers will remember.

At BirchBox, we value luxury. That’s why, from time to time, we host events in our stores where we serve complimentary Champagne! Here’s a shot of one of our recent events in January:

7. Don’t forget to cross-merchandise

If you have the room, try to group your merchandise into distinct sections. This makes it easier for customers to quickly find what they’re looking for. But don’t forget to cross-market different products. Find products that go together and put them in a common area. This encourages shoppers to find new ways to use their favorites.

As customers, we should always look at our products from a point of view of how they would complement each other. For instance, if you are looking at a dress, there may be other clothing items at the clothing store that would go great with it. By viewing your wares from this angle, you can assemble awesome ensembles that make you look your best.

Gymboree does a great job of cross-merchandising its shirts and sweaters with matching purses. This makes it easy for shoppers to put together a complete look.

Sunblocks and sunscreens are both displayed prominently on the middle shelf, while baby swimsuits and swimming diapers are displayed on the one below it.

By putting sunscreen and baby swimming products next to each other, it’s easier for parents to shop at Target.

8. Include seasonal shades and trends

One method of creating designs that will resonate well with your customers is to include trending and seasonally appropriate items.

Modify your display setup based on the time of year. For example, if you’re decorating for a holiday, then be sure to include elements that tie in with your current theme.

The same goes for upcoming and current seasons.

As the seasons change, so should your store’s color palette and overall aesthetic. Spring is all about blooming colors and warmer tones, while autumn brings a more muted palette. No matter the season, it’s important to keep your displays fresh and up-to-date.

This spring, take your visual merchandising up a notch with some eye-catching color combinations. Below is an example that makes use of bright colors to great effect.

9. Track and gauge your efforts

Finally, always ask yourself if you’re making the right decisions when it comes to your floor plans, designs, and arrangements. This is crucial to ensuring that you’re using the most effective methods.

Pay close attention to how your customers act in your shop. Notice where they spend the most time, where they stop, and what they do while in your store.

What are your thoughts on our shop? How can we improve?

Let’s say you are planning on making major changes to your store’s layout and design. You would want to first measure the performance before implementing the change, and then compare that to its performance after the update.

POS reporting software is a great way to track your performance and save time on data gathering.

Consider using footfall analytic tools, such as counting devices, to understand customer behavior and habits.

Conclusion

Your store layout and merchandising have a direct impact on your store traffic, dwell times, and sales. It is important that you know how to design a retail store perfectly and spend the time and resources to ensure that your stores look great. Remember that your work is never done when it comes to retail store layouts, displays, or merchandising. Keep looking for new trends and ways to improve your game.

What Is a POS Register? How It Differs From Cash Register

When it comes to choosing a cash register or POS system for your business, it’s important to understand the difference between the two. A POS register is a great option for businesses that need more than just a simple way to accept payments. What is a POS register? This article tells you everything you need to know about POS and cash registers including their difference.

I remember when I first started my business, I had no idea what a POS register was and whether or not I needed one. After doing some research, I realized that a POS system would be perfect for my needs. Not only did it provide me with a more efficient way to process transactions, but it also allowed me to keep track of inventory and customers’ orders.

If you’re considering investing in a POS register for your business, make sure you do your research so you can choose the right system for your needs!

What is a POS Register?

What is a POS register? A POS register is a type of electronic cash register that is commonly used in retail environments. POS registers are typically designed to be user-friendly and easy to use, with many of them featuring touch screen interfaces. POS registers typically have the ability to track inventory, sales, and customer information.

A point-of-sale system is a mechanism with which retailers can process sales.

A point of sale system, or “POS”, is an electronic system that records sales, tracks inventory, and performs other business functions. A normal register can do the same, but a more advanced, electronic version can record sales and more detailed information about each transaction.

A POS may be comprised of a few components: hardware, software, and peripherals that work together in order to process sales, track your inventory, and manage your accounts. A basic setup includes a touch screen, a card reader, and a computer.

They became common in the ’80s and ’90s in retail stores.

The global market for POS systems was worth $36.86 billion in 2013, with 34% of that revenue coming from retail.

The POS system has gradually become more intricate, with many terminals now linking with other retail-orientated software programs for tasks such as inventory tracking, bookkeeping, and warehouse management.

Some CRMs, like Salesforce, are powerful enough to handle retail sales, inventory management, and customer relationship management.

POS systems are key for businesses that sell through multiple channels. By tracking and syncing data across multiple store locations, warehouses, and/or fulfillment centers, POS systems help keep businesses organized and efficient.

The centralized location for data allows retailers to keep track of different sales channels and stores through a single platform.

According to 2015 research from Boston Retail Partners, 663% more stores will be using a single e-commerce platform in 2019.

Point of sale systems can do more than just process payments. They can also handle inventory, employee management, customer tracking, and more.

A point of sale (POS) system is a great addition to any retail shop as it helps increase business efficiency, offers customer rewards, provides data for better decision making, and can be accessed from anywhere.

Steps you need to take in order to buy a point of sale system

1. First, define your needs. Look back at your notes to see what your core business problems are.

2. Figure out what equipment you’ll need.

This also includes devices such as a scale, a scanner, a receipt printer, and more.

3. Decide on your budget.

With a traditional point of sale system, you’re likely to need to pay for the initial setup but may not have to worry about monthly fees. On the other hand, with mobile POS systems, you may pay a monthly subscription but won’t have any initial setup fees.

4. Get referrals from other business owners in your network or from software that you use (like accounting software).

When you’re looking for the best software for your business, it’s always a good idea to check out what others have to say about your options. Capterra, Product Hunt, and Merchant Maverick are all great places to get started.

5. See it work.

If you’re interested in seeing a POS system in action, be sure to check out the demo videos on various websites. Once you’ve narrowed down your choices, it’s a good idea to request a live demo so you can ask more questions and get a feel for how the system works.

ensure that you have the correct setup

To ensure you get the most out of a point of sale (POS), it’s important to set it up properly. This includes creating templates for receipts, automating certain processes, and setting workflow rules.

7. Make the most out of your POS systems.

You’ve done the hard work of setting yourself up for success, so now it’s time to put that effort to use. You can do this!

In our business, we use a POS system to administer transactions. This has been a great upgrade for us, as it has allowed us to take advantage of features such as inventory management and customer loyalty programs.

Cash register vs. POS: What are the differences?

On the surface, both traditional registers and modern POS systems have the same purpose, which is to ring up sales. But their distinctions go much deeper than that.

Consider the following tips:

Features and functionality

A cash drawer can help you keep track of the money you have, and it can also ensure that your sales are accurately recorded. Some registers can also be customized for your state’s sales tax, and some can also provide you with some basic reporting. Having a register can help make running your shop more efficient!

A POS (point of sale) system is an all-in-one solution that allows you to do all of the above, and more.

A point of sale (POS) system is a great tool for managing your store’s inventory, collecting and storing customer information, running a customer loyalty program, and running analytics on your sales and profits. You can also create and execute promotional campaigns with it.

Portability and flexibility

POS systems, on the other hand, can be used on different types of devices. For example, you can use a POS system on an iPad, which is much more portable than a cash register machine. You can also use a POS system on a laptop, which is more flexible since you can take it anywhere you want.

But a point of sale system can be run on different devices like Macs, iPads, and PCs, so your check-out experience can be as mobile or as robust as you want it to be.

A POS system is a great way to manage sales, whether you’re behind a large cash wrap or on the go.

Integrations

Most POS systems are only able to connect to your payment processing system.

You can further extend the capabilities of the software by integrating your point of sale system with other apps, like accounting, marketing, and payment processing, which can help your business run more smoothly.

Price

If you’re looking for a cheap way to process payments, then you may want to consider a register. Cash register machines usually range from $100-$500.

On the other hand, a point of sale system can cost $1,000 in annual licensing fees, as well as the cost of the computer or tablet on which it runs.

While a POS may cost a bit more, the features it offers can help you save time and allow you to focus on growing your business.

When you’re able to fully utilize the features of your point of sale solution, it more than makes up for the cost.

Conclusion

So, What is a POS register? A POS register is a type of electronic cash register used in retail industries.  A POS register is a great option for businesses that need more than just a simple way to accept payments. If you’re considering investing in a POS system for your business, make sure you do your research so you can choose the right system for your needs!

What Is a Cash Wrap? The Different Types and How to Use Them

As a retail business owner, you know that one of the most important pieces of furniture in your store is the cash wrap. But what is a cash wrap exactly? And how do you choose the right one for your business? In this blog post, we’ll answer all those questions and more!

We’ll give you an overview of different types of cash wraps and their features so that you can make an informed decision about which one is right for your store. We’ll also provide some tips on how to use your cash wrap to maximize its efficiency and usefulness. So if you’re wondering “what is a cash wrap?” or are simply looking for more information on these essential pieces of retail furniture, read on!

What is A Cash Wrap?

A cash wrap is a counter where customers can pay for their purchases. It is important because it allows customers to complete their transactions and leave the store with their merchandise.

It’s important to have a well-designed cash wrap because it can help increase sales and create a positive customer experience. If the cash wrap is poorly designed, it can lead to long lines and frustrated customers.

The psychology of consumer behavior is something that major retailers have put a lot of effort into understanding. The cash wrap is beneficial because it allows retailers to control how customers interact with the products they are selling.

How is cash wrap important in business?

Here are the major benefits associated with focusing your attention on your cash wrap.

Increase Sales With Cash Wraps

The cash wrap is the best place in your store for customers to make impulse purchases.

Quick Checkouts Improve the Customer Experience

The intelligent design of payment processes can greatly reduce the amount of time it takes to pay. This, in turn, improves the customer’s experience and will leave them with a favorable impression of your brand.

Enhance Convenience

It’s important to have a counter that can accommodate customers who have a lot of items. Having a convenient checkout area or space makes the retail experience much better.

Improve Security

Well-placed front desks in retail stores allow sales staff to have a clear view of the entire store. This improves security and makes it easier to spot shoplifters.

Build Your Brand

Retailers often invest in extensive brand placement in cash register areas.

Offering branded products or special promotions can be a way to show your customers that you appreciate their business.

Types of Cash Wraps

There are many types of cash wraps that retailers can invest in for their business. The amount of available retail space will obviously dictate the type of retail counters you can have.

Single Countertop cash wraps

The kitchen island can be positioned perpendicular to the kitchen walls or parallel, depending on your needs and space. This style of counter is known as a free-standing island.

Two-Part Unit

The desk is split into two sections, with one placed against the wall and the other freestanding.

Three-Part Unit

A three-part storage design, is the same as a U-shaped horseshoe, except with an extra section used to cover up the countertop.

There are many factors that go into choosing the perfect design for your cash wrap. The number of employees, the size of your store, and the flow of your customers all play a role. Also, your floor space, your design goals, and your customer’s needs all need to be considered.

Remember to follow the American Disabilities Act, as well as any local or state health or safety regulations.

The ADA requires a minimum width of 30-36 inches of counter space. There should be an allowance for three feet of working space, and there should be enough room for wheelchairs to maneuver. The countertop should be no higher than 36 inches from the ground.

What Products Should a Retail Cash Wrap Area Include?

Small, high-profit products that require little thought from the customer are the best items to sell in the cash wrap area.

A grocery store’s checkout counters should include items like gum, mints, and cigarettes so shoppers don’t have to leave the cashier to pick them up.

Products with cheaper prices, but higher profit margins, are highly recommended. This is because customers are less likely to spend a long time considering these purchases.

Most supermarkets will have products priced under $10 at the register.

Conclusion

So, what is a cash wrap? A cash wrap is a counter where customers can pay for their purchases. A cash wrap is an essential piece of furniture for any retail business. It provides a place for customers to pay for their purchases, and it can also be used to store extra inventory or supplies.

When choosing a cash wrap, it’s important to consider the different types and features available, in order to find the best one for your needs. With proper care and use, your cash wrap will last you many years!

 

 

How to Become a Reseller: Best Reselling Tips and Tricks

Are you interested in entrepreneurship and you like to know how to become a reseller? This article is for you. Learn what reselling actually means and how to become a successful reseller.

What is reselling?

Before we get to learn how to become a reseller, let’s first understand what reselling means.

Reselling is when you act as a middleman between a manufacturer and a customer. Essentially, you purchase products from a wholesaler or distributor at a lower price point and then sell them to customers for a higher price point. This is an excellent way to earn some extra income.  

Businesses are started every day that are based on the concept of selling a product to a customer. This is because there is always a demand for it and the potential for earning profits is quite high.

Some online sellers will buy products in large quantities and then sell them individually on websites like eBay or Poshmark.

Reselling categories that are good for selling:

What should I resell?

There are many items that can be profitably resold. Among them are clothing, toys, electronics, and appliances. These items can often be bought at a low price and then sold for a higher price, resulting in a profit for the resellers.

The resell model has unlimited potential. Some entrepreneurs focus on reselling as their primary source of income.

Many businesses choose to supplement their existing product and revenue streams by reselling goods. This can be done by becoming an affiliate or channel partner of the manufacturer, which is a common approach for small technology businesses. There are many channels for reselling goods, such as eBay or through one’s own website.

Some small business owners sell products through online marketplaces such as Amazon or their own websites. Others may use other sales channels, such as wholesalers or classified advertisements.

Many entrepreneurs resell goods through their own stores, websites, social media, or eBay. Some even buy from eBay and resell through another channel. B2B or B2C sales channels are also popular among resellers.

Reseller opportunities can be found by assessing the needs of businesses and then locating a provider who can fill those needs. Once you have found a provider, it is crucial to secure the opportunity by paying the appropriate fees.

There are endless opportunities for reselling products, whether it be beauty products, collectibles, or eBay consignments. You can find great deals on products and make a profit by reselling them.

Tips on How to Become a Reseller

Have a Business Plan

As you start to research reseller business opportunities, it’s helpful to formalize your ambition with a business plan. This will give you a roadmap to follow as you start your business, and help you track your progress along the way.

Creating a business plan can help you better understand the market opportunity, your goals, and how you can achieve them.

This will show potential affiliates, wholesalers, and lending institutions that you are committed to your venture.

Understand the compensation model

Typically, resellers are compensated either by a “per-minute” or a “percent” commission.

The way the buy rate model works is that the reseller buys the product from the vendor at a wholesale price, and then resells it at a retail market rate. The net revenue that the reseller earns is the difference between the two prices.

In the percent-of-revenue reseller agreement, the partner agrees to pay a set percentage of revenue to the manufacturer. This compensation structure can be competitive if you negotiate with the manufacturer upfront.

This compensation model will require some upfront negotiation in order to be profitable and competitive. Ongoing negotiations may also be needed to keep this model running smoothly.

Read the T&Cs Before You Sign Any Reseller Agreement

Make sure to read the contract terms carefully before signing any agreements. This will help you understand your rights and responsibilities. If you have any concerns, ask a lawyer to read the agreement for you.

You can also ask to talk to other resellers or reference customers to get a better understanding.

Avoid scams

Be wary of work-from-home business opportunities, many of which are just elaborate pyramid schemes that are just there to scam you.

The government is always on the lookout for any type of fraudulent activity, and the SBA website offers helpful tips on how to evaluate business opportunities and spot potential scams. If you come across something that seems too good to be true, be sure to report it so that others can be protected from falling victim to these schemes.

From there now you can follow these simple steps:

1. Source stock

Look for products that you can sell. You can look in your closet, ask your friends, or search online.

If you have access to a supply of cheap products, you could consider selling them. You can resell anything, from clothes to technology to furniture. Find something with high demand and low supply, and you’ll have a good chance of turning a profit.

You might want to find an item or niche of items that you have access to where the competition isn’t too fierce.

2. identify your selling channels

You can reach your target audience by selling your stock through an online marketplace. This is a quick and easy way to get started.

These sites allow you to easily list items for sale and promote them. They also typically offer secure payment services, which can help you keep track of all your transactions.

You can create an account on any of these websites and start selling your inventory.

3. Register the business

If you want to start a resale business, you will need to register it with the local or state government. This usually involves filling out some paperwork and paying a fee. In order to register your business, you will need to know where it is located or where it is incorporated.

Setting up your business properly can protect you against scammers, help you gain the trust of your customers, and prepare you for getting a reseller permit.

4. Get your resale license

A reseller permit lets you buy items for resell without having to pay sales taxes on the purchases. Customers will still need to pay the taxes when they purchase the items from you. You can report the taxes on a periodic basis.

With a resale license, you have access to more companies selling in bulk. This can be helpful if you’re starting an e-commerce business. In addition, some e-commerce platforms will handle this for you, which may also be a reason to open an account.

If you have a resale license, you can access returned or unsold items from clothing stores and turn them into a profit.

Reseller marketing and market development funds

If you are reselling brand names, you will have an advantage in the market, but this does not mean you will not need to put in the effort to market your products.

As an affiliate reseller, it is important to have a marketing plan that you can execute and measure in order to provide insight and reporting to wholesale distributors. By having a well-executed marketing plan, you will be able to increase your sales and better promote the products and brands that you are selling.

Some large manufacturing companies provide their affiliates with MarketingDevelopment Fund (MDF). Under an MDF, the reseller receives a set amount of funds to promote the brand and product that they are selling.

The dollars you earn will usually be a percentage of your net sales revenue, and you will be able to rebate it towards approved marketing programs.

Conclusion

If you’re interested in becoming a reseller, there are many things to consider before taking the plunge. One of the most important is market development funds. These funds can help you with marketing and advertising your products and services to potential customers. In this blog post, we’ve shown you how to become a reseller and access these vital resources.

11 Ways How to Improve Sales Performance in Retail

If you’re like most retail store owners, you’re always looking for ways how to improve sales performance in retail. After all, happy customers are the key to a successful business! So what can you do to make sure your sales team is performing at its best? Read on for 11 essential tips.

11 Ways How to Improve Sales Performance in Retail

It’s every business owner’s goal to encourage potential customers to venture into their store or restaurant for a closer look at what they have to offer. But, unfortunately, it isn’t always that easy. How many times has someone approached your business and turned around?

Or perhaps you were able to get them into your store but how do you prevent them from just looking around and then leaving?

Here, we list 11 ways how to improve sales performance in retail and generate more revenue.

1. Upsell a New Product

Remember the time you tried a scoop of the limited-time-only flavor at your local ice cream shop? Before you knew it, you had finished the entire tub of ice cream.

Giving your customers the chance to try your product before they buy is a fantastic way to increase your sales.

Offer free samples to customers when they walk in the door. This will instantly improve their mood and give you some goodwill.

The feeling of getting a good deal can lead some customers to feel obligated to purchase something or leave a review.

If you’re selling ice cream, juices, candies, or specialty sauces, consider giving free samples. This will give customers a chance to taste your products before they buy them, and it could convince some to buy.

2. Watch How They Move

Your store should be designed in a way that grabs the attention of your customers.

Once they are in the store, watch how they move through space. By tracking their movements, you can make necessary changes to ensure an optimal experience.

If customers can’t find what they’re looking for, they won’t be able to make a purchase.

Asking your customers for feedback on your shop and the way you display your items is a great way to improve your customer service.

Adding decals or posters with arrows pointing in the right direction is a great way to make your shop’s layout clearer for customers. This will help them know where to go and make it easier to find what they’re looking for.

3. Create an Engaging Mood

Your store should be designed to put your customers at ease. You can do this by using certain scents, playing music, or dimming the lights. This can also trigger customers’ desires, resulting in more impulse purchases.

If you’re looking to increase foot traffic in your physical storefront, consider incorporating a signature smell into your store. A consistent aroma can subconsciously connect with customers and increase their spending by 32%.

By building this connection, you’ll help your customers to better recall your business and associate it with a positive experience.

4. Encourage Referrals

A great way to widen your audience as a small business is to offer referral incentives to your existing customers. This will help you bring in new customers and grow your business.

Referral programs are becoming increasingly popular, and work especially well when both the customer and the person who they referred get something out of it.

As a small business owner, you should create a customer loyalty program that gives customers incentives to make repeat visits, as well as rewards for referrals.

You can encourage customers to refer their friends to you by printing a referral offer on the back of your business card and postcards.

5. Keep Bestsellers in Stock

Even if your shop doesn’t carry multiple sizes or colors of an item, it’s important to have the most popular items in stock and to clearly display that there are other options available.

Simply mention to shoppers that there are other options in the stockroom.

If a customer is looking for something that isn’t in stock, ask them for their email address and phone number. Then, you can notify them when the item is back, or offer a discount on the item if they pay for it now and you ship it when it’s available.

Instead of waiting for the item to arrive, give them a discount for paying for it now.

6. Show Off Your Expertise

If you offer products that aren’t unique to your company, think about your retail space as a showroom. As consumers, we’re used to going to a physical store to get a feel for the product before looking it up online for the best price.

If you’re an e-commerce business, you have a great opportunity to set yourself apart as an expert in your field.

If you only deal with niche products, then the people who come to your shop are probably pretty knowledgeable. You can offer them your expert advice and be a great resource for them.

Showing off your knowledge is one of the best ways to build confidence with consumers. They love it when you know more about your products than they do, so show off your expertise!

Buying something online is a bit different. You don’t get the opportunity to try the product out before you buy it.

If you can provide expert advice and assistance to people while they are in your store, you are more likely to convert them into customers. This is something that your online competitors cannot offer, and it is a valuable service that you can provide.

If you’re looking to create a more welcoming and comfortable environment in your store, try adding some soft seating. This will help customers feel more open and willing to chat with sales associates and ask for advice.

7. Maximize Your Countertop

What would be a good product to offer as an impulsive purchase at your retail store? Cookies to-go, trendy accessories, or cleaning kits for shoes are just a few ideas.

If you can convince just 20% of your customers to buy an additional item, it will have a significant impact on your bottom line. Choose products that go well with your top sellers and solve customer problems.

Keep the prices low on these items so customers will be more likely to add them to their purchases.

8. Promote Your Business Online

If you want your business to be successful, you need to make sure it’s easy for customers to find you online. Whether you have a brick-and-mortar store or an online shop, being visible on the internet is key to attracting new business.

It’s important to keep your company’s business info up-to-date such as business hours, contact details, and return policy. Don’t forget to optimize for search engines. You can do this by including relevant, targeted keyword phrases in your website content.

This can help your site rank higher in search engine results. You can incorporate these into your ‘About’ or ‘Contact’ pages.

And in addition to your own site, make sure you’re active on Google+ so your business appears in local searches.

9. Share Your Brand Story

Your brand story is what makes you stand out from other businesses. It gives customers a better understanding of you and your work.

By telling your customers about your company, they will feel more connected to your business and will be more inclined to purchase from you.

Tell people about your business on your ‘About’ page, or through marketing materials such as business cards, pamphlets, and fliers.

10. Host an Event

Holding a special event is a great way to attract new customers. Whether it’s hosting a workshop or having a storewide discount, events are a great way to get people excited about your business.

Give your customers a reason to come to your event by rewarding them with free goodies. For example, you could give each customer a raffle ticket for each product they buy.

Promote your upcoming event on social media! You can host a Facebook event that customers can register to attend, create a video on Tik Tok to get people interested in attending, or post a teaser photo on Instagram.

Don’t forget to take lots of pictures at the event so you can post them afterward to build anticipation for the next one.

If you want your guests to stick around and spend a little extra, consider playing some lesser-known tunes at your next event. People tend to linger longer when they hear music they’re not familiar with. So go ahead and add those deep cuts to your playlist!

11. Get Feedback

You can increase sales in the future by asking customers for feedback.

You could collect opinions through physical cards or surveys sent through email. This would show customers that you care enough to ask what they feel about your product and that their opinions matter.

Conclusion

How to improve sales performance in retail? To truly increase sales in retail, you have to know how to build rapport with customers and transform yourself into a product knowledge specialist. Only then can you grow your sales without panicking about what will get them to buy more.