As a retailer, you know that profit margins are important. But what is the average profit margin on retail? We take a look at the data to find out. For our business, we need to make sure that we’re always aware of our margins. After all, it’s one of the key indicators of how well […]
You’ve probably heard of the terms retail store, supply chain, and retail marketing. What is retail and what do these phrases mean? What is Retail, Retailer, and Retailing? What is retail? Retail is the sale of goods or services from a business to an individual consumer for their own use. A retail transaction involves a […]
If you’ve ever sold something online, chances are you’ve come across the term “consignment inventory.” But what is consigned inventory and how does it work? Consignment inventory is when someone sells goods on behalf of another person or company. The consignor (the seller) agrees to sell the goods for a commission and doesn’t receive payment […]
Encouraging people to step inside your shop for a closer look is a top priority for every small business owner. But how to drive sales in retail is not always easy. How many times have you watched people approach your business and then walk in the other direction? You probably have an appealing window display, […]
As a retail manager, you are always looking for ways to improve your store’s performance. Whether it’s sourcing new products, streamlining selling procedures, or finding ways to better engage with customers, there is always room for improvement. To help you out, we’ve compiled a list of our best practices retail management. What is Retail Management? […]
If you manage a business, it’s important to know when is a physical inventory usually taken so you can plan ahead. A physical inventory count is typically done once a year, but the specific time may vary depending on your industry and type of business. I remember my first experience with taking inventory as a […]
If you’re a retail store owner, then you know how important it is to keep track of your inventory. And one of the best ways to do that is by knowing how to read sku numbers. But what exactly are these codes and how can you read them? In this guide, we’ll teach you everything […]
If you’ve ever run a small retail business, then you know how important it is to track sales, inventory, and customers. A point of sale (POS) cash register can help you do all of that and more! But what is pos cash register you might ask? I remember when I first started my business, I […]
We’ve all been there before. You’re trying to help a customer with their issue, but no matter what you do, they just seem angry and impossible to please. How to handle difficult customers can be a frustrating experience, but luckily there are some things you can do to diffuse the situation and hopefully turn an angry […]
If you’re a retailer, you might be wondering what is a good inventory turnover ratio for retail. The average retail business has an inventory turnover ratio of 10:1, meaning they sell ten times their inventory each year. However, there are ways to move your inventory faster and increase your sales. I remember when I first […]
