Using smart technology Gift Shop owners and managers are able measurably to achieve better sales revenue and business profits using smart business management, marketing and security tools.
Retail software developed specifically for the worldwide gift shop marketplace provides business insights, saves employee time, reduces theft and helps leverage existing customer traffic into more sales.
A good Point of Sale solution can add between 10% and 25% to the bottom line of the business in the first year.
From the sales counter to the back office, owners and managers can expect to achieve a tremendous financial and operational in the performance of the business. There are many ways that good Point of Sale software can help any gift shop. These include:
Inventory control and management. The average Gift Shop, without an inventory management solution can expect that around 25% of inventory is dead, of little or no value to the business
Retail business owners tend to purchase stock based on what they think sells or think will sell. By using the software to generate orders based on factual sales data, the stock holding for the business should fall, freeing capital for other purposes in the business.
More efficient sales. Using Point of Sale software at the counter is more reliable, safer, faster, more accurate and far more enjoyable for all working in the business. By eliminating slow manual processes and scanning everything, retail associates can spend more time working with customers and less on busy work.
Good software tracks customer and product details from each sale. This data becomes a valuable resource for the business.
By linking directly to banking terminals, credit and debit card processing is faster and far more accurate – no double entry of data, no downtime waiting for processing approval.
Reduced customer theft. By knowing what is being stolen from the shop floor, management can make better informed decisions. Smart POS software will identify what is being stolen efficiently. Some retailers do not want to know this while others relish having access to the information. As they say, knowledge is power!
Considerably reduced employee theft. Employees steal from a retail business because they are able, because it is easy. Tight controls at the sales counter, over all retail transactions including sales, refunds, discounts and others, gift shop software will reduce the opportunity for employee theft.
Through protecting against unauthorized cancellation or deletion of sales, the most common route to employee theft, the business can expect to achieve a reduction by up to 50% in employee theft.
Given that retail theft can be as much as 5% of sales, cutting this in half, as has been achieved by many retailers already, can significantly improve the bottom line of the business.
Sales growth. Point of Sale software helps gift shop employees sell more product in a range of ways. By stocking more of what sells and less of what does not sell, retailers sell more. By streamlining the customer experience on the shop floor as well as at the counter, customers are more likely to return. By being able to more easily answer questions, customers can be guided to buy more. By marketing to existing customers through email, mail and text message, retailers sell more. By understanding the average shopping basket and what sells with what, retailers sell more. It is well proven that good Point of Sale software helps in each of these areas.
Reduced employee and other costs. Employees are expensive in retail. Specialist Gift Shop POS software can help a retailer cut labour costs by automating processes such as pricing of goods, reordering stock, changing prices, marketing to customers, printing business reports and answering customer queries.
More valuable and financially rewarding business decisions. Good business decisions rely on timely access to accurate information about the performance of the business.
Gift shop owners using smart technology can track sales by day, by hour, by supplier and by customers. They can also compare trading periods to see if business is up or down, report on return on investment by stock item or at a department level, return on floor space and stock turn. Having this mission critical data readily available usually drives better quality business decisions.
Retail is tough at any time in the economic cycle and those businesses with access with better quality data tend to achieve better results. Hence the importance of good data to Gift Shop owners.
Point of Sale software designed specifically for the needs of gift shops is more beneficial to gift shops than an off the shelf system sold to other retailers. An off the shelf system does not respect the differences in a gift shop business. It is not tailored to suit the needs. It will not evolve as gift shop retailing evolves.
Gift Shop specific needs include supplier links, tracking fast selling items, more attractive receipts, more attractive barcode labels, smart loyalty marketing tools and intelligent shopping basket analysis facilities.
Tower Systems is a Point of Sale specialist company with years of experience in the Gift Shop marketplace.