Festive seasons bring a lot of excitement and joy for customers and retailers alike. They also bring huge sales opportunities for retailers.
1. Inventory management
Understanding sales and keeping track of the inventory is crucial for any retail business. This is especially true during the festive season where the biggest sales happen. Manual tracking methods are not practical for big volume sales. The tracking process has to be automated to get the desired results.
Fortunately, POS devices come with barcode scanners and integrated databases. The barcode scanners identify when a customer checks out an item. The POS system then updates this information to the store’s inventory database and that item is subtracted from the list of items available in the store. This way, inventory managers can easily spot when an item is about to go out of stock and restock them.
2. Market research
Preventing losses is extremely crucial for business success. While under stocking can lead to out-of-stock issues, overstocking might result in accumulation of unsold items. These unsold items might go out of trend after the festive season and would eventually result in a loss.
It is not very efficient to stock up inventories based on guesswork and beliefs. It is important to analyze and understand the requirement of every item. One way to do this is by predicting the requirement based on historical data. But what if you are a new business that does not have so much historical data? This is where market research comes in to save the day.
You can do some research on the sales trends of your competitors and incorporate those insights into your inventory plans. Also, research will help you predict market trends. Another advantage of market research is that you get to learn from the mistakes of others. You can create a list of do’s and don’ts based on the past mistakes of similar businesses.
3. Sufficient workforce
Festive seasons require you to handle a bigger customer base. You have to make sure that you have enough resources and workforce to help all your customers out.
Salespeople you have employed in your stores might be overwhelmed during the festive season. Automated systems can guide your customers to the sections that they would like to shop. But still, some customers would prefer to have some human assistance. So you have to expand your workforce to cater to the needs of the festive season.
It is a good idea to hire seasonal workers to work temporarily in your store but it is important to train them well. You have to make sure that the seasonal staff comply with the rules and follow the ethics of your stores as much as your full-time employees do. Most importantly, you have to make sure that your seasonal workers are kind to the customers. Because the way you offer a product is as much important as the product itself.
Even the best businesses fail without proper marketing. You have to tell people that you have what they need in an effective way. There are a lot of marketing channels out there, but you have to find the one that works for you.
Sustaining old customers is as important as attracting new customers. You have to collect the contact information of your customers whenever possible and use it to inform them about your offers. Also, make sure to not bombard their inboxes. Customers get a lot of messages during the festive seasons. Most people delete promotional messages in bulk without even opening them. They don’t have the patience to read every email or SMS that land in their inbox.
So, the right way to sustain your customer is by sending them regular and unique messages. You have to send them an assortment of useful information rather than just pushing sales.
5. Easy checkouts
Queues at the checkout counter frustrate customers. You can avoid the friction in the check out processes using the modern POS devices. These devices come with a touchscreen and a user-friendly interface that make the checkout times significantly lesser than the conventional methods. Also, some stores leverage self-service kiosks and POS devices that enable customers to check themselves out. If you are planning to deploy POS system at your store this festive season, do checkout Posiflex’s RT series POS devices.
Feel free to get in touch with us for free consultation or to schedule a demo of our POS Solutions.