If you’re considering upgrading your current accounting system or point of sale software, your biggest concern is probably summed up with the following question: is it worth it? Every business decision we make has costs and benefits; it’s exceedingly rare that we can make a change without there being a single cost involved.
Any savvy businessperson knows that it’s not only direct, immediate benefits that are important to consider, but also the longer term, indirect benefits. The situation is no different with retail management software. Here’s a selection of the money saving features in Trader…
#1 Emailed documents
Here’s one of the biggest direct savings you’ll gain from switching to retail management software with email capabilities: a sharp reduction in postage and printing costs. Instead of sending every invoice and quotation via snail mail or printing them off in store, offer to email them to your clients. Many clients will prefer the convenience of having electronic documents – and you’ll save money by catering to their preference. Electronic signature technology also means that a customer can ‘sign’ a document in-store using special e-signature hardware so that their signature appears as an image on the document.
#2 Check current credit terms and past payment issues
Trade customers are extremely valuable, and their loyalty is important to builders’ merchants. At the point of sale, your software lets you see the past purchases on their account, including agreed credit limits and account balances. You can be more generous with credit arrangements for customers who regularly pay on time, gaining their gratitude and loyalty. At the same time, staff can easily identify customers who pay late, and refuse them generous credit. By gaining more control over customer debt you can minimise late payments and associated losses.
#3 Identify dead stock
When you’re running a busy storefront it can be difficult to identify any particular items (or product lines) that aren’t pulling their weight. With stock control software you can track item sales at a glance, letting you spot underperforming stock more easily. Once you’ve determined that a particular item is not worth the shelf space, you can rejig your shop to give greater prominence to items that’ll generate more revenue.
#4 Optimise staff time
Staff costs are some of the most significant in any business, and with the living wage coming into force in the near future, these costs will only increase. By using retail management software to automate and streamline tedious processes, your staff can use their time more productively – perhaps helping out with marketing activities or spending more time with each customer instead of slaving away in front of spreadsheets.
#5 Upselling and cross-selling
Point of sale software suggests associated products at the till, giving you excellent cross-selling opportunities. You can also use a customer’s purchase history to inform them if items they bought in the distant past are on sale. Read more about these upselling opportunities on another Integrity Trader blog post.
#6 Easy financial reporting
Compiling quarterly or annual financial reports has never been the most exciting task, and it’s tempting to put them off for weeks. Retail management software simplifies the process and gives you the tools to track sales performance in just a few clicks. This increased visibility and control is invaluable.
#7 Promotion management
Promotions, sales and discounts are key events for every retailer. The right promotions can boost revenue by significant amounts and increase profit during quieter periods. However, it can be tricky to know when to discount which products, and how generous to be with your promotions. Use point of sale software to identify the effectiveness of past promotions and set new offers using your software to monitor sales and end dates. Mismanaged discounts can lose you potential profits very quickly, but effective discounts bring benefits that last well beyond the end of the sale.
Want to know what else Trader can help you with? View more features of our point of sale software, built specifically for merchants, or give us a call on 03453 40 30 40.
Trader is an easy to use electronic point of sale system designed for the unique requirements of building, plumbing and timber merchants, hardware and DIY stores in the UK and Ireland.
Our team are ready to help with any queries or arrange a demo for you.