Easy Three Step Program for Retail Success Through Your POS Software
Step number one is to do a department/class comparative that gives you the percentage of inventory in each department and the contribution of that department to the overall revenues of the business. If twenty percent of your inventory is in department ‘A’, but it only contributes ten percent to the overall revenue, you have a problem which can easily be corrected. Step two is going to your open-to-buy planning program and make the adjustments necessary for future purchasing. You now have a road map to make good decisions on how much inventory should be in each department. Step three is going to your retail stock ledger and review which vendors perform well with good turns, sell through and robust cumulative gross profits. You can then bargain with the poorer performing vendors for lower pricing or better terms and if they don’t agree, they can be eliminated.
This sounds like a lot of work, except in ProphetLine POS/Retail Management Software it is totally automated and the only thing you need to do is look at this information and take well informed actions. If you are a busy specialty retailer that wears many hats, you can appreciate the ease of use and precise reporting. ProphetLine allows you to do what you do best, sell your products without having the hassles of being a technical guru.