Successful Retail Strategy Through Your POS Software
Successful retail strategy is revolved around price, service and product. You need to be better than your competitors at one of them and competitive with them at the other two. You canâ€™t be something to everybody, so pick a potential customer type that you wish to cater to and build your business around those customer demographics. This will enable you to more clearly understand and put in place your merchandise buying plans. If you have collected sales history from your POS software over the past couple of years, half the battle is won. If this information is not available, you will need to use an educated guess to come as close as possible to the monthly department and class sales over the last year.
The inventory buying process is 90% analyzing the data and 10% your instincts on what will be the fast sellers for the year. It takes work to achieve success in merchandising, but you will be rewarded for this effort. In a successful retail operation, buying and merchandising is the name of the game. The merchandise plan will revolve around who is going to be your best customer type, learning their buying habits and building your business around that person. If you are a new business, install quality POS software that will analyze the data and if you are an existing business with poor inventory analytics, change or die.