What is Retail?
Retail is the selling of goods/services to the public for their personal consumption.
There is an abundance of retail stores available with many more being curated online every day. The ability to sell online has various positive and negative effects on the economy.
A successful retail business consists of products, target audiences, and means of shipping/delivery.
Online stores have driven revenues significantly, thus boosting the economy greatly. On the contrary, online retailers have forced many traditional brick-and-mortar stores out of business. This delicate balance within the economy is skewed recently, as online sales are skyrocketing right now.
Can My Business Stay Competitive?
There are many ways to competitively differentiate yourself in the market right now. This informational article is primarily focused on how Inventory, Loyalty, and Royalties, can grow your retail business.
Inventory
One strategy to effectively stay competitive in retail is to streamline your inventory management. This can be achieved through a high-tech POS system such as Franpos, and the benefits of this integration are endless.
Inventory management is the act of keeping and executing the processes of inventory. There are many layers to this operation, but we’ll be taking a look at how a POS system can simplify this process.
For example, a streamlined POS system with built-in scanners provides real-time updates of inventories in-store and online. The cloud-based Franpos system consistently updates with every purchase. Never experience angry customers due to misleading stock quantities again.
If a business has poor inventory management, it will eventually have a poor reputation. With a retail-specific POS system like Franpos, you can view dozens of customizable reports and set up low product alerts, so you can have the best inventory management on the market.
Provide your customers with real inventory updates, and complete transparency.
Loyalty
Whether you are interested in gift-card giveaways, cumulative loyalty programs, or targeted promotions, a digital cloud-based POS system can help you connect to your customers.
Retail customers absolutely love discounts that are exclusive to loyalty members.
In the past, retail loyalty programs consisted of hand-tracking your customer’s points or providing a ‘punch in’ loyalty card.
Make every dollar count with an integrated POS system.
With Franpos, every single purchase is individually tracked and reported to your customer’s loyalty account. Customers can enjoy tier-based incentives that are customized to their spending habits.
At Franpos, Privacy is our Policy. We have top-tier privacy standards in place for your customers, while still providing you with necessary customer data and reports.
Brands can tailor discounts and marketing campaigns to their customers with automatic loyalty point tracking.
Royalties
Entrepreneurs, Shareholders, and Investors alike are all looking to increase royalties within their company.
Unfortunately, royalty reporting is often tainted to report inflated numbers or inaccurate revenues.
With Franpos POS System, royalties, sales, and other financial calculations are automatically and efficiently reported for your convenience.
Never question your financial reporting again.
Allow a cloud-based POS system to help you maintain trust and transparency with all parties involved in your business.
