The challenges of retail stores and how successful retail storeowners overcome them - Abacus

The challenges of retail stores and how successful retail storeowners overcome them

The changing face of consumerism has had its impact on retail stores, and over the past 20 years ecommerce has risen to the forefront as the main challenge. Other areas of concern are around shrinkage and competition for customer loyalty. Successful owners of retail outlets have recognised these areas as a challenge, and by buying into a retail POS (point of sale) system, have used this to keep themselves in businesses as market leaders.

 

Ecommerce

 

Having an online presence is a given these days, but just getting a website up and running is not automatically going to result in success for a retail business. Getting a digital marketing strategy in place also has to be linked to ensuring the transaction process is a simple as possible for the consumer.

 

Using payment portals linked to a POS interface is what successful retailers do to ensure the process works well internally. Having an electronic system as part of the resource that is dedicated to managing the process means this frees up time for the retail owner to focus on future strategies and building up the company.

 

The mobile market is here to stay and the retailer who succeeds will be the one who interacts with their clients on a digital platform. A POS system will be able to track and monitor customer data, and so impact on the way the organisation finds new ways of interaction.

 

Shrinkage

 

The difference between what is recorded on the retailer’s inventory against what is actually on the shelves and in the warehouse has been a constant problem for the retail industry. Shoplifting and instore theft contribute to this factor, along with administration errors, damage to stock, and supplier fraud. Retailers have, in the past, had to maintain a constant vigilance, which has taken their focus away from other equally important factors.

 

Successful businesses invest in a POS system that will cut down on paperwork errors, monitor stock levels, and create a simple system of payment that can be tracked back down to individual staff members. This helps to reduce human error and highlight where possible fraud or theft is taking place.

 

Competition

 

Ensuring that a business reaches out to a potential consumer and then retains their loyalty is a big challenge to retailers. As mentioned above, ecommerce is the cornerstone of many successful retailers, but there are also still those who will walk through the doors as well. Rewarding all consumers through loyalty schemes is where a POS becomes invaluable (online as well as instore).

 

The ability to store information about customers means that businesses can keep track of key dates in their customers’ calendars, such as their birthdays or anniversaries. With a POS, sending out discount vouchers for special occasions or vouchers that are linked to current marketing promotions has never been easier. Using technology in this way also means the administrative side of things can be done automatically, with little room for human error and in a way that is cost effective as well.

 

Are you running a retail business? Abacus offers a comprehensive retail POS solution. Find out how Abacus POS can change the way you run your business and improve your operations by contacting us today!

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