Blogs published on 17-08-2018

Out of stock

POS SOFTWARE

Out of stock in retail

This occurs when the consumer cannot find the product that they want in a store they expect it to be in. 

Consider this

According to the Wikipedia here this occurs about 8.3% of the time. If so, out of eight people that come into your shop to buy something, one of them will not find what they are looking for. Some of this is probably legit as what they are looking for, you do not handle but much of it, is because you do not have it in stock or what is particularly frustrating you have it but cannot find it. 

 

Our point of sale system has many reports and warning to help you overcome this problem. I suggest that some of these you run at least weekly.  I do suggest look at a special report we have  "Sold Out or Selling Out Stock Lines"

Here’s how:

Go to reports > stock > Sold Out or Selling Out Stock Lines

This report shows items that are selling well in the nominated period, but that you are running out of, so you need to check on them ASAP. This can help you make sure you have adequate stock.

Moreover

What it also alerts you is whether items are not properly entered into your system as the stock on hand figure is negative as you can see from the example below.

 

I would recommend running this report regularly as it will alert you to both out of stock situations and errors in invoicing.

The bottom line is this

I was reading a study of the reactions of people that came into a shop in a report "Solving the Out-Of-Stock Problem".

It revealed that customer reactions followed the classical “three strikes and you’re out” pattern:

  • Strike One: On the first occurrence of an out of stock, the shopper will substitute the desired item 70% of the time.

  • Strike Two: On the second occurrence, the shopper may substitute the item, not make a purchase or go to another store.

  • Strike Third: The third occurrence results in the shopper going to another store 70% of the time, meaning even greater loss of future revenue.

 

In the past, the customer put up with it but in this age of the internet on the third strike, you are out.

 

Want to know more

Click here for a supermarket study with figures.

 

Add new comment

Restricted HTML

  • Allowed HTML tags: <a href hreflang> <em> <strong> <cite> <blockquote cite> <code> <ul type> <ol start type> <li> <dl> <dt> <dd> <h2 id> <h3 id> <h4 id> <h5 id> <h6 id>
  • Lines and paragraphs break automatically.
  • Web page addresses and email addresses turn into links automatically.
CAPTCHA This question is for testing whether or not you are a human visitor and to prevent automated spam submissions. Image CAPTCHA
Enter the characters shown in the image.

Newspaper and magazine circulation results

POS SOFTWARE

Newspaper on an assembly line

 

I think we were all stunned when both Fairfax and News Corp released their current circulation figures. Last time we heard News Corp had pulled out of the newspaper audit as were the big magazine companies like Pacific and Bauer. It was expected that Fairfax and Seven West would soon leave too. Well, Fairfax and Seven West, after reviewing the situation decided to stay in as did some of the magazine publishers so the ABC report came out but its six months late.

Much of the report is available here.

Despite what some reports were saying of Fairfax newsprint sales, their products are down about 10%, the Western Australia is taking a more significant hit of 16% down. Interestingly down is true on weekends as well as weekdays.

We do not have complete figures but only a few of the magazine companies figures but what we have is showing overall the same trend.

News Corporation also yesterday decided to release their figures was it the ASX that made them? You can find them here. You will see they are following the same pattern.

If your business depends on newspaper and magazines, it is certainly worrying.

Add new comment

Restricted HTML

  • Allowed HTML tags: <a href hreflang> <em> <strong> <cite> <blockquote cite> <code> <ul type> <ol start type> <li> <dl> <dt> <dd> <h2 id> <h3 id> <h4 id> <h5 id> <h6 id>
  • Lines and paragraphs break automatically.
  • Web page addresses and email addresses turn into links automatically.
CAPTCHA This question is for testing whether or not you are a human visitor and to prevent automated spam submissions. Image CAPTCHA
Enter the characters shown in the image.